Questions on Account Opening:

How long will it take to open an account

It takes minimum 24 hours to approve a trading account. The client can track the status by browsing through the client portal.

What documents are required as address proof?

Water/ electricity or any utility bill or an updated bank statement is required and the production of any online statement is strictly prohibited.

How can I differentiate between STP/ECN and real accounts?

Real accounts offer an execution instantly involving repetitive quotes whereas STP/ECN accounts offer a market execution excluding the option of re-quotes.

How much is the required amount for opening an account in trading?

A MetaTrader4 Standard or authentic ECN account can be opened with the minimal amount of 200 USD or any other base currency equivalent to it. However, the cTrader account needs a deposit of minimum 1000USD.

What are the safety measures with a Sumo Forex trading account?

The client trading accounts are subject to strict security and safety policies where the external and internal auditors perform constant monitoring and reviewing. Every client account is isolated to ensure that they do not get mixed up with the own funds of Sumo Forex.

Question on client funding:

State the different methods for funding a trading account.

Sumo Forex offers a user friendly and simple portal to its clients for a smooth and automated deposit or withdrawal of payment. Please check the funding option to know more about the process in detail.

What is the process of depositing funds in my trading account?

The client can deposit fund in his account through the client portal. Fund deposit takes minimum 24 hours to get processed depending on the method followed. There are different processes involved with depositing funds and the funding section has a detailed discussion on it.

Is it possible to withdraw funds while having open positions?

A client is eligible for withdrawing funds if he has open positions on his platform. However, the withdrawal request will be barred if there is insufficient amount in the trading account.

Is it possible to withdraw the bonus?

The bonus offered to the client is supposed to be used exclusively with Sumo Forex and is not entitled to be withdrawn and is generally removed if the client files for a withdrawal request.

How to withdraw profits?

The profits can be withdrawn through the process of bank wire and also through the funding method that the client followed during his deposit.

Questions related to trading:

What are the consequences if any account goes negative?

The negative balance of the account is covered by the company.

Why is the price on the chart dissimilar to the price on my trading platform?

The bid price is shown on the chart and to find the ask price, the client needs to add the spread on the bid price.

Explain the difference between the equity and the balance appearing on the platform.

The balance explains the closing positions regarding your profit/loss whereas the equity is a real time measurement of profit/ loss.