HOME

ABOUT US
TRADING
ANALYSIS
NEW TO FX
B2B RELATIONS
DOWNLOADS
FAQ
NEWS

FAQ - FAQ Account Information

FAQ Account Information

How do I open my demo trading account?
Which forms do I need to fill out?
What live trading account types can I get?
Is it necessary to open a current account with Loyal Bank Ltd. in order to be able to do live trades?
How can I open a live trading account?
Can I sign up for a live trading account without obtaining a current account with Loyal Bank?
What platform can I use for live trading?
What are the spreads?
What is the leverage?
Is the LOYEX live trading account free?
What does it cost me to trade?
How can I fund up/withdraw money from my LOYEX trading account?
Can I transfer funds from my trading account to the trading account of another client?
Can I withdraw money if I have open positions?
How much money am I allowed to withdraw?
Can I request a withdrawal in favour of a third person that is not me?




How do I open my demo trading account?

Click on the „Open demo account” button in the header of the website. Then:

  • Please fill in the form with your personal details
  • choose a trading account type
  • click the box to confirm that you have read, understood and accepted the disclaimer
  • submit your application

Please complete all the fields and also please provide a valid email address as we will need to send important information regarding our trading station to your email address.

Which forms do I need to fill out?

For a demo account you simply have to fill in the required information at the „Open Demo account” page.
For a live trading account, and depending on whether you are already a Loyal Bank customer or not, you will need the LOYEX Trading Account opening documentation form. Please fill in the form and send it back to us. If you do not have a Loyal Bank current account with us, you will need to open one first, the link can be found under the „I am not a Loyal Bank customer yet” section.

What live trading account types can I get?

We have four different trading account types that you can apply for:

  • Mini
  • Standard
  • Pro
  • Platinum

The main features of each are:

Type of accounts Default deposit Default leverage
MINI 1 000-9 999 1:500
STANDARD 10 000-49 999 1:200
PRO 50 000- 99 999 1:100
PLATINUM 100 000- 1:50

Is it necessary to open a current account with Loyal Bank Ltd. in order to be able to do live trades?

Yes. Your live trading account has to be linked to your own current account held with Loyal Bank.

How can I open a live trading account?

First, you must open a current account with Loyal Bank and submit the completed bank account comprising our account opening form, bank contract and your due diligence information. Click here to find more information about the process, and how to open your account.

Can I sign up for a live trading account without obtaining a current account with Loyal Bank?

No. You must open a personal or corporate current account with Loyal Bank.
To enquire about the account opening and maintenance fees, please click here or send us an email to myloyex@loyalbank.com

What platform can I use for live trading?

We use our LOYEX Trading Station which is a Meta Trader 4 (MT4) based trading platform.

What are the spreads?

Spreads depend on market volatility and your account size. Usually they range from 1 to 4 pips on the major currency pairs. To get familiar with our average spreads, please click here.

What is the leverage?

The leverage can be modified by you, however we have a pre-set value for each account size.

    Mini 1:500
    Standard 1:200
    Pro 1:100
    Platinum 1:50

It can be customized in a range of 1:10 to 1:500.

Is the LOYEX live trading account free?

Yes. Your live trading account is completely free. We do not charge any LOYEX trading account related fees.

  • Free trading account opening
  • Free account maintenance
  • Free money transfer between your trading account and your Loyal Bank current account e.g. there is no fund up / withdrawal fee

What does it cost me to trade?

Nothing. There are no set-up, account maintenance, or any other hidden fees related to your LOYEX trading account. There are also no extra charges for placing trades, except for the spread between Bid/Ask.

How can I fund up/withdraw money from my LOYEX trading account?

From your Loyal Bank current account you can make an internal transfer to your LOYEX trading account (fund the trading account), and you can withdraw money from your LOYEX Trading account and transfer it to your Loyal Bank current account. Please note, that as from 1th. December 2014, an internal transfer fee of 0.2% is applied to Loyex funding and withdrawal transactions. For the above transactions please complete the Internal fund transfer form and submit it to us.You can also fund your trading account or withdraw money from your trading account using our NetBank. Please note that you can fund up your trading account only from a Loyal Bank current account.

Can I transfer funds from my trading account to the trading account of another client?

No. You cannot transfer money to a third party from your trading account. You can only transfer funds back to your Loyal Bank current account.

Can I withdraw money if I have open positions?

No. Please close all your positions before withdrawal. To withdraw funds please use the Internal fund transfer form.

How much money am I allowed to withdraw?

There is no minimum amount and no maximum amount although you cannot withdraw more than the balance you have available on your trading account. There are no charges when you are transferring funds between your trading and current account with Loyal Bank.

Can I request a withdrawal in favour of a third person that is not me?

No, we do not accept third party payments. The account owner must be the final beneficiary of the withdrawal request.