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Frequently Asked Questions (FAQ)

FAQ

Frequently Asked Questions

My Account​

I forgot my password, what should I do?
Upon login, click the Forgot your password link under the button and enter your email address. A new password will be sent directly to your inbox and you can then log in and change the password in the Change Password page. If you do not remember which email address you used to open your trading account, please contact Customer Support.
Where can I see my transactions or trading history?

Your transaction history together with all the rest of your account activities may be accessed from the trading platform. Simply click the Reports button to access the information. You may need to use advanced filters to locate historical data.

How can I change my personal details?

On the dropdown next to your name, click Update Details. Change the details and click Save. Additionally, for your convenience, our Customer Support can assist you via email, or phone.

What is an Islamic Account?

An Islamic (swap-free) account is an account that does not involve swap or rollover interests on overnight positions. By creating an Islamic account with Coyken you can trade the financial markets according to the Sharia law.

How do I open an Islamic account?

In order to open an Islamic account, you will have to contact us and speak with one of our Customer Support representatives.

What is a demo account?

A demo account is a special type of account that allows you to practice risk-free online trading under real market conditions without the need to utilize any of your invested funds. When you trade on your demo you use virtual money provided by Coyken.

How do I fund my demo account?

In order to add funds to your demo account, you first need to activate your real trading account. Once your real account is funded, contact your personal account manager.

What currencies are available for use in my account?

All major currencies (USD, GBP, EUR) are supported. Your selected currency cannot be changed after the account registration process has been completed.

Banking

What are the available deposit methods?

Depositing funds into your trading account can be made in multiple ways, using major credit cards, e-payments and bank transfers.

Must I deposit money to register?

You can open your trading account without having to deposit. However, in order to start trading and get unlimited access to our education center and professional services, you need to fund your account with a minimum of $250.

What is the minimum withdrawal amount?

The minimum withdrawal amount is $50.

Are there any withdrawal fees?

Platinum and Black account holders are granted their first withdrawal free of charge. A service fee of 3.5% is charged on all other withdrawals. In the event that this percentage equals an amount of $30 or below, the trader will be charged a standard $30 withdrawal fee. The maximum service fee for a single withdrawal is capped at $3,500. Service fees for wire withdrawals will be charged to the beneficiary. Additionally, the commissions of wire withdrawals will be charged to the beneficiary. Click here for a full description of withdrawal terms and methods.

How are my withdrawable funds calculated?

You are able to withdraw the funds displayed in your trading account balance (minus the initial margin, payouts for open trades, and pending bonuses).

How much time will it take to confirm and process my withdrawal request?

Withdrawal processing time is between 3-5 business days. Typically, the funds will be displayed on your bank statement a few days after the transaction has been processed, as the withdrawal procedure additionally requires your credit card company and bank’s approval.

How do I withdraw funds from my Coyken account?

Log in to your Coyken account, go to the trading platform, click your name on the right-hand side of the screen and select Withdrawal. Enter the desired withdrawal amount (minimum $100 for wire transfer and $50 for all other payment methods) and click Withdraw. Your account manager will then contact you to finalize the transaction and you will receive your funds after approval and processing time (between 3-5 business days).

With which payment method can I withdraw my funds?

The withdrawal procedure is subjected to the initial investment method of payment you used. For instance, if you invested using your MASTERCARD and subsequently gained profits in your account, the initial withdrawal amount (up to the amount of the deposit) will be returned to your MASTERCARD. Any additional profit you have gained will be credited to you using a payment method of your choice out of our supported payment methods.

What information do I need to provide for a wire transfer withdrawal?

Please email billing@coyken.com the following details for a wire transfer (if your account is eligible for this transaction): Beneficiary name:Beneficiary address: Bank name: Bank address: Bank Account number: SWIFT: IBAN: Bank phone number:

What is a Swift Code?

A Swift Code is a standard format of Bank Identifier Code (BIC) supplied by your banker. You will need this code in order to withdraw your funds via wire transfer. The Swift code consists of 8 or 11 characters, typically ending in Coyken (letter format).

What is an inactive account (dormant) fee?

If there hasn’t been any trade executed in your account within 60 days, your account will be subjected to a dormant account administrative fee of $20.00. The fees will be deducted from your account balance on the date of the 61st day and monthly onwards until you resume your account activity, or until the balance reaches zero.

What is a profit clearance fee?

Trading on the Coyken platform is subjected to a profit clearance fee. The fee is variable and depends on the profit volume generated from each position. ranging between a minimum of 1.50 and maximum of 5.00 per trade (USD, GBP or EUR).

Am I charged a profit clearance fee on all my trades?

No, the profit clearance fee applies to successful trades or those sold for profit. Additionally, the commissions of wire withdrawals will be charged to the beneficiary.

How much is a profit clearance fee?

The profit clearance fee is determined by the total profit of the successful position. The fees are as follows:

250 or less = 1.50 251 – 500 = 2.00 501 – 1,000 = 3.00 1,001 – 2,500 = 4.00 2,501 or more = 5.00

These sums refer to the currency used in your account (USD, GBP, EUR).

What are maintenance fees?

Maintenance fees are a monthly account charge encompassing all services and features available for traders. Starting from the initial trade an investor executes, a monthly maintenance fee of 7.50 (USD, GBP, EUR) will be charged to the trading account on the last day of the month. If you begin trading after the 1st day of the month, you will then be prorated for the remaining fees, in accordance with how many days remain in the month.

Are my profits taxable?

Taxation generally depends on the tax law governing your country of residence. Therefore, Coyken cannot delegate responsibility with its clients and they must tend to their own tax liabilities.

ACCOUNT VERIFICATION

Account verification

As a regulated investment broker, we protect our clients from fraud or identity theft. It is for that reason that we require all clients to provide the necessary documentation for account verification purposes. All documentation is treated with 100% confidentiality. Upon login, clients can upload their documents directly through the site.

What documents are needed in order to fully verify my Coyken account?

In order to start trading and withdraw funds, you must first provide us with:

1. Scan/photo of your government-issued identification (ID card, driver’s license, passport)

2. Scan/photo of your proof of residence (gas/electricity/home phone bill, Bank statement etc.)

In addition, in a case where you deposited funds via credit card – a scan/photo of the front and back sides of your card.

What needs to be visible on my government-issued identification (ID card)?

The entire document must be clear and visible, including your full name, ID number, photo and expiration date. The expiration date must be valid (as well as not expiring within 3 months of submission).

What needs to be visible on my Proof of Address (Utility Bill)?

The entire document must be clear and visible, including your full name, address, date of issue and utility company logo. Must be issued within the last 6 months of submission.

What is a valid government-issued identification (ID card)?

Identification documents can be:

1. Passport (For all nationalities)

2. Identification card (For all nationalities)

3. Driver’s license (For all nationalities)

4. Income tax ID (Indian and Pakistani clients only)

5. Internal passports (Russian clients only)

What is a valid Proof of Address (Utility Bill)?

Address documents can be:

1. Water bill/invoice

2. Electricity bill/invoice (or voucher)

3. Gas bill/invoice

4. Landline phone bill/invoice

5. Home internet bill/invoice

6. Bank statement

Is an electronic bank statement acceptable?

An electronic bank statement is acceptable, as long as it is stamped by the bank.

I sent all the required documents, why do I still receive ‘Send another document’ or ‘Documents incomplete ’ emails?

Please make sure you sent/uploaded all the required documentation listed here. If you have further questions, please contact Customer Support.

I do not possess any bills in my name, what should I do?

If you are unable to provide a valid utility bill or a bank statement under your name, you must provide a valid utility bill or bank statement of the person(s) you are living with, accompanied by a signed letter confirming that you are indeed living with that person(s). The company will review this request and decide whether to verify your account or not.

What needs to be visible on my credit/debit card copies?

The front of the card must clearly display the last 4 digits of the card number, the expiration date and the full name. The back of the card must clearly display the signature. Please ensure that the 3 digit CVV and first 12 numbers of the card are concealed.

What do I do if the credit/debit card is not under my name?

If the credit/debit card is not under your name, both you and the card holder are required to sign a Credit Card Authorization Form. Make sure that you provide us with the credit card holder’s government-issued identification, proof of residence and email address. Please contact Customer Support to receive the form and further details.

Where should I send the required documentation to? And can I upload it online?

Please email your documents to backoffice@coyken.com or click here to upload them directly to the site.

When will I know if my documentation has been approved or declined?

Once the documents are provided by you, they are reviewed within 48 business hours. You will then receive an update via email as to whether they have been approved or not.

What is an eligible counterparty?

Eligible counterparties may be considered to be falling within one of the following categories:

1. Investment firms

2. Credit institutions

3. Insurance companies

4. UCITS and their management companies

5. Pension funds and their management companies

6. Other financial institutions authorized or regulated under community or national law

7. Commodity and commodity derivative traders (dealing on own account)

8. National governments and their corresponding offices including public bodies which manage public debt

9. Central Banks

10. Supranational organizations

11. Third country entities equivalent to the categories mentioned above

When dealing with eligible counterparties, the CIF obtains express confirmation from the counterparty that it agrees to be treated as an eligible counterparty. This can be obtained either as a general agreement or on a transaction by transaction basis.

Why has my account been suspended due to verification?

Due to regulatory protocols, if a client does not verify their Coyken account within a specific time period, the trading account is suspended. Only once the necessary documentation has been provided and approved, the account will be unsuspended.

TRADING BASICS

What are investment amounts?

The investment amounts are the sums a trader invests in trades. The amounts are not fixed and can vary, according to your trading preferences. These amounts also set the level of pre-determined payout percentages and return on investment.

What are underlying financial assets?

Underlying financial assets are the measured value of the stock, commodity, currency pair or index from which the position is derived. Because of the assets’ lack of ownership, when purchased, the cash value reflects the live market price of the asset it is based upon. Most common assets refer to the following four major markets:

Stocks (Coca Cola, Barclays PLC, Google Inc., Snapchat, etc.) Indices (NASDAQ, DAX30, CAC40, DJIA, etc.) Commodities (Gold, Silver, Oil, coffee, etc.) Currencies (EUR/USD, GBP/USD, AUD/CHF, etc.)

I attempted to invest a certain amount in a single position, but got an error message saying: ‘You’ve exceeded the maximum investment amount’, what should I do?

The maximum investment amount varies and is determined by a number of factors, though traders are not restricted to buy or sell multiple positions or trades. If you were denied to trade because your investment exceeded the maximum amount on a single position, you can spread your investment across several positions.

Why can’t I see a particular asset?

The default assets that are displayed on the trading platform are assets which have proven to be in highest demand. For a full list of the assets available for Coyken traders visit our Asset Index.

What are the displayed quoted prices/rates?

The underlying asset value often changes and as a result, the change reflects the asset’s quoted price – the bid/ask rate. The rates express the average bid/ask prices of the assets according to global financial exchanges, based upon an algorithmic data feed which is retrieved from various providers.

What do the colors of the ask and bid rates on the trading platform mean?

The colors reflect the relative position of the price against the previously obtained price or quote. The underlying asset price is either higher (green) or lower (red) than the previously obtained price or quote.

What are the minimum and maximum limits for trading?

The permitted trading amount, to be spent on a single position, varies due to several parameters (asset class, available margin, account type etc.).

Where are the assets’ trading hours displayed?

In the Asset Index, we provide you with the lists consisting of the precise trading hours and available assets, along with expiry times and descriptions.

What is order execution?

Order execution expresses the way your trade is submitted. Because the market prices are in constant movement, not every submission of a trade request is approved. Therefore, to ensure that your trade request is submitted according to your terms, the order execution tool connects your trade to the markets, and control the price at which your order/trade is executed.

Which order execution types are available?

Coyken offers 2 order execution types traders can enter the market with:

1. At Requested Price– allows you to determine one specific price at which your orders can be executed. By choosing this execution type, your order will either be rejected or accepted, depending on the asset’s market price. If the asset’s price changes, the system won’t be able to execute the trade. However, if the market price doesn’t change, your order will receive an approval and will be executed according to your request.

2. At Market– permits you to execute an order, even at times when the price change doesn’t allow it. This option prevents you from having trades rejected; instead, it executes your trade at the best available current market price.

I have questions about a trade outcome, what should I do?

If you have a question about a past trade, simply email it to Customer Support, at info@coyken.com. The email should include a print screen as well.

CFD TRADING

What are CFDs?

A CFDs (Contract for Difference) is a leveraged derivative financial instrument. When you trade CFDs, you basically take a position on the change-in-value of the underlying asset over time. CFDs are derivatives because their value is derived from the value of another asset (such as a stock, commodity, index or currency). CFDs do not have an expiry date like binary options and they can only be closed by making a reverse trade.

What is a BUY position?

A BUY position is the act of buying an underlying asset, such as a stock, with the expectation that it will rise in value.

What is a SELL position?

Conversely to a BUY position, a SELL position is the act of selling an underlying asset, such as a stock, with the expectation that it will drop in value.

What is a pip?

A pip (Point in Percentage) is considered the smallest price change that a given exchange rate can create. Generally speaking, it is the term used to describe the smallest incremental move of an exchange rate in the currency market. Depending on the context, one basis point equals 0.0001 (in assets such as EUR/USD, GBP/USD, USD/CHF, and 0.1 in assets such as USD/JPY.)

What is the meaning of spread?

Spread is the difference between the bid price and the ask price of an underlying financial asset. In other words, it is considered as the difference between the price at which you can sell the trading asset and the price at which you can buy the trading asset.

What is the meaning of leverage?

Leverage is considered as the use of ‘borrowed money’ to magnify any profit (financial leverage.) In other words, it is the ability to hold an investment position of greater value than that of your total equity (collateral.) When leveraging your investment, you only need to deposit a small fraction of the actual value of the position you are holding.

What is an initial margin requirement?

For all CFDs (forex, stocks, commodities and indices), the initial margin is the minimum available amount that’s required in order to open a trading position. It is calculated by multiplying initial position value by initial margin instrument %.

What is a maintenance margin requirement?

The minimum amount that an investor must have available in their account in order to keep it open, or maintain a specific trading position. It is calculated by multiplying the initial position value by asset maintenance margin %. In other words, the maintenance margin requirement is considered as the minimum amount to be collateralized in order to keep a position open.

What is a margin call?

A trader receives a margin call from his broker if one or more of the securities he had bought decreased in value past a certain point. The most common causes of a margin call are the use of excessive leverage with inadequate capital while holding on to losing trades for too long instead of closing them. When this occurs, you no longer have the funds in your account to hold the position/s and need to either close them or add funds to your account.

What is a stop-loss order?

A stop-loss order is an order that closes out your trading position with the intent of cutting down your losses when the market moves in the opposite direction of your trade. Placing stop-loss orders solely depends on your trading strategy. For instance, if the market suddenly breaks the trend that you are trading and moves far enough in the opposite direction, your account will be protected from unwanted losses.

What is a take-profit order?

A take-profit order is an order that specifies the exact rate or number of pips from the current price point that is required to close out your current position for a profit. Take-profit orders are used to lock in profits in the event that the rate moves in the same direction of your opened trade.

What is an entry order?

An entry order acts like a conditional order to buy or sell at predetermined a price (other than the current price).

What is a bid price?

A bid price represents the maximum price that a buyer or a group of buyers are willing to pay for an underlying financial asset. In other words, it is considered as a price quotation that indicates the best price at which an underlying financial asset can be sold.

What is an ask price?

An ask price represents the minimum price that a seller or a group of sellers are willing to receive for an underlying financial asset. In other words, it is considered as a price quotation that indicates the best price at which an underlying financial asset can be bought.

Does CFD trading with Coyken require any previous financial experience or background?

CFD trading with Coyken doesn’t require any previous financial experience or background. All you need is a computer or a mobile device and an internet connection.

What is the maximum leverage that is offered for CFDs at Coyken?

The maximum leverage that is offered for CFDs trading at Coyken is 1:200 and it’s available on selected assets and for selected account types.

What is a strike price?

A strike price, also called the “exercise price”, is the rate at which the underlying asset is exchanged, the moment a CFD position is executed.

What are the returns on successful investments?

The returns on successful investments vary and are based on the movement of the market, margin amount, leverage ratio, selected asset, investment amount and the position’s duration.

FX TRADING

What is FX?

FX, more commonly known as Forex or Foreign exchange, is the biggest and most traded market in the world, where global currencies are bought and sold with an average turnover of more than $5 trillion per day. Forex is traded 24 hours a day, 5 days a week and unlike other financial markets, there is no centralized marketplace for it. As a result, the Forex market attracts many traders, beginners and experienced alike

How do I trade FX?

FX trading with the Coyken platform is very simple and involves buying one currency pair and simultaneously selling another. After you log in to your trading account, you are prompted with a click of a button into the trading platform, where you can select a variety of currency pairs, such as majors, minors or exotic. Once chosen, all that’s left to do is enter the amount you wish to BUY or SELL, set the stop loss and take profit parameters (optional) and click the Invest button. The same principle also applies to CFDs.

What is a base currency?

The base currency (also called the transaction currency) is the currency against which the exchange rate is quoted. As a rule, it will always be the first currency of any pair. For instance, in GBP/USD, the base currency is GBP.

What is a quote currency?

The quote currency (also called the secondary currency) is the second currency quoted in a currency pair. For instance, in GBP/USD, the quote currency is USD.

Does FX trading with Coyken require any previous financial experience or background?

The answer is no. There is absolutely no need for any previous experience in order to start trading Forex with Coyken.

What is the maximum leverage that is offered for FX at Coyken?

The maximum leverage that we offer currently stands at X200.

What is a strike price?

A strike price reflects the entry level market price for an underlying asset when a position is executed.

What are the returns on successful investments?

The returns on a successful investment at Coyken may vary and depend on market movements. You can follow this formula to get an idea as to how returns on successful investments are calculated: (Closing Rate-Opening Rate) x (Closing {quote}/{home currency}) x Units.

What’s the difference between traditional trading and Forex trading?

The difference between traditional trading and forex trading is primarily regarded to their acquisition, or better yet, lack of acquisition. Traditional trading (such as stocks trading) has to go through stock exchanges, whereas forex trading does not involve any acquisition, just pure trading.

TECHNICAL

Why can’t I log into my Coyken account?

The most common reason for login errors happens when the password is copy-pasted (since there may be spaces before or after the password.) Make sure you type it correctly. An additional reason for login error is when your browser is storing old passwords through cookies. Please clear the cookies through the browser settings and if the problem persists, try entering with a different browser. For further assistance, please contact Customer Support.

Do I need to download any software to use Coyken trading platform?

No. All that is required to trade with Coyken is to register online and fund your account.

How do I change the displayed language?

Languages can be altered using the drop down menu at the top of the page.

What do I do if I can’t open an eBook?

Our eBooks are in PDF format. Some browsers support them without any additional plugins. If yours does not, please install a PDF viewer. The most common one is Adobe Reader. For further assistance please contact Customer Support.

Do I need to download Java™ in order to use the Coyken site and platform?

No. Java™ is not required.

Why don’t I get any newsletters?

There may be several reasons as to why you do not see our emails in your Inbox:

1. It went to the Spam folder (due to the email server mistakenly identifying our emails as spam).

2. Various email servers have interruptions, you may be encountering a temporary delay.

Please contact Coyken Customer Support for further assistance.

Why are some pages of the platform unavailable?

You may need to check if you are using https:// – if so, please change it to http://.

PROMOTIONS

What are traders points?

Traders points are trading volume indicators. They are calculated per traded position amount and are accumulated each time you close CFD positions.

CFDs calculation method:

For example, You bought 100,000 EURUSD, the value of the position is converted to your account nominated currency. Therefore, if your account currency is USD, the value of the position will be converted to USD using the real time EURUSD conversation rate. Let’s assume the EURUSD conversation rate is 1.07 therefore 100,000 EUR * 1.0700 = 107,000 USD. The USD ($) value of the position is now multiplied by 0.001%, which eventually entitles you with 1.07 trader points (107,000 USD * 0.001% = 1.07 trader points).

Please note, the example above describes a case where your account currency is USD.

Do I need a certain amount of traders points in order to stay in a certain account type?

Yes. In order to maintain a certain account status, you must accumulate a minimum monthly sum of traders points, depending on your account type. You can simply return to any account status by fulfilling the monthly traders points requirement for that account level as long as you meet the minimum deposit criteria or by making the minimum required deposits that will automatically upgrade you to the next account level.

The monthly amount of traders points required to maintain account types:

ACCOUNT TYPEMIN. TRADERS POINTS PER MONTH
BASIC0
BRONZE5
SILVER15
GOLD64
PLATINUM165
What is a pending money bonus?

A pending money bonus, when granted, is not added to your account right away. Instead, there is a requirement of specific trading volume that needs to be generated for it to be released into your trading account (before expiration). With this, your account does not have any additional restrictions upon withdrawing. To view your current bonus requirements, check out our Bonus Terms and Conditions.

How do I check my pending bonus status?

You can easily check your pending bonus status on the trading platform: 1. Click the Trading Room button (located on the upper right-hand side). 2. Click the Reports link (located under the Deposit button). 3. Select the Bonus Report tab. 4. Monitor the Points Achieved column to track the volume accumulated daily, and subtract it from the Points Requirement column to understand how many traders points are needed. Please take into consideration the expiry date for each pending bonus. To get the bonus expiry date, contact your account manager.

Can I use the pending bonus before the required trading volume is met?

Before the trading volume is met, your pending bonus is segregated from your available funds and is not available for trading or withdrawing.

How do I join the trading challenge?

To qualify for participation in the challenge and get a chance to win cash prizes, all you need is to fund your trading account and contact your account manager.

What prizes can I win in the trading challenge?

Each month there will be 10 winners. Rewards vary from challenge to challenge and can range from $300 all the way up to $50,000.

How do I accumulate points in the trading challenge?

Each month the parameters change. Points can be earned depending on trading volume, trading on specific assets, the number of successful trades and so on.

How do I claim my challenge prize?

Participants must claim their winnings in the first 2 weeks following the end of the challenge. Please contact Customer Support for further assistance.

What happens if the challenge results in a tie?

If the challenge results in a tie for one of the winning ranked places, the prizes will be equally split among the contenders.

What is the refer a friend program?

Our Refer a friend program is an exclusive reward program in which an Coyken trader invites his friends to trade with us. When the referred friends become traders, the referrer is rewarded with referral bonuses.

How do I enter the refer a friend program?

Entering the program is simple. Contact your Account Manager or email support@coyken.com for more information.

How do I claim my referral cash bonuses?

To be eligible for the referral bonus, your referred friend must make a deposit within 120 days of the referral date. You’ll be able to redeem your referral bonus once the referred friend opened 8 positions or reached a 0 balance on his account.

REGULATION

Is Coyken a regulated broker?

This site is is owned and operated by Naviside Ltd, an international business company, with a registered office in The financial Services Centre, Stoney Ground, Kingstown, St. Vincent and the Grenadlines, 134LLC2019.

How are my funds protected?

We make sure your funds at are 100% secure at any given time. That’s exactly why we distinguish our clients’ funds by segregating them in separated bank accounts, completely isolated from Coyken’s own money.

How do you keep my account details safe?

Your account details are being kept safe thanks to Coyken state-of-the-art security measures. Your funds and personal information are SSL encrypted and safely stored. Additionally, our site is constantly monitored, to ensure complete protection from identity theft and/or credit card fraud.

Do you provide real-time market quotes?

Yes. As a part of the services we offer, we are required to provide you with a fully-transparent trading environment. Our advanced system is programmed to quote up-to-the-minute market prices with zero delay.

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