Frequently Asked Questions

Registration Issues

 

How should a user name formatted?

The User name can be any letter or number on the keyboard without spaces. It can be up to 50 characters.

How long does it take to verify my account?

We will endeavour to have a decision within 48 hours of submission.

How should a password be formatted?

Passwords must have at least 8 characters, but not more than 15. There needs to be at least one upper case letter, one lower case letter and one number.

How do I retrieve my password if I forget it?

If you lose your password, there is a button on the login page to order a password reset. This will send an email to the address associated with your account. The temporary password can be used for a limited time, so you need to log into your account and select a new password under the Account Settings TAB, change password menu.

If you have a verified account, resetting the password will require further verification so please email [email protected] directly with your request.

Can I change my verification documents?

Yes. If you move or your name changes, as with marriage, uploading a new set of documents will reset your verification. It will not be possible to withdraw from your account during the re-verification process.

Can I change the user name on my account?

No. It is not possible to change a user name on your account.

Can I have a Live account without verifying my details?

No. You must verify your identity before we allow access to the Live trading system.

Can I have more than one account at an email address?

No. Only one account can be associated with an email address.

Can I request a password reset on my account?

Yes. Go to the login page and click on the password reset link. This will send an email to the email address associated with your account. The temporary password can be used for a limited time, so you need to log into your account and select a new password under the Account Settings TAB, change password menu.

If you have a verified account, resetting the password will require further verification so please email [email protected] directly with your request.

Why haven’t I received my account activation email.

Check your SPAM folder in your email account. If you still cannot find the activation email go to the contact page on the website or email [email protected] Include your account user name. Support will contact you with the next steps to rectify the issue.

Can I change the email address associated with my account?

No. It is not possible to change an email address associated with your account.

I can’t log into my account.

Check that the details you are using are exactly as used during account registration. Passwords are case sensitive. If this does not work, order a password reset. If these steps have not worked contact [email protected] Include your user name. Do NOT include your password. Make sure your request comes from the email account associated with your account registration.

Please note that if you have a verified account, resetting the password will require further verification so please email [email protected] directly with your request.

What do I need for verification?

There are 2 parts to account verification. Identity check and proof of address. You will need a scan of a photo ID. Passports, driver’s licenses and National Identity cards are all acceptable forms of identification. The proof of address is made from a utility or tax bill issued within the last 3 months. 

 

Deposit and Withdrawal

 

How long does it take for deposits or withdrawals to complete?

Deposits and withdrawals can take up to a full business day to be confirmed and processed. 

Why have I gotten an error message when trying to withdraw bitcoins from my Live account?

Most freuqently this happens when you try to withdraw money that is currently being used to secure trades. Try closing positions and then performing the withdrawal again.

Can I have more than one external wallet associated with my account?

Yes.

My mobile phone number has changed, can I still make withdrawals?

You will need to contact [email protected] to change the mobile phone associated with your account so that confirmation information can be sent to that phone.

How do I order a withdrawal?

Click the button to create an Authorisation Code. That code will be sent to your registered mobile telephone. Follow the other instructions to nominate a Wallet ID where the withdrawal is going and the amount of the withdrawal.

How do I set up a deposit?

Request a Wallet ID on the Deposit tab, then go to your external wallet and enter the First Global Wallet ID into your offsite wallet as the receiving location. When copying and pasting wallet IDs always spot check the number as fraudsters can highjack the copy / paste function on your computer.

Is there a limit to how much I can withdraw from my account?

No. All non-committed collateral can be withdrawn. If there is money used as collateral on a position that you wish to withdraw, you must first close that position and then the money can be withdrawn.

Can I withdraw bitcoins to a new wallet address?

No. As a security measure you can only withdraw bitcoins to a wallet address that you have used to deposit bitcoins.

What currencies can I add to my account?

At present Bitcoins are the only accepted currency.

 

Stock Trading Basics

 

How long does it take for a market order to fill?

It is not possible to tell how quickly a market order will be filled as they are filled in the order they are received. It is a function of how many orders were placed in front of you and how liquid the market is when you place your order.

Is there a time limit on limit orders?

Limit orders are GTC. Good till cancelled.

What are the fees associated with placing a trade?

What are the financing charges?

What does going long mean?

This is what is meant by taking a position in a market where you believe the value of the market is increasing.

What does shorting the market mean?

Shorting a market is when you take a position based on the belief that the value of the market will decline.

What is a limit order?

An order placed to buy or sell a set number of units at a specified price or better. Because the limit order is not a market order, it may not be executed if the price set by the investor cannot be met.

What is a market order?

An order placed to buy or sell the market as soon as possible at no fixed price.

What is a MOC order?

MOC means market on close. This closes a position at the very end of the day and is used when someone does not want to take the risk of maintaining a position overnight.

What is a stop limit order?

This is an order that is executed if the market moves through a specific price. If the market moves through that specific price the broker will start selling or buying the specified market at the price indicated. If the market then moves away from that price the broker will stop buying or selling, so there is no guarantee that the order will be completely or even partially filled.

What is a stop loss order?

Stop loss orders get turned into market orders if the market moves through a specified price. This means that the entire order will be filled, but you cannot guarantee at what price.

What is an open position?

An open position is created when a trade is executed or filled giving you tangible benefit if the market moves in the direction you have created the position in.

 

Referral account questions

 

Can I trade with my referral fees if my account is not verified?

No.

Do I need to have a verified account to withdrawal my referral fees?

No.

Where can I see the results of my referrals?

Summary page

 

Currency Switch Trading Basics

 

Is leverage permitted on Currency Switch?

Yes. Up to two times leverage is permitted.

Can I use Currency Switch if my margin is committed to stock or futures trades?

Yes. You can move margin being used to secure trades into other currencies.

 

Commodity Futures Trading Basics

 

What are the commissions for futures trading?

The fee is $5.00 per contract, per leg unless...
 
Day Trading Positions opened and closed on the same day (day trading) carry a commission of $5.00 per contract on the opening leg and $2.50 on the closing leg. Rolling a contract If an older contract month is closed and a position established in the subsequent month closing the old contract will carry a commission of $2.50 per contract to close the position and $5.00 to open the position in the newer month.
These discounts will be applied as rebates to the daily trade statement.

What kinds of orders are possible when trading futures?

Yes. You can place market, limit and stop loss orders when trading futures.

Are there finance fees associated with futures trading?

The futures markets are traded on a 24 x 7 basis but if you hold a contract between 23:59 and 00:00 GMT it is considered to be held overnight and a finance fee for that day will be applied. The overnight finance charge from day 1 – to day 90 of a trade is 0.023% of the amount of margin only. Not the full value of the contract. From day 91 onwards the overnight finance charge will equal Fed Funds plus 2%, annualized.

What happens when a contract expires?

Some futures contracts are cash settled and others have physical settlement, which means under certain circumstances you could be charged with taking delivery of the goods (if you are long) or providing the goods (if you are short the contract.) Currently, if a contract traded on the FGC platform is cash settled and a position is not closed, the contract will be automatically settle at the final settlement price. Profits or losses will be converted into bitcoin at the prevailing rate and added to the account balance. If a contract has physical settlement and a position is not closed, the contract will be closed, market on close on the last business day preceding the date of first delivery. Profits or losses will be converted into bitcoin at the prevailing rate and added to your account balance.

 

Security

 

I’ve lost my password, can I get it back?

If you lose your password, there is a button on the login page to order a password reset. This will send an email to the address associated with your account. The temporary password can be used for a limited time, so you need to log into your account and select a new password under the Account Settings TAB, change password menu.

If you have a verified account, resetting the password will require further verification so please contact email [email protected] directly with your request.

How do I know my bitcoins are safe?

We are always working to make sure your assets are safe from the variety of risks that are present in the capital markets.

Market Risk
First Global Credit uses strict risk management protocols developed by our CEO Gavin Smith. Mr. Smith has twenty five years' experience hedging and managing risk for global banks and trading companies He has brought that experience to bear when creating First Global internal risk management systems. 

Fraud
Our internal policies are constantly being updated, overseen by our board in an effort to make sure that your bitcoins are safe. Starting with our Know Your Customer policy which allows us to identify the requests for withdrawals are coming from authorised people through to third party custodianship on large accounts we do everything possible to make sure your bitcoins are safe.

Internal company security
All cash transactions are authenticated by at least one company director. Large transactions must be authenticated by two company directors.

Website security
We use a bank grade secure certificate on the website and the https:// protocol to prevent misdirection of our customers to fraudulent sites.

Data centre security
All our servers are housed in Tier III financial grade data centres administrated by data security specialist DATAFORT.

 
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