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Visit our FAQ page to find answers to your questions about our services, investment strategies, and how we aim to assist you in navigating your financial journey.
Getting started
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There are many reasons to open an account with MEXEM including our innovative trading technology, low cost, global access, and financial strength and security.The MEXEM Universal Account is an Integrated Investment Management account that lets you invest around the world.
The Base Currency you elect for your account serves 3 primary purposes:Accounting Convention: the MEXEM Universal Account provides clients the ability to trade multiple products from around the world in a single account. As clients trading global products are likely to hold positions which are denominated in different currencies, a single currency needs to be selected for the purposes of translating statement balances. In designating this single, or Base Currency, many clients elect the currency of their country of residence or where the majority of their income and assets are denominated.Margin Compliance: margin compliance is determined by comparing Equity With Loan Value and the margin requirement of the account. As cash or securities denominated in one currency may serve as collateral to satisfy the margin requirement of a position denominated in another, a common currency is needed to determine whether the account is margin compliant.Fees: charges related to market data and research, inactivity fees, exposure fees and commission on Forex trades are also charged in the designated Base Currency. This is intended to lower currency conversions that would otherwise be required to satisfy these fees.
The document must clearly list the applicant's name and the relevant address and must be less than six months old unless otherwise specified.Please provide a scanned version of one of the following acceptable documents:Utility bill : For example, a bill for electricity, gas, water, landline telephone, home broadband or TV. Mobile phone bills are not acceptable form of proof of address.Council tax billHome insurance billBank, mortgage or brokerage statementSigned and stamped letter from your bank on the bank's letterhead confirming addressCredit card statement (not older than six weeks)Government issued letters or statements: For example, a property tax bill, confirmation of residential address from the local authorities or a pension statement. Must be on official governmental letter head.Residence permitDriver's license or national identity card: If you use your Driver's License or National Identification Card as proof of identity, it cannot also be used as proof of address.For HUNGARY only: ADDRESS CARD which shows the current residential addressPlease note MEXEM will accept documents that are not in English but it may take longer for those documents to be translated.
The documents which are needed to be submitted as part of the application process vary by the account type (e.g., trader and investor, institutional, educator, referrer) and its structure (e.g., individual, trust, partnership, corporation, LLC). Detailed requirements are available on the website by choosing the Open Account link, then choosing your account type from the drop-down window and then clicking on the link titled "What You Need".
To determine the market data subscription needed for any product, simply enter the symbol on a TWS quote line and right-click with your mouse to initiate the Market Data Subscription Manager from within Client Portal. It will then take you to the different subscriptions through which real-time quotes can be obtained for that product given your status as a Professional or Non-Professional.
My Account & login
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Your statement is likely not reflecting your loss due to a "wash sale" A sale of stock or securities is considered a "wash sale" if a trader sells shares or securities at a loss and purchases the same or equivalent shares or securities within the 61-day wash sale period, which includes the 30 calendar days before the sale, the day of the sale, and 30 calendar days following the sale. When the loss on the sale is deferred, the amount of the loss is added to the cost basis of shares purchased during the wash sale period ("replacement shares"). Upon the sale of the replacement shares, the disallowed loss is integrated into the estimations of the gain or loss on the replacement shares and recognized. In addition, the holding period of the original shares is added to the holding period of the newly acquired shares or securities.For additional information on Wash Sales, please visit our website.
MEXEM will automatically close individual accounts managing a zero balance in order to avoid continuing market data subscription fees and/or monthly Minimum Activity fees.If all positions have been closed and a close account request has been submitted through Account Management, MEXEM will automatically convert Settled Cash balances to base currency provided the balance held is less than USD 1,000 equivalent. Clients holding currency balances exceeding this threshold will be required to submit closing trades in order to close their currency position before the account closure request will be processed.
Specific investments are prone to annual income reclassification and other adjustments by their issuer, frequently after the original tax statement has been issued for your account. When this takes place, an amended tax statement will be issued.Income reclassification means that a potion or all of the income distributed to investors during the tax year has been subject to a change in tax character or treatment. Examples of this are as follows:Real Estate Investment Trusts (REITs) - reclassification often occurs due to adjustments for depreciation and/or gains or losses from sale of property;Unit Investment Trusts (UITs) - UITs taxed as grantor trusts commonly reclassify income relating to return of capital, qualified dividends, short-term vs. long-term capital gains, original issue discounts, interest, fees and expenses.Mutual Funds - reclassification can occur if the fund distributions during the year surpassed earnings or if the fund holdings included securities subject to reclassification (e.g., tax-exempt mutual funds, REITs).See: What should I do if I receive an amended Form 1099? in the MEXEM Knowledge Base.
If you are able to log in to Client Portal/Account Management, but not any of the trading platforms, then there is no problem with your login credentials (i.e., user name, password and 2 factor authentication). Rather, your access to the trading platform is likely restricted due to one of the following conditions:Your account application remains under review and has not yet been approved. Note that you will receive an email notification once the review of your application has been completed.You are a client of a financial advisor managing discretionary trading authority over your account. Here, the advisor is presumed to be the only individual entering orders and the advisor can provide the client with access, if requested.In case of a new user creation, 24 hours are required before being able to log in to the trading platforms.
You may not be able to log into your paper trading account if:You requested a new paper trading account that isn't ready. It normally takes 24 hours to be activated.Your live account is closed. In that case, your paper trading account will also be closed.You have an older account and have never activated a paper account (newer accounts include a paper account).See also: What is the username of my paper account? and How can I reopen a closed paper trading account?
Funds & banking
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MEXEM allows one free withdrawal request per calendar month. Subsequent withdrawals, despite the method, are charged a fee. The fee charged depends upon the denomination of the currency withdrawn and the withdrawal method. Please see the MEXEM website for details.For purposes of determining the number of withdrawal requests occurring in a given month, MEXEM uses the date at which the client submits the withdrawal request and not the date at which the withdrawal was processed. Accordingly, a client who submits a withdrawal request on the first and last days of the same month will be assessed a fee for the second request even if that request is processed on the first day of the following month
You might have opened non-base currency balances which limit the amount you can withdraw in a given currency. You may refer to the following link for instructions on how to convert these balances back to your base or other currencies: How can I convert currency at MEXEM?If your account is a cash account and you recently executed a closing trade or currency conversion, you are required to wait for settlement before you can withdraw funds. This takes generally two (2) business days for stocks and for currencies (T+2).If you recently deposited funds to your account, please be aware of withdrawal restrictions that may apply to your recent deposit.If you have open the -F account UK Regulated used to trade non-US index options and spot metals, you may have cash balances in such account that have to be transferred internally to the main account first. You can see cash balances in the -F account in TWS Account Window, section Market Value Real FX Balances, column "FX Cash"; you can also see these cash balances in your activity statements under the Cash Report section in the "UK Regulated" column. You can launch an internal transfer by logging in to Client Portal and selecting the menu Transfer & Pay followed by Transfer Funds. Click on the account number in the upper part of the page and choose the account ending in F. Then pick Internal Transfer and choose Full Transfer in the Currency drop down. Click Continue, confirm by entering username, password and the code sent to your email and click Continue. The transfer will be reflected on the account in an instant.See also: How can I check my cash balances in the Activity Statement? and Are there any limits to the amount I can withdraw?
In order to decide if you are using the correct or a valid ABA routing number please contact your financial institution to confirm this information.An ABA routing number is an unique routing or transit code used to identify banks in the United States. An ABA (American Bankers Association) code is usually the first nine numbers in the bottom row of numbers on any check in the US.
To log in to Client Portal, use the button above and check on the status of your deposit.You may also check the Message Center for a verification message that is generated when a deposit is processed.The date on which funds will be credited to your account will be dependent on the method of funds transfer:Wire From instant to four business days, depending on your bank. Non-U.S. banks are usually at the longer end of the range. Credit to account is instant upon arrival.MEXEM provides a one-day holding period for GBP Faster Payments.ACH TransferACH seeks of more than $25,000 will be received from your bank on the next business day and credited to your account after four business days under usual circumstances.ACH seeks of $25,000 or less received by 11:00 am ET will be credited to your account the same day and available to trade after four business days under usual circumstances.ACH seeks of $25,000 or less received by 11:00 am ET will be received from your bank on the following business day and credited to your account after four business days under usual circumstances.Check (All checks including retirement plan checks)USD Checks Only Bank, Bill Payment, and Personal checks for US Dollars are accepted. Click here for a list of acceptable/ unacceptable check types. Funds are credited to your account after a 6 business day credit hold, with the deviation of Bank Checks, which are credited instantly.HKD Checks Only personal checks are approved. Funds are credited within one business day after we receive official confirmation from our bank that the funds have cleared.Online Bill PaymentElectronic fund transfers are credited to your account instantly. US checks will be credited to your account after six business days.BPAYFrom instant to four business days, depending on your bank. A credit account is instant upon arrival.Canadian Bill PaymentBill payments submitted through your online bank payment system before 18:00 EST are normally received by IBKR within three business days and are instantly credited upon receipt.Canadian Electronic Funds Transfer (EFT)EFT requests received by 09:30 ET will be credited to your account after four business days under usual circumstances.Direct Rollover, Trustee-to-Trustee, Late Rollover, Employee/Employer SEP Contribution, Recharacterization, Roth IRA Conversion (IRA accounts only) depends on third-party administrators.
An ACH, while electronic, is similar to a check in that the funds are not guaranteed. As a result, they are subject to a hold period of 4 business days after arrival. The ACH deposit credit hold period is released at the time of U.S. regular market open on the 4th business day.MEXEM, as the originator of the transfer request, imposes this hold as it is obligated to return the funds to your bank, without recourse, should your bank later decide the transfer request to be unauthorized or in error. While your bank generally has the right to verify and request a return of funds well beyond MEXEM's hold period, past experience has proven a 4 business day hold sufficient in most instances. Note that ACH deposits are eligible for credit interest from the date the deposit arrives and through the hold period.Clients who need instant use of deposited funds are encouraged to use bank or broker wire transfers which are irrevocable and are therefore credited to your account and available for trading purposes instantly upon arrival. MEXEM does not charge for incoming wires for any currency with the exception of the Mexican Peso.Information on limitations, credit and withdrawal hold period for ACH deposits can be found on our website.
products
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We may shorten the collateral value of securities (reduces marginability) for a variety of reasons, including:small issue size small or market capitalizationlow liquidity in the collective primary/secondary exchangesinvolvement in tenders and other corporate actionsTo see if a stock has a special margin requirement, use the Check Margin Impact feature in TWS to see the projected margin impact.Please feel free to visit the MEXEM Knowledge Base for information regarding margin rules for stocks below USD 5 and margin treatment for foreign stocks carried by a US broker.
Standard settlement period for most currencies is 2 business days (Trade Date plus two business days: T+2), with some pairs such as USD.CAD settling the next business day (Trade Date plus one business days: T+1).In order for a date to be a valid settlement date for a Forex transaction, the central banks for both currencies must be open for settlements. If either currency htlement date, sas a ‘holiday' on the target setettlement is deferred until the next valid business day for both currencies. Additionally, intervening holidays, that is a holiday between trade date and the standard 2 days later may or may not defer settlement, depending on which currencies are involved. Most currency transactions will not settle on a USD settlement holiday. This treatment is regardless of whether USD is part of the transaction directly, i.e. a EUR.JPY currency transaction will not settle on a USD settlement holiday but will be deferred to the next valid business day for all three currencies.Currency holidays are days in which the there is no settlement of prior transactions.
An IPO is an initial offering, made to the public, to purchase shares in what has historically been a privately owned company. If an Initial Public Offering (IPO) is successfully completed, the shares that have been issued by the company will become publicly tradable on the listing exchange. The stock issued by the company give the bearer partial ownership in the company. An IPO is one of numerous mechanisms available to private companies to raise capital.
In order to trade on the ArcaEdge or OTC Pink markets, you must add the United States (Penny Stocks) trading permissions.Log in to Client Portal/ Account ManagementSelect Settings followed by Account SettingsClick on the Configure icon (gear) next to Trading Experience & PermissionsScroll down to "Stocks", check the boxes for "United States (Penny Stocks)"Click CONTINUE and follow the notifications on the screenNote: All users listed on the account must be two-factor authorized, either with SMS, IB Key for Android or IB Key for iOS, or a Secure Login Device. Furthermore, the account holder must have the requisite Investment Objectives, Investment Experience and their personal Financial information must be consistent with Options Trading Requirements as per our website. Be certain to read the notes at the bottom of the table, as they carry important extra information. US Penny Stocks trading is subject to Pattern Day Trading Rule (only for securities accounts with balances below 25,000 USD).See also: Where can I update my financial information?
MEXEM generally does not offer clients the ability to participate in an IPO (Initial Public Offering) of a US company.MEXEM may provide the ability for clients to participate in IPOs outside of the US. Such offerings are done on a case by case basis.In the event an IPO is open for clients, Account Management's Trading > IPO Subscription menu will provide a list of currently active IPOs.If you want to participate in a Hong Kong IPO please see: When can I make an application for an IPO?
trading
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Route orders to FXCONV if you are not interested in tracking the average cost and running P&L on your currency trades in your trading platforms.Orders routed to FXCONV in TWS:Do not create or adjust Virtual FX Positions in FX PortfolioAre not reflected in the trading platforms' P&L.Orders routed to **IDEALPRO **in TWS:Create or adjust Virtual FX Positions in FX PortfolioAre reflected in the trading platforms' P&L when FX Portfolio is displayed.Please note:All currency trades at MEXEM, both destination FXCONV and IDEALPRO, imply currency delivery and result in currency conversionsDestination IDEALPRO or FXCONV has no impact on the Activity Statements' P&L. See: How is P&L on Forex calculated?Only TWS allows you to select FXCONV; the other trading platforms always route currency orders to IDEALPRO.See also: How do I hide Virtual FX positions?
Margin requirements affect how and when you can borrow, the type of deposits which may be needed and the level of equity that you must manage in your account. Failure to meet these requirements will result in becoming subject to liquidation of assets, either manual or automated, to bring the account back into margin compliance.Margin requirements are based on your Country of legal residence, the exchange where you want to trade and the product(s) you want to trade. You can use the following resources to learn more about trading on margin:On the Margin Trading page of the MEXEM website you can find information on margin trading as well as up-to-date margin requirements. Use the handy Margin Requirement Wizard to narrow the information to only the products you wish to view.In the Margin Education Center you can find additional educational materials related to margin trading at Mexem.Find details on Margin oversight for US listed securities and commodities products and Key Margin Definitions in the MEXEM Knowledge Base.See also: How can I keep track of my account values and margin requirements in TWS?
Opening orders from Retail investors occupying in the European Economic Area (EEA) that are correlated with a product that does not follow the EU's packaged Retail and Insurance-based Investment Product Regulation (PRIIPS) will be rejected. The regulation is planned to enhance understanding of these products through provision of disclosure documentation mentioned to as the Key Information Document (or "KID"). The KID provides information such as costs, risks & performance, product description.The products that this applies to have returns connected with a reference value and include derivatives (options and futures), ETFs, ETNs, funds and certain debt instruments. It does not apply to stocks, standard bonds and FX. Orders will be denied if the issuer, or manufacturer, of the product has decided not to provide the KID needed in order to distribute the product to EEA retail residents.Please note:The restriction does not apply to existing positions subject to the KID requirement that you are seeking to close. To close any similar position you held prior to the implementation of PRIIPS use the "Close" button to create a closing order.Once an EEA resident is accepted to trafe ETFs under PRIIPs there may be a further permission needed for "Complex or Leveraged Exchange Traded Products" required to trade ETFs or ETNs. See: What permissions do I need to trade Complex or Leveraged Exchange Traded Products?Find a general overview of PRIIPs regulation in the IBKR Knowledge Base.See also: How can I upgrade to Professional status for PRIIPs purposes?
If you tried to submit an order cancellation request and the Order Status field is an Orange color, that indicates that a cancellation request has been accepted by the system but currently the request is not being recognized. At this point, your order is not confirmed canceled. You may still receive an execution while your cancellation request is pending.If you tried to submit and then cancel an order over the weekend when the exchanges are closed, then that order may not be removed from your screen until after the MEXEM system becomes active again after the weekend update. That cancel request submitted over the weekend will be recognized before the exchanges re-open for the new week. If you try to cancel an order during an active trading session, then the reason for the Pending Cancel could be due to system or exchange issues. In this instance, we recommend calling MEXEM's Trade Issues group so we can review the pending cancellation request.Please note, your order is only canceled after the exchange acts on the cancel request and confirms to MEXEM that they have removed your order from the exchanges order book. In some instances, the exchange may be in the process of filling your order and will not act on the cancel request.For additional information, please visit the MEXEM Knowledge Base.
A Cash account must have enough cash to cover the cost of a position plus commissions and can never hold a negative cash balance. When placing a Market order (or Stop order), the order value cannot be known with certainty prior to execution as the market can move in any direction at any moment. Because of this, an additional 5% is added to the order amount at the credit check step for Market type orders to account for market movements. If you receive an order rejection for not enough Settled Cash when you do in fact have the Settled Cash to execute your order at your desired price and quantity, try using a Limit order (or Stop Limit order for a Stop) or reduce the MKT order size.Clients may also receive this rejection message when attempting to purchase a foreign security in a Cash type account. Because a Cash account is precluded from borrowing funds, clients will need to place a currency conversion and wait for those funds to settle prior to purchasing a foreign security.More details regarding closing the nominal forex balances in an account may be found in the MEXEM Knowledge Base.See also: How do I upgrade my account to use margin or Portfolio Margin?
fees & interest
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MEXEM does not act to automatically convert currency balances back to the Base Currency as this action would require assumptions as to the account holder's desired currency exposure as well as the trade price at which they would be willing to close the position.
Neither MEXEM or its agent bank charges for electronic deposits of any currency other than MXN. If you are being charged it is likely because your bank is using the services of a correspondent bank to effect cross-border transfers. As this relationship is not controlled or determined by MEXEM (nor do we benefit by the fee), you would need to discuss with your bank the relationships they maintain and how that impacts your costs.
The tax applies to qualifying positions held in an account of a non-U.S. taxpayer. It does not apply to U.S. taxpayers. Accounts of non-U.S. taxpayers generally are evidenced by the submission of an IRS Form W-8 and can include the following account types: individual, joint, organization and trust.
Various Central Securities Depositories such as the Depository Trust Company (DTC), Euroclear or Clearstream collect custody fees on behalf of ADR agents for DRs which do not pay periodic dividends. The fees are similar to dividends as they have an effective record date, they are deducted by the applicable depository in standard billing and will be passed to accounts which held the ADR on the record date.On a best-efforts basis, a notification will be sent to holders of ADRs referencing the possibility that the account will be charged an ADR fee of between 0.01-0.03 USD per share at some time in the future. The ADR charges, once processed, can be found in the Activity Statement in the Fees section for the date they were posted to your account.For more information on the fee, we recommend that you consult the ADR prospectus. You can also visit the SEC website's "Investor Bulletin: American Depository Receipts" (scroll down to the "What fees are charged to ADR Investors" section).
If you are eligible to receive a dividend payment (please see the MEXEM Knowledge Base), an accrual representing the dividend expected to be paid by the issuer at a future date will be posted to your account balance on the Ex-Dividend Date.Upon receipt of the funds from the depository or clearing agent, MEXEM will reverse the accrual and will post the allocated funds to the cash balance of the account. This adjustment will usually occur on the announced Payment Date; however clients should note that in the event MEXEM does not receive the funds in a timely manner, the dividend will remain in an accrued state until the funds have fully allocated.Account holders may track all of this information, including the date at which the dividend is expected to be paid and its amount by creating a custom activity statement that includes the section titled Open Dividend Accruals. See: How do I create a custom activity statement?
general questions
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MEXEM provides the following API types:Trader Workstation (TWS API) - offers the most features and is made available to any clients with trading access.WT Web API - offered to white-branded advisors and introducing brokers and provides streaming and historical data.Client Portal Web API beta- offered to all clients to provide a RESTful interface to the Client Portal via a small local gateway.3rd party Web API - offered to 3rd party vendors to connect their end users to their accounts at MEXEM for trading stocks and forex.Additonal information on our API solutions can be found on our website.
A given username can only have one trading session active at a given time. If you have a trading session running (e.g. TWS or MEXEM Mobile) and you start another session (e.g. Client Portal), you will be warned upon login to Client Portal with the message "You are currently logged in without Trading/Market Data permissions. You are logged into the Brokerage system on another platform. You can only trade and view real-time market data on one platform at a time. You can still manage your account but can't trade. Another session with the same user name has disconnected your session." You can click on the "Log in with Trading/Market Data" button to enable trading access on Client Portal and disconnect the other trading session.
To protect your assets and data in the event you forget to log out or leave your device unattended, your Client Portal session will time out after 60 minutes of inactivity. This is a system setting and it cannot be adjusted by the user.If you are being logged out prior to the 60 minute session expiration, please try one of the following troubleshooting steps:Clear your Cookies and Cache for the browser you are usingTest different Internet Browsers. e.g. Firefox, Chrome, IE or SafariConfirm if you notice the same logout behavior when logged in via your SmartphoneRestart your Internet Modem and restart your Computer.Should you need assistance, please contact MEXEM Client Services.
After MEXEM Mobile goes to the background (when you take an incoming call, for example) you can bring it back by clicking on the MEXEM Mobile application icon or by a long press on Home button. Note that in the latter case MEXEM Mobile might not be listed among the currently running applications, especially if it was sitting in the background for long time. This is completely normal as Android shuts down inactive applications automatically when it needs resources.
The MEXEM Debit Mastercard can be used anywhere Debit Mastercard is accepted, both to make purchases and to withdraw cash from ATMs.ATM withdrawals: Some ATMs require that you choose Checking, Savings or Credit Card. If you are presented with this choice, select Checking to withdraw cash using your Debit Mastercard. Note that Debit Mastercard balance inquiries will not work on ATMs. To check your current available balance, log into mobile TWS and look at the Account/Balances screen.
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