Frequently Asked Questions

Overview

Below are some of the most frequently asked questions to WSD Direct Client Service. Please scroll down for a complete listing of all FAQs that are available on our website. . If your question is not in the list below please contact one of our friendly and competent assistants and they will be glad to be of assistance to you.

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• What are your commissions and fees?

  WSD Direct does not charge commissions for FX Contracts. Your only transaction cost is the dealing spread - the difference between the bid and the ask price.

• What are your trading hours?

  WSD Direct traders are available 24 hours daily from from 10:00 am Monday New Zealand time (11:00 PM Sunday London time, 6:00 PM Sunday New York time) through 10:00 am Saturday New Zealand time (11:00 PM Friday London time, 6:00 PM Friday New York time)

  • Adjusted as per daylight saving time

• Can I trade with WSD Direct if I am not using my main computer?

  You may trade with WSD Direct from any computer with an Internet connection. Simply go to www.wsd-fx.com and login to your account. If you are traveling or do not have access to a computer with an Internet connection, you may execute trades over the phone by calling the WSD Direct dealing desk.

• What other services does WSD Direct offer?

  WSD dealing software, MetaTRader4 provides each client with a wide range of trading tools, including technical analysis and charting, real-time news feeds, real-time profit and loss analysis, and full back office capabilities. WSD Direct's market professionals will also provide daily Market Commentaries, Trading Signals and Economic Outlooks.

• What are WSD Direct's margin requirements?

  WSD Direct initial margin requirement for a standard account is USD 1,000 on our minimum trade size of US $100,000.

  WSD Direct's initial margin requirement for a mini account is US $100 on our minimum trade size of US $10,000.

  WSD Direct will only execute trades on margin if the client has sufficient funds in his or her account.

• Can I place a trade via e-mail?

  No. We do not accept trades via email.
  
  

• Can I hold positions over the weekend and major holidays?

  Yes, you may hold positions over the weekend and major holidays, but make sure you review your margin balance to cover any negative move against your open positions. It's not uncommon for currencies to "gap" - trade at prices considerably away from previous levels - when they re-open for trading after a holiday or weekend. This may negatively impact your excess margin.

  We suggest you keep a cash "cushion" in your account of at least 1% against your open positions; to help protect against automatic liquidations of your positions to meet margin requirements. For example, if open positions equaled $400,000 then, free margin should equal at least $4,000 (400,000 x .01).

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Account Information

• How do I open an account with WSD Direct ?

  Opening an account is easy as 1,2,3

  WSD being a regulated Futures & Options Participant have to follow one of the stringent customer due diligence procedures but it becomes easy if you follow our easy steps to successful account opening!

  Remember, it is these stringent rules and regulations that make your money safe and sound at the hands of WSD and hence it is worth this extra effort!

  Once you have decided which of the account forms are right for you, please download the corresponding fillable PDF form from our website right here

  • Account Opening Form - Individual
  • Account Opening Form - Corporate
  • Account Opening Form - Joint Account

   

  Make sure you have read and understood the following documents:

  • Client Agreement Form
  • Risk Disclosure Statement
  • Contract Information Guide
  • Client Acknowledgement
  
  
  1. In the case of an Individual account, kindly make sure you have:
  • Filled your account opening form
  • . A certified copy of your valid government issued photo-identification document viz. either passport, driver's license or national ID card
  • . A certified copy of bank account statement or other notice of confWirmation issued by a bank showing name and current Address
  
  
  2.In the case of a joint account, kindly make sure you have the above for each account holder as well as authorized signatory.
  
  
  3. In the case of a corporate account, kindly make sure you have :
  • . A certified copy each of photo-identification document for all directors/authorized signatories
  • . A certified copy of bank account statement or other notice of confirmation issued by a bank showing name and current address for all director/authorized signatories.
  
  
  Company documents viz.,
  
  
  • . A certified copy of Memorandum & Articles of Association
  • . A certified certificate of incorporation
  • . A certified copy of bank account in the name of the company.
  
  
  

   

  With copies and original documents, you may please seek the nearest, convenient but competent authority like Banker or Justice of Peace, Notary and Lawyer

  • . To verify/attest/notarize the copy documents &
  • . To co-sign on the witness column when you sign the forms in the official's presence.

   

  Now all that is left for you is to do is to physically send us one copy of the documents as listed in Step 2 to our below address:

  
  
  

  WSD

  WSD House, 475 Mt Eden Road

  Mt Eden, P.O. Box 8063

  Symonds Street, Auckland New Zealand

  Before you have mailed/couriered these documents (original), you can send us digitalized copies via email. Once the digitalized copies are received, our Compliance Dept., will set up your account and you can commence trading with WSD.
  support@wsd-nz.com

  All that is left to say now is - Welcome to WSD your online trading provider!
  
  How do I know if my account has been opened?

  Once your account is opened, you will receive an email with your username and instructions for accessing your account. Please note that username's are only assigned after your account paperwork has been approved.

• . How do I fund my account?

  Funding your account once the account is set up is very easy. You have the choice between the classical Swift transfer and a fast and easy PayPal funding.

  
  
  

  Depositing Funds

• When will my funds be posted to my account?

  The time it takes for a deposit to post to your account will depend on the method in which it is sent: Wire - 1 to 2 business days of receipt Paypal within 24hours of receipt

• How is roll over executed in my account?

  Unless specific settlement instructions are provided, WSD Direct will automatically roll forward all open positions to the next day's value date at the end of each business day. All rolls will be done at inter bank rollover rates, and depending on the currency pairs involved, trades will be executed where the trader will either earn or pay away points, depending on the interest rate differential between the two currencies and the margin employed on the trade.

• How do I withdraw money from my account?

  Please fill out the form below and send it in physical form to:
  WSD House,
  475 Mt Eden Road Mt Eden,
  P.O. Box 8063 Symonds Street,
  Auckland New Zealand

• How do I withdraw money from my account?

  Please fill out the form below and send it in physical form to:
  WSD House,
  475 Mt Eden Road Mt Eden,
  P.O. Box 8063 Symonds Street,
  Auckland New Zealand
  
  Download the Widthrawal Form here
  Withdrawal requests are processed within two (2) business days of receipt.

• What is considered a 3rd party?

  WSD Direct will not accept third party deposits or withdrawal requests. The name(s) on the WSD Direct trading account must be an exact match with the name(s) on the account of the other financial institution. This includes (but is not limited to) instances where the name on the bank account is not a WSD Direct account holder, business accounts and endorsements to WSD Direct.

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Your question not answered here? Contact Us and we'll be happy to answer any questions you have about WSD.