What are your spreads?
Broker Junction provides institutional pricing, which means that you will see the prices as they are quoted in the interbank market. Quotes on our trading platform are provided to you as received from Banks, Forex Dealers, or other liquidity providers. Spreads are never fixed, they change. We suggest your sign up for a demo/practice account to view our live market spreads. Generally, the following rule applies: The more liquid trading in a certain currency pair is, the narrower the spread becomes.
What currency pairs do you offer?
At Broker Junction, you can trade all major currency markets. The most liquid currency trades are referred to as "Majors". These are the: Euro, US Dollar, British Pound Sterling, Japanese Yen, Swiss Frank, Australian Dollar, Canadian Dollar, and New Zealand Dollar.
What is the leverage ratio?
For non-US accounts, the leverage is as high as 200:1. It is a maximum of 50:1 for US accounts as required by US rules & regulations.
What is the commission?
We have a fixed commission rate for all currency pairs traded. It is $0.30 per side for mini-contracts ($10,000 lot size). Standard contracts ($100,000 lot size) trade free of any commissions. In addition to the commissions charged, the spread between the bid and ask quoted to you in any Forex trade determines the cost of your trading. Note: Members of our Live Trading Club who make use of our copy-trading services, also trade foreign exchange contracts without being charged any commissions.
Do you charge a call-in fee?
No, we do not charge our clients for calling in to use our FX voice-brokered services.
How long can I pratice online-trading with your trading platform?
You can use it for up to two (2) weeks max.
Are demo and live-trading account quotes the same, or do they vary?
The same data feeds (i.e. Live Quotes) run on both types of accounts.
How do I sign-up for a demo account?
You first sign-up on Broker Junction's opening webpage, providing your name, phone, and e-mail. We will then e-mail your username and password to you. Then, you download the platform, go to "File" and then "Login" and enter the username and password we provided you to run the demo account for 2 weeks.
How stable are your trading platforms?
Our trading platforms are rather solid. If you experience connectivity issues, we suggest you check your PC and router as well. In case of an emergency, we suggest you call in to place your trade via Broker Junction's order desk.
What are your office/opening hours?
We are at your service from Sunday 6:30 pm through Friday 5:00 pm, Eastern Standard Time (EST).
Can I trade stocks at Broker Junction?
No. We offer Forex, Futures, and Options trading, but not stock-trading.
Can I trade Forex and Futures from one platform?
Yes, if you select idealer! or OEC Trader as your trading platform. You would need to open two separate accounts however.
Is Broker Junction, Series L.L.C. a regulated Broker?
Yes. Broker Junction, Series L.L.C. is registered with the Commodities Futures Trading Commission (CFTC) since 2005. Broker Junction is also a member of the National Futures Association (NFA-ID 0357061) since 2005.
How long has Broker Junction been in business?
Broker Junction, Series L.L.C. is a Delaware registered company. It was incorporated in March of 2005.
What is the minimum account size for Forex trading at Broker Junction?
The minimum account size for Forex accounts is $3000.
Is your online account opening application secure?
Do I need to submit any other documents to open an account with Broker Junction?
Yes, you do. By law, all Brokers are required to obtain at a minimum: 1) Copy of client's photo ID; 2) Latest utility bill carrying client's name and residential address for verification purposes; 3) Power of Attorney signed by the client, if the client has decided to have someone else trade for him/her/it, be that someone a professional Money Manager, such as a Commodity Trading Advisor (CTA), Commodity Pool Operator (CPO), a friend, or a relative.
How long does the account opening process take?
It really depends on how long it takes clients to submit all needed documents: 1) Broker Junction's account opening documents; 2) Copy of client's photo ID; 3) Latest utility bill carrying client's name and residential address for verification purposes; 4) Power of Attorney signed by client, if the client has decided to have someone else trade for him/her/it. Once we receive all required documents from clients, the account will be open within 24 hours.
When can I fund my account?
Upon approval of your account opening application, you can submit your funds via check or wire. We will send you an e-mail with all the information you need to fund your account.
Will Broker Junction hold my funds?
Broker Junction does not hold or safeguard your funds. Your Retail Foreign Exchange Dealer does.
Are my funds insured by the Federal Deposit Insurance Company (FDIC)?
Funds submitted by you are NOT insured by the Federal Deposit Insurance Company, nor the Retail Foreign Exchange Dealer holding and safeguarding your funds.
What are your account funding methods?
You can send in a check or you may wire your funds. We do not accept credit cards for account funding purposes.
What are your fund withdrawal procedures?
Please go to "Client Services" and fill our our Withdrawal Request form. Let us know how you wish to receive your funds, i.e. via wire transfer, or a check made out to you and issued by the designated Retail Foreign Exchange Dealer, safekeeping your funds.
Do you open Individual Retirement Accounts (IRA)?
Yes, we offer IRA accounts. Please contact Customer Service for assistance.
Is there a wire fee?
Yes, there is a fee charged for all wires at the time you fund your account, as well as when you withdraw your funds. It is $20 for domestic wires and $40 for international wires.
Are there any charges associated with check withdrawal requests?
No fees are charged for check withdrawal (or funding) requests.
Can I fund my account in Euros?
Yes, funds can be wired in USD or EUR.
Do you accept cashier's checks?
No, we do not accept cashier's checks.
Is there a fee to have you close my account?
No, there is not! Only standard wiring fees apply. For domestic wires $20 will be applied and $40 for international wires.
Can I instruct you to send my funds to a person other than myself?
No, you can not. Doing so could be viewed as "Money Laundering" by the authorities. We have Anti-Money-Laundering procedures in place to prevent just that. Your account with Broker Junction is a pure trading account, not a checking account.
Do I need to keep a minimum amount in my account for it to remain open?
Yes, you need to keep a minimum of $200 in your trading account for it to remain open.
How often do I receive my account statement?
You will receive your account statement daily showing all trades from the previous day via e-mail or via US Postal Service, if you prefer to receive your statements in hard-copy format. Note: Statements delivered to you via e-mail come free of charge, while statements delivered to you in hard-copy format come for a fee.
Can I continue trading once my account balance is less than $200?
No, you can not. We need you to send in additional funds to continue trading.
Do you offer voice-brokered services?
Yes, we do. Our trading desk is ready to place your trades 24 hours a day (from Sunday 6:30 pm Eastern Standard Time (EST) through Friday 5:00 pm).
Do you accept block trades or bunched orders?
Yes we do. You can place simultaneous trades in multiple accounts. Block trading or bunched orders are usually placed by professional money managers like Commodity Trading Advisors or Commodity Pool Operators.
Do you allow scalping?
Yes, we do.
Do your trading platforms have charting capabilities?
Yes, all trading platforms at Broker Junction have charting capabilities.
Can I lose more than I initially funded my account with?
Yes, you can. We have risk management measures in place to prevent that from occurring and our Forex Dealers have auto-liquidation systems designed to serve the same purpose. In fast markets caused by unforeseen disasters/situations however, anything can happen, including the loss of more funds than you initially transferred into your trading account.