Answers to the most common question
Often the same questions are asked of potential customers over and over again, for example: Do you accept credit cards? Is there a commission? Is my data safe?
What are the documents required to open an individual account ?
To open a live individual account, you will need to submit 2 copies of valid identification documents (national ID card, driving license or passport) and a copy of a valid proof of address showing your full name and address with an issue date of no more than 3 months.
What types of documents do you require as a proof of address ?
In some cases, we can ask for documents such as a utility bill, a local government address registration certificate or a bank statement issued in less than 6 months.
What are the documents required to open a corporate Account ?
- - A Copy of the commercial register as issued from the competent authorities.
- - A Copy of the Articles of Association of the company.
- - A Copy of the civil ID of the manager in charge.
- - A Copy of the resolution of the Board of Directors.
- - A list of the persons who are qualified to deal with the accounts, pursuant to what is provided for in the commercial register.
- - The Mémorandum.
What types of Accounts do you provide for traders ?
We offer the flexibility to choose between different types of live accounts as ECN, Scalping and Money back accounts. For more information, click on This Link
Does Wafra offer Islamic accounts?
Yes, we offer Islamic accounts with a free swap charges and this is not applicable if the client trades the Exotic currencies.
Do you offer Demo accounts ?
Yes, we do offer Demo account. It is the best way to practice the trading strategies and tools without being exposed to a risk of losing your funds.
How do I open a demo trading account?
Open the website, Click on Open Demo account and fill in the form. Once done, you will receive an email with the trading platform credentials. Download the MT5 application and start trading.
How do I open a Real trading account ?
To open a Real Account, click on this Link, choose the type of the account you want to open and fill in the form. Once done you will receive a user Activation email with the login and password. Log in to your account and fill in the KYC application. Once approved by the Compliance department, then you will receive the credentials email. Download the MT5 application, fund your account and start trading.
How are my funds protected within Wafra ?
As it is very important for us to secure All of our Clients’ funds, the money is held in segregated bank accounts separate from the funds o the company.
How do i deposit Money in my trading account ?
You can fund your account by simply logging into your client area and following the required steps in the Deposit page. You can also contact our customer support team for more assistance.
How long it take for a withdrawal to be processed ?
The timing of a withdrawal process can take between one to two working days before the amount will be deposited into your bank account.
How can i transfer money between my trading accounts ?
Login to your client area then selecttransferfrom the list on the dashboard. Fill in the required fields.
Once finished, submit your request.
You can also contact our customer support team for more assistance.
Is it safe to use my Bank Cards online ?
Our website is protected by the SSL (Secure Socket Layer). All the sensitive information submitted by the clients are kept safe.
What payment methods do you accept ?
You can fund your account online using K-net, Credit cards or Bank wire transfer. We also accept funds via payments gateways such as Skrill, Neteller, SticPay and Cashu.
For payments made using Debit or Credit Cards, the client will have to provide a copy of the card with only the last 4 digits visible. This is required for our company records.
How much money do i need to deposit to start trading ?
The minimum amount you can deposit is US $ 100 according to the account currency.
Is there a limit on the amount i can deposit ?
No, there is no limit and no restriction on the amount that can be deposited in your trading account.
Do you charge any fees for Deposits and withdrawals ?
We do not charge any fees on deposits and withdrawals. Bank transfers are charged with Bank fees only.
Can i use more than one card to fund my account ?
Yes, you can use multiple Bank cards to fund your account if they belong to the same trading account holder.
What are the forex market trading hours ?
The foreign exchange market operates 5 days a week 24/24 hours, except for Saturday and Sunday.
The market opens Sunday evening at 21:05 GMT and closes on Friday at 20:50 GMT.
What are forex currency pairs ?
Currency trading includes two currencies at the same time as they are traded through "pairs”. The first currency that is known as the base currency and that is the currency you buy and the second, which is called the counter currency, is the one you are selling. Currency pairs are divided into major, cross, and rare currencies.
What is leverage ?
The leverage is a strategy of borrowing money to the clients to facilitate the execution of their deals without the requirement of depositing the entire amount in their accounts.
What is Margin ?
Margin refers to the amount that a trader must have in his account as collateral to cover any losses that might be incurred before opening positions.
What is Used Margin ?
The margin used is the amount blocked in the trader's account by the broker before opening a position on the financial market. If the position is closed on a profit this amount will be returned to the client along with the profit amount and if the position is closed on a loss the broker will refund it and deduct the value of the loss from the available margin.
What is Usable Margin ?
The usable margin is the amount you have left in your account to open new trade positions or guard against losses on open trades.
What is a Margin call ?
When the value of money falls below a certain level, the Broker sends an alert to the client to inform him that to keep his position open he must deposit additional funds in his account or close his positions to reduce the Margin level.
What is Hedging ?
Hedging in Forex is a trading strategy used to limit the trader's loss amount. This strategy occurs when the trader places an order to buy a currency pair, and at the same time places another order to sell the same pair with the same amount.