FAQ

What is Forex ?

Forex is an exchange market formed in early 1970s as a result of the replacement of the currency policy fixed in world trade by a changed currency policy. Henceforth, the principle of agreement between buyer and seller has become to serve as a basis of mutual exchange of separate currencies.

Where is the Forex market arranged?

Unlike traditional financial markets, Forex does not require a special trading area as in the sale of stocks and currency futures. Trading transactions in Forex market are made via computer terminals and mobile phone devices. Trading sessions have a time limit in futures and stock markets, while Forex market is open for trading for 24 hours throughout.

How is profit derived in Forex ?

Here the principle of trading is simple: buying a currency pair for cheaper price and selling for more expensive one, or vice versa, selling for expensive and buying for cheaper price. Continuous changes in currency quotations create favorable conditions for profit. There are many huge buyers of this or another currency that can regularly convert one currency into another in their business activity irrespective of quotation difference. For instance, state authorities, huge trade companies and financial institutions may be such buyers. Currency quotations constantly fluctuate that allows traders to produce profit from such fluctuation.

Which currency is traded in Forex market most of all?

Most of all liquid currencies are traded which belong to developed countries with stable political systems, strong economy and less inflation. Today 85% of trade in currencies is shared by US dollar (USD), Japan yen (JPY), Euro (EUR), British pound (GBP) and Swiss franc (CHF). The most traded currency pair is EURO-USD.

Does Forex market work under same procedures as the share market?

No. If it is possible to earn only from rises in prices in share market, it is possible to earn from both rises and drops in prices in Forex market.

How to start?

Open a demo account and start trading with virtual funds.

How to learn?

You may sign up for trainings in Training section.

Are the quotations same in training and real accounts?

Yes, they are same in our bank.

What is the minimum amount required for opening a real account?

Minimum deposit amount is 300$.

What is margin?

Margin is a guarantee amount for being safeguarded from trading losses. Margin requirement allows you to maintain in force your trading positions that are several times more than the balance available in your account.

How is the margin calculated for a trading position?

Suppose that the Bank’s leverage for EUR-USD currency pair is the ratio 1:500 or 0.2. 
Current quotation of EUR-USD is 1.4320. 
The margin for 1 lot (100000) trading position will be calculated as following: 
Margin =1.4320*100000*0.2/100=286.4$

How does “Margin Call” work?

If the real balance in your account gets less than the Bank-set limit, then "Margin Call" starts up and it becomes necessary to attract extra funds. The "Margin Call" requirement set by Unibank is 50%. For customers with deposits over $10.000 this limit may be reduced to 2%.

How to mitigate risks?

"Stop loss order" is the most valuable instrument to mitigate risks. In order to minimize loss "Stop loss order" functions to automatically close open position when the quotation comes up to the limit deemed as risky.

Do you have a mini-account?

Yes. We provide similar favorable conditions and opportunities for all customers to make transactions with mini (0,1) as well as micro (0,01) lots.

How to open a demo account?

To open a demo account you will only need to download our MetaTrader 4 platform and register on trading platform.

How to open a real account?

To open a real account you need to visit the head office of Unibank (or any of its branches) and submit your ID card after which your real account will be registered within 15 minutes.

Are there any further charges?

You will have no further charges in our Bank.

If I deposit funds in national currency, how will the deposit be calculated?

The funds received in national currency or any currency other than US dollars will be converted into deposit currency (US dollars) at Unibank current rates for that date and transferred to your balance.

How can I withdraw funds from my trading account?

You should fill in a form provided in “Opening Account” “Fund withdrawal” section in our website and send by email to uniforexsupport@unibank.az. Upon review of your request by a competent financial authority your funds will be remitted to your current bank account within a short period of time.

Is there any fee charged for the remittance of funds?

No fees charged by Unibank for the remittance.

How many transactions at least should be made within a month?

No restriction to the number of transactions.

What days are available for making trading transactions?

Except for Saturday and Sunday you may incessantly make trading transactions for the rest 5 days a week.

My trading platform does not display all the trading symbols that are available? What is the reason?

Upon downloading Uniforex Trading Station not all of the symbols that are available in the platform may be immediately displayed. To fix this, please visit “Market Review ” section of the platform, click on the right button of the mouse and activate “Display all symbols” function in the context menu.

What is the price for one “pip” in Forex market?

Please see section “Trade” subtitle “Quotes and spreads” in our website for detailed information on price per “pip”, price per spread, etc.

What is the size of levarage?

Please see section “Opening Account” subtitle “Leverage” in Uniforex website for detailed information.

Can I work with less leverage, let’s say with 1:33 instead of 1:100?

We provide leverage from 1:500 (maximum limit) down to the limit of 1:25 subject to the account type and customer’s request. For this you will only need to contact our bank officer after you open an account.

Is it only luck that brings success in Forex?

Success in Forex is the combination of a number of factors: 
• By studying carefully all the trade aspects (you can take free training at our seminars and get deeper knowledge at our school of professional traders);
• Reading the specialised books on finance markets;
• Working persistently with the currency market analytical information such as the Dow Jones’ newsline, for example;
• A well thought-through and calculated trading strategy;
• Co-operation with a company leading in this service area;
• Placing your account in the charge of the professionals (the ‘Personal Trader’ service).

To earn profit do I need to track Forex market 24 hours a day without wasting time on food and sleeping?

Nobody monitors the market constantly. Every trader picks their most comfortable working hours and trades when an opportunity is visible. Of course, a trader will miss out on many beneficial opportunities in that time during which he or she is relaxing or doing something else.

What is important is that not even an experienced specialist can foretell precisely how the price will behave as on any given moment. A successful and artful trader needs to pick only those moments to transact when the currency behaviour is well-predictable.

Is it right that the lower the spread the better the conditions for trading?

No, because the spread is not the biggest thing in this trade. Why? The intermediary companies’ declarations of very low or almost zero spreads are most frequently than not just the marketing tricks used to attract clients. On the other hand, they always put in the trading conditions those quite subtle provisions and reservations to the effect that the spread can be broadened when the price movements are very quick. This means in practice that a narrow spread is given in a few real transactions while in the majority of cases it is only kept so in the indicative quotes open for the public view – and in the demo accounts. In many cases, the customer is offered a much wider spread on a specific transaction to be made. The spreads are the main source of income for the dealing company and no such company could have existed let alone worked stably with super-narrow spreads. 
And, lastly, very often it matters much more to provide the timely and accurate services to make a transaction the most beneficial because such services as these ensure that the client will get a suitable quote against the background of rapid price changes. If the trading conditions stipulate a very narrow spread, then it will be impossible for the company to close a market deal at a given price.

How to contact Support service?

Please send your request to uniforexsupport@unibank.az or request support through our online-consultant.