[cmsms_row][cmsms_column data_width=”2/3″][cmsms_toggles mode=”toggle” animation_delay=”0″][cmsms_toggle title=”How long does it take to open a Xenia Live Account?”]
Account approval time depends on how quickly the required documents are submitted and the compliance team can process. If all required documentation is submitted along with your application, then your account could be approved in one to two business days or less.
[/cmsms_toggle][cmsms_toggle title=”What is the minimum trade size at Xenia?”]
The smallest trade size is 0.01 lot (or $1,000).
[/cmsms_toggle][cmsms_toggle title=”What is the maximum available leverage?”]
Currently, Xenia offers Dynamic Leverage up to 500:1 leverage for most Forex Pairs.
Clients can view the leverage for each specific symbol via the information pop-out for each currency pair in cTrader.
Xenia reserves the right to make adjustments to the leverage at any time.
[/cmsms_toggle][cmsms_toggle title=”How good are Xenia spreads?”]
The best way to assess Xenia spreads is to register for a Demo Account and try them – demo accounts use exactly the same price feeds and exactly the same spreads as Xenia live accounts.
During moments of major market moving news announcements or other market driven conditions, the market can drive significant bid – ask spreads that are not caused by Xenia.
[/cmsms_toggle][cmsms_toggle title=”Which deposit and withdrawal methods does Xenia support?”]
Deposits can be made by credit card and wire transfers.
Withdrawals are done by wire transfers.
[/cmsms_toggle][cmsms_toggle title=”Can I have more than one trading account? – if so, will I need to complete the online application each time?”]
You can have any number of additional accounts without needing to submit another application. Simply submit a general request via e-mail at firstname.lastname@example.org with your cTrader ID and request a new additional account.
[/cmsms_toggle][cmsms_toggle title=”Can I transfer money from my friend’s bank account (or other 3rd-party account)?”]
No. Xenia can only accept (or send) money transfers from (to) Xenia trading account holders, and only between accounts held in the same name.
[/cmsms_toggle][cmsms_toggle title=”Can I transfer money between my own Xenia trading accounts? – if so, is there any cost?”]
You can transfer funds between your own Xenia accounts at any time – there are no costs involved to do this.
[/cmsms_toggle][cmsms_toggle title=”Is Xenia a Market Maker?”]
No. Xenia is not a market maker – all trades are Straight Through Processing (STP) and placed into the market. This means that all Xenia clients are A-book clients, not B-book where the broker trades against their own clients.
[/cmsms_toggle][cmsms_toggle title=”Does Xenia allow scalping?”]
Yes. Xenia offers industry-leading speed of execution, which provides fast execution and an optimal environment for scalpers.
[/cmsms_toggle][cmsms_toggle title=”Do Demo Accounts have a time limitation?”]
No and Yes.
Demo Accounts can remain active for an extended period of time. But, after 30 days of inactivity, the demo accounts will be automatically deleted.
[/cmsms_toggle][cmsms_toggle title=”Does Xenia offer Managed Accounts or MAM or PAMM facilities?”]
Xenia offers cTrader and cMirror, which combined allows for clients to mirror another Trader’s trading strategy, and that Trader is called a Strategy Provider. The Strategy Provider can charge transaction fees. Clients using cMirror can select from a global list of Strategy Providers, viewing their strategy profile with track record. Clients and Strategy Providers can be with different cTrader brokers. Spotware manages the system and the exchange of fees to brokers, which are passed directly to the Strategy Providers.
For more information on cMirror view this video…
[/cmsms_toggle][cmsms_toggle title=”Is Xenia Live account commission rates visible in demo accounts?”]
Xenia Demo accounts behave exactly like Live accounts as they share the same specifications and price feeds.
[/cmsms_toggle][cmsms_toggle title=”What is FATCA?”]
The Foreign Account Tax Compliance Act (FATCA) is a United States federal law whose intent is to enforce the requirement for United States persons (including those living outside the USA) to file yearly reports on their non-USA financial accounts. The law requires all non-USA (foreign) financial institutions (FFI’s) to search their records for indicia indicating USA person-status and to report the assets and identities of such persons to the USA. Department of the Treasury.
The FATCA is a USA revenue-raising portion of the 2010 domestic jobs stimulus bill, the Hiring Incentives to Restore Employment (HIRE) Act.
U.S. individual taxpayers must report information about certain foreign financial accounts and offshore assets on Form 8938, attaching it to their annual income tax return, if the total foreign asset value exceeds the appropriate reporting threshold.
For Foreign Financial Institutions (FFIs) to avoid being withheld upon, a foreign financial institution may register with the IRS, obtain a Global Intermediary Identification Number (GIIN) and report certain information on USA person accounts to the IRS. If a jurisdiction, such as Cayman Islands, enters into an Intergovernmental Agreement (IGA) to implement FATCA, the reporting and other compliance burdens on the financial institutions in the jurisdiction are simplified. The reporting of client assets are also only done if asset values exceed the appropriate reporting threshold.
Xenia, being in compliance with FATCA, is obliged under the Tax information Authority Law, the Regulations, and Guidance Notes made pursuant to that Law, and treaties and intergovernmental agreements entered into by the Cayman Islands in relation to the automatic exchange of information for tax matters (collectively “AEOI”), to collect certain information about each account holder’s tax status.
[/cmsms_toggle][cmsms_toggle title=”What is PAMM?”]
With a PAMM, there is one Master PAMM trading account where all trading takes place, and the account value is then proportionally allocated in reporting to those actively participating in following the PAMM Strategy. At Xenia, this is done via the Xenia client portal. With mirroring, there is a trading account where the trader makes a trade and then all those mirroring have accounts that copy that trade.
The Xenia Client Portal “Live Accounts” page will show all participating clients proportional amount of the Master PAMM trading account in terms of values (Balance, Cash Equity, etc).
Trade history reporting will be at the PAMM Master level, not the individual client level. Trade history cannot be proportionally allocated on a per trade basis, due to the fact that a Trade may be held open longer and across periods of changes in the proportions due to deposits / withdrawals / performance fees, etc. But, the ratio % (proportional percentage) of any given client account participating in a PAMM will be displayed in the “Live Accounts” page. The ratio will fluctuate based on ongoing changes in the proportions due to deposits / withdrawals of clients participating, which will be conducted only once per day, and only if there are deposits/withdrawals requested on a given day.
Clients can still request to Stop or Start participation in the PAMM on any day, with requests being processed once a day.
Clients will still be able to make deposits/withdrawals (transfers) into their PAMM account any day of the month.
Normally, Performance Fees are applied on a monthly basis. But, if a withdrawal is made during the month, than any Performance Fees due will be applied for that specific account at the time of the withdrawal.
The PAMM model is more reliable than mirroring and a better trading model for all participating in following a Strategy. Although mirroring works very well, it’s better for a smaller number of participants. When the number of participants and collective account value grows, as it has for most of the Strategies offered at Xenia, it’s better to operate with a PAMM model.