Crown FOREX Review
Crown FOREX S.A. (CFSA) is a FOREX trading platform based in Switzerland. The firm offers many different features and solutions, but is probably best suited to advanced and experienced traders. While it does not provide much education to budding or inexperienced traders, CFSA does include provisions to limit risks, and a demo account for training purposes. CFSA strongly recommends that potential customers develop experience with the demo account before beginning live trading.
CFSA allows trading on 13 currency pairs and some precious metals. The pairs are defined as seven majors and six crosses – the majors being EUR/USD, GBP/USD, AUD/USD, USD/JPY, USD/CHF, USD/CAD, and NZD/USD. Note that these are not the “major” pairs as defined by some other brokers; notably, other broker offers additional pairs, with one component being CHF, as majors. However, all major pairs have one pip spreads on the CFSA platform.
All of the cross pairs (EUR/CHF, EUR/AUD, EUR/GBP, EUR/JPY, GBP/JPY, GBP/CHF) have much higher spreads ranging from 5 to 10 pips. This makes Crown FOREX S.A. a less desirable trading platform for trades in those cross pairs.
The overall CFSA site is complex and is definitely intended for the more advanced trader. Clients shouldn’t expect much basic education. In addition, the language used is confusing and indicates that the CFSA site may have been written by someone who was less than perfectly fluent in English.
The home page focuses on economic news, with headlines on the upper right for currency news and economic news. A user can click on any headline to see the specific news story.
To open an account, download the customer trading agreement and fill it out; then send it to CFSA in Switzerland with a notarized copy of a valid ID (typically a passport or government-issued ID). Once the CFSA staff approves the agreement, you can forward funds to your account and get started. The minimum amount to open an account is $300 USD.
While waiting for approval of the live account, it makes sense to begin working with the demo account. To open a demo account, download the trading station terminal software from the Crown FOREX S.A. web site. When you do this, the site says you will be asked to provide account information such as name and address via a setup page. However, I was not asked to do this.
In addition, the site has a location to download a user guide; the user guide, however, is not available from that location (a note says the guide is being updated). Instead, the user guide appears as the help file to the trading station software. There is also a link through the help file to the on-line MQL4 terminal community, which includes many users of and developers of MQL4. This is a great educational resource.
CFSA executes all trades on-line and will not execute a trade by phone except in emergency conditions – these are not defined on the site.
The minimum transaction size is 1 lot, or 10,000 units of the base currency.
You execute trades directly through the trading terminal software installed on your site. The trading terminal is quite powerful and offers a wide variety of information and tools. These include many charts and indicators, including some that will be confusing for many FOREX traders (but can be easily researched on-line through other sites). Through the online platform, you can execute trades directly from real-time streaming bid/ask quotes. Live prices are continuously updated.
To execute a deal, click the New Order button on the trading station and follow simple instructions.
Executing a deal via the Internet is a simple, two-step process. Simply enter the number of lots and then click on the bid (buy) or offer (sell) for the currency pair you wish to trade - your deal is automatically executed. The dealing software automatically calculates the initial margin requirement based upon the notional amount of the deal, and if sufficient funds are available in your account, will accept the transaction. Deals are confirmed online, normally within one second, and the system instantaneously updates both your open position and calculates your current floating profit and loss.
You can perform any of the following types of orders:
• Market Order
An order based on a current market price.
• Pending Order
A commitment to buy or sell at a pre-determined price in the future. There are different kinds of pending orders: buy limits, in which the current price is higher than the price offered; buy stops, in which the current price is lower (but the trader expects that the price will not only rise to the price offered, but will keep rising); sell limits, where the current price is lower than the price offered; and sell stops, where the current price is higher, but the trader expects that the price will drop to the price offered and keep dropping.
• Stop Loss Order
An order to automatically close a trade if the security price moves in the wrong direction. Stop loss orders close if the price reaches a certain level set by the trader.
• Take Profit Order
An order to automatically close a trade if the security price moves in the right (profitable) direction. This is the opposite of a Stop Loss order in that both are automatic closings, but the Take Profit occurs when the trader has earned sufficient profit.
The Crown FOREX S.A. trading platform is available in many languages, and the web site is in Arabic and English.
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