Who can consult me, if I need the help of a specialist?
CredoTrade technical support is available to help you 24/7. Chat, email, phone.
How can I change my account’s password?
You can log into your account and go on the personal details page, where you click on “Change password”. If you forgot your password and can’t open your My Account section, just click on “Forgot Password” button on the entering page and follow the instructions.
How can I upload my documents for the verification process?
Enter your “My Account” section and choose the Documents Upload option. Otherwise, you can just send us all the needed scans or high-quality photos to e-mail.
How can I update my personal information?
You can enter “My Account” in the “Personal Details” section, where you’re free to update your personal details. Otherwise, you can just click on your name in top right corner of My Account page.
How can I change my phone number or email address?
Just enter “My Account” and the “Personal Details” section. On the bottom of this block you’ll see a form created for changing your phone number and e-mail, where you can update it.
How can I change a language in My Account?
In order to change a language of My Account, you should switch the button with the picture of corresponding flag placed on the top of the screen near the inscription “CredoTrade”.
How does the trading account function?
What do you need to open a trading account?
You need to open a real account for trading after your registration is done at our website. Click on Sign Up button in top right corner of the screen and submit the registration form. Go to My Account section then and click on Open a Real Account button. After that you’ll need to complete the verification process which implies the providing us with the document proving your identity and residence.
What currency can I use for opening a trading account?
You can open an account in one of the currencies below:
What should I do if I have problems with opening an account?
Please contact our support team and they will assist you with all your queries. You can contact us via e-mail, via the online chat service. Also, in such cases, there is a contact phone number that is listed in the Menu – Contacts.
Personal trading account
How can I add funds to my personal trading account?
Your trading account can be replenished in one of ways: by using a bank card, bank transfer or e-wallets.
How can I withdraw money from my account?
The withdraw depends on the deposit method that was chose.
Have I any limits about managing my money?
Client is only one person who has unlimited access to own funds 24/7 from any part of the world. It applies to using own funds for a trading as well as withdrawal process.
What is the commission if funds are available?
The withdrawal of funds is free of charge once for 30 days. For each subsequent withdrawal of funds during this month, a withdrawal commission of $30 will charge from the personal account.
How fast can I withdraw my money from personal account?
Term of withdrawal of funds depends on the type of customer account and usually takes from 3 to 5 business days.
How secure is trading with website?
CredoTrade uses the internationally accepted security system SSL (Secure Sockets Layer) that encrypts all credit card payments over the internet. If your browser does not support this automatic system, you will receive an instant notification.
Why I have an error while depositing with a credit card?
In the event that you receive an error message while attempting to make a deposit, please ensure that your credit card is suitable for international use and/or online transactions. You can verify this by contacting the call-centre of your bank using the phone number on the back of your card. If you receive an error message several times, please note that your credit card company may have temporarily blocked your card for security purposes. For queries regarding the latter issue, please contact the number on the back of your card.
What is the minimal withdraw amount?
The minimal amount for withdrawal via credit/debit card is 30 in your chosen currency. The minimal amount for withdrawal via wire transfer is 100 in your chosen currency.
When does the client have the right to make financial transactions?
Forex trading is available for you on a twenty-four hour basis 5 days a week. Some instruments (for example, the stocks of top-level companies) are available for trading only within the working hours of a certain exchange. The exact trading time of every instrument can be seen in the specification section of a trading platform.
Where can I find the conditions of CredoTrade?
You can read the conditions of our company in this section.
What does a spread mean?
A spread is a difference between the current price at which we can buy an asset (ASK) and the price at which we can sell an asset (BID). For example, the current quote for currency pair EUR/USD is Ask=1,39801, Bid=1,39789. In this case spread is 12 points, since the price differs by 0,00012$. Spread is also a commission that broker takes for opening a position in Forex market. If we’re talking about the market spread, you should consider that it is widening due to some financial news and increasing market activity. It means the faster the market price is changing, the wider a spread will be.
What does a point mean?
A point is a minimal price correlation. For example, if the quotes on Forex market are given by the fifth character after comma, the minimum price correlation can be 0,00001.For example: the price of EUR/USD was 1,08195, after that the price dropped by 15 points (0,00015). The price of one Euro will already be 1,08180 by this movement.
What does a swap mean?
A swap is a derivative in which two counterparties exchange cash flows of one party’s financial instrument for those of the other party’s financial instrument. It is a commission charged from or added to a trader’s account for transferring currency pairs open positions on the next day.
What does a leverage mean? How can I use it?
A leverage is a technique involving the use of borrowed funds in the purchase of an asset, with the expectation that the after tax income from the asset and asset price appreciation will exceed the borrowing cost. A collateral that the holder of a financial instrument has to deposit with a counterparty to cover some or all of the credit risk the holder poses for the counterparty is a Margin. The leverage amount is set by a brokerage company and in fact determines the correlation between amount of guarantee and a borrowed capital: 1:2, 1:4, 1:10, 1:20, 1:50, 1:100, 1:200, 1:500. So if a client has $500 on his/her account, the leverage of 1:100 (where “1” is an amount of own capital and “100” is an amount of a leverage) means that a trader could operate with a capital of $50 000.
What does a lot mean?
A lot is a minimal amount of product we can buy or sell. All the requests on the financial markets are put in lots. It’s important to understand that the amount of one lot depends on an instrument. For example, one lot of Gazprom stocks contains 100 stocks at the same time, which means that requesting the purchase of one lot you’re actually buying 100 stocks. The standard lot on Forex market is usually 100 000 units of a basic currency. So if you’re buying 1,5 lots of EUR/USD currency pair, you’re opening a position for 150 000 Euro.
What does a Stop-out mean? How does it work?
A Stop-out is a specific point at which all of a trader’s active positions in the foreign exchange market are closed forcibly by their broker because of a decrease in their margin to levels, meaning they can no longer support the open positions. In most cases stop-out appears when the level of provision is 50%, which means that a funds amount of a client is twice as lower as a needed margin. For example, the required margin for a current opened position is $200 and a trader has $800 on his/her account. As you can see, the level of provision is 400% so a broker doesn’t close the position. The price of an instrument starts moving against the client’s prediction and his/her loss is $700. Since the amount of funds of $100 isn’t enough to cover a margin of $200 (the provision level is 50%), a broker closes the position forcibly.
How to measure the Swap level?
The swap level (or the level of bids) indicates to which minimum distances a deferred or stop-order cannot be put, based on this indicator in points to the current market price.
What does a Freeze Level mean?
Freeze Level refers to a certain level of the price indicator around the deferred or stop order. When the price of goods enters, the opportunity to delete or modify this order will be blocked, and the option to close the position (for stop orders) will be removed.