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FAQs
There are no set minimums for opening an account with SpireBit.
According to the policy of our Company, an account is considered inactive if there is no trading activity thereon, that is, when no transactions were made on the account. In case of opening a transaction, including after a long period of inactivity, the account is automatically considered active.
The maximum number available is up to 3 accounts.
KYC Policy
A color copy of a valid passport or other official identification document such as driver's license, ID card, etc. The identity document should include the full name of the individual, the issue or expiration date, the place of birth and identification number of the individual, the date of birth of the individual, and the individual’s signature.
A recent utility bill, such as bill for the electricity, gas, water, telephone, Internet connection, bank statements for the last three months, confirming your residential address.
As a regulated company, we operate under certain procedures related to compliance with the requirements provided by our main regulatory body. These procedures include the collection of relevant documents from clients related to KYC (Know Your Client).
Yes, you can. You can edit some of your personal data on your own in the Trading Room. To edit KYC documents contact our support team.
Deposit and withdrawal of funds
A wide range of deposit options is available to our clients. The Company’s Financial Department will provide the most optimal deposit method depending on the amount and region of residence of the client (bank transfer, cryptocurrency transfer, debit/credit card payment, electronic transfers).
The technical minimum depends on the chosen deposit method (from 10 USD). When choosing the investment amount, be guided by the service provided. Please, familiarize yourself with the available options on the "Types of accounts" tab.
Commission fees depend on the payment system you use. SpireBit does not charge commission fees for deposits.
According to the AML policy, it is not possible to make such a transfer.
The deposit time depends on the deposit method you choose. The application for withdrawal of funds is processed by the Financial Department within 48 hours. After processing the application, the withdrawal of funds will depend on the withdrawal method you have chosen. For example, SWIFT transfer takes from 1 to 5 business days, SEPA transfer - from 1 to 3 business days, cryptocurrency transfer - up to 2 hours.
Trading account
To open a trading account, you need to log in to the Trader Area and click the "Open an account" button.
After activating a trading account, a trading terminal is available to you.
SpireBit provides seven account types. You can view the available options on the "Types of accounts" tab.
Yes, you have the option of opening a corporate account.
Yes, you have the option of opening an Islamic account.
Trading
Swap is an agreement between two parties to exchange (swap) certain cash flows at a certain time in the future. In other words, this is a trading operation, during which a number of conversion transactions are concluded.
The transaction size refers to the position size you wish to open, not the amount of your funds that you would like to use. It depends on the instrument.
Increasing leverage does not increase interest, profit or loss. These parameters are affected only by the position size. With higher leverage, you can open larger positions, but this is not always necessary.
For example, 1 lot position for any instrument and 1: 100 leverage will give you the same profit/loss and percentage as 1 lot on the same instrument with 1: 500 leverage. However, when high leverage is used, your margin requirements are lower, so you have more free margin and can open more positions.
Take-profit is the closing of a previously opened position at a price that is more profitable for the client than the current price at the time the order has been placed. When the fixed profit is reached, the order will be closed.
Margin Call is a warning to the trader when the account balance falls to a critical level. This means that the account remains only in the margin delivery and you need to deposit the account in order to prevent a Stop Out situation or a force closure.
Stop-loss is an order to close a previously opened position at a price that is less favorable for the client than the current price at the time the order has been placed. The stop loss is the limit point at which you set your order. Once this limit reaches this point, your order will be closed. This feature is useful if you want to minimize your losses when the market goes against you. Stop loss points are always set below the current ASK (buy) price or above the current BID (sell) price.
Spread is the difference between the ASK price and the BID price, that is, it is the difference between the best buy (ASK) and sell (BID) prices at the same time for a particular currency pair. With us, you can trade a wide range of instruments with flexible spreads. This gives you a greater degree of price transparency on your transaction.
Trailing Stop is a type of stop loss. It is set at a percentage level either below the market price (for long positions) or above the market price (for short positions).
Margin represents the percentage of the total trade size that the broker requires as a guarantee in order to allow the trader to open the position. This amount is not a fee or a transaction cost, it is simply a part of your account set aside collateral for the transaction. The margin requirement is determined by taking a percentage of the notional trade size and is determined by the broker in advance in the trading conditions.
Spot markets refer to markets dealing with the current price of financial instruments.
Slippage occurs when there is a gap in the market between prices or because the available liquidity at a given price has been exhausted. Market gaps usually occur in the fast moving markets where the price can jump a few points without trading prices in between. Likewise, each price has a certain amount of available liquidity. For example, if the price is at 50 and there is 1 million available at 50, then a 3 million order will get slippage because 3 million is more than the 1 million available at 50.
Buy, sell and earn on cryptocurrencies, indices and stocks of the international corporations.
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Risk Warning: Trading in financial instruments and/or cryptocurrencies involves high risks, including the risk of losing some or all of your investment, and is therefore not suitable for all investors. The prices of cryptocurrencies are extremely volatile and can change under the influence of external factors such as financial news, legislative decisions or political events. Margin trading leads to increased financial risks.
Before making a decision to make a transaction with a financial instrument or cryptocurrencies, you should obtain full information about the risks and costs associated with trading in financial markets, correctly assess the investment objectives, your experience and the acceptable level of risk, and, if necessary, seek professional advice.