Frequently Asked Questions

For the Most Part…. The Answer Is:

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Will I love trading at Mt.Cook?

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More In Detail

We believe that the best trader is an informed one so here are some more detailed answers for our most common questions. If you can’t find your question/answer on this page, please do not hesitate to contact us at any time.

WHERE CAN I SEE YOUR DETAILED TRADING CONDITIONS?
These can all be found on our Trading Conditions page found here: http://mtcookfinancial.com/trade/conditions/. This includes detailed instrument specifications as well.
WHAT KIND OF ENTITIES CAN OPEN ACCOUNTS AT MT.COOK?
Natural persons of course, but the following legal entities are also accepted: corporations, partnerships, trusts, foundations, Super Annuations and other forms of pensions, funds, joint applicants.
WHAT IS THE DIFFERENCE BETWEEN YOUR DMA AND ECN FEEDS?
Short answer – the ECN is known for tight spreads and fast execution. The DMA feed is known for large ticket trading and low slippage. Both are excellent liquidity streams to trade on.  More detailed information on the two feeds can be found on our Trading Conditions page found here: http://mtcookfinancial.com/trade/conditions/. You can’t go wrong with either, but if you have specific requirements or need help choosing the best feed to trade on, please contact us at accounts@mtcookfinancial.com and let us know your plans and requirements. We will be happy to help.
DO YOU ACCEPT CLIENTS FROM ALL COUNTRIES?
For the most part – yes! However, there are some countries which are restricted according to Mt.Cook’s compliance protocol. These are primarily the OFAC Sanctioned Countries.

In addition to this, Mt.Cook’s compliance department may reject an applicant from any jurisdiction at their sole discretion without the requirement to explain the reason why.

DO YOU ACCEPT AMERICAN CLIENTS?
Under the US Dodd-Frank Act, unfortunately Mt.Cook cannot accept “retail” US resident clients. Clients resident in the US, who qualify as an ECP (Eligible Contract Participant) may be accepted as applicants under certain circumstances. An ECP is essentially a “high net worth” or “sophisticated investor”. Full details of an ECP qualifications can be found here.
WHY DO YOU HAVE MULTIPLE LICENSES?
Mt.Cook operates under two different license regimes, 1) an International/Global offshore license (via the VFSC – this site), and 2) an onshore license (via ASIC in Australia). Mt.Cook has been purposely structured to hold multiple license and designations to help better serve a diverse and growing international client base. The two different licenses offer different products, benefits, degrees of customization and flexibility and help catering to a wider audience of both professional experienced retail traders.
HOW DO THE GLOBAL AND AUSTRALIAN DIVISIONS DIFFER?
Both divisions are excellent options for traders to trade on. However there are slight, minor differences. Generally speaking – the original VFSC/Global division has been designed to offer regulatory flexibility and custom trading options, in an environment which presents and fosters ease of doing business. It is also slightly cheaper to trade and offers two unique “OTC” feeds to choose on (both DMA nad ECN), and thus often has appeal to special interest projects. The ASIC division in return, while a little more rigid in design, is very familiar to clients in Australia, and often preferred by Australian residents and experienced retail traders, or those looking for a heavier regulated trading experience..
ARE MY FUNDS SAFE UNDER BOTH LICENSES?
Please note (and rest assured) that under both licenses, client funds remain protected at all times, segregated from operating capital, and both licenses utilize large Australian custodian banks, and UK based Prime Banks and/or PoPs providing very similar structures, and levels of protection to clients. Our risk management, low leverage issuance, and STP only model, helps to ensure that we effectively mitigate against market threats and counter-party risk, by keeping our overall risk as a company very low, and placing safety and stability at the forefront of our entire business model.
WHAT HAPPENS IF MT.COOK WHERE TO GO BANKRUPT?
This is often an uneasy and awkward question for savvy clients to ask, but one that deserves full attention and transparency and should be an open and serious discussion.

As it stands, if Mt.Cook were to go insolvent, this would only affect the company’s operating capital, and not client funds (as client funds remain segregated from company capital). In the event Mt.Cook (or our clearing/prime counter-party institutions) went in to bankruptcy the company would go in to special administration and would have an authorized insolvency practitioner appointed to administer and return all assets back to their clients. There may be fees associated with this, and time delays for the administration.

What are the odds of this happening?

Although we feel that this situation would be extremely rare (given our safeguards and overall risk-adverse business model) it would be unprofessional for us to deny that this is of course possible, just as it is with any corporation.

For clarification purposes however (and to justify why we feel this would be a rare occurrence), Mt.Cook assumes very, very, little risk as a brokerage and financial service provider; especially when contrasted vs most retail clearing shops.

For starters, Mt.Cook passes trades directly through to the market in an “agency only model”, and does not run a risk book (b-book) in any form. We do not assume ANY hedging risk and serve as an “intermediary” clearing agent only.

We also offer multiple license/regulatory regimes, and different clearing products and liquidity streams to provide “options” to our clients (and not force a single path upon them).

Furthermore, Mt.Cook is not over-leveraged and issues VERY low leverage across all of our currency coverage accounts (our exposure is very, very low vs competitor FCMs).

Mt.Cook also designs, deploys, and utilizes smart risk management tools, protocols, and software (some of which we have custom designed), and which are also available with our Prime Partners to keep us safe.

So while there may always be unavoidable market risks which may remain out of our control, we have designed our entire brokerage model to defend against these, so that we and our clients remain as safe and protected as possible.

This combined with a strong brand recognition, a strong industry reputation for backing our clients, a team with decades of industry experience, and strong/reliable counter-party partners, prime partners, and technology providers, all helps to keep us in a position of prominence within the industry and ensure that we all have a healthy future ahead.

ARE YOU CONSIDERED A RETAIL OR INSTITUTIONAL BROKERAGE?
This answer is rather enigmatic, but we are sort of both and neither. Our DMA feed is one of the only places in the world where a trader with a  “retail” classification (i.e., non-institution) could access it. Yet we do not draw a distinct line in the sand to separate what type of client we accept. Rather, we have made a choice to work exclusively with Forex PROFESSIONALS. We are very protective of our feed and do not want the encumbrances associated with taking on “hobby” traders. We are content with growing by way of referrals from strategic partners, industry professionals and/or existing like minded clients.
WILL I ENCOUNTER SLIPPAGE ON YOUR FEED(S)?
Rarely. But it happens. Our trading streams reflect the “real market”, and because our feeds are not “synthetic” and we do not b-book our clients, sometimes trades are prone to slippage like any other.

When orders are sent out to be filled by a liquidity provider or bank, they are filled at the best available price whether the fill price is above or below the price requested. In reality, this is a normal market phenomenon, and is due to the spot market being decentralized and often having a huge imbalance of buyers and sellers.

Although rare, slippage can work both in a traders favor, or against them if it occurs (positive or negative slippage). Certain times and market events are more prone to this occurrence than others such as high volatility news releases and rollover. We have two different liquidity streams for our traders to choose from which both mitigate against slippage as much as possible and in very different ways.

WHAT DOES THE NAME MT.COOK MEAN?
MT.COOK is the the abbreviation name for MOUNT COOK (Aoraki), which is the largest and most iconic mountain in the Southern Alps on the South Island of New Zealand. The mountain itself is bold, yet majestic, and signifies strength and prominence, and it stands proudly tall among others. These are similar attributes we had for the vision of the company in 2012, prior to launching it, and they remain the same even today.
IS MY PERSONAL INFORMATION SAFE AND PRIVATE WITH YOU?
We are firm advocates of respecting, practicing, and teaching privacy. All client information is stored digitally in an online encrypted secure storage vault, with backups stored in another private data facility as well. All information is kept 100% PRIVATE AND CONFIDENTIAL, unless Mt.Cook is otherwise forced by A) their regulators, or B) court order in our respective jurisdictions to divulge such information, or C) if a client is in any breach of our AML/CFT Regime.
DO YOU HAVE SAFEGUARDS TO PREVENT MONEY LAUNDERING?
MT.COOK does not tolerate money laundering and supports the fight against money launderers. MT.COOK is fully compliant with, and strictly follows the guidelines set by global international Anti-money Laundering and Countering Financing of Terrorism Acts. An overview of our AML programme can be found here.
HOW DO I MANAGE MY ACCOUNT AFTER IT IS OPEN?
Full details for complete account management (i.e., opening new accounts, closing accounts, transferring between accounts, changing leverages or platforms or currencies, funding, withdrawing etc etc…) are all outlined in your client welcome package. ECN clients have an integrated back office, and DMA clients have a link with account management forms.
WHAT ARE THE COSTS FOR FUNDING AND WITHDRAWING?
There are no costs for funding your account other than the costs imposed by any sending and receiving banks (and intermediary banks) or payment processors. For outgoing bank wire transfers, there is a fixed fee of $25.00 USD or equivalent in other currency.
HOW TIGHT ARE YOUR SPREADS?
Quite tight. In fact very few FCMs match our NET cost to clients (i.e., the “all in cost” of our spreads plus our round turn transactional cost). We configure our book to be an optimal mix of pricing and depth. Our spreads are widest during the roll over hour (5pm – 6pm EST) and sometimes during the early Asian session. They are the tightest during the high volume sessions. We obtain extremely competitive pricing due to our liquidity relationships on both our DMA and ECN streams.
HOW IMPORTANT IS IT TO HAVE TIGHT SPREADS?
To some it is very important. To others, much less. It depends on your trading strategy. If for example you are an algo trader looking to capture 1-2 pips as your target profits, then spreads significantly matter. However, traders going for bigger pips, (and especially traders placing larger orders) care much less about spreads and more about market depth. Our spreads and pricing are configurable, based on the depth we back them with. As such, given that our target client base is largely professional traders we look to have a good combination of tight pricing and sufficient market depth.
HOW DO I GET TECHNICAL SUPPORT IF I NEED IT?
This is all outlined in our client welcome package. Please follow the protocol closely for the most efficient technical support.
WHICH SYMBOL SETS DO I TRADE ON?
ECN clients have no extensions on their metatrader symbols (i.e., EURUSD).

Depending on the listing of instruments, the DMA feed may have “Extensions” on the symbol sets used due to differentiate groupings of the securities being offered. These extensions are typically “pro” or “I” (eg. EURUSDpro or EURUSDi). You will only see one set of “active” symbol sets available for trading on any of our feeds. If you are not sure which symbols to trade on, please contact us at support@mtcookfinancial.com for more information. The DMA symbols to trade CFD-Indicies and CFD-Futures on do not have extensions though (i.e., US500, USOil etc…).

To view these all in MT4, right click on any symbol in the Market Watch window, and click “Show All”. Alternatively you can choose the View menu at the top, and then choose “Symbols”. From here you can select which symbols to show or hide in the market watch if you like.

DO YOU RUN A B-BOOK (or risk book)?
No! We do not run a risk book or b-book of any kind. All of our clearing falls under the “agency only” model, and trades are passed through directly to liquidity partners. Thus, Mt.Cook’s ONLY form of compensation is via transactional fees.

Although we are not opposed to market participants who run b-books (they are required in the industry) we as a company do not like to be in a position to profit from our client’s losses. Instead, we try to focus our efforts on servicing the small percent of professional traders who are actually profitable over the long-term.  We have built our clearing model around this model, and this ensures our interests are always aligned with our clients.

WHAT FUNDING METHODS ARE AVAILABLE?
You can fund your account via Bank Wire Transfer (telegraphic transfer) which is the most common option, and you can also fund your account via Neteller which is a 3rd party payment processor, in which Mt.Cook is an approved Merchant. You can also fund your account with China UnionPay.
DO YOU HAVE A PARTNERSHIP PROGRAM?
Yes. Mt. Cook works with Qualified Money Managers, Introducing Brokers, Signal Providers and White Labels. Partnerships are our bread and butter and we pride ourselves on flexible and mutually beneficial collaborations. Contact us at partners@mtcookfinancial.com and let us know your plans.
WHY DID YOU START MT.COOK?
This is too complex to answer in a simple FAQ. But essentially Mt. Cook is our response to the broker-related frustrations we felt as Asset Managers. We experienced an FX marketplace that in many ways was “broken” or headed in the wrong direction in terms of how it managed Forex Professionals; so we decided to do something about it. Please read Our Story on how we ended up here, and Filling the Void on what we are trying to accomplish.