Below, you will find most frequently asked questions concerning the cooperation with our company.
Opening trading account
Tt can be created by filling in the form that can be found in the „Real account” section of the website. After its sending, you will be contacted by our support in order to complete formalities.
The account is created after sending us your scanned ID and specifying basic account parameters.
The account can be opened by all the traders: both novice and highly experienced ones.
We cooperate with both individual traders (the so-called remote traders) and trading offices employing a manager. If you represent a trading group or you would like to open your own trading office – do not hesitate to contact us.
Initially, traders-to-be are required to fill in the „Factual account” form. Then, we require sending us the scanned ID. Basing on the specified account parameters and the provided documents, we create a cooperation agreement. After its signing, an individual trading account is opened. The account is activated after registering the performance bond transfer on the bank account of the company. Before the account activation procedure, traders choose preferred quotations.
Account opening is free from charge. However, traders have to undertake the payment of commission costs, stock exchange fees (SEC, NSCC, NASD/TAF) for realized transactions, as well as monthly platform exploitation and quotation costs.
Opening demo account
It can be created by filling in the form that can be found in the „Demo account” section of the website. After its sending, you will be contacted by our support in order to complete formalities.
The Demo account is free from any charges.
The Demo account is active for the period of two weeks.
Questions relating to costs
After opening the account, you will be obliged to undertake monthly payment for the platform and chosen quotation options. All the details can be found in the table.
No, they do not. Quotations are charged separately and independently from the platform costs.
Trader has to bear the costs of: commission, ECN fee/rebates (in accordance with official ECN rates) and SEC, NASD, as well as NSCC stock exchange fees. All the payments can be set up via the trading platform. After a trading session, all the transactions made together with key statistic are available in the report system.
Payments for the platform and quotations are calculated every calendar months, after trading platform launching. Even singular activation of the platform is connected with adding full platform and quotation fees to user’s balance.
Commission rate is a charge for every traded share, for example 0.00075$ per share. In such a case, a trader pays the fee for every purchased/sold share. There is no minimum. If you generate a high turnover, commission rate can be further negotiated.
It is a fee to be paid to SEC (Securities and Exchange Commission). As of now, it is equal to $21.40 per every million dollars in turnover. It is calculated for every sale/short sale. Current SEC fees can be found at: http://www.sec.gov/News/Page/List/Page/1356125649507
TAF – Trading Activity Fee – is a fee to be paid to FINRA. As of now, it is equal to $0.000119 per every action realized during the selling or short selling procedure. Current FINRA fees can be found at: http://www.finra.org/Industry/Regulation/Notices/2014/index.htm
It is a fee to be paid to National Securities Clearing Corporation. There is no specified rate per action: the fee depends on the value of a transaction made and the value of a chosen company. For example, while trading 100 shares of a company worth 10$ – the cost is approximately 0.0021$ per 100 shares. While visiting the DTCC website, you can use a calculator that will help you specify the approximate amount to be paid:
Questions relating to performance bonds and money transfers
Performance bond for factual accounts is equal to 3000$ for specified account parameters and trading experience.
After signing the agreement, a trader is provided with transfer data.
Typically, it takes up to several working days.
The company calculates the income monthly, so the income generated in May is calculated up to mid-June and the transfer is made at the end of June.
Questions relating to the platform, quotations, and account parameters
All traders creating an account are provided with a manual Sterling Trader in Polish. What is more, manuals and video manuals concerning the platform utilization can be also found on its official website: www.sterlingtrader.com. You can also try opening a Demo account to familiarize yourself with the platform.
Yes, we do. Traders are granted direct access to the representatives of our company via emergency contact channels, as well as via e-mail and phone. Support is available in Polish and English. Details relating to this service are provided to every trader individually after signing the cooperation agreement.
Yes, you can. Changes are made during a particular calendar month and are introduced within 24 hours (typically, the operation takes up to 1 hour) in the case of adding new quotations and starting from a new month for removing quotations. Quotation fees are calculated for the entire calendar month.
Yes, you can introduce such changes. However, they have to be prior accepted by the Risk Department. Changes made are typically implemented within 1 hour.
Minimally, (to be able to access stock exchanges and charts), you should order the following: NASDAQ level 1, NYSE level 1, and AMEX. Differences in other quotations may be presented to interested traders.