Frequently asked questions
To provide a better trading experience, PomeloFx listed below the questions commonly asked by traders to help you to understand more about Pomelo Limited.
Pomelofx is one of the world’s leading Forex CFD provider. The company was incorporated with the vision of providing fair and transparent Forex trading to active traders. Pomelofx is dedicated to bringing solutions previously only available to professionals and large global investment banks to retail investors and traders around the world. For additional information about Pomelofx, please visit the About Us page. https://pomelofx.com/about-pomelofx/
Pomelofx (Pomelo Limited) is Licensed with Vanuatu Financial Services Commission (VFSC), VFSC:700234.
Different instruments have different trading hours attached to them. For detailed information on the trading hours for different products, you may refer to our Trading Hour page.
Pomelofx will be launching an extensive online education portal, exclusively for all its clients.
Unfortunately, we are unable to offer you personal trading advice that may impact your trading decisions. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.
Pomelofx is the issuer of the products it provides. We consider ourselves to be a CFD provider offering the STP pricing model as we do not operate a proprietary trading book and source our pricing from external unrelated liquidity providers. These prices are then passed on to you with no dealing desk intervention. In order to provide you with better price certainty and to ensure fast execution speed, we do not offset each and every single position with our liquidity providers.
TRADING FOREX BASICS
Forex, or the ‘Foreign Exchange Market’, is the largest financial market in the world, with a daily average turnover of approximately US$3 trillion. Forex trading is the simultaneous buying of one currency and selling of another. The price of currencies is floating and dependent on supply and demand. Foreign exchange is always traded in pairs, for example EUR/USD or AUD/USD.
Forex is said to be one of the fairest and most transparent markets on earth. This is mainly because of the large number of market participants and sheer size and number of transactions. No one single country or bank can completely control the direction of a currency.
The main participants in the Forex market are central banks, commercial banks and investment banks, however, in recent years – since the advent of the internet – accessibility to the Forex market has increased, which has resulted in an increase in the number of non-bank participants. Nowadays, participants also include large multinational corporations, money managers, registered dealers, money brokers and private investors.
Making money trading Forex involves buying lower and selling higher or selling higher and buying back lower. Using leverage means that you are able to deposit a smaller amount of money to achieve the same buying power as you would have if you bought and sold the currencies outright.In this example, Paul deposits $5,000 into her Forex trading account and nominates the leverage on her account to be 1:100. As a result of leverage, Paul’s buying power on her $5,000 deposit becomes $500,000. Paul decides to buy 0.1 lots of the AUD/USD par at a price of 0.99802. Three days later, the price of the AUD/USD is 1.04069 and Paul decides to close his position. Paul’s profit is calculated as (1.04069 – 0.99802) 426 pips. As Paul opened a position of 0.1 lots, he made a profit of $426, or $1 per pip.Of course, should the AUD/USD have moved against Paul below the opening price of her trade to a level of 0.97802, Paul would have incurred a loss on the trade of (0.99802 – 0.95542) 426 pips. AsPaul’s position size was 0.1 lots, hewould have incurred a loss of $426 or $1 per pip.It is important to be aware that when trading Forex you can also incur losses which can be greater than your initial deposit.
The Forex market is a 24-hour market. Forex trading commences in Wellington, New Zealand and moves around the globe as business days begin in each financial centre. The major global financial centres where most Forex trading takes place are Tokyo, London and New York. The Forex market opens on Sunday at 10:00pm (GMT) and closes on Friday at 10:00pm (GMT).
The most popular liquid currency pairs are those from countries with politically stable governments and well-respected central banks. The most popular currency pairs are those that are paired with the US dollar, these are nicknamed the ‘majors’ and account for around 85% of transactions. The most commonly traded pairs are the EUR/USD, USD/JPY, GBP/USD, AUD/USD, USD/CHF and USD/CAD.
A variety of fundamental and technical aspects can cause an exchange rate to move. The most notable influences include interest rates, inflation and political stability. Sometimes, governments will buy or sell a currency in an effort to influence its value with a view to having a broader effect on the country’s economy. This is known as ‘central bank intervention’ and can have a significant impact on the value of a currency. Given the size and diversity of participants, no one single factor can influence the Forex market for any significant length of time.
Our mission is to provide traders with the lowest spreads and fastest executions possible across over 75 Forex products including Forex, precious metals, stocks, futures and other commodities. We have invested heavily in technology and established strong relationships with some of the largest and most reliable liquidy providers in the market place.
The opening and closing times of Pomelofx’ prices are:
Opening time: 00:01 MetaTrader 4/5 Server Time (Monday)
Closing time: 23:57 MetaTrader 4/5 Server Time (Friday)
Please note the trading times of certain instruments may vary; you should refer to the relevant product section on our website for specific information.
Pomelofx rollover occurs at 00:00 MetaTrader 4/5 Server Time.
Yes, we allow both hedging and scalping trading strategies. Our spreads and trading conditions are the preferred choice of many day traders and scalpers globally.
Pomelofx is not able to open new trading positions over the phone.
No, you will not be charged any account inactivity fees.
We do not offer a FIX API connection into MetaTrader 4 or 5.
Forex traders use a variety of trading strategies based on technical and fundamental analysis. Nowadays, technical trading is becoming increasingly popular and traders are using a variety of technical indicators, such as trend lines, support and resistance levels, and numerous other methods, to identify short-to-medium term trading opportunities. Some traders choose to use fundamental analysis, which revolves around interpreting economic information including news, government reports and sometimes even rumour. Often, however, it is elements outside of technical and fundamental analysis that have the most dramatic effect on currency prices. This includes events such as central bank intervention, interest rate changes, political change or even war.
As you are trading leveraged CFD products, you will be able to open positions that are larger than your account balance. This means that a smaller move in your favour will result in a larger profit and a smaller move against you will result in a large loss. If the price of the CFD you are trading gaps or moves against you quickly, it is possible that you could lose more than your account balance.
Although we will attempt to close your position when the margin level falls to 50% of the required margin (stop out level), we cannot guarantee that your account will not enter into a negative balance. You will be in margin call when the margin level drops to 100% of the required margin; at this point, you will see the position change colour in your trading platform. This is an indication to take appropriate measures by either reducing the exposure or adding additional funds to the trading account. If the margin level drops a further 50%, the platform will automatically start closing out positions.
In currency trading, ‘gapping’ typically occurs when the currency reopens for trading after a weekend/rollover. Gaps are usually caused by low liquidity in the market. It is possible to retrieve the missing data by refreshing the chart if the gap has occurred because the chart has not updated correctly.
A ‘long’ position is much the same as entering into a BUY transaction, conversely a ‘short’ position is much the same as entering into a SELL transaction.<br>By way of example if you BUY 1 standard lot or 100,000 units of EUR against USD you are entering into a ‘long’ position. If on the other hand you sell 1 standard lot of 100,000 units of AUD against USD you are entering into a ‘short’ position.
There are no limits to the number of trades that you must place each month.
There is a limit of 200 orders, open or pending, on your account at any one time. Once you reach 200 orders, you will not be able to place any more trades.
Yes, we do offer oil as a spot and future commodity CFD product. More information can be found on our Energies product page. https://pomelofx.com/energies/
No, Pomelofx does not offer instant execution.
Less than a second, as our average trade execution speed is around 35 milliseconds on currency pairs. Our trade servers are in the Equinix NY4 data centres in New York. We have cross connects in place with our liquidity providers to ensure faster trading execution speeds.
The opening and closing times of Pomelofx’ Metal prices are:
Opening time: 01:00 MetaTrader 4/5 Server Time (Monday)
Closing time: 23:57 MetaTrader 4/5 Server Time (Friday)
You can download the trading platforms from our website https://www.pomelofx.com under the Platforms section.
If you cannot see all the instruments in the Market Watch window, simply right-click your mouse in the Market Watch area and select ‘show all’.
Pomelofx offers over 75 currency pairs.
Pomelofx offers CFDs in precious metals, energies, indices and cryptocurrencies.
Forex traders can use a variety of risk management strategies. The most common form of risk management is the use of stop loss and limit orders. Stop loss orders can be set within the MetaTrader 4 platform and are often used to force the closure of a position at a predetermined price in order to limit any potential loss. Limit orders work in much the same way as stop loss orders; however, they allow a restriction to be placed on the maximum price paid.
‘Trade Context is Busy’ is a common MetaTrader 4 error. It occurs because MetaTrader 4 cannot process multiple requests at the same time. To fix this error, simply close and open your MetaTrader 4 trading platform again. Please read our MetaTrader 4 error code guide which outlines common MetaTrader 4 error messages.
The chart time on MetaTrader 4 and MetaTrader 5 platforms reflects server time, which cannot be changed. For cTrader platform, however, you may set the time as per your local time zone.
The ‘invalid account’ error occurs when your username or password is incorrect. This can also occur if you have selected the wrong server address. Please check your account details and try again.
In order for expert advisor (EA) to function on MetaTrader 4, you must click on the ‘Expert Advisors’ button in your Trade terminal.
In order for you to log in to your MT4/5 trading account, you will need your account number and password. These details were sent to you when you first opened your account. Once you have your account number and password, simply install the MT4/5 platform on your PC and select ‘File’ then ‘Log in to Trade Account’. A login box will then appear in which you will be able to enter your account number, password and select the relevant server. When typing your password, you should ensure that it is entered correctly. If you are copying and pasting, make sure not to copy any extra spaces over. You should also ensure that you select the server name mentioned in the email containing your login details and select ‘Login’. You will see your connection status update in the bottom right-hand corner of the platform. If the connections status shows ‘invalid account’, make sure your password was entered correctly. If it shows ‘no connection’, double-check that the server address was entered correctly.
You must first download the MT4/5 mobile application from the apple or android stores. Once this is downloaded and opened, follow the steps below:
1. Go to ‘Settings’
2. Click on ‘Manage Accounts’ or ‘Settings’
3. Then click on the small plus sign or select ‘New Account’
4. Then select ‘Log in to an existing account’
5. Search for the broker name
6. Select the server your account was set up on
7. Enter your login credentials and password
8. Click on ‘Sign In’
You will see this error message if you try to connect to an incorrect server. You should log in to your mobile app and select the correct server from the list.
No, you cannot directly install an EA script or indicator on the mobile version of MT4 or MT5.
“An EA can be installed on your trading platform by following the steps below.
Firstly, download and save the EA executable file. Identify whether the file is archived or in its normal format. To perform this check, right-click on the file and select ‘Properties’. At the top, it will say if it is a MetaQuotes Language 4 file. If it is not, it is most likely an archive. If the file is archived or zipped, make sure to unzip the file.
Now, open your MT4 platform. At the menu bar, click ‘File’ and navigate to ‘Open Data Folder’. Double click the ‘MQL4’ folder and open the ‘Experts’ folder. Now go back to where you have downloaded your EA and drag it into the open ‘Experts’ folder.
Once done, close all windows. Restart MetaTrader 4 platform and the EA should appear in your ‘Navigator’ panel.”
Both trading platforms are popular amongst Forex brokers. MT4 and MT5 were built by Metaquotes, has been around for the longest and remains the most popular amongst traders. MT5 is a newer version of MT4 but is yet to become popular. Each of the trading platforms we offer is different and we recommend that you try demos of all of them to see which one best suits your trading style. The user interface, advanced take profit and stop loss systems, detachable charts, varying chart time frames, live sentiment and depth of market displayed by default are among the key differences. There is also a vast range of custom indicators and EA readily available for MT4 and MT5.
To improve the time it takes for orders to be executed, you can try hosting your trading platform on a virtual private server (VPS). VPS can significantly improve order execution times as they are usually located in the data centre, which has fast and reliable internet connectivity.
“An investor password is a read-only password that you may use to build and analyse your account’s portfolio. Getting an investor password is easy. Simply open the MT4 / MT5 platform.
Go to ‘Tools Options, Server’, and select ‘Change’. Enter your current (master) password, tick ‘Change Investor’ (read-only) password and enter your desired password.”
To locate your MetaTrader 4 log files, open your MetaTrader 4 terminal. Go to the ‘File’ menu and open the ‘Data’ folder. A new window will open with the ‘Logs’ subfolder. Within this folder, you will be able to find all the log files, and you may refer to the specific date.
As the platform is installed locally on your computer, we cannot influence how slowly or fast it works. There might be several reasons, such as: too many indicators being installed and used on charts, too many charts opened at the same time, any extra software, such as EA, small RAM on your PC or a large influx of data received at your platform We suggest you install a separate platform and run it without any EA and indicators to see if it fixes the problem. You may also contact our support team, who will be able to troubleshoot the problem for you.
No, we do not offer Netting accounts on our MT4 and MT5 platforms. Should you wish to request one, please contact our support team.
The ‘market is closed’ error message means you are trying to trade outside of the product’s trading session. To check the trade hours of a product, please right-click on the product in the Market Watch window and select ‘Specifications’, which will open a new window with the trading hours of the selected product.
You receive your MT4 password when you first open your trading account. For security reasons, we recommend that you change the password when you first access your account. You may also lose or forget your password and need to reset it. To change the password on the platform, select the ‘Tools – Options – Server’ tab and then the ‘Change’ button. Enter your current password and make sure ‘Change Master Password’ is checked. Enter your new password, ensuring it is a minimum of five characters long and is a combination of upper- and lowercase letters and digits. Confirm the password in the second box and select ‘OK’. The change was successful if no error messages appear. If you have forgotten or lost your password, you can reset it via your Secure Client Area. Sign in and select ‘Change Trading Account Password’. Enter and confirm your new password and select ‘Save’. You will also receive an email confirming the change was successful.
The visual mode option does not appear in the Strategy Tester window by default. To make the option visible on screen, drag to expand the Tester window and you will be able to view the option.
Choosing the right trading platform is a critical part of your trading. There is no right or wrong platform. However, choosing the most suitable one entirely depends on the features you are seeking, as well as your individual experience of the platform. It is recommended that you test the features of all the available platforms and decide which suits you the best.
If you have forgotten or lost your password, you can reset it via your Secure Client area. Sign in and select ‘Change Trading Account Password’. Enter and confirm your new password and select ‘Save’. You will receive an email confirming the change was successful.
If you receive the ‘no connection’ error message while trying to log in, simply type liveXX.Pomelofx.com for the live or demoXX.Pomelofx.com for the demo server accounts, where the XX represents the live or demo server number. For example, use live15.Pomelofx.com for an Pomelofx-Live15 account. This information is also available under the login credentials email and the platform credentials in your Secure Client Area.
To enable notifications on the platform, you can use the inbuilt ‘Notifications’ feature from the MT4 platform by navigating to the ‘Options’ window. You may also use the Alarm Manager offered by Pomelofx as one of its advanced trading tools. For the inbuilt feature, go to the ‘Tools’ menu, and click on ‘Options’. Now switch to the ‘Notifications’ tab and update the settings as required.
You can change your password for security reasons or reset it if you forget it. To change the password, open the MT4 platform and navigate to the ‘Tools’ menu. Under the ‘Tools’ menu, click on ‘Options’ (or click CTRL+O). Move to the ‘Server’ tab and click on the ‘Change’ button. Enter your current password and choose the ‘Change Master Password’ option. You may now set your desired new password and click on the ‘OK’ button to save your new password.
Pomelofx supports the trading of micro lots. A micro lot in MetaTrader 4 and 5 is represented as 0.01, which is equivalent to 1000 units of the base currency.
Trading over the internet on the world’s most popular trading platform, MetaTrader 4/5, is easy. Once you have downloaded and installed the trading platform, simply log in and double click on an instrument in the Market Watch screen. In the Order window that appears next, enter your desired trading volume and then click on ‘buy market’ or ‘sell market’. A market execution order will then be processed. The MetaTrader 4/5 platform will automatically fill your order providing there are sufficient funds in your trading account. Your open position will appear in the trading terminal and the profit / loss and margin will be calculated in real time according to price movement.
MetaTrader 4 allows pending orders to be set. Pending orders are stored on the trade server and are executed when the conditions set are met.
MetaTrader 4 allows trailing stop orders to be set from within the Trade terminal.
The Deal Confirmation window displays a sumMaria of the order that you have placed, including the order number, quantity (volume) and price the order was filled at. The date and time the order was placed is displayed in the Trade window
You can generate account statements from within the trading terminal by selecting the ‘History’ tab. Right-clicking within the History area will open a new tab. From here, you will be able to select the time period of the statement that you wish to generate. Right-clicking again will provide you with the option to save the report to disk or in HTML format for viewing in a web browser.
MetaTrader 4 has a real-time position-keeping feature where you are able to see your account balance, equity, margin and free margin in real time in addition to the profit or loss on any open positions. This information can be found within the ‘Trade’ tab inside the Terminal section of the platform. Your account history can be found under the ‘History’ tab in the same area.
Yes, it is possible to log in to your MetaTrader 4/5 account with the same username and password at the same time on different computers.
Yes, you are able to use the MetaTrader 4 trading platform on an Apple Mac
The charts on MetaTrader 4 reflect the ‘Bid’ price only; the ‘Ask’ price is not shown on the charts. You can, however, draw an ‘Ask’ line on the charts by clicking on the chart and selecting ‘show ask line’. This will result in an estimation of the ‘Ask’ price, which is based entirely on the spread. You should bear this in mind when conducting any historical analysis using the charts available in MetaTrader 4.
Pomelofx’ MT4 and MT5 trade servers are located in the NY4 Data Centres in New York, providing clients with the fastest possible execution speeds. Equinix data centres are known globally for their secure and reliable infrastructure.
“The latency from your computer to Pomelofx’ trade servers can be tested by conducting a ping test.
The instructions below explain how a ping test can be conducted:
Step 1 : On your computer, go to the ‘Start’ menu and type ‘CMD’ in the ‘search programs and files’ field.
Step 2 : Type in the word ‘ping’ followed by a blank space and the IP address of the server you wish to ping.
Step 3 : The bottom line on the resulting output will show in milliseconds the minimum, maximum and average time it took to send and receive data between your computer and the server.”
You can easily change the password of your trading account from the Client Area by selecting the change trading account password page.
Current swap rates can be found on our Swap rates page. Swap rates can also be found within the MetaTrader 4 platform: simply go to Market Watch, right-click on an instrument and select ‘Specifications’. A new window will then open and the swap rates will be displayed.
When a trader wishes to buy (or go long) below the current market price, a buy limit order is placed, which gets executed when the market dips and touches the requested price, that is, if the ask price on the platform drops to a level equal to or lower than the specified buy limit price.
Market Order: Market orders are submitted at the current market price; however, these may not necessarily execute at the price requested. The trader executes these orders with a volume and price offered by the CFD provider and they will be filled at the best available bid/ask for the size (volume) the trader is trading. Market orders generally allow for the faster execution of orders without any requotes.
Pending Order: The trader may execute using a pending order if they expect the market to go up or down but do not wish to enter until a certain price level is reached; the order will not be filled if price does not reach this level.
A pending order is broken up into six types:
Buy Stop Limit
Sell Stop Limit”
Buy Order: It is an instruction from an investor to buy a certain amount of an asset. A buy order opens at the asking price and closes at the bid price.
Sell Order: It is an instruction from an investor to sell a certain amount of an asset. A sell order opens at the bid price and closes at the ask price.
Sell Limit Order: When a trader wishes to buy (or go long) below the current market price, a buy limit order is placed, which gets executed when the market dips and touches the requested price, that is, if the ask price on the platform drops to a level equal to or lower than the specified buy limit price.
Buy Stop Order: When a trader wishes to buy (or go long) above the current market price, a buy stop order is placed, which is executed as soon as the ask price is found equal to or higher than the specified ‘stop’ price.
Sell Stop Order: When a trader wishes to sell (or go short) below the current market price, a sell stop order comes in place, which is executed as soon as the bid price is found equal to or lower than the specified ‘stop’ price.
Stop Limit Order: The stop limit order is a type of order that is executed at a specified or a better price after a given stop level is reached. As soon as the stop price is reached, the stop limit order becomes a limit order to buy or sell at the limit price or the next best available price.
COMISSIONS, SPREADS, LEVERAGE & MARGIN
PomeloFX offers flexible leverage options ranging from 1:1 up to 1:200 (standard being 1:200). You can change the leverage on request in your trading account via your Client Area. Any problems changing leverage please reach out to [email protected].
Pomelofx’ margin stop out level on all trading platforms is 50%, which means that if your account’s margin level drops to or below 50% of the margin required, the system will start closing your open positions automatically.
Pomelofx does not offer negative balance protection.
Pomelofx does not offer negative balance protection.
Pomelofx has two MetaTrader account types, a Standard account and our market leading Raw Spread account. Pomelofx does not charge a commission on Standard accounts but instead applies a spread mark up of 1 pip above the Raw inter-bank prices received from our liquidity providers. Pomelofx Raw Spread account shows the raw inter-bank spread received from our liquidity providers. On this account we charge commissions of $8 per standard lot round turn.
If you hold open a position over Wednesday night, the amount added or subtracted to your account as a result of the swap rate charged is three times the usual amount. Triple swap rates are charged in the rollover period on Wednesday night to account for the settlement of trades over the weekend, during which no swap rates are charged due to the market being closed.
Triple swap rates are charged on Wednesday. The reason for this is that spot Forex contracts have a two-day settlement period. For example, a spot Forex contract that occurred on Monday settles on Wednesday, a trade that occurred on Tuesday settles on Thursday, a trade that occurred on Wednesday settles on Friday, but a trade that occurred on Thursday settles on the following Monday. In this example, the trade that occurred on Thursday rolled through the weekend because the banks are closed on Saturday and Sunday. Triple rollover interest is applied to positions held open at 5pm New York time on Wednesday as this time marks the beginning of the new 24-hour trading day (Thursday). You should note that swap rates can be negative or positive, depending on the currency pair traded and the prevailing interest rates at that time.
A free margin is the amount of funds you have available in your trading account that can be used to open more positions or cover losses of open positions. If your trades are making a profit, you will see your free margin increase.
In Forex, ‘spread’ is the difference between the bid and the ask price.
‘Margin’ is the amount of money required in your account in order to open a position. Margin is calculated based on the current price of the base currency against USD, the size (volume) of the position and the leverage applied to your trading account. If you do not have sufficient free equity available, you will be unable to open a position on the trading platform. The free margin amount shown in the trading platform is the amount you have available to use should you wish to open additional positions. Margin is calculated using the following formula: Margin required = (current market price x volume) / Account leverage In practice, this would be calculated as follows: If you open a position of 0.1 (10000) in EUR/USD at the current market price of 1.35645 and your account has a leverage of 1:400, you would calculate the margin required as follows: (1.35645 x 10000) / 400 = $33.91 In this example, the margin on this position would be $33.91; therefore, in order to open a position of this size you would require at least $33.91 in free margin in your trading account.
If you have no free margin, your positions will be stopped out. Under certain circumstances, your account balance can also become negative should the losses on the positions stopped out exceed your account balance.
Both our MetaTrader 4 and MetaTrader 5 platforms are set to automatically close your positions when your margin requirement reaches 50% (stop out level). This process is automated and is not a guarantee that your account will not enter into a negative equity situation. We recommend that you always maintain a balance in your account over and above your required margin. If the stop level is reached, a market order is triggered to close your open positions at the next available price in the market.
Events such as markets gapping over the weekend or on major holidays, where liquidity is thin, can increase the chance of your positions being stopped out and a negative equity situation occurring. We advise that you use stop loss orders to limit your risk and monitor the margin level in your account regularly. You will be responsible for any negative balance in your trading account.
You can keep your positions open by depositing more funds to your account.
Slippage is an inherent part of financial markets. Whether you are trading Stocks, Futures, Commodities or Forex, you will be subject to slippage. When you place a market order, you are requesting your order is filled at the current market prices; however, if the market has moved between the time you place your order and the time it has been filled, your order may be filled at a different price. Slippage can increase when markets become volatile, such as over new releases. You should keep this in mind when trading outside of normal market conditions.Stop loss orders, when triggered, enter the market as market orders; therefore, there is no guarantee that your order will be filled at the price you placed your stop loss.
You are liable to pay a margin before the CFD product is issued, and you may be required to pay more margin before a trade is closed.
OPENING AN ACCOUNT
Opening an account is simple. Click on the ‘Open Account’ and complete your application form. Once your on-line application form has been approved by our accounts team you will be emailed your trading account login details and password.
Pomelofx offer three types of accounts, Standard account and our market leading, Raw Spread account, as well as an Islamic Account.
Raw Spread Account: This account shows the Raw inter-bank spread received from our liquidity providers. There is a commission charge of $8 per standard lot round turn.
Standard Account: We do not charge a commission on Standard accounts but instead, there is a mark up applied to the spread of 1 pip above the raw Inter-bank rate received from our Liquidity providers.
The Islamic Account: this account does not charge swap rates and is setup in conjunction with the islamic faith – there is an additional charge of $2 per round turn for this account.
Further information about the different types of trading accounts available can be found on our Account Overview page at https://pomelofx.com/accounts-overview/
Pomelofx has two MetaTrader account types: Standard Account and our market-leading Raw Spread Account. Pomelofx does not charge a commission on Standard Accounts; instead, we mark up the spread received from our liquidity providers. Pomelofx’ Raw Spread Account shows the raw interbank spread received from our liquidity providers. On this account we charge a commission of $8 per standard lot round turn.
Pomelofx allows clients to open a trading account with as little as USD $100 or currency equivalent.
Pomelofx allows you to open multiple trading accounts. You can open an additional trading account via your Client Area.
Under the Anti-Money Laundering Act, Pomelofx is required to verify your identity before opening a trading account for you.
Identification must be provided in the form of photo ID (or passport) and proof of address to enable us to verify your identity.
No, Pomelofx does not accept US clients.
Pomelofx offers a variety of partnership programs including, but not limited to, Introducing Brokers and Money Managers. Detailed information can be found at the partnerships section of our website https://pomelofx.com/ib-program/ or please speak to our Account Managers for more information.
To add funds to your demo trading account, just let us know how much you want to add and we will add it for you instantly.
If you are a new client, please click “TRY DEMO” on our website. If you are an existing client of Pomelofx, you can request a new demo account at [email protected]
Pomelofx does not offer any deposit bonuses.
Account verification usually takes a few minutes but can take a couple of hours in some cases. If you have not heard back from our accounts team regarding the current status of your account application via email, we suggest you visit our live chat support or email us at [email protected] .
Yes, you can provide your request for a company account to [email protected]
As part of our Know Your Customer (KYC) procedure and Anti-Money Laundering (AML) requirements you are required to provide us with your identification. To ensure that your account application is approved, please submit the documents as outlined below in addition to providing ID for each director.
1. Copy of your company’s constitution or articles or incorporation
2. Certificate of Incorporation
3. Details of directors and shareholders
4. Company proof of address (utility bill or bank statement no older than 3 months)
All proof of residence documents must not be older than 90 days.
Traders of Islamic faith can apply for Islamic accounts during the registration process only. If you have not selected Islamic account option and wish your account to be converted to swap free, please send an email to [email protected] .
If you are not able to provide at least your ID, your account application will not be accepted.
A document will not be approved if it does not meet the AML requirements outlined on our website. Should a document not be accepted by our compliance department, we will send you an email outlining why your document was not accepted.
Whilst we welcome clients from all over the globe, governmental restrictions along with our company policies prohibit us from opening accounts from restricted and/or OFAC sanctioned countries. (add link to prohibited)The current FATF grey list, issued on 21 February 2020, includes the following countries: Albania, the Bahamas, Barbados, Botswana, Cambodia, Ghana, Iceland, Jamaica, Mauritius, Mongolia, Myanmar, Nicaragua, Pakistan, Panama, Syria, Uganda, Yemen and Zimbabwe.
Australia, New Zealand, Canada, Iran, Iraq, North Korea, Japan, USA, Cuba, Syria, Sudan, Afghanistan, Guyana, Lao People’s Democratic Republic, Uganda, Yemen, Venezuela and Puerto Rico or to any jurisdiction where such distribution would be contrary to local law
To update your residential address details, please contact us using your registered email at [email protected], including your latest residential proof of address stating your name and new address. The address document must be no older than 90 days.
Should you wish to update the details of your account, such as account name, phone number or email address, please send us an email at [email protected] so that we can verify that it is you requesting the changes.
Documents must be uploaded via your client portal. https://client.pomelofx.com/Document/Index
FUNDING YOUR ACCOUNT
Pomelofx allows clients to open a trading account with as little as USD $100 or currency equivalent.
Pomelofx operates a STP model, therefore all client funds are sent to the Liquidity Providers. All of our Liquidity Providers are fully regulated and offer Tier 1 Liquidty.
Pomelofx operates a STP model, therefore all client funds are sent to the Liquidity Providers. All of our Liquidity Providers are fully regulated and offer Tier 1 Liquidty.
No, Pomelofx does not pay interest on account balances in any currency.
Pomelofx clients can deposit directly from their bank into their trading account. Please speak to our Account Managers for more information.
Yes, you can transfer funds between your trading accounts from inside your Client Area.
No, there are no fees for transferring funds between your trading accounts. If you are transferring to a trading account in a different currency, you should be aware of that a currency conversion rate will apply.
You cannot permanently remove a trading account from your Client Area.
For international bank transfers, please allow up to three to five working days. Please speak to our Account Managers for more information.
You can submit a withdrawal request from within your Client Area. All withdrawals received before 12:00 midday AEST / AEDT will be processed on the same business day. Please speak to our Account Managers for more information.
Typically, if a withdrawal request is received before 14:00 Gulf Standard Time (GMT+4) it will be processed on the day of receipt. If your withdrawal request is received after this time, it will be processed on the following business day. Once we have processed your withdrawal request, you should allow at least 3 business days for the funds to reach you. This will vary depending on the withdrawal method used.
No, we only process withdrawals during business days.
Yes, it is possible for a withdrawal request to be declined. Should your withdrawal request be declined, we will send you an email explaining why it was declined and what to do next. If you have any questions, simply respond to the email or contact us on live chat 24/5.
You can view deposits and withdrawals to and from your trading accounts by going to the transaction history page in your Client Area.
If you have a UK bank account it will take MAX 2 hours to deposit and withdraw.
Rest of the word it will take 2 to 4 Working days subject to banks policy.
As of now we only accept payment to our UK bank via bank transfer.
Credit Card facility not available as of now.
SECURITY & PRIVACY
Should your account security be compromised, we suggest you change your trading platform and Client Area passwords immediately. We recommend you store your passwords securely and not on a shared or public device. Should you become aware of a security breach, we recommend you change your passwords and contact us immediately to notify us of the incident.
You can unsubscribe from the emails that we send you by simply logging into your secure Client Area and selecting Account Details under the ‘Profile’ section. From here, you can check or uncheck the ‘Marketing Emails’ option and click on the ‘System Emails’ button to submit the changes.
If you forget the password used to log in to your Client Area, you can simply reset it. A temporary password will then be sent to the email address you provided in the registration process.