Some tips on forex trading


David wanted to make money from forex trading, so he found an online margin forex trading service, checked that it was a licensed derivatives issuer in New Zealand, and deposited NZ$1, to open an account.

Email Required Not valid. The farmer, I gather, eventually obtained a partial refund. Whether you want to transfer euros to dollars or loonies to rupees, this is the place to check live and historical currency exchange rates.

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Forex trading is the buying, selling, exchanging and speculation of currencies. Foreign exchange comprise of banks, commercial companies, investment management firms, central banks, hedge funds, and retail forex brokers and investors.

Each of them has its own mission and methods to influence Forex world in NZ. Check out more about these three New Zealand regulators now:.

This is an agency that as you can guess by its name is responsible for the gathering and collecting data about all Forex brokers that are based and registered in New Zealand.

But if agencies like this in other countries do offer both — official licenses and safety measures — Financial Service Providers Register is also in charge for the singing of the brokers. Here is the place, where both — traders and brokers — can fill in documents for making a claim, complain or even a suggestion.

The agency has a whole bunch of measures that must be provided to all brokers that are based in New Zealand, respectively they need to be obeyed, too. If the previous two agencies have their own authorities to make something, to ban or to punish, Financial Markets Authority is the big leader among the three organizations.

FMA can accept complaints, by the way, too, but it is also responsible for the right registration of the brokers. Transparency, though, looks to be the main mission Financial Markets Authority has acquired through the last few years and since then, the brokers in New Zealand have indeed, become fairer and cleared as to their rules, navigation, website support and performance of the trades.

Trading in New Zealand is safe, funny and really profitable. Forex trading in New Zealand — preliminary information Forex trading in New Zealand is quite similar to trading in all other countries like Cyprus and UK, for instance.

Was the information useful? New Zealand Forex Brokers. Get the latest Forex updates now! After the telephone call, we will send you a document entitled Deal Confirmation.

We may request an Advance Payment both at the time you book the Forward Transaction and at any time prior to the Maturity Date. You acknowledge that the amount of any Advance Payments requested will be determined by us in our discretion.

You acknowledge that any Advance Payment is a part-payment of the full amount of the Forward Contract, that you do not retain any interest in, or have any right to be repaid, any Advance Payment, and that in accordance with paragraph 6.

If you do not do so, we reserve the right to Close Out the Forward Contract in accordance with paragraph 9. You acknowledge that we may agree to such a request entirely at our discretion. If we agree, you acknowledge that the Rate will be adjusted to account for the timing of the new settlement date.

If we have not received the funds within 2 business days, we reserve the right to Close Out the Transaction in accordance with paragraph 9. If we have not received the funds by the Maturity Date or any agreed change to the maturity date , we reserve the right to Close Out the Transaction in accordance with paragraph 9.

You agree to make all payments to our account electronically and you acknowledge that we will transmit your funds by electronic means only. If you fail to do so, we reserve the right to Close Out the Transaction in accordance with paragraph 9.

In the event that we agree to make a payment for you without having received the full amount, you acknowledge that we are not waiving our right to ask you for the full amount after the Transaction has been processed. You will need to book a new Transaction. Subject to your right to cancel the Order in accordance with paragraph 8. After we receive your Instructions, we will send you an Order Confirmation. The Order Confirmation constitutes an error correction mechanism only; if you do not contact us immediately on receipt of the Order Confirmation, the Transaction details will be deemed to be correct.

You may not cancel an Order after the Target Rate has been reached, whether or not we have notified you that the Target Rate has been reached. When the Target Rate is triggered, you are legally bound by the Transaction.

As soon as you receive our notification, you must take action to ensure that the funds reach our account by the Delivery Date. If we do not receive the funds in time, we reserve our right to Close Out the Transaction in accordance with paragraph 9. If the value of the currency you have asked us to exchange has strengthened, a loss will be incurred on the Transaction and you will be liable to pay us the amount of that loss, together with any expenses, premiums, commissions or other fees incurred by us.

You agree that we may immediately deduct the total amount of any loss together with any expenses, premiums, commissions or other fees from any refund owed to you upon Closing Out a Transaction for example, the amount of any Advance Payment. If the amount we are seeking to recover exceeds the amount of any refund owed to you, you agree to pay the balance within 7 days of being notified by us of the total amount due.

Interest will accrue and will be calculated daily and be compounded monthly from the date payment was due until the date full payment is made by you. Our complaints officer will attempt to resolve the dispute to your satisfaction as quickly as possible. In particular, you acknowledge that we operate an online dealing platform that could be subject to technical, or other, problems, the nature and duration of which may be beyond our control.

Our service also involves the use of intermediaries who are outside our control. Accordingly, while we do everything reasonably in our power to ensure the timely transmission of funds, we cannot guarantee that transfers of funds will always be made on time and, subject to paragraph Subject to paragraph Without in any way limiting the effect of this paragraph or any other paragraph of this agreement, "consequential damages" shall be taken to include damages arising from:.

This includes any legal costs that we may incur in order to enforce our rights or recover any amounts you owe us. You also agree to indemnify us for any fees, costs, duties and taxes charged by third parties, including fees charged by your beneficiary bank, whether or not those fees or charges were notified to you in advance. You also agree to indemnify us and our officers, employees and agents in respect of any loss, damage, cost or expense which we or they may sustain or incur arising from or related to any claim brought by a third party arising from a breach by you of this Agreement.

In addition to the terms set out in such privacy policy, the other provisions of this paragraph 14 apply to your personal information. This can be done by contacting our Compliance Manager. We may also provide your information to any partners, agents or intermediaries who are a necessary part of the provision of our services. You acknowledge and agree that we may access any electronic databases necessary to assist us to identify you and to assess your credit worthiness.

In particular, you agree that we may, and you authorise us to, obtain, use and retain information about you that we have obtained from any business that provides information about the credit worthiness of individuals, including a consumer credit report from a credit reporting agency, for any of the purposes set out in the privacy policy or this paragraph 14, and for those entities to provide us with the information we may require.

In doing so, we may give information about you to a credit reporting agency for the purpose of obtaining a consumer credit report about you and allowing the credit reporting agency to create or maintain a credit information file containing information about you, and you authorise us to do so.

The information will be limited to your identity particulars, including your name, sex, address and the previous two addresses , date of birth, name of employer, and drivers license number, as well as the fact that you have made an application for credit to us. Information disclosed to credit reporting agencies including default information will be held by each agency on its system, accessed by the customers of the credit reporting database and used to provide its credit reporting services including the maintenance of credit information files and supplying the information to other customers of the relevant credit reporting agency.

Under the Privacy Act , you have rights of access to, and correction of, your personal information. You must tell us if any of your personal details change as soon as practicable. Proof of posting will be proof of receipt; in the case of facsimile or email on the day of dispatch, in the case of delivery by post 48 hours from the date of posting.

Documents shall be sent to the last known postal address, email address or fax number you have given to us. If they change, you must notify us as soon as possible. This will not affect any rights or obligations you already have, but you will be bound by the new terms when you enter into subsequent Transactions. Advance Payment means a payment of part of the sum that is due us on the Maturity Date. Agent Appointment Form means a form that we will give you to enable you to appoint somebody else to transact with us on your behalf.

Auto-Confirm Transaction means a Transaction that has been booked online and has been processed by us automatically with no telephone call or other communication being entered into.

Close Out means reversing a Transaction in the circumstances set out in paragraph 9 or otherwise pursuant to this Agreement. Forward Contract means a foreign exchange contract under which we agree to exchange money at an agreed exchange rate and at an agreed time which is between 48 hours and 12 months from the time of the contract being entered into. Maturity Date means, in relation to a Forward Contract, the date on which the currency exchange is to be made by the Company and includes any agreed variation to the original date, being either an earlier or a later date.

Order means a limit order pursuant to which you may instruct us enter into a Transaction only when a Target Rate has been reached. Order Confirmation means the notification we send you confirming the details of the Order you have entered into with us. Rate means the foreign currency exchange rate that we quote you for a Transaction. Spot Contract means a foreign exchange contract under which we agree to exchange money at an agreed rate within 48 hours of the contract being entered into.

Transaction means a Spot Contract, a Forward Contract or an Order, and shall be taken to refer to a series of transactions pursuant to standing instructions given by you. Websites means any websites owned by us including but not limited to www. The specific transactional details of each Transaction, including the currencies to be exchanged and the amount of the transaction, will be agreed separately when you book the Transactions; they will constitute separate agreements in their own right, but will incorporate these terms and conditions.

When you enter into a Transaction, you must deliver to us the full amount of the funds you are transferring on or before the Delivery Date. You must be the owner of any funds that are the subject of a Transaction. An Authorised Signatory may have unlimited authority to give us Instructions on your behalf or you may specify the stages of a Transaction they are authorised to undertake.

If you wish to change the Authorised Signatories, you may do so by completing a Change of Authorised Signatory Form or otherwise notifying us in writing. We will accept any Instructions received pursuant to the use of the username and password without checking the identity of the user or their level of authorisation and you will at all times be bound by those Instructions.

We will provide you with confirmation of the Transaction Details on the screen at the time you book the Transaction, but we will not provide you with any subsequent confirmation of any kind, unless you request it. If we cannot contact you by telephone on the number you have given to us within 15 minutes of your booking, we reserve the right to cancel the booking and not enter into the Transaction.

You acknowledge that, if you choose to book a Transaction by email, it may not be processed immediately. After the telephone call, we will send you a Deal Confirmation. If you do not receive the Deal Confirmation, the Transaction is still legally binding and will be evidenced by the transcript of the telephone conversation in which it was booked.

We may request an Advance Payment both at the time you book the Forward Contract and at any time prior to the Maturity Date. You acknowledge that the amount of any Advance Payments requested will be determined by us in our discretion and that we may request an Advance Payment even if we have entered into a credit limit arrangement with you.

If we agree, you acknowledge that the Rate will be adjusted to account for the timing of the new Delivery Date. If we have not received the funds by the Maturity Date or any agreed change to the Maturity Date , we reserve the right to Close Out the Transaction in accordance with paragraph 9.

If the amount we are seeking to recover exceeds the amount of refund owed to you, you agree to pay the balance within 7 days of being notified by us of the total amount due. This includes any legal costs, on a solicitor and own client basis, that we may incur in order to enforce our rights or recover any amounts you owe us.

You agree that the terms of the privacy policy as provided to you and as may be amended from time to time form part of this Agreement. In addition to the terms set out in such privacy policy, the other provisions of this paragraph 14 apply to Personal Information. You must tell us if any details change as soon as practicable. We do not accept faxed correspondence. Proof of posting will be proof of receipt; in the case of email on the day of dispatch, in the case of delivery by post 48 hours from the date of posting.

Documents shall be sent by us to you to the last known postal address or email address or fax number you have given to us. Authorise means authorise the stage of a Transaction when we transmit your funds from our account to your nominated beneficiary account. Authorised Representative means an individual who is a director or officer authorised to execute this Agreement or an Authorised Signatory.

Authorised Signatory means an individual appointed and authorised by you to provide Instructions to us on your behalf. Beneficiary Account means the account to which you are sending your funds. Booking means booking a Transaction by providing us with all of the relevant Transaction details. Deal Confirmation means a written communication, however described, provided by us confirming the details of any Transaction that you have booked by telephone, email or online, which shall be an error correction mechanism only.

Delivery Date means the date on which we have requested that you deliver your funds to our account for transmission. Dual Verification means verification of different stages of a transaction by different individuals.

Expiry Date means the date on which an Option must be Exercised, failing which it will expire. Instructions means a request made by you to enter into a Transaction and shall be taken to include any information, communications or documents incidental to or relating to a Transaction whether we process the Transaction or not.

Maturity Date means, in relation to a Forward Contract, the date on which the currency exchange is to be made by us and includes any agreed variation to the original date, being either an earlier or a later date.

Option or Option Agreement means an agreement pursuant to which you have the right but not the obligation to enter into a specified foreign currency transaction on the Expiry Date. Option Agreement Confirmation means the written notification that we send you after you enter into an Option Agreement confirming the details of the agreement we have reached by telephone. Payment means payment by you to us of funds for transmission.

Premium means the fee non-refundable fee payable under the Option Agreement. View Deals means viewing all pending and completed transactions on our website. You are using Internet Explorer 10 and you are going to be redirected to a page that does not support Internet Explorer You will need to change you browser's compatibility mode as per the following link.