Every currencies have its own standardized codes, created by International Standardization Organization (ISO) and known as ISO codes which contain 3 letters, which the first two letters recognize the name of country while the last letter indicate the name of that country's currency.
| CURRENCY | ISO CODE | NICKNAME |
| United States dollar | USD | Buck |
| European Members Euro | EUR | Fiber |
| Great Britain Pound | GBP | Cable |
| Japanese Yen | JPY | Yen |
| Canadian Dollar | CAD | Loonie |
| Swiss Franc | CHF | Swissy |
| Australian Dollar | AUD | Aussie |
Below is the major currency that most traded in Forex market across the world
1) Forex Glossary
Since currencies are quoted in pairs. An example for USD/JPY = 83.92, the first currency left to the slash is called base currency while the currency right to the slash is called quote currency and the value shown is the exchange rate. In Forex market, buy for is termed as "go long" or "long position" and sell is termed as "go short" or "short position". A "trade" occurs when a position is open. The "bid" is the price which traders will sell and the "ask" is the price which traders will pay for. The bid price is lower than the ask price and the difference among them is known as "spread". In Forex, there is a term called "Swap Rate" or "Rollover Interest". Rollover interest is an amount of interest rate that trader pays or earns depending on the pair of currencies traded. As every Forex trade involucres borrowing one currency to pay for another, rollover interest is component of the Forex trading. Interest is paid on the currency that is borrowed and is earned on the currency that trader purchased. "Margin" is the minimum account size need for a trader to trade. Unlike other markets, Forex enable trader to trade with leverage. Leverage is the ratio that trader can trade using a small account size. Trading account will experience a "margin call" if the equity fall below the margin requirements. In the event of margin call, the trading system will instantly close a few or all open positions to prevent trader's account drop to negative balance. 2) Orders in Forex trading c) Stop Loss
Utilized to minimize losses if the currency quotes has started to move in an unprofitable direction. If the quoted price reaches this level, the position will be automatically closed instantly. Such orders are attached to an open position or a pending order. Terminal verifies long positions with Bid price for meeting of this order provisions, and it does with Ask price for short positions.
d) Take Profit
Take Profit order is intended for earning the profit when the quote price has reached a particular level. Execution of this order results in closing of the position. It is usually attached to an open position or a pending order. Terminal verifies long positions with Bid price for meeting of this order provisions, and it does with Ask price for short positions.
e) Trailing Stop
Trailing Stop can be attached to an open position. It is very important to know that Trailing Stop works in trader terminal, not at the server like Stop Loss. This is why it will not work if the terminal is off. In this case, only the Stop Loss level will trigger that has been set by trailing stop. To set the trailing stop, the user has to perform the open position circumstance menu command of an identical name in the "Terminal" window. Then the user has to choose the desirable value of distance among the Stop Loss level and the real price in the list opened. Only one trailing stop may be set for each open position. After the above actions have been performed, at incoming of new quotes, the terminal verifies whether the open position is rewarding. As long as profit in points becomes equal to or higher than the specified level, command to place the Stop Loss order will be given instantly. The order level is set at the specified distance from the live quote price. Furthermore, if price moves in the gaining direction, trailing stop will come to the Stop Loss level go after the price instantly, but if profitability of the position falls, the order will not be changed anymore. Thus, the profit of the trade position is fixed instantly.
3) Forex market versus spot and future market- No middlemen - Spot currency trading eliminates the middlemen, and enables you to trade definitely with the market liable for the pricing on a definite currency pair.
- No fixed lot size - In the futures markets, lot or contract sizes are determined by the exchanges. Whereby in Forex, you decide your own lot size. This enables traders to take part with accounts as small as $1 USD
- Low transaction charges - The retail transaction cost (the bid/ask spread) is generally less than 0.1 percent under usual market conditions. At UMOfx, the spread might be as low as 2 pips.
- Low transaction charges - The retail transaction cost (the bid/ask spread) is generally less than 0.1 percent under usual market conditions. At UMOfx, the spread might be as low as 2 pips.
- A 24-hour market - The Forex market never sleeps. Traders able to choose their favorite and suitable time to enter the market.
- No market manipulation - The Forex market is too huge for a single entity to control the market price for a period of time.
- Leverage - In Forex trading, a small margin deposit can manipulate a much bigger total contract value. Leverage gives the trader the skill to make amazing profits, and at the same time keep capital risk to a minimum.
- High Liquidity - Because the Forex market is so tremendous, it is also notably liquid. Under usual market conditions, just a click you able to instantaneously buy and sell at will.
- Free "Demo" Accounts, News, Charts, and analysis - UMOfx offer free 'demo' accounts to practice trading, together with breaking Forex news and charting services on the website for beginner who could like to hone their trading capabilities with virtue cash before opening a live trading account and risking real cash.
- "Micro Account" Trading – With UMOfx "Micro" trading accounts, only minimum account deposit of $1 USD is required. It generates Forex much more accessible to the average individual who does not have heaps of start-up trading capital.
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| Register Now Umofx and Start your trading with 1$ FREE |
Why UMOfx?? As our company vision is to become one of the key player in the retail Forex market arena. Thus, we are committed and determined to provide our clients with strong support and the best trading condition service ever. UMOfx knows what traders need! UMOfx deliver what traders need! UMOfx perform what traders need! We always hold our integrity to offer our best to our customer; we commit to provide the most reliable, professional, accurate trading system ever to help clients succeed in trading Forex.
At UMOfx, you will find that our offer is simply irresistible, we offering
Minimum Deposit As Low As USD1 Free USD1 upon Registration Low Margin Requirement Up To 1:500 Leverage Welcome Bonus Up To 2000USD upon Deposit Low and Fixed Dealing Spreads Instant Orders Execution Low Risk Trading Environment-Cent Account User Friendly Online Trading Platform – MetaTrader
Let’s trade with UMOfx now and enjoy our superb service and bonus up to 2000USD..!!!
New Launch Promotion Bonus!!!
Welcome Bonus
To show our appreciation for choosing UMOfx as your Forex trading broker, we welcome you with welcome bonus of $1 USD whenever you sign up for a new live trading account without limit.
Terms and Conditions
1. Every client has the rights to receive the Welcome Bonus to his unlimited number of new trading account in case deposit balance of a trading account.
2. This bonus is not allowed to internal transfer.
3. The Welcome Bonus only able withdrawn after 1 standard lot of FOREX trading transaction completed by the trading accounts that received the Welcome Bonus.
- 1 standard lot is equivalent to 10 mini lots.
- The profit which was made on the Greeting bonus can be withdrawn but the 1st withdrawn will be deduct USD5 as a fee. This is one time fee (only apply when no deposit occur in trading account by clients).
- Minimum deposit USD10 is require to avoid this fee.
4. Welcome Bonus shall credited into client trading accounts within 12 working hours once his account meet the minimum requirement as stated above.
5. UMOfx reserves the rights to withdraw or disqualify the Welcome Bonus in the case of revealing unscrupulous usage or abuse of the bonus surcharge system; If the deposit was withdrawn right after the Welcome Bonus receipt; If reveal that the client open a reverse or hedge positions in different accounts
6. UMOfx reserve the rights to decline or refuse any request for Welcome Bonus without any prior notice and reason.
7. Shall the client to question or appeal for the company's decision, it shall be e-mail to account@UMOfx.com Within 10 working days.
UMO Bonus on Deposit Bonus
20% of your deposit as bonus, up to $2000 USD…!
Able to withdraw with terms and conditions applied.
Trade with us now and enjoy this amazing reward from UMOfx…!
Able to withdraw with terms and conditions applied.
Trade with us now and enjoy this amazing reward from UMOfx…!
In conjunction to UMOfx new launch fiesta, an amazing bonus of 20% of the deposit will be rewarded to whom invest fund into a new live trading account with maximum up to $2000 USD (applicable to all type of live trading account including mini account and non-swap account). This bonus is only applicable to the amount of fund that deposit to a new live trading account.
Formula:
UMO Bonus = Deposit multiply by 20% (maximum up to $2000 USD)
Example 2; if you had fund in an deposit of $15,000 USD, you will enjoy the bonus of $ 2,000 USD.($15,000 USD x 20% = $3,000 USD but the maximum bonus is $2,000 USD only)
Tems of Promotion Bonus!!! Terms and Conditions
1. Every client has the rights to receive the UMO bonus to his first 5 trading account in case initial deposit balance of a trading account. At least minimum deposit of $100 USD is required.
2. Withdrawal of fund which shall causes to the reducing of equity falls into a lower category, therefore the Welcome bonus shall be deemed as void if it is out of the categories range ;Or shall be deems and revised as according to the new category. Kindly ensure the equity is above the minimum requirement for obtaining a UMO bonus before any withdrawal has been made.
Requirement of obtaining UMO Bonus according to minimum equity is 6 multiplier of the UMO bonus you received,
Formula:
Min Equity = (Total Deposit + Total Bonus Received)
Example, Your account had received a bonus of $1,000 USD for a deposit of $5,000 USD, in order to maintain it; your equity shall not be less than $6,000 USD.($1,000 USD + $5,000 USD = $6,000 USD)
3. Both T&C No.1 and No.2 must be fulfilled in order to obtain the Welcome bonus. T&C No.3 only applies after the T&C No.2 has fully fulfilled.
4. This UMO bonus is not allowed to internal transfer or use as the deposit in the competition.
5. The UMO bonus only able withdrawn after the certain amount of Forex trading transaction completed by the trading accounts that received the Launching Bonus. The total volume of the transaction needed is the Launching Bonus you received multiplies by 50%.
Formula:
( 1 market standard lot = 10 UMOFX standard lots )
Example,
You had received a bonus of $1,000 USD upon your initial deposit, this bonus is not allowed to withdraw until your accumulated traded volume had reached the minimum requirement. In this case, the minimum traded volume needed is 500 standard lot of UMOfx which is $50,000,000 USD transaction ( $1,000 USD x 0.5 = 500 market standard lots )
You had received a bonus of $1,000 USD upon your initial deposit, this bonus is not allowed to withdraw until your accumulated traded volume had reached the minimum requirement. In this case, the minimum traded volume needed is 500 standard lot of UMOfx which is $50,000,000 USD transaction ( $1,000 USD x 0.5 = 500 market standard lots )
* The profit which was made on the Greeting bonus can be withdrawn without limits.
6. You have to request the bonus from your cabinet, with the reception of the bonus, your affiliate agent will only receive 0.4pips rebate (affiliate trader status) or 0.8pips rebate (IB status) from your trading activities
7. UMO bonus shall credited into client trading accounts within 12 working hours after meeting the minimum requirement as stated above.
8. UMOfx reserves the rights to withdraw or disqualify the UMO bonus in the case of revealing unscrupulous usage or abuse of the bonus surcharge system, if the deposit was withdrawn right after the UMO bonus received; if reveal that the client open a reverse or hedge positions in different accounts
9. UMOfx reserve the rights to decline or refuse any request for UMO bonus without any prior notice and reason
10. Shall the client to question or appeal for the company's decision, it shall be e-mail to account@umofx.com. Within 10 working days.
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