Deposits and Withdrawals

FXPN > Deposits and Withdrawals

DEPOSITS AND WITHDRAWALS POLICY

1. Deposits

The Client may deposit funds into the Client Account at any time during the course of this Agreement. Deposits will be accepted by bank transfer, Swift, E-wallet, debit / credit card or any other method of electronic money transfer (where the originator is the Client) acceptable by the Company from time to time. The Company shall credit the Client Account within one Business Day after the amount is cleared in the bank account of the Company with the relevant amount. The relevant amount will be net of any transfer fees or other charges incurred by the Company that are imposed by the Institution (or intermediary involved in the process) that holds the Funds.

The Company will not accept third party or anonymous payments of funds in the Client Account.

The client accepts that the Funds shall be deposited in his/her trading account only if the Company is satisfied that the sender of the Funds is the client or his/ her authorized representative; if the Company is not satisfied as to the above then the Company has the right to reject the Funds and return them to the remitter net of any transfer fees or other charges incurred by the Company, using the same transfer method as the one through which it originally received the Funds.

You will not be able to trade until your account has been activated.

Credit/Debit Cards

The Client can deposit funds into their margin account though our website once they have logged in to their personal account.

We accept the following debit and credit cards for USD/EUR, with no fees or commissions, and instant processing time:

VISA
MASTERCARD
SWITCH
MAESTRO

How to fund your account

To fund your account with us, log in to the FXPN portal by using your log in credentials that were sent to you via email when you registered, proceed to My Wallet> Deposit funds and click your choice of deposit method from the list available. We will send you an email with the login details of your FXPN portal upon completing your registration – use those credentials. If you have lost your log in credentials, send an email to [email protected].

Additional information

Credit/debit cards usually hold a monthly maximum spending limit of 20,000 units. Funds exceeding this level may be refunded to the card used for such deposit.

Bank Wire

We accept payments by wire transfers in various currencies to our bank accounts. Bank account details will be provided upon registration.

2. Withdrawals

The Company will effect withdrawals of Client funds upon the receipt of an application for withdrawal made via the Company Online Trading System (if available at the time).

The client accepts that withdrawal of any part of the Funds shall be concluded using the same transfer method and the same remitter as the one which the Company originally received the Funds from; under such circumstances, the Company shall return the part of the Funds requested net of any transfer fees or other charges incurred by the Company.

The Company reserves the right to decline a withdrawal request of the Client asking for a specific transfer method and the Company has the right to suggest an alternative.

Upon the Company receiving an instruction from the Client to withdraw funds from the Client Account, the Company shall pay the funds the same day, if the following requirements are met:

To be able to deposit funds into your trading account using credit/debit card, you will need to send us scanned copies (front and back) of your credit card, with the following items clearly shown on the copy:

Name of Card Holder

6 first and 4 last digits must be visible

Expiration date

Signature

The withdrawal instruction includes all necessary information (including but not limited to: Account No. Name, Amount, Currency);
The instruction is to make a bank transfer of funds to the account of the Client;
At the moment of payment, the Client’s Free Margin exceeds the amount specified in the withdrawal instruction including all payment charges.
The withdrawal request received outside the normal working hours, and shall be processed the next working day accordingly.

Withdrawals will only be effected towards the Client. The Company will not process withdrawals to any other third party or anonymous account.

The Company reserves the right to request additional information and/or documentation to satisfy itself that the request is legitimate. In addition, the Company reserves the right to reject such a request if it deems that this may not be legitimate. The client accepts that under such circumstances there may be a delay in processing the request.

All payment and transfer charges will be borne by the Client and the Company shall debit the Client Account for these charges.

The Company does not charge any fees for client deposit or withdrawals.

Clients making both deposit and withdrawals via Wire Transfers will be subject to the transferring bank(s) wiring fees.

The minimum withdrawal amount is 5 (five) USD or 5 (five) GBP or 5 (five) EUR subject to the client’s account currency.

3. Transfer of funds between clients’ accounts

In the case where there is a request for transfer of funds between clients’ accounts, then the involved parties need to submit a signed instruction form to the company’s back office department requesting the transaction.

The company, at its sole discretion, has the right of rejecting such request especially in the basis that the Compliance officer is not confident on the legality of the transaction.

Should you require any further information and/or have any questions about the Policy please direct your request and/or questions to [email protected].

4. Conversion Rate of Deposits

The “Company, accepts wire transfers from clients in the following currencies: Euro (“EUR”), Great Britain Pounds (“GBP”), United States Dollar (“USD”), and Swiss Franc (“CHF”).

The below is applicable for clients depositing in a currency different than their Trading Platform (TP) Account Currency. The conversion shall be based on the most recent ECB rates.

For any currency deposits to be converted with another currency TP account:

The net amount received will be converted by multiplying by the ECB rate minus 50 pips or 0.0050 in decimals.

Examples:

Deposit of 10k GBP to be converted to USD:
10’000 * (ECB GBPUSD rate – 0.0050) = 10’000 * (1.37781 – 0.0050) = 13’728.10 USD
Deposit of 10k USD to be converted to GBP:
10’000 * (ECB USDGBP rate – 0.0050) = 10’000 * (0.72579 – 0.0050) = 7’207.90 GBP
Deposit of 10k EUR to be converted to GBP:
10’000 * (ECB EURGBP rate – 0.0050) = 10’000 * (0.88568 – 0.0050) = 8’806.80 GBP
Deposit of 10k EUR to be converted to USD:
10’000 * (ECB EURUSD rate – 0.0050) = 10’000 * (1.2203 – 0.0050) = 12’153 USD
Deposit of 10k EUR to be converted to CHF:
10’000 * (ECB EURCHF rate – 0.0050) = 10’000 * (1.1774 – 0.0050) = 11’724 CHF

The Company will take reasonable steps to execute the currency exchange within 2 business days but cannot be held responsible in case of a delay due to unforeseen events.

The Client accepts any and all charges as well as all currency fluctuations arising from the exchange.