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The foreign exchange market, also known as the forex (FX) or currency market, is the largest and most liquid market in the world. It represents the exchange of one nation’s currency for another, and is used for everything from travelers exchanging currencies to global financing. With over $ trillion  in currencies traded daily, the FX market impacts consumers in a global market, affecting the price of imported and exported goods. To put this in perspective, the five-day Average Daily Trading Volume (ADTV) for US stock and options traded daily is less than $ billion. While the forex market is huge, 75% of FX trading is conducted in the seven major currency pairs, six of which include the U.S. dollar (USD), with participants including governments, large international banks, regional banks, corporations, and individuals.

Foreign exchange trading continues 24 hours a day, with only the trading centers changing throughout the day. We’ll look at how the forex market works and what you need to know to trade in the financial world’s biggest and busiest arena. 

How to Trade Forex

Trading foreign exchange markets involves buying or selling one currency in exchange for another. The goal of trading is to profit from the changes in exchange rates between the two currencies. To trade forex, you will need to open a trading account with a broker that provides access to the FX market. After opening an account, you will need to deposit funds to use for trading. 

Once you have funds in your account, you can start trading by placing buy or sell orders for currency pairs. These orders can be placed through the broker's trading platform, which provides access to real-time pricing information and charts. To be successful in trading forex, you will need to develop a trading strategy that takes into account factors such as market conditions, news events, and chart analysis. Trades are sized in lots, with the standard lot representing , of the base currency (first of the pair). If you put a buy order in for USD/CAD, for example, you are betting on the U.S. dollar appreciating against the Canadian dollar, and this is considered a long position. If you put in a sell order for USD/CAD, you are betting on the Canadian dollar appreciating against the U.S. dollar, and it is a short position. 

Foreign exchange traders typically utilize technical analysis for their trading, and many also use fundamental analysis to gauge the relative strength of global economies. It is also important to manage your risk by using stop-loss orders and proper position sizing. Before placing a trade, you want to know your entry level as well as your exit points for taking profits or minimizing losses. Trading forex can be challenging, but with the right knowledge and discipline, it can be a rewarding and profitable experience.

Steps Required to Trade Forex 

Getting started trading forex is relatively straightforward. While there are some differences in opening a traditional stock trading account vs. a FX brokerage account, the overall steps are largely the same. 

Step 1: Research and select a broker.  The first step is to find out which brokers will offer you a foreign exchange trading account. If your existing broker supports FX trading and you have an approved margin agreement, you can skip ahead and begin trading. If not, you’ll want to look at FX brokers and compare them in terms of platform capabilities, regulatory compliance, fees, margin rates, and customer support. Investopedia does a regular roundup of forex-focused brokers to consider, and there are also large, traditional brokers worth considering. Once you’ve identified a broker that fits your needs, opening a forex trading account is a fast and easy process.

Step 2: Open a forex trading account. To open an account, you need to provide personal information, including name, address, and tax ID number, and some financial background information. You will also have to answer some questions about your finances and investment goals as part of “know your client” compliance.

When you open a FX trading account, it will include the execution of a margin agreement, because currency trading includes leverage. An options agreement will be required to trade currency options, which can be accomplished through either over-the-counter (OTC) options offered by some of the forex brokers or exchange-traded options on currency futures. 

Step 3: Verify your identity. Your broker will confirm your identity through your passport, license, or national ID. A copy of a utility bill or bank statement will also assist with verifying your address. The broker requests the financial and tax information to comply with U.S. government laws and Commodity Futures Trading Commission (CFTC) rules. 

Once your account and margin agreements have been approved, you need to fund the account to start trading. It should be noted, however, that some of the leading online forex companies do not offer accounts to U.S. customers.

Step 4: Fund your forex account. Once your account has been approved, you need to fund it in order to begin trading. Some forex platforms allow you to begin trading with as little as $, which at the 2% margin (or leverage) available for some markets, allows for a position of $5, Funding is typically accomplished by ACH bank transfer, wire transfer, debit card (after verification), or check. 

Step 5: Research currencies and identify trading opportunities. Once the account is open and funded, forex traders typically choose the currency pairs they want to trade, then utilize technical analysis to determine their timing points and price levels for trade entry and exit. Like all markets, but especially leveraged markets like foreign exchange, trade size and trade management are very important to achieve the preservation of capital on losing trades and growth of capital on profitable ones. 

The overall financial condition of a country, including interest rates, plays into the value of a nation’s currency, so there is a place for fundamental analysis in currency trading. News and fundamental data releases can also have a large impact on currency values. Beyond fundamental considerations, however, technical analysis is a critical part of currency trading because of the often fast moving currency markets. Many traders focus exclusively on technical analysis to capitalize on the price action of the forex market, using common technical techniques such as trend lines, channels, breakouts, patterns, and support and resistance levels to identify trading opportunities in the foreign exchange markets.

Step 6: Size up your first forex trade. Before making their first FX trade, every trader needs to understand how much capital they have, as well as the specific leverage available to them for their chosen currency pair. Since leverage in forex trading can be as high as , it is critical to understand how much capital you will have at risk on any trade. The 1% rule for how much capital to risk on an individual trade is a good rule of thumb for new forex traders. This means you should only risk 1% or your total account value on a particular trade. Other traders may choose to use a 2% or even 5% rule for the amount of capital they will allocate to any particular trade. 

The amount you are willing to risk along with how far you are willing to let the market move against your position before taking a loss sets the parameters of the trade. You should also set a take profit point if you intend to systemize your trading, but with the downside risk contained, you always have the option of letting winning positions run. Once the trade parameters have been determined, you are ready to enter the order through your broker’s trading platform.

Step 7: Monitor and manage your position. Once the position has been established, the trader should have a clear understanding of their position and, through their research prior to trading, have clear exit points for either taking profits or taking a loss on their trade. Many traders will use a one-cancels-the-other (OCO) so that they will automatically take their profit or loss should either of these levels be reached, and cancel the remaining order. 

Compare The Best Forex Brokers

What You Need to Open a Forex Account 

To open a forex account with a broker, you simply need to provide you personal information and fund the account. 

Personal Information

• Account information: Brokers often prompt you to create an account as the first step of onboarding. This generally involves providing an email, creating a password, and verifying the account.
• Personal information: You will need to provide your full name, date of birth, and contact details including mailing address, email (if not already provided), and phone number.
• ID verification: You will need to provide a copy of government-issued ID, such as a driver’s license or passport, to verify your identity.
• Proof of address: You will need a bill or a bank statement that shows your name and address to confirm residency.
• Know your client information: You will be asked about your occupation, income, and investment information along with other questions to assess your financial situation, trading experience, and risk tolerance. 
• Financial information: Your bank account details may be requested for setting up funding via bank transfers. 

Minimum Deposits 

The minimum deposits for forex trading accounts can be quite low and may not even apply at all. Due to the role of leverage in forex trading, however, it is a good idea to have enough risk capital in the account to actually engage in meaningful trading. Even if you can open an account with a $0 minimum, trading with smaller account balances is difficult and can severely limit the range of price action you can handle on any one position. Although there is no hard and fast rule, a balance of $2, in risk capital is a good starting point for developing your FX trading skills.

Understand the Basics

In currency trading, the first currency listed is the base currency, and the second currency is the quote currency. For example:

USD/JPY

The USD/JPY currency pair is made up of the U.S. dollar as the base currency and the Japanese yen as the quote currency. The base currency is always one unit of currency, in this case, $1, and the quote currency is the figure that changes. In this example, $1 USD can buy Japanese yen. Throughout the day, this value will fluctuate up and down based on trading activity. 

Transacting in the most common currency pairs is typically very easy because these markets are very liquid, and have very narrow bid/offer spreads. Another important forex trading term is a pip, which is the smallest increment a market trades in. This is typically , although it is for USD/JPY. Spreads in FX are now so narrow that many of the currency pairs trade in tenths of a pip (out to a fifth decimal place; or a third for USD/JPY).

In EUR/USD (euro/U.S. dollar) trading, the euro is the base currency, and the quoted rate represents the dollars that each euro buys. Beyond these specialized terms, the foreign exchange market trades like other markets, where there are bids and offers for buying and selling that creates price action in the market. Like other markets, you also have access to trading orders, such as limit and stop loss orders, for entering, managing, and exiting positions.

In addition to outright trading of currencies, some forex brokers offer contracts for difference (CFD) for currencies and some commodities. These contracts allow traders to use significant leverage, up to , for trading currencies where there is no transfer of assets. Instead, they only settle the difference in value. That said, there are additional risks with contracts for differences that investors need to consider.

Options for Trading Forex

There are multiple options for trading foreign exchange. They include trading directly with a bank or financial services provider, trading currency futures listed on exchanges through a commodity trading account, and opening an account with a foreign exchange broker that essentially provides individual traders with access to the interbank market through its own platform.

Know the Risks

LIke any trading market, FX trading involves risk. Forex trading can be volatile, as markets can adjust very quickly to new information and news. While this is similar to many other markets, the market participants in forex also include central banks. With the largest banks making up a large share of the market, prices can fluctuate greatly during the day. Simply put, retail forex traders are small fish in a large ocean. While this volatility and price action appeals to many traders, the price swings involved also add to the risk of getting stopped out of positions and experiencing slippage on price fills. 

Moreover, leverage in currency trading is significantly greater than stocks, with some brokers offering up to leverage on more liquid currency pairs. This is significantly greater leverage than the leverage offered to stock traders that establish short positions. Leverage presents greater profitability to traders, but that opportunity also involves commensurate risk on losses. The supercharging effect of leverage makes trade selection, size, and position management very important for controlling risks. It should also be noted that less active currency pairs may have even more extreme moves due to having less liquidity. 

Types of Forex Markets 

The types of foreign exchange trading include spot, forward, and futures. 

Spot Forex Market 

Spot foreign exchange is the outright exchange of one currency for another at the time of the trade for a specific exchange rate. Spot FX trades typically settle with the actual exchange of currencies at the rate traded two days after the trade. There are some exceptions to the spot plus two-day settlement, most notably USD/CAD (US dollar vs. Canadian dollar) which settles one day after the trade date. When people are talking about the FX market, they are usually talking about the spot currency market. 

Forward Forex Market 

Forward foreign exchange represents a contract between two parties to exchange a set amount of one currency for a set amount of another currency on a specific date in the future. The difference in this future FX rate from the current spot rate is a function of interest rate differentials. While the specifics of forward forex trading are not standardized, the market provides users with the flexibility to hedge specific risk amounts over specific days. An example would be locking in the forward foreign exchange rate for a company that needs to meet a payroll for a specific amount on a specific date.

Counterparties trying to set a fair currency rate for the future will use the current spot exchange rate, then adjust it based on interest rate differentials for the time period of the transaction. This adjustment is made to compensate the participant with exposure to the currency that has the lower interest rate.

Futures Forex Market 

There are also exchange traded futures contracts, which are similar to forward foreign exchange, but have fixed contract terms and trade on regulated futures exchanges. Currency futures contracts in the US are based on one currency, and the contract is cash settled in US dollars. While these markets are standardized, they do not allow users to hedge specific date risks or amounts, all of which is possible in the forward forex market.

Factors to Consider When Opening a Forex Account 

There are a number of factors to consider when opening a foreign exchange account. Factors to consider include the commissions and fees charged, minimum investment amounts for both funding the account and position size, and the number of currency pairs available to trade. Other considerations include the research tools and trading platform, whether demo accounts are available for practice, and the quality of the broker’s customer service. 

Fees: Brokerage fees for foreign exchange trading are generally very reasonable. There are two primary payment methods. One is to pay brokerage on trades, which usually work as a rate on the notional amount traded and are tiered lower for higher trading volumes. The other primary method is no brokerage fee, but wider bid/offer spreads that price the brokers’ fees into the trading price. Whether you prefer to pay your fees as basis points on the trade size or through pricing spreads will likely depend on how actively you are trading and the average trade size.

Account minimums: Account minimums for foreign exchange brokerage are generally very low. Accounts can typically be opened without any money, and funding requirements can be as low as $ As mentioned previously, however, you will want more than $ in the account to really begin trading.

Number and quality of supported markets: Some brokers support up to currency pairs, but there is a great difference in liquidity in the various markets. The top seven most actively traded currency pairs represent 75% of all FX trading, and these markets are very active. Once you get beyond these currency pairs, there is a wide difference in liquidity. Traders can access less actively traded pairs by creating positions using the U.S. dollar as the pivot. As most currencies have a U.S. dollar pair, you can take up offsetting positions to create a synthetic currency pair. There would be an available market for this much less active currency pair, but the spreads would be wider and there would not be nearly as much liquidity in this market. 

Research tools: Research tools, such as the quality of technical analysis and fundamental news, are also important factors for a foreign exchange trader. How fast these tools populate data becomes very important for trading fast-moving currency markets. Equally important, whether these tools integrate smoothly into the trading platform can make a difference in the trading experience. Some of the best interfaces allow for smooth indicator overlays and trading directly from charts. Some traders may want to be able to integrate their current charting or third-party analytical tools into their chosen platform for currency trading, so that is another potential consideration.

Demo account: Demo accounts are a great way to become familiar with trading a particular market on a broker’s platform. Traders new to forex trading would be smart to choose a broker with demo trading so they can learn how to place orders and manage positions effectively without having to commit capital first. Demo accounts allow users to become comfortable with the platform and its various tools prior to trading for their own account. 

Customer service: While many forex traders are comfortable using the trading platform of their chosen FX broker, newer customers may want to consider the quality of customer service offered by their broker. Some are quicker to answer the phone, and others less so. Brokers may also have automated assistance and chat functionality to assist customers. 

FAQs

If you do an internet search on forex broker scams, the number of results is staggering. While the forex market is slowly becoming more regulated, there are many unscrupulous brokers who should not be in business.

When you're looking to trade forex, it's important to identify brokers who are reliable and viable, and to avoid the ones that are not. In order to sort out the strong brokers from the weak and the reputable ones from those with shady dealings, we must go through a series of stepsbefore depositing a large amount of capital with a broker.

Trading is hard enough in itself, but when a broker implements practices that work against the trader, making a profit can be nearly impossible.

Separating Forex Fact From Fiction

When researching a potential forex broker, traders must learn to separate fact from fiction. For instance, faced with all sorts of forums posts, articles, and disgruntled comments about a broker, we could assume that all traders fail and never make a profit. The traders that fail to make profits then post content online that blames the broker (or some other outside influence) for their own failed strategies.

One common complaint from traders is that a broker was intentionally trying to cause a loss in the form of statements such as, "As soon as I placed the trade, the direction of the market reversed" or "The broker stop hunted my positions," and "I always had slippage on my orders, and never in my favor." These types of experiences are common among traders and it is quite possible that the broker is not at fault.

Rookie Traders

It is also entirely possible that new forex traders fail to trade with a tested strategy or trading plan. Instead, they make trades based on psychology (e.g., if a trader feels the market has to move in one direction or the other) and there is essentially a 50% chance they will be correct.

When the rookie trader enters a position, they are often entering when their emotions are waning. Experienced traders are aware of these junior tendencies and step in, taking the trade the other way. This befuddles new traders and leaves them feeling that the market—or their brokers—are out to get them and take their individual profits. Most of the time, this is not the case. It is simply a failure by the trader to understand market dynamics.

Broker Failures

On occasion, losses are the broker's fault. This can occur when a broker attempts to rack up trading commissions at the client's expense. There have been reports of brokers arbitrarily moving quoted rates to trigger stop orders when other brokers' rates have not moved to that price.

Luckily for traders, this type of situation is an outlier and not likely to occur. One must remember that trading is usually not a zero-sum game, and brokers primarily make commissions with increased trading volumes. Overall, it is in the best interest of brokers to have long-term clients who trade regularly and thus, sustain capital or make a profit.

Behavioral Trading

The slippage issue can often be attributed to behavioral economics. It is common practice for inexperienced traders to panic. They fear missing a move, so they hit their buy key, or they fear losing more and they hit the sell key.

In volatile exchange rate environments, the broker cannot ensure an order will be executed at the desired price. This results in sharp movements and slippage. The same is true for stop or limit orders. Some brokers guarantee stop and limit order fills, while others do not.

Even in more transparent markets, slippage happens, markets move, and we don't always get the price we want.

Communication Is Key

Real problems can begin to develop when communication between a trader and a broker begins to break down. If a trader does not receive responses from their broker or the broker provides vague answers to a trader's questions, these are common red flags that a broker may not be looking out for the client's best interest.

Issues of this nature should be resolved and explained to the trader, and the broker should also be helpful and display good customer relations. One of the most detrimental issues that may arise between a broker and a trader is the trader's inability to withdraw money from an account.

Broker Research Protects You

Protecting yourself from unscrupulous brokers in the first place is ideal. The following steps should help:

• Do an online search for reviews of the broker. A generic internet search can provide insights into whether negative comments could just be a disgruntled trader or something more serious. A good supplement to this type of search is BrokerCheck from the Financial Industry Regulatory Authority (FINRA), which indicates whether there are outstanding legal actions against the broker. And if appropriate, gain a clearer understanding of the U.S. regulations for forex brokers.
• Make sure there are no complaints about not being able to withdraw funds. If there are, contact the user if possible and ask them about their experience.
• Read through all the fine print of the documents when opening an account. Incentives to open an account can often be used against the trader when attempting to withdraw funds. For instance, if a trader deposits $10, and gets a $2, bonus, and then the trader loses money and attempts to withdraw some remaining funds, the broker may say they cannot withdraw the bonus funds. Reading the fine print will help make sure you understand all contingencies in these types of instances.
• If you are satisfied with your research on a particular broker, open a mini account or an account with a small amount of capital. Trade it for a month or more, and then attempt to make a withdrawal. If everything has gone well, it should be relatively safe to deposit more funds. If you have problems, attempt to discuss them with the broker. If that fails, move on and post a detailed account of your experience online so others can learn from your experience.

The Temptation to Churn

Brokers or planners who are paid commissions for buying and selling securities can sometimes succumb to the temptation to effect transactions simply for the purpose of generating a commission. Those who do this excessively can be found guilty of churning—a term coined by the Securities and Exchange Commission (SEC) that denotes when a broker places trades for a purpose other than to benefit the client. Those who are found guilty of this can face fines, reprimands, suspension, dismissal, disbarment, or even criminal sanctions in some cases.

SEC Defines Churning

The SEC defines churning in the following manner:

"When a broker engages in excessive buying and selling (i.e., trading) of securities in a customer’s account without considering the customer’s investment goals and primarily to generate commissions that benefit the broker, the broker may be engaged in an illegal practice known as churning."

The key to remember here is that the trades that are placed are not increasing your account value. If you have given your broker trading authority over your account, then the possibility of churning can only exist if they are trading your account heavily, and your balance either remains the same or decreases in value over time.

Of course, it is possible that your broker may be genuinely attempting to grow your assets, but you need to find out exactly what they are doing and why. If you are calling the shots and the broker is following your instructions, then that cannot be classified as churning.

Evaluate Your Trades

One of the clearest signs of churning can be when you see buy and sell trades for securities that don’t fit your investment objectives. For example, if your objective is to generate a current stable income, then you should not be seeing buy and sell trades on your statements for small-cap equity or technology stocks or funds.

Churning with derivatives such as put and call options can be even harder to spot, as these instruments can be used to accomplish a variety of objectives. But buying and selling puts and calls should, in most cases, only be happening if you have a high-risk tolerance. Selling calls and puts can generate current income as long as it is done prudently.

How Regulators Evaluate Churning

An arbitration panel will consider several factors when they conduct hearings to determine whether a broker has been churning an account. They will examine the trades that were placed in light of the client’s level of education, experience, and sophistication as well as the nature of the client’s relationship with the broker. They will also weigh the number of solicited versus unsolicited trades and the dollar amount of commissions that have been generated as compared to the client’s gains or losses as a result of these trades.

There are times when it may seem like your broker may be churning your account, but this may not necessarily be the case. If you have questions about this and feel uneasy about what your advisor is doing with your money, then don’t hesitate to consult a securities attorney or file a complaint on the SEC's website.

Already Stuck With a Bad Broker?

Unfortunately, options are very limited at this stage. However, there are a few things you can do. First, read through all documents to make sure your broker is actually in the wrong. If you have missed something or failed to read the documents you signed, you may have to assume the blame.

Next, discuss the course of action you will take if the broker does not adequately answer your questions or provide a withdrawal. Steps may include posting comments online or reporting the broker to FINRA or the appropriate regulatory body in your country.

The Bottom Line

While traders may blame brokers for their losses, there are times when brokers really are at fault. A trader needs to be thorough and conduct research on a broker before opening an account and if the research turns up positive for the broker, then a small deposit should be made, followed by a few trades and then a withdrawal. If this goes well, then a larger deposit can be made.

However, if you are already in a problematic situation, you should verify that the broker is conducting illegal activity (such as churning), attempt to have your questions answered, and if all else fails, and/or report the person to the SEC, FINRA, or another regulatory body that could enforce action against them.

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What is Forex Online?

Forex Online is the Central Bank of Barbados’ online portal for submitting applications to purchase or transfer foreign currency. 

Why was Forex Online introduced?

Forex Online was introduced to enhance the ease and speed of conducting international business transactions from Barbados.

Does the Central Bank of Barbados now need to approve all foreign currency applications?

No. Forex Online is an online portal that centralises all foreign currency applications. Your commercial bank or other financial institution still has to approve most applications, but rather than you having to visit them physically, you complete the application electronically through the portal.

The Central Bank will only process your application if the type of application or the amount of money you are applying for falls outside what your financial institution is authorised to approve.

Is Forex Online used to transfer money overseas? Can I buy foreign currency on Forex Online?

No. You use Forex Online to apply for permission to purchase foreign currency (it replaces the paper application forms used previously). You will still need to go to your commercial bank or other entity to purchase or transfer the foreign currency.

How does Forex Online work?

First, you create an account. Once you have done so (you will receive email confirmation once you have), you can apply to purchase or transfer foreign currency. 

As part of the application, you must select which authorised dealer (commercial bank or other financial institution) you will be using to purchase or transfer the foreign currency. You will also need to provide information on who the money is for, how much you are applying for, and the purpose of the transaction.

Based on the type of transaction, you may be asked to provide supporting documentation, e.g. an acceptance letter and statement of fees from an overseas university if you are applying to make a tuition payment. The system will tell you what, if any, documentation you need to provide.

After you submit your application, you will receive an email confirmation. The email will also indicate whether the application will be processed by your authorised dealer or the Central Bank of Barbados. Which one generally depends on the type of application and the amount you are applying for. 

You will receive another email after your application has been processed. If it has been approved, the notification will indicate how long the authorisation is valid for and instruct you to contact your authorised dealer.

N.b. If at any point in the process you do not see an email in your inbox, please check your spam or junk folder to see whether it was misdirected.

Who can use Forex Online?

Anyone who needs to make a transaction that includes converting Barbados dollars to a foreign currency to complete a transaction can use Forex Online. This includes, for example, if you are purchasing foreign currency for holiday travel, paying tuition to an overseas university, or importing a car. Businesses and other entities can also use Forex Online. In addition, it is possible to apply to act as another person’s agent should they need someone to apply on their behalf.

What type of foreign currency applications can be done on Forex Online?

You can use Forex Online if you are applying

• To purchase foreign currency for holiday or business travel
• To send money to an individual or business abroad, whether it is a one-off transaction or a payment you make periodically or at regular intervals
• To import goods
• To bring foreign currency into Barbados for investment purposes

There are different types of application forms on Forex Online. How will I know which to use?

You can choose from four types of applications in Forex Online:

FC (Not for Imports)

Use this form if you are applying to purchase foreign currency for holiday or business travel or to make a one-off or infrequent payment that is not for imports.

FC1 (For Imports Only)

Use this form if you’re purchasing foreign currency to pay for imports, e.g. if you’re purchasing a car from overseas.

PP (Application to Make Periodic Payments)

Use this form if you plan to make several payments to a single person or entity over a period of 12 months. For example, if you are a parent sending money to your child who is studying abroad. Please note that you are allowed to make the payments either monthly, quarterly, or simply periodically.

FI (Application to Register Foreign Investment in Barbados)

Use this form if you are bringing foreign currency into Barbados for investment purposes. This could include purchasing property, purchasing shares or otherwise investing in a company, or providing funding for a loan to a company. 

How do I register for Forex Online?

To use Forex Online, you’ll first need to create an account. To do that, you’ll need your ID number and a valid email address so you can receive our notifications.

My grandmother isn't computer savvy. What happens if she needs to apply for foreign currency?

If someone you know is not computer savvy or does not have regular access to a computer or other device, you can register as their agent and apply on their behalf. To do this, you go through the regular registration process, but select “Agent” under “Applicant Type.”

How will I know that my registration has been successful?

After you register for Forex Online, a confirmation email will be sent to the email address you used to register. If you do not see the email, check your spam or junk mail folder to ensure it has not been misdirected.

N.b. Anytime that you apply to purchase foreign currency or receive approval for an application you submitted, a notification will be sent to this email address.

What happens if I forget my Forex Online password?

If you forget your Forex Online password or username, select “Forgot password/username” on the Forex Online homepage. You’ll be prompted to submit your email address. Once you do so, you’ll be sent an email that allows you to reset your password or recover your username. N.b. the email address you provide must be the same one you used when you registered for Forex Online.

How will I know if my application to purchase foreign currency was received?

After you submit an application, you will receive an email notification confirming that the application was received. The notification will also indicate whether your application will be processed by your commercial bank (or other authorised dealer) or by the Central Bank. If you do not receive an email notification, check your email’s spam or junk folder to ensure that it has not been misdirected.

How will I know if my application to purchase foreign currency was approved?

After your application is processed, you will receive an email confirming whether it has been approved. For an approved application, the notification also states how long the approval is valid for.

The FC (Not for Imports) and the FC 1 (Imports Only) are both valid for 60 days while the PP (Application to Make Periodic Payments) is valid for 12 months. The FI (Application to Register Foreign Investment in Barbados) has no expiration date. 

If my application is denied, will I be told why?

Yes. We will inform you by email that your application is either cancelled or declined and the reason why. 

What happens when my application is approved?

After you receive confirmation that your application has been approved, you can contact the authorised dealer (bank or other financial institution) you listed on the application to purchase the foreign currency or transfer the funds.  Your authorised dealer will be able to see and process your application. You need only to give your name or the application number.

I only have a credit union account. Can I use Forex Online?

Credit union members are not permitted to use Forex Online at this time.  Your credit union makes the application on your behalf.

If I want to send money using Western Union or MoneyGram, do I still have to use Forex Online?

Yes. If you are applying to send money using Western Union, you can select either Massycard (Barbados Limited) or New World Capital Inc. as the authorised dealer. If you are applying to send money via MoneyGram, you should select Caribbean World Travel Services Ltd. as the authorised dealer.

Topic types

A copilot can include two types of topics, system and custom. Every new copilot starts with a set of system and custom topics.

• System topics support essential behaviors, such as a custom request to speak to a person or end the conversation. Some system topics have trigger phrases, which you can customize to fit your copilot's needs.

  • You can't create system topics.
  • You can't delete system topics, but you can disable them.
  • You can make changes to system topics. However, until you're comfortable creating end-to-end copilot conversations, we don't recommend editing the system topics.

  For more information, see Use system topics.

• Custom topics cover common behaviors, such as greeting a customer, ending a conversation, or restarting conversation.

  • You can make changes to the starting custom topics or remove them from your copilot entirely.
  • All topics that you create are custom topics.

Create a topic

1. Open your copilot from the list on the Copilot page. For better visibility, close the Test copilot window for now.

2. From the Topics & Plugins page, select + Add > Topic > From blank.

   

3. On the Trigger node, select Edit under Phrases twice to see the Add phrases section.

   

4. Under Add phrases, enter text to add a trigger phrase for your topic.

   Your copilot needs 5 to 10 trigger phrases to train the AI to understand your customers' responses. To add more trigger phrases, you can either:

   • Select the "+" next to the text field.
   • Paste a set of trigger phrases, each one on a separate line.
   • Type a set of trigger phrases, pressing Shift+Enter after each one to place it on a separate line.
   • Select Enter to complete adding the phrase(s).

   You can include punctuation in a trigger phrase, but it's best to use short phrases rather than long sentences.

5. Select Details to open the Topic details pane.

   

6. Add your copilot topic details:

   • Add a Name to identify the topic, such as "Store hours". The Topics page lists all the topics defined in your copilot, by this name. A customer might see the topic name if the copilot can't determine which topic matches the customer's message.

   • The Description is never shown to users. Use it to describe the purpose of the topic for yourself and other copilot makers on your team.

7. Select Save at the top of the page to save your changes and add the topic to the topics list.

Design a topic conversation path

When you create a topic, a Trigger node is inserted for you on the Topics & Plugins page. You can add more nodes to control the conversation.

1. Select a topic from the Topics & Plugins page of your copilot.

2. Select the "+" to add another node, which might be shown before or after any node. The locations you can add a node give you flexibility to edit any part of a conversation.

   

3. Select a node type to insert the node.

   Here are the types of nodes you can insert in a topic:

   

Add a question node

The Question node can prompt a user for information and store their response in a variable for use later in the conversation.

The node allows you to choose the type of information to collect, such as a multiple-choice answer, a prebuilt entity, or a custom entity. Question behavior properties allow you to control the behavior of the node, such as what to do when the user enters an invalid response.

Just like Message nodes, Question nodes can include images, videos, cards, quick replies, and message variations. For more information, see Send a message.

Here's how to build a Question node:

1. Select the "+" on any node, then select Ask a question. The Question node form appears.

   

2. In the Enter a message box, type the question you want to ask.

3. Select the menu under Identify, then either create or select an option. Your chosen entity determines what the copilot should listen for in the user's response. For more information on entities, see Learn how to use entities in a conversation.

4. Depending which Identify option you selected, you may have more properties you need to set.

   For example, if you choose Multiple choice options, select + New option under Options for user to add choices the user can select. Each choice is presented as a multiple-choice button in a conversation, but users can also type their answers.

5. Select the variable name under Save response as and change the name of the default variable to something meaningful, like customerName or bookingDate. You can set the scope of the variable in the Variable properties pane as well.

   

Configure question behavior

Question behavior properties allow you to control how the copilot responds to an invalid response or how it validates user input.

1. On the Question node, select the to see the the Node Menu, and then select Properties. The Question properties pane appears.

2. In the Question properties pane, select Question behavior to open the Question behavior pane.

   

The Question behavior pane is where you can adjust behaviors like prompts, validations, and interruptions. Let's examine a few behaviors.

Skip behavior

Skip behavior determines what the copilot should do if the question node's variable already has a value from earlier in the conversation.

• Allow question to be skipped: Skip the question if the variable has a value.
• Ask every time: Ask the question even if the variable has a value.

Reprompt

Reprompt determines how your copilot reacts if it doesn't get a valid answer from the user. You can tell it to try again once, twice, or move on without getting an answer. To customize what your copilot does when it moves on, see No valid entity found in the Question behavior pane. You can also change the prompt to give the user more context.

• How many reprompts: The number of times your copilot tries to get a valid answer. Repeat up to 2 times is the default. You can also select Repeat once or Don't repeat.

• Retry prompt: To change the message, select Customize, and then enter the new prompt.

Entity validation

By default, the Question node checks for a valid response based only on the entity you selected. Additional entity validation allows you to add criteria to the basic test. For example, the Question node accepts any numeric value when it identifies a number, but you might want to set it to less than You can also change the prompt to help the user enter a valid response.

• Condition: Enter a Power Fx formula that returns a boolean value ( or ); for example,

• Condition not met prompt: When the condition isn't met, you can provide a message. Select Customize and enter the new prompt.

No valid entity found

No valid entity found determines what happens when your copilot stops trying to get a valid response from the user. You can escalate to a human agent or provide a default value. You can also change the prompt to let the user know.

• Action if no entity found:

  • Escalate: Redirect the user to the Escalate system topic. Escalate is the default.
  • Set variable to value: Set the output variable to a value and move on to the next node. Enter or select the value in Default entity value.
  • Set variable to empty (no value): Set the output variable to and move on to the next node. You can use a Condition node later to check whether the variable has a value.

• No entity found message: To change the message, select Customize, and then enter the new prompt.

Interruptions

Interruptions determine whether the user can switch to a different topic during the question.

• Allow switching to another topic: The user can abandon the question for a new topic.

Delete a node

Select the to see the Node Menu, and then select Delete.

Controls for editing nodes on the canvas

You can use the authoring canvas toolbar to quickly rename the topic. Select the topic name in the toolbar, type the new name, then press Enter.

You can use controls on the toolbar to cut, copy, paste, and delete the selected node or selected adjacent nodes.

The toolbar also has a control to undo an edit. Open the Undo menu to revert all actions back to the last save or to redo the previous action.

Paste nodes

Once you use the Cut or Copy tools to place one or more nodes on the clipboard, there are two ways to paste them in the canvas:

• If you select a node and then select Paste, the nodes on the clipboard are inserted after the selected node.

• If you select the "+" to see the Add node menu, then select Paste, the node on the clipboard is inserted at that location.

Edit topics with the code editor

The code editor shows the topic in YAML, a markup language that's easy to read and understand. Use the code editor to copy and paste topics from other bots, even ones created by other authors.

In this example, you copy and paste YAML into the code editor to quickly add a topic that asks the customer for shipping information.

1. On the Topics page, select + New topic.

2. In the upper-right corner of the authoring canvas, select the to see More options, then select Open code editor.

   

3. Select and delete the contents of the code editor. Then copy and paste the following YAML code:

4. Select Save, and then select Close code editor. The Question node now has many conditions to the question about shipping.

   

Test and publish your copilot

Test your copilot when you make changes to your topics, to make sure everything works as expected.

After you design and test your copilot, publish it to the web, mobile or native apps, or Microsoft Bot Framework channels.

Use system and sample topics

When you create a bot, several topics are created for you.

These automatically created topics fall into two categories:

• Lesson topics help you understand simple to complex ways to use nodes to create bot conversations.

  You can edit lesson topics or delete them entirely.

• System topics are topics you're likely to need during a bot conversation.

  You can't delete or disable system topics or edit their trigger phrases. However, you can customize the nodes on the authoring canvas. We recommend that you don't customize these topics until you're comfortable creating an end-to-end bot conversation.

Create a topic

1. From the navigation menu, select Topics, then + New topic, then From blank.

   The Trigger phrases pane opens.

2. Add several trigger phrases for your topic in the Add phrases section.

   

   You can specify more than one trigger phrase for a topic, using a new line for each phrase. You can include punctuation in a trigger phrase, but it's best to use short phrases rather than long sentences.

3. In the top bar, edit the title of your topic to give it a name.

   

4. Press Enter or select the Save icon to save your changes.

5. Select the Details icon. Here you can alternatively edit the Name and add a Display name and Description.

   The Display name tells the bot which topic the person is asking about.

   The Description describes the purpose of the topic to yourself and other bot makers. This description isn't shown to users.

   

6. Select Save to add the topic to the topics list.

Design the topic's conversation path

1. In the topic list, select the topic you want to edit. You see the topic's trigger phrases. Here you define the conversation path between a customer and the copilot.

   For existing or system topics, several nodes are created automatically. You can edit these nodes just as you would edit other nodes.

   When you create a new topic, a Trigger Phrases node and a blank Message node are inserted for you.

2. To add a node, select "+", Add node, located between or after nodes.

   

3. To change the paths between nodes, drag the small circle on top of the node—its node anchor—to a new location in the canvas. The dotted line represents the original path.

   

Insert nodes

When you add a node after the Trigger Phrases node or between Message nodes, you can:

• Ask a question
• Call an action
• Show a message
• Redirect to another topic
• End the conversation

Ask a question

1. Select the Ask a question option of the "+" Add node menu to add a new Question node. A question node appears.

   

2. Enter the question phrase in the Ask a question field.

   For example, if the user wants to know store hours, the bot's question might be Which store location do you need?

3. Under Identify, select an option for the user's response, such as Multiple choice options.

   This option determines what the bot should listen for when the user responds. For more information, see Use entities in a conversation.

4. Under Options for user, enter expected responses to the bot's question.

   For example, if you chose Multiple choice options in Identify, the options might include store locations such as Seattle, Bellevue, or Kirkland.

   

   Each choice is presented to the user as a multiple choice button in the chat, but users can also type their answer.

5. (Optional) Save the user response in a variable to be used later.

The conversation editor creates separate paths in the conversation depending on the customer's response. The conversation path leads the customer to the appropriate resolution for each response. You can add nodes to create branching logic, and specify what the bot should respond with for each path or variable.

Call an action

To call Power Automate Flows and insert authentication nodes, select Call an action from the "+" Add node menu.

If voice-based capabilities are enabled for your bot, you see more actions.

Show a message

1. To specify a response from the bot, select the "+" Add node to add a node, and then select Show a message to add a new Message node.

2. Enter the message you want the bot to say in the text box.

   You can apply some basic formatting, such as bold, italics, and numbering. You can also use variables that you define elsewhere in your bot conversation.

Redirect to another topic

1. To have the bot move to a different topic, select the "+" Add node to add a node, and then select Redirect to another topic. A list of topics appears.

2. Select the topic the bot should divert to. For example, you might send the user to a topic about the closure of a store if they ask about the store's hours.

   

The redirected topic is a subtopic.

You can insert more nodes under the subtopic's node.

When the conversation path for the subtopic is finished, the bot returns to the original topic. The bot then follows the nodes that are under the subtopic's node.

If you redirect to any of these system topics, however, the entire conversation ends.

• End of Conversation
• Confirmed Success
• Confirmed Failure
• Goodbye
• Escalate
• Start over (also resets any global variables)

End the conversation

When the conversation ends, you can have a survey ask users if their question or issue was answered or resolved. The response is collected on the customer satisfaction analytics page.

You can also have the conversation handed over to a live agent if you're using a suitable customer service portal, such as Omnichannel for Customer Service.

1. At the end of a response that resolves the user's issue or answers the question, add an End the conversation node.

   

   • To end with a customer satisfaction survey, select End with survey.

   • To insert a hand-off node that links with your configured hand-off product, select Transfer to agent.

     (Optional) Enter a private message to the agent.

     

Add a condition

1. To add branching logic based on variables, select the "+" Add node to add a node.

2. Select Add a condition.

3. Select Branch based on a condition.

4. Select the variable that determines whether the bot conversation should branch at this point.

   For example, if you set up user authentication, you might want a different message if the user is signed in.

Delete nodes

Select the menu of your node and then select Delete.

Test and publish your bot

Test your bot when you make changes to your topics to insure everything works as expected.

After you design and test your bot, publish it to the web, mobile or native apps, or Microsoft Bot Framework channels.

Design the topic's conversation path - Teams

1. In the topic list of your copilot, select the topic you want to edit. For example, you might want to edit the topic Store Hours.

   

   Once open, you see the topic's trigger phrases. This authoring canvas is where you define the conversation path between a customer and the bot.

   When you create a new topic, a Trigger Phrases node and a blank Message node are inserted for you.

   For existing or system topics, several nodes are automatically created with each new topic. You can edit these nodes if needed.

2. You can add more nodes by selecting "+" Add node between nodes or after a node.

   

3. To change the paths between nodes, drag the node anchor—a small circle on top of the node. You see a dotted line indicating the original path.

   

Insert nodes - Teams

When adding a node to a trigger phrases node, choose from five different options:

• Ask a question
• Call an action
• Show a message
• Redirect to another topic
• End the conversation

If you want to redirect a topic, you can go to another topic.

Ask a question - Teams

1. Select the Ask a question option of the "+" Add node menu to add a new Question node. A question node appears.

   

2. Enter the question phrase in the Ask a question field.

   For example, if the user wants to know store hours, the bot's question might be Which store location do you need?

3. Under Identify, select an option for the user's response, such as Multiple choice options.

   This option determines what the bot should listen for when the user responds. For more information, see Use entities in a conversation.

4. Under Options for user, enter expected responses to the bot's question.

   For example, if you chose Multiple choice options in Identify, the options might include store locations such as Seattle, Bellevue, or Kirkland.

   

   Each choice is presented to the user as a multiple choice button in the chat, but users can also type their answer.

5. (Optional) Save the user response in a variable to be used later.

The conversation editor creates separate paths in the conversation depending on the customer's response. The conversation path leads the customer to the appropriate resolution for each response. You can add nodes to create branching logic, and specify what the bot should respond with for each path or variable.

Add a condition - Teams

On some node types, you can add a condition.

1. To add branching logic based on variables, select the "+" Add node menu, then select Add a condition to add a new node. A couple of condition nodes appear.

2. Choose the variable you want to use to determine if the bot conversation should branch at this point.

   

Call an action - Teams

You can call Power Automate Flows by selecting Call an action in the "+" Add node menu.

Show a message - Teams

A message can specify a response from your bot to the user.

1. Select the "+" Add node menu, then select Show a message to add a new Message node.

2. Enter what you want the bot to say in the text box. You can apply some basic formatting, such as bold, italics, and numbering.

   You can also use variables that you defined elsewhere in your bot conversation.

End the conversation - Teams

You can choose to End the conversation as a final node to your bot's conversation.

There are two options:

1. End with survey shows a survey that asks the user if their question or issue was answered or resolved correctly. This information is collected under the customer satisfaction analytics page.

   

2. Transfer to agent allows you to type a private message to an agent that initiates their contact with the user.

Redirect to another topic - Teams

1. To automatically have the bot move to a separate topic, select Add node (+) to add a node, and then Redirect to another topic.

2. In the flyout menu, select the topic the bot should divert to. For example, you might want to send the user to a specific topic about the closure of a store if they ask about store hours for that store.

   

When the bot goes to another topic, the bot goes through the conversation path for that topic and then returns to the original topic—the place where it left.

You can consider the redirected topic as a subtopic.

If you redirect to any of the following system topics, however, the entire conversation ends:

• Start over (resets any global variables)
• Escalate
• End of Conversation
• Confirmed Failure
• Confirmed Success
• Goodbye

Use variables

You can use variables that you defined elsewhere in your bot conversation.

Delete nodes - Teams

Select the menu of your node and then select Delete.

Test and publish your bot - Teams

After you make changes to your topics, Test your bot to ensure everything is working as expected.

Once you finish designing and testing your bot, you can publish it, so other team members can use it.