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Frequently Asked Questions

Have questions about Forex Trading?
No problem, we’ve got you covered below:

ID Document/Passport

Proof of residence 
Utility Bill, Municipality Letter, Rental/Lease Agreement. For those who do not own or rent property; provide a sworn affidavit, ID copy as well as proof of address from the owner or contracted resident of the address.

Bank statement
(Dated within the last 3 months) reflecting the following information: Banks name, Banks logo Bank stamp (dated within the last 90 days), Account-holders full name as per ID, Residential address, Account number / IBANSwift code (if international), At least some transaction history.

The margin calculation formula for forex instruments is the following:

(Lots * contract size / leverage) where the result is always in the primary currency of the symbol.

For STANDARD accounts all forex instruments have a contract size of 100 000 units. For MICRO accounts all forex instruments have a contract size of 1 000 units.

For instance, if the base currency for your trading account is USD, your leverage is 1:500 and you are trading 1 lot EURUSD, the margin will be calculated like this:
(1 * 100 000/500) = 200 Euros

Euro is the primary currency of the symbol EURUSD, and because your account is USD, the system automatically converts the 200 EUROS to USD at the actual rate.

A futures contract is an agreement to buy (“go long”) or sell (“go short”) a trading instrument (a financial asset or real asset) at a predetermined price and time in the future.

Futures contracts have limited lifetimes; they have pre-set open and expiration dates. At the expiration date, any open positions in the contract must close; anyone wishing to keep a position in the underlying instrument needs to open a position in the next expiration contract.

This is called rollover.

RocketX does not have a strict minimum deposit – our clients are welcome to invest whatever they are comfortable with. We do however recommend starting with R4 000 if you are trading to give you a decent margin level.

Our aim is to educate the masses on Forex Trading. We do not charge for education, Everything is free on our online Academy.

 

Spot prices are the prices of the market at the present, applicable for immediate buying and selling of an instrument.

On the contrary, futures prices delay payment and delivery to predetermined future dates, allowing you to speculate on where an instrument will trade in the future.

Aside from speculation, futures are also used for hedging purposes.

Your withdrawal request is processed by our back-office within 24 hours. You will receive your money on the same day for payments made via e-wallet, while for payments by bank wire or credit/debit card it usually takes 2 – 5 business days.

Email: support@rocketx.io

Do you have a question?

The RocketX team is ready to support your Trading journey, contact us for assistance or just for a chat.