Frequently Asked Questions

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FAQ - Accounts

How long does it take to approve a new account?

Provided that all the documents and requirements are met, new account approval process takes about one business day.

Can I use a passport as Proof of Residence?

You may not use a passport as a Proof of Residence. Accepted documents have to include your name, current address and must be dated within the last 3 months.

Examples of a valid Proof of Residence document include a utility bill such as a water bill or electric bill, phone bill, cable TV bill or a bank statement or credit card statement. You can also use your driver's license provided it is less than 6 months old.

Can I choose any username I like?

Usernames must have 3 to 32 characters. Usernames can only accept a to z, A to Z, numbers (0 - 9), and underscore (_). No spaces. No symbols. No special characters.

How many accounts can I open under one username?

Username must be unique to your account. You can have several account per username. 

Can I change the account type in my account?

Yes. First make sure that you close all your positions. Then email us at support. Make sure that you include your username and account number. We will be happy to change the account type within one business day.

How long is a Demo Account valid for?

Each Demo Account is valid for 30 days from the date of your registration. 

What are the necessary steps to open a LIVE Account?

To open a live account, It is then an easy 3-step process to be able to begin trading:

Step 1: Online Account Registration & Terms of Service Agreements.

Our registration form will first prompt you to enter in all necessary account information. Upon completion, the form will direct you to accept our Terms of Service. In this section, our website will prompt you to read and agree to the terms as outlined in various PDF documents. Upon agreement and electronic signature, we will then prompt you to upload the necessary documentation (although you do have the option to upload your documents at a later time). At this point you are finished and we'll send you a Welcome email.

Step 2: Welcome E-Mail

The Welcome E-Mail will provide confirmation of your successful registration and it will prompt you to login to your InnovestFX Client Area to view various customer-only options.

After our administration department has confirmed that all of the required information and documentation is in order, you will then either receive an Approval email or an email requesting additional information needed to approve your account.

Step 3: Approval E-Mail

The Approval E-Mail will provide you with confirmation that we have approved your account for trading. This means your account is now ready for you to fund it. We will also provide you with funding instructions as well as a link to download our Live Account platform along with a username and password to access your trading account.

FAQ – Account Funding

Are there any charges to transfer funds from one of my accounts to another?

There are no charges to transfer funds between your accounts.

Can I fund my Affiliate or IB account?

Affiliate accounts and IB accounts are non-trading accounts. You cannot fund your Affiliate or IB account.

How do I use Global Collect for a Local Deposit Transfer?

Global Collect is our payment service provider for local deposit transfers. To fund your account via local deposit please follow the steps below:

Deposit Amount: Enter the deposit amount. You can send funds in your local currency.

Bank: Select the country from which you are funding. The corresponding bank is where you will be transferring funds to. Please note: You DO NOT have to have an existing account at this bank. For example, if you are funding in Singapore where the corresponding bank is Citibank, you DO NOT have to have a bank account at Citibank. You can simply transfer from your bank to Citibank.

You may only withdraw via local deposit transfer if you funded your account through local transfer.

FAQ – Trading

Do you run a dealing desk?

No. InnovestFX is a 100% Straight Through Processing (STP) and ECN brokerage firm with no dealer intervention at all.

What constitutes Micro, Mini and Standard lots?

Standard Lot (1.0): 1 standard lot equals 100,000 units.

Mini Lot (.10): 1 mini lot equals 10,000 units.

Micro Lot (.01): 1 micro lot equals 1,000 units.

At InnovestFX, you can trade Micro, Mini and Standard lots all under a single account. 

FAQ – Withdrawals

When do I receive my commission payments?

We pay all commissions no later than the 15th of the following month.

I want to cash out my account. What do I do?

Please fill out a withdrawal request in your Client Area.

If you want to withdraw all the funds in your account, the first step will be to stop trading. If someone else manages your account, please send a request to your money manager to stop trading your account.

If you want to make a partial withdrawal of your funds, you can continue to trade as long as you have enough equity left in your account after we process the withdrawal.

Are there any limits on account withdrawals?

There is a minimum of USD100 or equivalent for withdrawals. An exception is made for clients cashing out of an account. You may withdraw as much as you need whenever you need it.