Frequently Asked Questions (FAQ)

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Questions about Forex and Crypto

What is Forex?

Forex is a short term used for ‘Foreign Exchange’. Forex is the exchange of foreign currencies. The value of a specific currency constantly changes against the value of another currency.

What is over the Counter (OTC) trading?

OTC is a market that is conducted directly between dealers and principals through a telephone or computer network rather than a regulated exchange trading floor. OTC trading with Bifident means that you trade currencies with the aim to make a trading profit through the fluctuation between the currency values. You don’t actually take delivery of these currencies.

Who participates in the Forex market?

Individual investors and speculators, businesses (importers and exporters), multinational corporations, banks, mutual fund companies, pension funds, insurance companies, hedge funds, central banks and government agencies are just some of the market participants.

Is Forex and Crypto risky?

Yes, we advise all our clients that trading involves a substantial amount of risk. However, the profits can be unlimited.

How fair is the crypto market?

Crypto is considered by some people as the fairest market because of its size and number of participants.

When is the market open for trading?

The market is open 24-hours a day. Trading provides a great opportunity for investors to trade anytime of the day or night.

How do I know which currency will go up or down?

You are buying and selling money. In the Forex market, you need to think of money as a commodity; buying a currency means a trader is expecting the value to increase and on a high alert to sell a currency if the value would decrease. Like any other commodity, the price of currencies is displayed in quotes in the retail market and traded in currency pairs, like the Euro and US Dollar (Euro/USD) or the US Dollar and the Japanese Yen (USD/JPY).

What are the most commonly traded currencies?

The most commonly traded currencies are USD, EUR, JPY, GBP, CHF, CAD and AUD. The most commonly traded currency pair is the EUR/USD.

What is margin?

Margin is a collateral that an investor or trader is required to keep to cover potential losses. For example if the margin requirement is 5% and a trader wishes to buy $1 million (10 lots) USD/JPY, $50,000 US dollars is the margin required in his or her account (5% of 1,000,000=$50,000).

What is the difference between market and limit orders?

Market orders are executed immediately at the current market price. Limit orders are orders that a trade should be executed in the future, when the market price reaches a specified price trigger.

What does it mean to be ‘long’ or ‘short’ a currency?

Being long means buying a currency against another currency. Being short means selling a currency against another. If a trader goes long EUR/USD, he or she buys Euros and sells US dollars. Buying a currency is closely associated with taking a long position in that currency. A trader decides to be in a long position in a currency if he or she forecasts that the currency will appreciate in value against another currency. If a trader goes short EUR/USD, he or she sells Euros and buys US dollars. Selling currency is synonymous with shorting that currency. A trader would go short a currency if he or she nurtures the belief that it will depreciate in value against another currency.

What is the ‘bid’ and ‘ask’?

Bid is the price at which buyers offer to buy currencies from the sellers. Bid is the price at which sellers offer to sell currencies to buyers. For example EURUSD is being quoted at 1.29752/1.29760. The bid is the left of first of the two quotes (1.29752). This is the conversion rate when you sell EUR and buy USD. The ask is the second of the two quotes. This is the conversion rate when you buy EUR and you sell USD.

What is a pip?

A pip is the smallest price movement. For example on EURUSD, if the price changes from 1.29752 to 1.29762 the price moved with 1 pip (10 points).

What is a fractional pip?

A fractional pip is a tenth of a pip. This feature allows traders to benefit from the smaller price increments and moves in the market. For example, instead of quoting prices with 4 digits i.e. EURUSD at 1.2975/1.2976 Bifident Market can quote the pair as 1.29752/1.29760 with the last digit quoted as a subscript.

What is spread?

Spread is the difference between the bid and the ask price of two currencies. If for example the EURUSD is traded at 1.29752/1.29760 then the spread is 0.8 pips.

What is leverage?

Leverage is used to significantly increase your purchasing power. A smaller margin deposit can control a much larger total contract value. Bifident offers a leverage of up to 200:1 for professional clients (and 30:1 for retail traders due to ESMA restrictions).

How do I manage my risk?

There are a ton of tools to manage risk such as stop loss orders, lower leverage and many more.

What is technical analysis?

Technical analysis is dependent on historical data using charts and graphs with an aim to identify patterns which could be extrapolated to predict future price movements. Technical chartists believe that the rudimentary information on the market is in the historical price charts themselves. click Forex technical analysis for more details.

What is fundamental analysis?

Fundamental analysis relies on economic indicators along with economic, business and political news to identify buying and selling opportunities. Some fundamental analysts believe that the past prices does not correlate with the future prices. click Forex fundamental analysis for more details.

Questions about Trading Conditions

How many currencies can I trade with Bifident?

You can trade 40 currency pairs and metals such as Gold (XAU) and Silver (XAG).

What is Bifident GMT time?

Bifident servers are set to GMT+2 hours.

What are the trading hours at Bifident?

The trading sessions do not have daily opening and closing times. Each trader is welcome to trade Forex 24 hours a day from 21:00 GMT on Sunday until Friday 21:59 GMT.

What spreads do you offer?

We offer floating spreads that start from 0.8 pips.

Do you charge any commissions on my trades?

Bifident does not charge any kind of commissions.

What leverage levels can I choose for my Bifident trading account?

Leverage is available up to 200:1, although ESMA restricts retail clients to a maximum of 30:1 leverage.

What is the minimum contract size that I can trade?

The minimum contract size is 0.01 lots or 1000 base units.

What is the minimum increment?

The minimum increment is 0.01 lots or 1000 base units.

What is the maximum lot size per trade?

The maximum is 200 lots or 20 (million in base).

Do you allow news trading?

Yes, we do.

Do you allow scalping?

Yes, we do.

Do you allow hedging?

Yes, we do.

How do I calculate the margin for Forex?

The Forex formula is the following (Lots * Contract Size/Leverage)* Open Price. The result is always calculated on the base currency of the currency pair and then the system converts it to the account currency.

How do I calculate the margin for Gold and Silver?

The formula for metals is the following:

Lots*Contract Size * Market Price*Percentage/100

What is the Stop Out level in Bifident?

Bifident stop out level is set at 50%.

What are your Swap charges?

Bifident does not charge swaps on most symbols (high interest rate differential currency pairs excluded). Regular clients can trade interest free (although limitations apply if clients are thought to be abused the facility).

What type of accounts do you offer and what is the minimum deposit amount for each account?

Bifident offers a single trading account with 500 USD/EUR/GBP or 50,000 JPY minimum deposit requirement, very tight spreads and no additional charges. For more information on trading account, click here.

What is an Islamic Law Account and do you offer them?

Bifident offers only trading accounts which adhere to the Islamic law. With the Islamic trading accounts, the traders will have to extend their Day-Trading deals to the next day without any rolling fee or no any hidden cost. In addition, there is no limit on the maximum duration offered for Day-Trading deals. For more information on Islamic trading, click here.

Questions about Bifident

Where is Bifident registered?

Bifident is registered as a Cypriot Investment Firm (AIF) by the Registrar of Companies in Nicosia USA with the number 291958.

Where Bifident regulated?

Bifident is regulated under Securities and Exchange Commission under license number 1E550.

Where are you located?

Bifident Headquarters is located in Limassol-USA.

How can I register with Bifident?

To register with Bifident is easy. Firstly, you need sign up for Bifident ID and you will be requested to provide us with the full name, email address and a password for the members area. You will then be requested to choose to proceed for opening a Real or a Practice account.

What identification documents do I have to supply and why?

When you register for a live trading account with Bifident you are required to fax, or scan, or email your passport or ID card; a bill or statement (e.g. telephone bill, bank statement) showing your residential address. We do this to ensure the safety and validity of your account.

How do I deposit money with Bifident?

In Bifident’s website you can deposit money with bitcoin.

What is the minimum deposit amount to activate my Real account?

There is no minimum amount. You are welcome to deposit any amount you feel confident with to begin trading immediately.

How long does it take to credit my deposit

E-wallet deposits are credited in real-time. Funds that come in by bank transfer are typically credited within 2 hours of being received at our bank.

How do I know that the money on my Real account is safe?

The money transferred to Bifident is deposited in segregated bank accounts under the name Bifident Client Funds. The said accounts are used only for deposits and withdrawals of clients. These funds cannot be used to pay back creditors of Bifident in the event of default of the company. This is in accordance with the MiFID (Markets in Financial Instruments Directive) regulations that apply to member states of the European Economic Zone. The main aim of the directive is to protect the clients’ interests.Also the MiFID regulations state that investment firms such as Bifident must become members of the Investor’s Compensation Fund, which ensures that the clients’ interests are protected in the case of company insolvency.

Who supervise your financial statements?

Our external auditor by Baker Tilly and our internal auditor is FAI Comply.

Am I charged fees or commissions on deposits or withdrawals?

No. Bifident does not charge any fees or commission for depositing or withdrawing funds. Please note that your bank, credit card provider may charge you for the use of their services.

How do I withdraw money?

You will find the withdrawal forms for your account in the online section. To withdraw money you must have supplied the required documentation. A withdrawal to a bank account where initial deposits have been performed by credit cards will be executed back to credit card or to bank account at company’s discretion and policies and with regard to Anti Money Laundering (AML) regulations.

Can I withdraw my money if I have open position?

Yes. If the free margin exceeds the amount specified in the withdrawal request. The free margin is calculated as equity less any necessary margin required to maintain the open positions.

Questions about MetaTrader 4

What is the MetaTrader 4 platform?

MetaTrader 4 is a trading platform that is developed by MetaQuotes. It is widely used by online Forex traders and brokers. The Bifident platform is Metatrader 4 which is globally used for online trading, view live streaming prices, and monitor charts to name a few. For more details on MT4 platform, please click here.

How can I download the MetaTrader 4?

To download the MetaTrader 4 from Bifident is easy. Once you sign up for a Members ID you will be prompt to proceed with a Real or a Practise account. Either you choose to go for a Real or a Practise account, the terminal will begin downloading on your PC.

How can I begin trading with the MetaTrader 4 when the installation finishes?

When the installation finishes, you need to login to your Real or Practice account to start trading immediately. To do so, go to

File → Login

Use the login credentials provided to you and click Login.

How can I place an order from the MetaTrader 4?

There are many ways that you can execute an order. You will find below some of the most common ways used to place an order from the MetaTrader 4.

  • Go to Tools → New Order. Choose the volume, currency pair you wish to trade and select either to buy or sell the specific currency pair
  • Press F9
  • Double click on the symbol name from the Market Watch window
  • Right click on the chart and select the option Trading → New Order

How can I monitor my open trades?

All information related to your open positions and pending orders are available in the Trade Tab.

How can I set up a s/l level or a t/p level on my open positions?

To set a s/l or a t/p you simply need to right click on the opened positions and select the option Modify or Delete Order. Once you add the new values simply press the ‘Modify’ button for changes to take place.

How can I see my account’s history?

The Account History tab displays all the closed orders of your account.

What is an Expert Advisor?

Expert Advisors are programs developed in a MQL 4 language and they are used to automatically manage trading activities through technical analysis.

Can I install any type of Expert Advisor with Bifident?

Yes, you are welcome to use any type of Expert Advisor.

How do I add an Expert Advisor?

To add an Expert Advisor, you need first to save your Expert Advisor in the MetaTrader4 directory of your computer. When you save the Expert Advisor, then restart your MetaTrader4 and you will notice that the Expert Advisor appears in the navigation window of the MetaTrader 4.

I have attached the Expert Advisor to a specific currency pair but is not working. What should I do?

You need first to make sure that you have ticked the correct boxes in the Expert Advisor Tab. You need to go to Tools → Options → Experts tab and make sure that the correct boxes are selected. You need also to make sure that the Expert Advisor button on the main toolbar is pressed.

What does it mean ‘Trade Context busy’?

You need to close and reload the MetaTrader 4 platform. This message appears when you have already sent more than one request to the server without receiving a confirmation message of your requests.

I cannot see all currency pairs. Why?

To view all currency pairs, you need to right click on the market watch and select the option ‘Show All’.