Originally Posted by IFX Katerine

Dear priyanvada, What do you mean by a cheque transaction? Isn't this the same with wire bank transfers?

I don't know wire transfer ... but how I do a "cheque transaction" I will tell you ... then you might guess nicely what I am trying to tell you ...

I have an account in say "Cosmos Bank" ... So I sign a cheque of 500$ in the name of InstaForex Broking ltd. ... Since my account is there in InstaForex you deposite this cash in my trading account ... and whenever i want to withdraw you issue a cheque/Demad Draft in my favor or directly deposite the cash from my account in your firm to my account to in the "Cosmos Bank" ... There is also internet based way to transact money... but I am very much reluctant to make transaction like this (over internet) since one may hack my password somehow ... and my small funds will vanish ...

So I FEAR and trust my trusted primitive ways of transaction of funds ...

So this way i know how it is done safely...

Had you had a office/representative in mumbai, i would have contacted him somehow ... Your peoples in India are located too far for me ... It would be like a world travel for me to catch them!

regards,
priyanvada

Originally Posted by priyanvada

I wish if possible will you please enlighten me on brokerage/commission charged on a given trade in Forex Trading ...

In InstaForex you can open 2 types of accounts: Insta.Standard, where you pay spread for each deal (spread is a difference between bid and ask prices), and Insta.Eurica, where you pay only commission. Bid and ask prices are equal for this type of account, which is suitable for traders-beginners. Spreads and commissions are fixed for every instrument (except two pairs). You can find detailed information about trading specification here and here.

__________________
Regards,
Official representative
InstaForex Companies Group
Visit Corporative Weblog

Originally Posted by priyanvada

I don't know wire transfer ... but how I do a "cheque transaction" I will tell you ... then you might guess nicely what I am trying to tell you ...

Wire bank transfer means, that you replenish your trading account by sending money via your bank. This way takes long time, but it is more safe than e-payment systems. We also accept depositing via Credit Card. The process can take about 24 hours.

Originally Posted by priyanvada

Had you had a office/representative in mumbai, i would have contacted him somehow ... Your peoples in India are located too far for me ... It would be like a world travel for me to catch them!

No, unfortunately, we don't have a real representative in Mumbai. But we are going to open an office there this spring.

By the way, recently we started providing cent accounts. You can lower your risks by using a cent account for the first time. At the same time you can feel the worth of money, because it's not a demo-account and funds are real, though an amount is very small.

__________________
Regards,
Official representative
InstaForex Companies Group
Visit Corporative Weblog

Thanks...

Quote:

Wire bank transfer means, that you replenish your trading account by sending money via your bank.

What is the procedure ... Do I have to call my bank and tell them to transfer X amount on to my InstaForex Account? Or else how?

Quote:

No, unfortunately, we don't have a real representative in Mumbai. But we are going to open an office there this spring.

I wish it be done as soon as possible!

Quote:

By the way, recently we started providing cent accounts. You can lower your risks by using a cent account for the first time. At the same time you can feel the worth of money, because it's not a demo-account and funds are real, though an amount is very small.

Nice!!

Originally Posted by priyanvada

What is the procedure ... Do I have to call my bank and tell them to transfer X amount on to my InstaForex Account? Or else how?

It is an usual procedure of transferring money by bank. You take our banking at InstaForex website. Then you go to your bank, fill in an application and your bank send the money to our bank. After the payment has reached our bank, we credit the amount to your trading account. That's all.

__________________
Regards,
Official representative
InstaForex Companies Group
Visit Corporative Weblog

Originally Posted by IFX Katerine

In InstaForex you can open 2 types of accounts: Insta.Standard, where you pay spread for each deal (spread is a difference between bid and ask prices), and Insta.Eurica, where you pay only commission. Bid and ask prices are equal for this type of account, which is suitable for traders-beginners. Spreads and commissions are fixed for every instrument (except two pairs). You can find detailed information about trading specification here and here.

Thanks!

As i see about Insta.Eurica Trading Accounts ... it goes on your site as ...

Quote:

To open a deal, a trader pays a fixed fee, which equals to 0.03 - 0.07% of the deal volume.

If it is 0.03% of the total deal volume "all the time" for each and every trade, then I will surely decide to permanently switch from stocks to Forex!But that 0.07% figure is really scary!....

You say fix and also vary it immediately from 0.03% to 0.07% ... what is the logic behind this?? ... I am asking this because 0.03% and 0.07% simply make a GREAT difference for me in my trading ...

regards,
priyanvaad

Originally Posted by priyanvada

Thanks!

You are welcome.

Originally Posted by priyanvada

If it is 0.03% of the total deal volume "all the time" for each and every trade, then I will surely decide to permanently switch from stocks to Forex!But that 0.07% figure is really scary!.... You say fix and also vary it immediately from 0.03% to 0.07% ... what is the logic behind this?? ... I am asking this because 0.03% and 0.07% simply make a GREAT difference for me in my trading ...

Don't be scared. It is fixed for each trading instrument. That's why it's written from 0,03% to 0,07%. It depends on a currency pair you trade. Check commission for all our trading instruments here.

__________________
Regards,
Official representative
InstaForex Companies Group
Visit Corporative Weblog

Originally Posted by IFX Katerine

It is an usual procedure of transferring money by bank. You take our banking at InstaForex website. Then you go to your bank, fill in an application and your bank send the money to our bank. After the payment has reached our bank, we credit the amount to your trading account. That's all.

Ohh!...this is so simple and straightforward!!
This is something really valuable information you have given me ...

So thanks a lott!!

regards,
priyanvada

Please don't mind but I am just asking this ...

Is it not possible for you to charge only (say 0.1% of the deal volume) for profitable trades and don't charge anything at all for losing trades?!

I feel this way both you and trader can benefit ... since this way I feel trader gets more survival chances and also capital growth chances ...

regards,
priyanvada

This is for InstaEurica...



I can guess a little for first two columns as ... first one is currency pair ... and second one says lot size ... but i might make something wrong guess for other columns ...

So I sincerely request you to please explain other columns and their significance in simple understandable terms ...

Thanks and regards,
Priyanvada