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"This
gives me a level of control I never had before." "They
beat the rates I was getting from my banks, hands down." |
FXWeb
FAQ Getting Started | Trading | Security Getting Started Q: How do I get started? Click on 'Become a Client' at the top of this page to let us know that you are interested. Upon receipt of your information, a sales representative will send you the service agreement and arrange a convenient time with you to activate the account. Activating your account takes less than 30 minutes, right over the phone. Q: How quickly can I set up an account and initiate a trade? After we receive your signed agreement, you can usually trade within 2 business days. Q: Can I trade currencies with a personal account? No, NewMarkets' services are available only to corporations and small businesses. Q: Does it cost anything to set up FXWeb? No, there is no set up fee, monthly service charge or minimum number of trades required to keep your account active. 
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Getting Started | Trading | Security Trading Q: What currencies does NewMarkets trade? NewMarkets processes over 100 different types of currencies. Q: What type of FX payments settlements does NewMarkets International offer? NewMarkets offers wire and draft cross-currency trading services. Q: Can NewMarkets receive funds in foreign denomination? Yes, NewMarkets provides repatriation services for clients receiving local currencies overseas. For example, you can invoice a customer in English pounds and have NewMarkets convert pounds to US dollars. This can be a distinct competitive advantage when selling goods or services overseas. Q: How is money transferred to NewMarkets International to fund an FX trade? NewMarkets clients can fund their trades by initiating a wire transfer from their account to a designated NewMarkets trading account. Most NewMarkets clients, however, opt to allow NewMarkets to debit a specified source account to fund each trade after it has been submitted. This means that the clients do nothing more than submit the trade request via FXWeb; NewMarkets does the rest. Q: Does NewMarkets hold currencies on behalf of clients? No, NewMarkets acts solely as a transfer agent. All clients are held in Escrow accounts and are fully insured for the benefit of our clients. Q: What is NewMarkets International trading schedule? Sonnet conducts two trading sessions each US business day: 7:30 AM and 11:30 AM Pacific Time. Q: What happens if I miss the trade deadline? Your trade will be automatically processed during the next trading period. Q: Can I submit a trade to be processed at a future date? Yes, FXWeb will allow you to warehouse a trade for up to 30 days. Just designate the future date, submit the trade request, and FXWeb will process the trade automatically on the specified trade date. Q: How do I know if my transaction request has been received and processed? FXWeb notifies you immediately when your trade has been submitted and will confirm trade execution within 25 minutes after it has been traded (7:30am & 11:30am Pacific trade times). Q: When do FX trades settle? Trades executed by NewMarkets settle within International Banking Standards—Trade +2 for all currencies except for the Mexican peso and Canadian dollar, which settle on Trade +1.
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Getting Started | Trading | Security Security Q: Can an unauthorized person intercept the data in your transaction? NewMarkets addresses concerns about the security of FXWeb transactions by implementing Secure Socket Layer (SSL) encryption at the browser level. Encryption is the scrambling of information during transmission between two points, helping to prevent the information from being intercepted by a third party. SSL is based on the "public/private key" encryption model. NewMarkets has implemented SSL at the 128-bit level, the current standard employed by financial institutions. [Note: you must have an SSL-capable browser. Both Netscape Navigator 3.0 and higher and Microsoft Internet Explorer 3.0 and higher are SSL-capable.] Q: Can an outsider gain access to NewMarkets' systems? Like many other firms, NewMarkets is very concerned about preventing unauthorized users from entering our FXWeb server. As a precaution against this possibility, we have implemented a firewall and proxy server. NewMarkets' firewall is a combination of a physical device—a router—and software that prevents unauthorized access to the protected area. The firewall identifies types of information "packets" and blocks out the potentially harmful ones. Q: How does NewMarkets authenticate a user? The issue of determining identity is very important on the Internet. To allay this concern, NewMarkets has implemented a Verisign digital certificate on our server, which certifies that you are connected to NewMarkets. You can view NewMarkets' digital certificate by clicking on the lock (or key) symbol when you are in the secure portion of our site. A reciprocal concern is client identity. NewMarkets needs to authenticate you as an authorized user when you log into our system. To validate your identity, we protect the site with a NewMarkets-assigned client ID and Security Key Code, which are sent to you via courier. Only the designated Key Code Holder can sign for these codes at the point of delivery. In addition, you define and control individual user IDs and alphanumeric passwords.
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