Find all the answers you need to the most common questions
about your trading account
FAQ
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.
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.
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.
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 Coiken you can trade the financial markets according to the Sharia law.
In order to open an Islamic account, you will have to contact us and speak with one of our Customer Support representatives.
Toggle ContentA 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 Coiken.
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.
All major currencies (USD, GBP, EUR) are supported. Your selected currency cannot be changed after the account registration process has been completed.
Banking
Depositing funds into your trading account can be made in multiple ways, using major credit cards, e-payments and bank transfers.
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.
The minimum withdrawal amount is $50.
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.
You are able to withdraw the funds displayed in your trading account balance (minus the initial margin, payouts for open trades, and pending bonuses).
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.
Log in to your Coiken 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).
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.
Please email [email protected] 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:
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 Coiken (letter format).
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.
Trading on the Coiken 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).
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.
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).
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.
Taxation generally depends on the tax law governing your country of residence. Therefore, Coiken cannot delegate responsibility with its clients and they must tend to their own tax liabilities.
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.
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.
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).
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.
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)
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
An electronic bank statement is acceptable, as long as it is stamped by the bank.
Please make sure you sent/uploaded all the required documentation listed here. If you have further questions, please contact Customer Support.
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.
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.
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.
Please email your documents to [email protected] or click here to upload them directly to the site.
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.
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.
Due to regulatory protocols, if a client does not verify their Coiken 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
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.
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.)
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.
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 Coiken traders visit our Asset Index.
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.
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.
The permitted trading amount, to be spent on a single position, varies due to several parameters (asset class, available margin, account type etc.).
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.
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.
Coiken 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.
If you have a question about a past trade, simply email it to Customer Support, at [email protected]. The email should include a print screen as well.
CFD TRADING
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.
A BUY position is the act of buying an underlying asset, such as a stock, with the expectation that it will rise in value.
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.
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.)
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.
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.
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 %.
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.
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.
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.
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.
An entry order acts like a conditional order to buy or sell at predetermined a price (other than the current 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.
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.
CFD trading with Coiken doesn’t require any previous financial experience or background. All you need is a computer or a mobile device and an internet connection.
The maximum leverage that is offered for CFDs trading at Coiken is 1:200 and it’s available on selected assets and for selected account types.
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.
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
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
FX trading with the Coiken 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.
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.
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.
The answer is no. There is absolutely no need for any previous experience in order to start trading Forex with Coiken.
The maximum leverage that we offer currently stands at X200.
A strike price reflects the entry level market price for an underlying asset when a position is executed.
The returns on a successful investment at Coiken 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.
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
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.
No. All that is required to trade with Coiken is to register online and fund your account.
Languages can be altered using the drop down menu at the top of the page.
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.
No. Java™ is not required.
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 Coiken Customer Support for further assistance.
You may need to check if you are using https:// – if so, please change it to http://.
PROMOTIONS
Traders points are trading volume indicators. They are calculated per traded position amount and are accumulated each time you close CFD positions.
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.
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 Type | Min. Traders Points per Month |
|---|---|
| BASIC | 0 |
| BRONZE | 5 |
| SILVER | 15 |
| GOLD | 64 |
| PLATINUM | 165 |
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.
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.
Before the trading volume is met, your pending bonus is segregated from your available funds and is not available for trading or withdrawing.
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.
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.
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.
Participants must claim their winnings in the first 2 weeks following the end of the challenge. Please contact Customer Support for further assistance.
If the challenge results in a tie for one of the winning ranked places, the prizes will be equally split among the contenders.
Our Refer a friend program is an exclusive reward program in which an Coiken trader invites his friends to trade with us. When the referred friends become traders, the referrer is rewarded with referral bonuses.
Entering the program is simple. Contact your Account Manager or email [email protected] for more information.
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
This site is is owned and operated by OS Markets LLC, an international business company, with a registered office in The financial Services Centre, Stoney Ground, Kingstown, St. Vincent and the Grenadlines, 134LLC2019.
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 Coiken’s own money.
Your account details are being kept safe thanks to Coiken 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.
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.