FAQ

1. Open an Account

How do I open a trading account?

Go to “Open a Live Account”, fill in the form and you will receive an e-mail with your login details and instructions on how to download and start trading in our forex platform.

Which currencies can I use to place a deposit in my trading account?

You can deposit money with us in USD, JPY or NZD. If you have an account in USD but transfer funding in EUR, the Euros you have sent us will be converted into US Dollars by PMS at the prevailing inter-bank price at the time. It is possible to have trading accounts in USD, JPY or NZD.

I don’t have a passport – can I open an account with another piece of identity?

Yes, any official piece of identification with photo and signature is acceptable.

Do I need to provide you with proof of residency?

Yes. In order to validate your account completely so that you may withdraw funds, you must provide a recent utility bill (e.g. electricity, gas, water, phone, oil, Internet and/or cable TV connections) dated within the last 3 months confirming your registered address.

Will you close my real account if it has a zero account balance?

No, we will not. You can have a functioning real account with a zero account balance.

What types of accounts does PMS offer?

PMS offers 2 types of accounts at the moment:

Micro account: 1 micro lot is 1,000 units of the base currency

Standard account: 1 standard lot is 100,000 units of the base currency

Base currency is the first currency in the currency pair. For further details, please refer to the “Account Type” page.

Is it possible to open more than one account?

Yes, you can open several accounts.

How can I change the leverage?

You can change the leverage after you log-in ‘My Account’ then choose an account number you wish to change the leverage. After that check the current leverage then select the leverage you want to get.

Why are you asking for documents for account validation?

As a regulated company there are a number of compliance related matters and procedures that we must adhere by as imposed by our regulators. Such procedures include the collection of adequate documentation from our clients with regards to KYC (Know Your Client), which includes the collection of a valid ID card and a recent (within 3 months) utility bill which states the address the client has registered with.

Can I change the base currency of my account?

Before funding your account you can send a request to support@PMS.com and it will be processes within 24 hours. In the scenario that you have already funded your account then we kindly ask you to open another account and select an alternate base currency.

2. Funding & Withdrawal

Can I withdraw my money whenever I want?

Yes. Go to “My Account” and send a Withdrawal request. Your money will be transferred to the bank account that is registered with us. Please note if your withdrawal is sent after 12 pm GMT we cannot guarantee your transaction will be processed on the same day.

Can I withdraw my money if I have an open position(s)?

Yes, you can. However at the moment of payment, your free margin must exceed the amount specified in the withdrawal instruction including all payment charges. Free margin is calculated as equity less necessary margin (required to maintain an open position). If you do not have sufficient free margin in your trading account we will not carry out the withdrawal request until you submit a corrected withdrawal form and/or close the open positions in your account.

How long does it take for funds to reach my bank account?

It depends on the country the money is sent to. Standard bank wire within the EU takes 3 working days. Bank wires to some countries take up to 5 working days.

Can I transfer funds from my trading account to the trading account of another client?

No, it is forbidden to transfer funds between different clients’ accounts and third parties.

I made a deposit via CC but the amount I want to withdraw is bigger. What happens to that case?

The amount deposited will be returned back to your Credit Card and the remaining amount will be sent via Bank Wire. When this scenario arises, rest assured we will ask you for your bank details in order to proceed.

How long time takes a deposit/Withdrawal to be processed if I use CC, Moneybookers(Skril)?

For all deposit methods, they will be processed within a 24hour period of a working day. Kindly note that this is a temporary procedure as our Technical team is currently working to make all deposit methods automated – once this becomes the case please note all our existing clientele will be promptly informed via email. Please note for your bonus to be applied to the deposit you may need to wait for up to 24 hours.

We aim to process all withdrawal requests within a 24 hour period of a working day.

What are the ways I can deposit or withdraw money?

We currently have the following deposit options: Mooneybookers(Skrill), Credit/Debit Card and Bank Wire.

Please note that these methods are subject to increase as we are continuously adopting new deposit methods in an effort to better accommodate for all our client’s needs.

3. MT4 & Trading

What are PMS trading hours?

Sunday 22:05 GMT to Friday 22:00 GMT.

How do I add an Expert Advisor?

Please save your expert advisor into MetaTrader’s directory on your computer: C:Program Files – MetaTrader – PMS.com – experts. Then restart MetaTrader. The Expert Advisor file should appear in the navigator window in MetaTrader. Left click on it and drag it onto a chart of the currency that you would like the expert advisor to trade on.

What do I do if the attached Expert Advisor does not trade?

First of all check if trading is allowed by going to ‘Tools -> Options -> Experts tab -> Allow real trading’. Then make sure that the Expert Advisor button on the main tool bar is pressed. You should be able to see a smiley face in the top right-hand corner of your chart to show that you have activated your EA correctly. If everything is OK but the EA still does not trade, see your log files via the ‘Experts’ tab in the ‘Terminal’ window (you should be able to see what error occurs). You can also email us for further assistance at support@PMS.com.

Can I change the time zone in MetaTrader?

No, the time zone of our trading servers is always GMT. Having times in GMT avoids having small candlesticks on Sundays and therefore allows the running of technical analysis and back testing to be more smooth and straight forward.

Can I be long and short in the same instrument simultaneously?

Yes, you can. This is called ‘matched’ or ‘hedged positions’ – long and short positions of the same transaction size opened in the same instrument. No additional margin is used when you open an opposite position.

When I go offline do you close my open positions and placed orders?

Open positions and pending orders stay in the system even if you log off from your trading platform. The same is true for all order types except trailing stops. Trailing Stops become inactive when you close or log out of MetaTrader. Expert Advisors also become inactive when MetaTrader is closed or you are not logged in.

I cannot log in into my account but I need to close an open position, what do I do?

You may close (open, place an order) a position over the telephone 24 hours a day. Simply phone our dealing room on +000 000 0000. You will be asked for your MetaTrader login for security reasons before your request can be executed.

What are the differences between Demo and Real platforms?

While all features and functions of the real platform are available in the demo platform, users should keep in mind that simulation cannot replicate real trading market conditions. One important distinction is that the volume executed through the simulation does not affect the market, while in real trading volumes have effect on the market, especially when the deal size is large. Furthermore, users can have a very different psychological profile depending whether they trade in demo or real platforms. This aspect may impact the evaluation performed with the demo account. Users are advised to use caution and avoid complacency about any conclusion they would have drawn from the use of the demo platform.

How can I view my trading history?

Please open the ‘Terminal’ window (press Ctrl+T on your keyboard) and select the ‘Account History’ tab. Right click to enable the context menu which will allow you to save your trading history as an .html file that can be viewed outside the trading platform.

What is the maximum amount I can trade online?

There is no maximum amount you can trade online, however there is a maximum number of 20 standard lots you can trade online at streaming prices for Standard accounts and 10 micro lots for Mini accounts. If you wish to deal in an amount which is greater than your account type’s maximum lots, you may break your trade into smaller sizes.

How much margin do I need to open a 1 lot in EUR/USD?

For example, the EUR/USD exchange rate is 1.3000/1.3001. You buy 1 standard lot at 1.3001 (ask price). 1 lot is 100,000 EUR. This means that you buy 100,000 EUR and sell 100,000*1.3001=130,010 USD. To fund this position we require a margin of 0.2% (because leverage is 1:500) so you need 200 EUR on your account not 100,000 EUR. The rest of the money is leveraged to you by PMS.

Is there a possibility to lose more money than my deposit?

No. You only stand to lose what you deposit. Should a scenario occur where the slippage of a certain currency pair takes your balance to a negative position, then rest assured that this will be promptly rectified by our back office department.

Why are Rollover rates tripled on Wednesdays?

When placing a trade in the spot Forex market, the actual value date is two days forward. A deal done on Thursday is for value Monday. A deal done on Friday is for value Tuesday, and so on. On Wednesday the amount of Rollover is tripled in order to compensate for the following weekend (during which time Rollover is not charged because trading is stopped for the weekend).