We're here to help!

We’re glad you made it here! If you need some information, or came for help (and we all need a little sometimes) know that the Mt.Cook team is here to do just that!
Many of the questions our customers need answered are included in our very detailed FAQ/Support categories below. If you wish to save some time otherwise spent drafting an email or contacting support, our FAQs below may be an easy way to get a simple question answered fast!

Browse Help Topic FAQs

About Mt.Cook

Information on the who, what, where, when, and why of our company.

1.) Are you guys regulated?

Short answer: Yes.

More details: Please visit our regulation and safety page for more details about this.

2.) Are my funds safe at Mt.Cook?

Please note (and rest assured) that client funds remain safe at all times, segregated from operating capital, and on deposit with large and highly stable custodian banks. Funds are then placed as margin for clearing directly with our Prime Banks and/or PoPs in the UK, providing very similar structures, and levels of regulatory protection.

We, as a technology provider, actually assume very low levels of risk given we direct client flow straight to our Prime Counter-parties (STP). This combined with the fact we maintain low leverage issuance’s of our entire book, and use proven technology, 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.

You can view more measures on how we safeguard our clients’ and our business in general on the Regulation & Safety page here.

3.) What does the name MT.COOK actually 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.

4.) Why and when did you start Mt.Cook?

As regular traders turned IBs and asset managers, forex brokers have played a vital role in our business for many years. Broker relationships were adequate for us in the beginning but as our company grew, we were increasingly impacted by their limitations.

This was not their fault but simply the result of an industry experiencing huge growth in its retail sector. Professional traders represent a small fraction of the brokers’ overall client base so it was understandable that their focus was not on us, but rather on acquiring and servicing retail customers.

We had some choices.

1) Accept this as our new reality.

2) Become “chronic complainers”.

3) Provide our own solution to the problem.

Accepting it wasn’t an option, and complaining rarely results in positive change; so instead we used the vision of what we’d like to see in a broker and set out to bridge this gap ourselves, and started Mt.Cook in 2013.

Over the years we have built a strong network of trusted industry professionals. We consider relationships to be our greatest asset and were able to leverage this in order to structure a customized platform with exceptional trading conditions.

It took several months to get all the pieces together but once we moved our trading to the new platform, the benefits were immediate. Our original intention was to keep this exclusively for ourselves and own clients however we realized that sharing it with others on a conditional basis could be mutually beneficial.

This was the genesis of Mt. Cook Financial.

We realize that redundancy is rampant in the marketplace and the last thing the world needs is yet another forex broker, however Mt. Cook is markedly distinct.

We are a specialist brokerage providing service to serious traders looking to get things done in a professional environment, without the red tape and high pressure sales tactics used by huge retail bucket shops. We designed this brokerage with the purpose in mind that traders should have to only focus on the markets and have a broker who is there to support them during this challenging endeavor so they have a partner they can count on.

5.) What happens if Mt.Cook were 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 among any financial firm in our opinion.

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 and on deposit with our clearing counter-parties). 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 technology provider; especially when contrasted vs most retail market making shops.

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

We also trade in a regulated environment. We have also been in business for 7+ years (this is not a startup).

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 in conjunction 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 business 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.

6.) Are you considered a retail or institutional brokerage?

This answer is rather enigmatic, but we are sort of both and neither, and appeal to a wide reaching audience in the marketplace. We would generally fall under the “Prime of Prime” classification, yet accept retails clients to trade here as well. Our ECN is one of the most sought after liquidity streams for trading on in the industry. Our DMA feed is one of the few where a trader with a “retail” classification (i.e., non-institution) can access it. Yet we do not draw a distinct line in the sand to separate what type of client we service. We are happy to work with good clients looking to succeed from all walks of life and all corners of the globe.

Applications

Information on account applications.

1.) Do you accept American clients?

Retail American residents: no

Retail American citizens living outside of the USA: yes

ECP (high net worth) investors: yes

Under the US Dodd-Frank Act, unfortunately Mt.Cook cannot accept “retail” US resident clients. Resident clients are those who live in the USA and have an address there (not US Citizens who live abroad – whom we CAN accept). Clients who are resident in the US, who qualify as an ECP (Eligible Contract Participant) however, may be accepted as applicants. An ECP is essentially a “high net worth” or “sophisticated investor”. Full details of an ECP qualifications can be found here.

2.) Do you accept clients from all other 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. This sanctioned country list is outlined on our application and is often changing.

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

3.) 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, SIPPS (UK) / Super Annuations (Australia)/ IRAs (USA ECPs) and other forms of pensions, investment funds, and joint applicants.

4.) Is my personal information safe 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.

5.) How long until my account is approved?

Typically approval takes < 24 hours, but can sometimes take longer for more complex accounts or if there is a high volume of applicants. Our compliance team will help to get your account approved if they require more information than can be obtained from the application.

6.) How do I fund and manage my account after it is approved?

Full funding instructions and details for account management are all outlined in your client welcome email. ECN clients have an integrated back office, and DMA clients have a link with account management forms to use to manage their accounts.

7.) I've been approved, but haven't been issued a trading account?

New clients are not issued a trading account until they first fund their account. Once their first deposit has been received, our accounts team then proceeds to open your trading account and deposit your funds on to it and issue you back office logins.

Until your account is funded, you are granted a “TEMP ID”. This is used to match your first deposit up with your account.

8.) 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 to ensure we (our company) and our clients all remain safe from this. An brief overview of our AML programme can be found here.

Deposits

Information on making deposits in to your trading account.

1.) Which deposit method is the most popular?

Wire transfers and crypto deposits are the most common methods

2.) Which deposit method is the quickest?

Crypto, Credit and Debit cards and eMerchant services (such as Skrill, Neteller etc etc…) are the fastest deposit method as the transaction is usually instant (although on some occasions these need to be cleared by compliance first).

The downside is that these are usually the most expensive (so you are paying for the convenience).

Contrary to popular belief wire transfers are typically quite quick. Most land within 1 business day (and sometimes the same business day). On rare occasions the transfers can take up to 3 or more business days, depending on the sending bank. But the vast majority of our bank wire transfers land within 1 business day as we use very large and reputable clearing banks as our custodians.

3.) Which deposit method is the cheapest?

This depends on the size of the transfer, your jurisdiction, and probably the bank you use.

Sending a bank wire transfer is the generally cheapest option for deposits over $5K USD. But this depends on your banking institution. Most client’s banks charge anywhere from $10-$35 for international wire transfers (cheaper for domestic transfers). So on a small transfer this is more impactful, however on a large transaction this is much less significant.

4.) What is the minimum deposit?

The minimum deposit is $500 USD (or the equivalent value in other EUR, GBP, AUD, and ZAR).

5.) Do you offer additional funding methods?

All of our current funding methods are listed on our funding account page. If you have a request for a specific funding method, please contact us and let us know about it – your feedback matters!

6.) Can I fund my account from another currency which is different from my trading account's denomination?

Yes. However take note that if you fund a trading account from your bank account or card or merchant account which is held in another currency, you will be subject to 3rd party conversions and exchange rates. Banks set their own exchange rates, and so do eMerchant providers so it is always best to inquire with them directly for an accurate exchange rate if this is important to you.

While we cannot personally vouch for the service, many clients who are exchanging funds from an unsupported account currency, often find it beneficial to use a 3rd party discount exchange service (to save fees) such as the Transferwise borderless account: https://transferwise.com/borderless/.

7.) Can I make a 3rd party deposit?

NO! This is very important: Please note that as per our AML/KYC protocol, we are unable to accept any form of third-party payments. All funds must come from the sender in the same name as your MT.COOK Financial trading account.

Joint bank account payments are accepted if your name is one of the parties listed as a joint account holder.

Any 3rd party payments may be rejected and returned and may incur significant delays and fees which are to be paid at the expense of the client. This applies to both personal and corporate accounts. Thus, please make sure that the sender making the deposit is the same as listed as the account holder at Mt.Cook.

Hypothetical Example (personal account): An approved trading account at Mt.Cook in the name of Peter Smith, can only be funded from a bank account (or card or payment processor), also held in the name of Peter Smith. It cannot be funded by any other person or company.
Hypothetical Example (corporate account): An approved corporate trading account at Mt.Cook in the name of company ABC Inc., can only be funded from a bank account (or card or payment processor), also held in the name of ABC Inc.. It cannot be funded by any other person or company.

Mt.Cook reserves the right to require proof of payment at any time to get clarification on the sender.

Withdrawals

Information on making withdrawals from your trading account.

1.) What options do I have to receive my withdrawal?

Currently you can withdraw funds to a bank account via bank wire transfer (no matter how they were deposited. Alternatively you can redeem withdrawals by Perfect Money or Cryptocurrency if you funded your account via these methods.

2.) What are the fees associated with a withdrawal?

Mt.Cook does not charge any fees for withdrawals.

However, please understand that international wire transfers made through banks and the SWIFT system, or 3rd party Merchants are often subject to Merchant fees, and/or may attract banking, intermediary/agent/correspondent transfer fees and/or conversion fees from either party which are charged independently from MT.COOK and are beyond our control. Any such fees will be the responsibility of the client to absorb. Most withdrawal fees cost approximately <= $20 USD.

*NOTE: Withdrawals in AUD currency, to clients with Australian Banks are paid via “Direct Credits” and are free.

3.) How long will it take to receive my funds?

All withdrawal requests are processed daily, in the order they are received. Typically clients receive funds between 1-5 business days (excluding any bank holidays) after their request has been processed. Sometimes faster, and sometimes slower depending on the receiving institution. Generally speaking most wire transfers are transmitted and received very quickly.

4.) What effects the speed of my withdrawal?

All withdrawal requests are processed in the order that they are received. Ensuring that your personal, and banking information is entered as accurately as possible will ensure that there are no problems in having the wire transfer issued. If your bank uses intermediary or correspondent (pass through) banking institutions it may sometimes delay the transit time before reaching your account in our experience. The time of day the requests are received and processed by the bank (whether they make the bank’s daily cut off or not) can all have an impact on processing times.

5.) What happens if my wire does not arrive?

As a general rule, if your wire does not land in your account after 6 business days, please contact us at compliance@mtcookfinancial.com and we can inquire/investigate, or issue a wire trace on our end with our bank to locate the wire transfer’s (TT) whereabouts to have it properly routed if there were any errors on the transaction which have been preventing it from being placed in to your account.

6.) Can I withdraw funds to someone else's bank account?

No. This is very important: Please note that as per our AML/KYC protocol, we are unable to perform any form of third-party payments. All withdrawals must be sent back to the same account beneficiary in the same name as listed on your MT.COOK Financial trading account.

Joint bank account payments are accepted if your name is one of the parties listed as a joint account holder.

Any 3rd party withdrawal requests will be rejected and in some cases they may incur unnecessary delays or fees which are to be paid at the expense of the client. This applies to both personal and corporate accounts. Thus, please make sure that the beneficiary making the withdrawal back to their bank account, is the same person listed as the account holder at Mt.Cook and has a bank account in the same name.

Hypothetical Example (personal account): A withdrawal request from client Peter Smith, can only be processed back to a bank account belonging to Peter Smith. It cannot be sent to any other person or company.

Hypothetical Example (corporate account): A withdrawal from corporate client ABC Inc., can only be processed back to a bank account belonging to company ABC Inc.. It cannot be sent to any other person or company.

7.) Can I make a fast withdrawal from your website right now?

Don’t have your Client Portal login handy?

No problem, you can submit a quick withdrawal form here. Please ensure your information is accurate (as it will be checked by compliance), and be mindful that funds can only be withdrawn to an account in the same name as your Mt.Cook trading account (we cannot process third party transfers).

Quick Funds Withdrawal Form

ECN Trading & Conditions

ECN trading account questions.

1.) Where can I see detailed ECN trading conditions?

These can all be found on our ECN Trading page found here. This includes all conditions and detailed instrument specifications as well.

2.) What kind of accounts can I open to trade on an ECN account?

At Mt.Cook we accept personal/individual accounts, joint accounts, corporate accounts, trust accounts, foundations, and various forms of pension accounts.

Have a Special Purpose Entity you wish to trade through different from our supported applications? Contact us (flexibility is our middle name), and our compliance team can work with you through account approval.

3.) where is your ECN trade engine and server located?

The ECN trading engine itself, quite literally lives in a dedicated low-latency facility at Equinix NY4 in Secaucus New York, where it directly aggregates Tier 1 liquidity from major money center banks and venues in addition to non-traditional sources.

4.) Why are fees different on different currency pairs?

Our pricing tiers are fixed, and are based on USD currency, and are “notionally priced”.

For example;

Our Mt.Cook Account pricing is $37.5 USD, per million, per side (or 0.00375% notional). This is the same as $7.50 USD, per standard round turn lot. This is for all USD based pairs (i.e., USD/xxx pairs).

Because this is notional ECN pricing (i.e., institutional pricing and the same way banks quote prices), it means that all other pairs (i.e., EUR/xxx, GBP/xxx, CHF/xxx, CAD/xxx, NZD/xxx, AUD/xxx) are calculated by multiplying the $7.50 x each other pair’s exchange rate with USD.

So some pairs may actually work out to be a bit more than $7.50 USD per standard round turn lot. While other pairs work out to be a bit cheaper than this. While all USD/XXX pairs are exactly $7.50 USD per standard round turn lot.

5.) What's the difference between your ECN and DMA accounts?

Our ECN accounts are our flagship and default accounts, preferred by the vast majority of all of our traders.

Our DMA accounts are a secondary option for our clients looking for fill diversification and split testing, and are built upon a completely separate liquidity infrastructure, and have a completely separate set of technology providers. This is like a completely separate brokerage available to traders (2 for 1), yet under the same roof.

Generally speaking most of our clients are here for our ECN accounts. Those with special requirements often open additional accounts for diversification on our DMA feed. Here are a few major differences…

ECN

Tightest Spreads
Fastest Execution
Integrated ECN Back-office
NYC (Equinix NY4) server low-latency colocation
Great for all traders and styles, especially for scalping, HFTs, quants, fast and agile traders, and those who trade lots of cross pairs etc…

DMA

Wider Spreads (but more market depth)
Great CFD lineup
Slightly cheaper swaps
London (Equinix LD4) server low-latency colocation
Great for traders who care less about spreads and need lots of market depth, cheaper swaps, and a larger CFD offering.

6.) How can I download your Metatrader4 ECN trading platform?

Download links will be provided to you upon account approval. However you can also download these at any time from our Metatrader4 page here (including the Windows desktop trading terminal, and MT4 mobile apps as well).

7.) Do you profit from my losses on the ECN?

Absolutely not.

We do not run a b-book (and are not permitted to under our current license). All of our clearing falls under the “agency only” model, and trades are passed through directly to liquidity partners and ODPs. Thus, Mt.Cook’s ONLY form of compensation is via transactional fees (i.e., round turn commissions).

Although we understand why some brokers choose to run b-books (they are required in the industry), we as a team, ethically do not like to be in a position to profit from our client’s losses. Instead, we try to focus our efforts on servicing aspiring traders who are striving to be profitable over the long-term. We have built our business around this model, and this ensures our interests are always aligned with our clients.

8.) Will I encounter slippage on the ECN?

Yes. Although rare, it does happen.

DISCUSSION: Both our ECN and DMA 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. If a brokerage tells you they have no slippage, they are either running a synthetic feed (i.e., b-booking you with no real market fill) or they are simply not being honest. The more sensitive the trading style is, the higher chance of encountering slippage.

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. Mt.Cook does not control for, or provide any guarantees against slippage (either positive or negative). Again this is a normal market phenomenon that we must all plan for and contend with when trading in the real (live) spot market.

9.) How come I cannot see all the instruments I would like to trade?

To ensure you are seeing all the tradeable symbols and instruments associated with your account type, you may need to load all market symbols in to your trading terminal, as various versions of Metatrader4 do not always load them all by default.

You can do this by selecting ANY trading symbol in the market watch window, then right click it, and select “Show All”. This will load all the symbols for you, as shown below.

10.) Which MT4 symbol sets/extensions should I trade on?

For live ECN clients, the MT4 symbols you will trade on will not have any extension after the instrument name (example: EURUSD and XAUUSD etc etc…).

*NOTE: As per the FAQ above, to ensure you are seeing all the tradeable symbols/instruments associated with your account, it is important that you load all market symbols in to your terminal, as Metatrader4 does not always load them all in by default. You can do this by selecting any symbol in the market watch window, then right click, and select “Show All”. This will load all the symbols for you, as shown below..

11.) Can I trade "sensitive strategies" on the ECN?

DISCUSSION: Generally speaking, sensitive trading strategies are those that are considered highly sensitive to price and execution and market volatility, and may include news trading, hyper-scalping, and tick scalping but also hostile algo strats such as various types of arbitrage strategies and/or inter-spread exploitatives.

While we feel we have an excellent trading environment, and welcome any kind of trading strategy that is not exploitative, or considered “toxic flow” by our liquidity partners, it may be that sensitive trading strategies may not perform optimally here and it is widely recognized that they are becoming tougher to execute these days on real market data and bank-based liquidity as many loop holes for market exploitation get closed down by banks. It may be that they perform better on synthetic feeds, non-bank liquidity, or at risk-internalized brokerages (i.e., b-book bucketshops).

As an STP brokerage, we want our clients to be as profitable as possible and simply maintain a neutral position (intermediary) in trade execution and profit by having traders stay profitable and trade volume. However we need to ensure that we present a fair playing ground and as such that we maintain integrity with our liquidity partners as well. These relationships are very important for us in order to maintain competitive pricing for our clients.

As a protection measure, many of our LPs, price engine aggregators and bridges, utilize AI algorithms to detect predatory/toxic/exploitative strategies or those looking to trade within the spread, and it may be that our Liquidity Partners ask us to close these trading account if they are detected and flagged as toxic.

This RARELY occurs, but it can occasionally happen on strategies calculated to have an aggressive YIELD DECAY which end up getting flagged. If this happens, we must honor their request. Please understand that this has nothing to do with our LPs not wanting traders to succeed. This about them detecting predatory strategies looking to take advantage of decentralized market inefficiencies, as apposed to fair trading practices.

Separate to this, and as a general rule, the more sensitive your trading strategy is, the greater chance it may encounter execution variances and discrepancies from one feed to another, and it very well may be better off executing on different types of data feeds or other shops. The only way to know this is of course to test it and compare. Unfortunately we cannot offer any type of guarantee as to the success of highly sensitive trading strategies and clients must be aware of this prior to deploying them.

12.) Why do I have a mismatch between MT4 and the ECN Backoffice?

Sometimes your Metatrader4 account will not match your ECN back office exactly due to a number of different reasons (aggregated swaps, portfolio execution, booking at rollover and re-opening on the ECN), however usually this value is not far off. We have a script that we run periodically to sync the two platforms, and in some cases a manual sync is required.

However, please note that the trades and values, fix logs, and time/sales values in the ECN are always accurate and reflect true market settlements and take precedence over MT4. On our ECN, MT4 is simply a GUI connected to our ECN trade engine via a custom integrated bridge. Thus the ECN back office always reflects the true and accurate value of your account and positions.

13.) What MT4 server should I connect to for my ECN account?

ECN Clients should connect to the following servers:

Live Accounts: AtlanticPearl-Live 1
Demo Accounts: AtlanticPearl-Demo

14.) How do I log in to MT4 from my smartphone or my tablet?

1.) You first need to download and install the mobile app. You can download the iOS app for iPhones and iPads here and for Android smartphones and tablets here.

2.) Once installed you must “Login to an Existing Account”, and search for the broker’s server to connect to.

ECN Clients should search for, and connect to the following servers:

Live Accounts: AtlanticPearl-Live 1
Demo Accounts: AtlanticPearl-Demo

3.) After selecting your server, you will be prompted to enter your login (account number) and password. These are provided to you once your account has been approved by compliance. After entering these, click “Sign In” and this should connect you to your mobile trading account.

15.) Are stop losses and take profits gauranteed?

Unfortunately not. These orders cannot be guaranteed to fill at your specified price on an ECN. As per the slippage FAQ, these types of orders are sent as market orders, and thus depending on market volatility, it is possible to incur positive or negative slippage on these orders.

16.) Are margin liquidation levels gauranteed?

Unfortunately not. If your margin reaches the liquidation level, the software will begin to liquidate the position that has the highest losing amount. However please note that holding positions (especially large positions) or exposure on smaller balances in particular, can cause the % liquidation value to fluctuate rapidly, especially during fast moving markets.

DMA Trading & Conditions

DMA trading account questions.

1. Why is there a higher entry minimum for DMA accounts vs ECN?

Our DMA account is structured slightly different with our Prime Bank than our ECN is, in that we cannot batch-hedge trades < 1 standard lot in position size ($100,000 of currency), like our ECN is capable of doing. This means we get charged standard ticket fees for trades < 1 standard round turn lot. To encourage trading above this minimum position size, or to cost justify trades that are under this size, account minimums or higher volumes are required when trading on the DMA account. This again boils down to having very tight margins as a single-source revenue stream from transactional fees only.

In the future we may setup a facility to batch-hedge smaller orders < 1 standard lot in size (for mini and micro lots) on the DMA stream. In which case our fees on small orders will reduce, and our minimums will be the same as our ECN accounts. However, this is not ready as of yet.

2. What's the difference between your DMA and ECN accounts?

Our ECN Trading Accounts are our flagship and default accounts, preferred by the vast majority of all of our traders.

ECN

Tightest Spreads
Fastest Execution
Integrated ECN Back-office
NYC (Equinix NY4) server low-latency colocation
Great for all traders and styles, especially for scalping, HFTs, quants, fast and agile traders, and those who trade lots of cross pairs etc…

DMA

Wider Spreads (but more market depth)
Great CFD lineup
Slightly cheaper swaps
London (Equinix LD4) server low-latency colocation
Great for traders who care less about spreads and need lots of market depth, cheaper swaps, and a larger CFD offering.

3. Why are fees different on different currency pairs?

Our pricing is fixed, and is based on USD currency, and is“notionally priced”.

For example;

Our DMA Account pricing is $32.5 USD, per million, per side (or 0.00325% notional). This is the same as $6.50 USD, per standard round turn lot. This is for all USD based pairs (i.e., USD/xxx pairs).

Because this is notional DMA pricing (i.e., institutional pricing and the same way banks quote prices), it means that all other pairs (i.e., EUR/xxx, GBP/xxx, CHF/xxx, CAD/xxx, NZD/xxx, AUD/xxx) are calculated by multiplying the $6.50 x each other pair’s exchange rate with USD.

So some pairs may actually work out to be a bit more than $6.50 USD per standard round turn lot. While other pairs work out to be a bit cheaper than this. While all USD/XXX pairs are exactly $6.50 USD per standard round turn lot.

4. Where is your DMA trade engine and server located?

The DMA trading engine itself, quite literally lives in a dedicated low-latency facility at Equinix LD4 in London, UK, where it directly aggregates Tier 1 liquidity from major money center banks and venues in addition to non-traditional sources.

5. How can I download your Metatrader4 DMA trading platform?

6. Do you profit from my losses on DMA accounts?

Absolutely not.

7. Will I encounter slippage on the DMA stream?

Rarely. But it does happen.

8. How come I cannot see all the instruments I would like to trade??

You can do this by selecting ANY trading symbol in the market watch window, then right click it, and select “Show All”. This will load all the symbols for you, as shown below.

9. Which MT4 DMA symbol sets/extensions should I trade on?

DMA clients will have either a “.” or an “x” extension depending on what liquidity source you are accessing (example: EURUSD. or EURUSDx etc etc…).

For DEMO DMA clients, you will not have any MT4 extensions on the symbol sets (example: EURUSD).

10. Can I trade "sensitive strategies" here?

11. What Mt4 server should I connect to for my DMA account?

DMA Clients should connect to the following servers:

Live Accounts: MTCOOK-Live 5
Demo Accounts: MTCOOK-Demo

12. How do I log in to MT4 from my smartphone or my tablet?

1.) You first need to download and install the mobile app. You can download the iOS app for iPhones and iPads here and for Android smartphones and tablets here.

2.) Once installed you must “Login to an Existing Account”, and search for the broker’s server to connect to.

DMA Clients should search for, and connect to the following servers:

Live Accounts: MTCOOK-Live 5
Demo Accounts: MTCOOK-Demo

13. Are stop losses and take profits gauranteed?

Unfortunately not. These orders cannot be guaranteed to fill at your specified price on a DMA stream. As per the slippage FAQ, these types of orders are sent as market orders, and thus depending on market volatility, it is possible to incur positive or negative slippage on these orders.

14. Are margin liquidation levels gauranteed?

Pricing Questions

Questions About Our Pricing Structures

1. Do you profit from my losses?

Absolutely not.

2. How do I know if my other broker is b-booking me?

In addition to the important tips listed in the section above about misaligned interests adding up, it’s simply best to just ask your brokerage transparently via email (for a paper trail), the following 2 questions. 1) Are you permitted by your regulatory license to run a b-book (or hedge my positions)? And if so, 2) Is my account currently on a b-book (or can it be switched to a b-book if I am not profitable)?

Most brokerages who are licensed will be required to answer this truthfully if it is not transparently disclosed to you (which it should always be). Although some brokers are very clever at dancing around a direct answer to this question, question number 1 is very important, as if a brokerage obtains a license to b-book, they usually are.

Additionally, brokers offering enticing bonuses, or those who have high pressure boiler room sales teams, are other obvious indicators that your broker’s model is based around continually luring in, and turning over a high volume of clients who consistently lose money.

We are strongly apposed to the high pressure sales model, and want our clients to enjoy a pleasurable trading experience on their own pace and stage of their trading career.

3. Why are fees different on different currency pairs?

Our pricing tiers are fixed, and are based on USD currency, and are “notionally priced”.

For example;

4. How do I quality for Volume Based Pricing?

When you fund your account, unless otherwise agreed upon, your account will be setup automatically as per the pricing tables with Mount Cook pricing (for deposits < $25K), with Mount Kilimanjaro pricing, (for deposits between $25K-$100k) or with Mount Everest Pricing (for deposits > $100k).

At the end of the month, if your volumes exceed your account pricing type, please contact us, if you wish to bump to a higher tier based on our volume tables above. We will conduct a simple volume review on your account, and upon confirmation, switch your account to the new agreed upon pricing tier.

5. How tight are your spreads?

Quite tight. In fact we feel that very few FCMs match our NET cost to clients (i.e., the “all in cost” of our spreads plus our round turn transactional cost) across all currency pairs. We configure our pricing in partnership with our liquidity partners to be an optimal mix of tight spreads and sufficient market depth.

Our spreads are widest during the roll over hour (5pm – 6pm EST), the market open hour on (Sunday evening at 5pm EST), high impact news releases, 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.

6. How important is it to have tight spreads?

To some traders 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 and play a major role in your bottom line. However, traders going for bigger pip targets, (and especially traders placing larger orders) may care much less about spreads and more about market depth as they want to place large orders and get in and out of the market with ease at the real-time price they see on their terminals.

Our spreads are somewhat configurable with our liquidity partners, based on the amount of market depth we back them with. As such, given that our target client base is largely professional traders we look to have a good middle ground combination of both tight pricing and sufficient market depth for large ticket trading.

7. How can I see your spreads?

The best way to view our spreads is to access them in our live environment. We are happy to give you read-only logins to a live, unfunded account to view our price action and spreads in real time.

Alternatively, a popular approach is to open a demo account which is also reflective of our exact spreads in the live environment. Our demo accounts enable you to use our fully functional trading platform, in real market conditions, but with virtual funding, and is a great way to get familiar with our trading environment before funding and trading live.

8. Do you charge any other types of fees at all?

We charge one simple all-inclusive, transactional commission fee that is volume based on any trades made.

The only other fees incurred by clients, are ones levied by our liquidity, clearing, and technology partners (i.e., spreads, swaps, MTMPL’s) and those charged by 3rd parties (not us) for deposits/withdrawals (i.e., Visa/Master card charges, bank wire fees etc…).

9. I know a brokerage with tighter spreads.

That’s not really a question, but a statement that gets brought up occasionally.

DISCUSSION: We don’t claim to have the tightest spreads in the industry, and never have. Simply because we do not know what other brokers are doing behind the scenes. We only know intimately what we have built for our client base, and can confidently say that we are very proud of it, and strongly feel that we have some of the most quality liquidity, and competitive pricing that we have been able to obtain after many years of working in the industry.

Spreads are something that are VERY dynamic and always changing, and a fair comparison must be tracked across multiple pairs (especially currency cross pairs), across different markets, and for lengthy periods of time as they are always changing from day to day, and week to week, and are always responding to market events and dynamics.

Furthermore, we aggregate upwards of 18+ independent liquidity sources in our ECN which uses a ‘Smart Order Routing Algorithm’ (SoRa) that both rewards and punishes liquidity sources, not only for the most competitive pricing, but also based on the “quality” and “integrity” of the quotes received (i.e., speed, fill rate etc..). It also has the ability to find pockets of deep, hidden liquidity within its network, enabling traders to improve pricing on large orders. So as liquidity changes, our ECN adapts along side this.

Some brokers keep extremely tight spreads, with no volume behind them. This means they are great for small ticket trading, but not sustainable for larger orders. Others have the opposite. Others have synthetic feeds, or are simply running risk-books (ensuring tight spreads and zero slippage). Every broker structures this differently, but at Mt.Cook, we have built what we feel to be a very robust liquidity offering consisting of both tight pricing and market depth, to cater to a wide audience of traders. We also have two completely separate aggregations for our clients to access under one roof for diversification – our ECN and DMA liquidity streams.

10. Wow do your clearing and tech partners make money?

Our liquidity providers and our technology providers bundle their cost in to our spreads and swaps and mark-to-market costs, and/or they charge us a transactional commission. These are negotiated in advance based on our business and long-standing relationships with them. We then build our transactional commission costs on top of our final product.

Aside from our transactional commissions all costs are exactly what we get from our liquidity partners, ODPs, PBs, and technology providers, and are passed on to our clients to trade on directly. We serve as a neutral, execution only service, and simply charge transactional commissions for access to our dynamic liquidity, via our custom trading environment.

11. How are commissions charged to my account?

Our transactional commissions are charged notionally, and automatically, on a per trade basis on the open and close of your trades as you make them in real time.

12. Do you offer negative balance protection?

In the extremely rare occasion that it may happen, we offer negative balance protection on our ECN accounts. This are not available on our DMA accounts however.

13. Why do I have a mismatch between MT4 and the ECN Backoffice?

Sometimes your Metatrader4 account will not match your ECN back office exactly due to a number of different reasons (aggregated swaps, portfolio execution, MTMPL’s booking at rollover and re-opening on the ECN), however usually this value is not far off. We have a script that we run periodically to sync the two platforms, and in some cases a manual sync is required.

However, please note that the trades and values, fix logs, and time/sales values in the ECN are always accurate and reflect TRUE market settlements and take precedence over MT4. On our ECN, MT4 is simply a GUI connected to our ECN trade engine via a custom integrated bridge. Thus the ECN back office always reflects the true and accurate value of your account and positions.

14. Will I encounter slippage on your feeds?

Short answer – Yes. This is not common, but it happens.

Leverage/Margin/Swaps

Questions about Leverage, Margins, and Swaps.

1.) What leverage is available for trading?

The following leverages are available…

Mt.Cook Accounts (<25k USD): up to 500:1
Mt.Kilimanjaro Accounts (<100k USD): up to 200:1
Mt.Everest Accounts (>100k USD): up to 100:1

2.) What are Swap (Roll-Over) Fees?

A swap/rollover fee is bank interest charged when you keep a position open overnight (defined as 5pm EST). A forex swap is basically the interest rate differential between the two currencies of the pair you are trading, and it is calculated according to whether your position is long or short and the pairs you are trading.

This debit or credit is applied to your account at 5pm EST each day at rollover. The swap rates can be viewed in the ECN back office for ECN accounts, or in the MT4 terminal for DMA accounts.

3.) Why are swaps larger on Wednesdays?

To account for Saturday and Sunday (when the currency markets are closed), liquidity participants book three days worth of swap rates on Wednesdays, which makes a typical Wednesday rollover three times the amount from another weekday. Thus on Wednesdays you can anticipate to pay, or receive, 3x as much swap interest vs any other day.

4.) What is your margin call (Notification) level on Metatrader?

The margin notification level is set to 120% on the MetaTrader software. If you margin reaches 120%, the software will show a red banner indication which provides a visual notification to you.

5.) What is your liquidation level (stop-out) on Metatrader?

The liquidation / stop out level is currently set to 70% on the MetaTrader 4 software. If your margin reaches 70% of the margin required for maintaining your positions, the software will begin to liquidate the position that has the highest losing amount.

6.) Are margin liquidation levels gauranteed?

Trading Questions

General Trading Questions

1.) What are the market trading hours here?

The Forex market quotes on our platforms from Sunday at 5:05 PM EST to Friday at 4:59 PM EST. This time may change on occasion due to various holiday schedules.

2.) What are the trading hours for Precious Metals?

The Metals market is open from Sunday at 6:00 PM EST and closes each day at 5:00 PM EST (at rollover) and then re-opens at 6:00 PM EST. On Friday the market then closes at 5:00 PM EST and re-opens again on Sunday as per above.

3.) What are the minimum and maximum lot sizes I can trade?

Our minimum lot size you can trade is 0.01 standard round turn lots (1,000 of currency) with no maximum trade size as long as there are enough funds in the account to cover the margin required.

4.) Can I trade "sensitive strategies" here?

5.) Are stop losses and take profit levels gauranteed?

No. Stop losses and Take profits are not guaranteed to always trigger at your specified price. These types of orders are sent as a market orders, and depending on market volatility, you may incur positive or negative slippage.

6.) Will I encounter slippage trading here?

Yes. Although rare, it does happen.

7.) Where can I see your instrument specifications?

You can find these on each isntrument’s dedicated page as follows…

Metatrader 4 Questions

Metatrader FAQs

1.) Which platform should I download to use? The ECN MT4 or the DMA MT4?

This depends on which account you applied for, and which feed you wish to trade on. Our accounts team will provide you with the proper terminal to download for your account when your account is approved.

As a general rule of thumb, most clients trade on the ECN. You can download the ECN MT4 Platform here. DMA clients can download the DMA terminal here.

* Note: when connecting to your MT4 account via a mobile or table app, you need to connect to the corresponding server (ECN or DMA). The ECN server to search for is named: AtlanticPearl-Live 1 and the DMA server to search for is called MTCOOK-Live.

2.) What server should I connect to?

ECN Clients should connect to the following servers:

Live Accounts: AtlanticPearl-Live 1
Demo Accounts: AtlanticPearl-Demo

DMA clients should connect to the following servers:

Live Accounts: MTCOOK-Live 5
Demo Accounts: MTCOOK-Demo

3.) How come I cannot see the instruments I would like to trade?

To ensure you are seeing all the tradeable symbols associated with your account type, you may need to load all market symbols in to your trading terminal, as Metatrader does not always load them all by default.

You can do this by selecting ANY trading symbol in the market watch window, then right click it, and select “Show All”. This will load all the symbols for you, as shown below..

4.) Which symbol sets/extensions should I trade on?

For ECN clients, the symbols you will trade on will not have any extension (example: EURUSD and XAUUSD etc etc…).

DMA clients will have either a “.” or an “x” extension depending on what liquidity source you are accessing (example: EURUSD. or EURUSDx etc etc…).

DEMO clients will not have any extensions on the symbol sets (example: EURUSD).

*NOTE: As per the FAQ above, to ensure you are seeing all the tradeable symbols associated with your account, it is important that you load all market symbols in to your terminal, as Metatrader does not always load them all by default. You can do this by selecting any symbol in the market watch window, then right click, and select “Show All”. This will load all the symbols for you, as shown below..

5.) Which languages are supported by Metatrader?

Arabic, Bulgarian, Chinese (simplified, PRC), Chinese (Traditional, Taiwan), Croatian, Czech, Danish, Dutch, English, Estonian, Farsi/Persian, French, German, Greek, Hebrew, Hungarian, Indonesian, Italian, Japanese, Korean, Latvian, Lithuanian, Malay, Mongolian, Polish, Portuguese, Romanian, Russian, Serbian, Slovak, Spanish, Swedish, Tajik, Thai, Turkish, Ukrainian, Uzbek, Vietnamese.

6.) How can I get detailed help in learning how to use and understand the MetaTrader 4 platform?

The best way to learn how to use all the features with MetaTrader 4, is to read the MetaTrader 4 Client Terminal User Guide – designed by Metaquotes themselves (the makers of MetaTrader 4). You can view and go through all steps of the user guide here: https://www.metatrader4.com/en/trading-platform/help.

If you are just learning how to use the platform, it is often a good idea to practice trade on a demo account first prior to trading live so you can familiarize yourself with some of the features.

Most people find the program very user friendly after using it for only a short while. When using the program, you can access the help docs at any time by pressing the “F1” key, or using the Help menu tab within the trading terminal.

7.) How do i log in to MT4 from my smartphone or my tablet?

1.) You first need to download and install the mobile app. You can download the iOS app for iPhones and iPads here and for Android smartphones and tablets here.

2.) Once installed you must “Login to an Existing Account”, and search for the broker’s server to connect to.

ECN Clients should search for, and connect to the following servers:

Live Accounts: AtlanticPearl-Live 1
Demo Accounts: AtlanticPearl-Demo

DMA clients should search for, and connect to the following servers:

Live Accounts: MTCOOK-Live 5
Demo Accounts: MTCOOK-Demo

3.) After selecting your server, you will be prompted to enter your login (account number) and password. After entering these, click “Sign In” and this should connect you to your trading account.

8.) How can I find the detailed specifications for the instruments I want to trade?

You can find these on each isntrument’s dedicated page as follows…

9.) What is the GMT Time Zone / Offset for your MT4 Server(s)

ECN MT4 Server (AtlanticPearl-Live 1) in NYC:
Server time switches between GMT +2 when Daylight Saving Time is not in use from October to March and GMT +3 for the remainder of the year when it is in use.

DMA MT4 server (MTCOOK-Live) in London:
Server time switches between GMT +2 when Daylight Saving Time is not in use from October to March and GMT +3 for the remainder of the year when it is in use.

* NOTE: If your EA or algo is sensitive to, or dependent upon calculating trade server GMT offset time, it is always best to double check the server times at each daylight savings time (DST) change-over in both the fall and spring, just to be sure, as we are subject to changes based on the datacentres where we lease our servers and rack space from and thus, Mt.Cook does not assume any liability in changes to our standard GMT Offset schedule, nor can we guarantee it will always remain the same. You can track GMT time here: https://greenwichmeantime.com/ and the difference between this time and our server time will be your GMT offset (i.e. if GMT time is 03:00am and our server time reads as 06:00am, this means that our server GMT offset time is GMT +3).

10.) Are there any restrictions on the type of trading I wish to do?

There are no restrictions to the type of trading you can do, however please note that highly sensitive or predatory strategies may not, or will not, work well in the live market. Extremely sensitive strategies such as tick scalping, hyper scalping, arbitrages, news-spike trading, or strategies deployed within spreads, are at greater risk of experiencing higher slippages or under performance, due to their sensitive nature, and the way real market participants process and book orders through MT4. Extremely sensitive and non-predatory strategies are best deployed via FIX API.

11.) How secure are the mobile apps?

Very secure, and generally speaking as secure as you keep your phone. There are added security features as well including OTP/Validation pin codes which can add an additional level of security when working with trading accounts.

FIX API Questions

Questions about FIX API

1.) Who is this service best suited for?

Our FIX / API offerings are generally used by institutions, corporates, and SME’s (small to medium enterprises) in the financial, trading, and fintec spaces, with the general knowledge and know-how to build applications in this environment.

This includes (but is not limited to) other brokerage and clearing firms, high frequency trading (HFT) shops, small to medium sized hedge funds, prop shops / private and proprietary trading firms, and occasionally retail traders.

2.) What are the minimum requirements to trade via FIX / API?

Clients wishing to connect their applications via API, must first be approved by our compliance team for a live account (“Get Started” button in the top right to open an account for new clients). After that, ECN API projects must meet one of the following requirements…

$50,000 USD (or equivalent) in minimum account balance. Or,
$100m per month, in average trading volume.

Our API setup often requires quite a bit of time and conformance tests between our technology partners and the client, and this is why such minimum requirements are in place.

3.) Can I test my applications on demo first?

Yes, however you must apply for a live account first, before testing on demo. Please complete a live application (“Get Started” button on the top right) and upon approval, we can setup a demo connection environment for API trading.

4.) I have a technical question about connecting?

Upon approval, we will issue you a very detailed set of FAQs that answer all questions about our API, including connection parameters. We will also perform any conformance tests with you and our API specialists are available to help with any other technical difficulties should they arise.

Partnerships

Money Manager Partnership FAQs

1.) Who can apply to become a money manager at Mt.Cook?

Generally speaking – traders who hold some kind of financial license to be managing funds, or who have ample experience in trading on their own, and are looking to start to trade for clients (i.e., emerging managers).

2.) Which PAM software is best? The ECN Hybrid PAM or DMA Standard PAM?

This really comes down to personal choice and what your primary requirements are. For most managers, the ECN Hybrid PAM is the obvious choice as it solves so many problems that most of the older Metatrader PAM softwares are faced with. If you require assistance in deciding between the two, please contact us for further assistance.

3.) How do I apply to run my money management business here?

First, you must open an account (the “Get Started” button above). Second, our partnership team will speak with you about your project and you will sign a Money Manager Agreement with Mt.Cook. Third – we build your digital LPOA(s) if required, and your landing page for your clients, and then you are ready to start. The entire process takes approx 24 hours.

4.) Can you introduce investors to my trading strategy?

This is not something that we normally engage in, however on certain occasions we may able to make introductions to funding sources and capital partners who are looking for investment with talented traders. This however should not be your primary reason for opening a Money Manager project/business here.

5.) I have a technical question about your PAM's functionality?

The best way to get these answers for our Hybrid PAM is to visit the dedicated Hybrid ECN PAM page, directly. Please contact us for any other information.

6.) What sets your money manager program apart from others?

We are obviously biased in this answer, but we started Mt.Cook from the onset as a broker to only service professional traders and money managers (i.e., those running a business and making a living from trading the markets). It was only later that we opened the doors to retail and novice self-directed traders.

Prior to starting Mt.Cook, managed accounts had been a livelihood of some of our partners for the past several years so we understand what’s important to Managers. In fact, it was our own dissatisfaction and frustration with brokers over the course of a decade that served as inspiration to structure our own clearing arrangement and build the absolute “perfect” all around brokerage and manager solution for money managers.

Our goal with our program is to lean on technology and expertise as much as possible to handle ALL aspects of a money manager’s business from client onboarding, regulatory consulting, collecting and paying commissions, and providing an excellent trading environment, so that the only thing left for a manager to focus on is trading the markets and growing their business.

IB Partnership FAQs

1.) Who can apply to become an IB at Mt.Cook?

Generally speaking… anyone who wishes to introduce clients to Mt.Cook and receive compensation for it.

* Please note however that while this program is open to everyone in some circumstances we may not be able to work with every prospective applicant from every jurisdiction.

2.) How do I get started?

1.) Apply for an account first (or click the “Get Started!” button at the top of any page). Approval is quick and easy and typically takes less than 24 hours.

2.) Upon approval, our partnership team will contact you, and answer any specific questions you may have and assist in providing any marketing materials and guidelines. They will also provide you with your custom IB tracking links and merchant account so you can start right away.

3.) Refer and start earning.

3.) How much can I earn?

This depends on how many clients are referred and the volume of trading they do. We have a sliding scale based on volumes which is provided to approved partners in the program. Since we trade with an STP model, our only source of revenue are trade volumes, and thus profits with Introducers are shared based on volumes. So the more clients referred and the larger volumes they trade, the more you can earn as an introducer. This also depends slightly on the instruments being traded and the liquidity source being traded on.

4.) When do I get paid commissions?

You get paid volume commissions in real time each time a referred client closes a trade. This automatically gets deposited in to your merchant account, and can be withdrawn at any time.

5.) How are clients tracked back to me?

Clients are tracked to you through one of 3 ways as your preference …

By you telling us in advance or by personally introducing your client directly to us.
By your client telling us on their application or directly that they were introduced by you.
Via your IB tracking link provided to you after approval as an Introducer. This is visible as a URL parameter and can be integrated into any link used linking back to our site. Clients applying after using the URL parameter, will be automatically tagged as being referred by you.

Option 3 is the most common for those introducing large amounts of clients. However those introducing fewer clients often prefer the personal touch of a traditional introduction to us.

6.) Why do you guys profit share with Introducers?

We are of the firm belief that a smaller piece of a big pie is ALWAYS better than a big piece of a little pie. Profit sharing with Introducers is a way for us to expand our client base, and we are happy to reward Introducers by doing so, so that they can earn passive income for their efforts.

Signal Service Partnership FAQs

1.) Do I need a license to offer a trade signal service?

Generally speaking – no. Please note that this will vary from jurisdiction to jurisdiction. However if clients/subscribers HAVE control over their account in terms of their ability to opt in and out, control risk, and protect their capital this is generally viewed as a “non-discretionary” service to them. This is the case with our Hybrid PAM technology, and also most trade copy services. Having a good signal agreement (which we provide to traders) helps to solidify this position.

*NOTE: For current laws and legislation in your home jurisdiction, it is of course always best to seek local and independent legal advice on this.

2.) Can I charge any fees I want?

On our Hybrid PAM software, you can charge and automatically deduct any of the following; subscription fees, performance fees, management fees, and transactional fees. These fees are auto-debited from subscriber accounts.

On trade copy software, you are limited to what options are provided by the software vendor. Typically this is limited to subscription fees that clients pay to the trade copy vendor via PayPal or other providers.

3.) Which software is best for trade signal services?

This is personal preference. You can use “trade copy” services/software, or our hybrid PAM technology, or both.

Trade copy services allow clients to receive your trades at any brokerage, and mix and match their own trading or signals on their account in addition to your trades. The downside is that their trades are subject to slippage and latency, which depending on the sensitivity of your trading, can have a minor to significant impact on performance. Clients can also onsell your strategy as their own signal, and theft of intellectual property in this capacity is a common problem among copy trade services.

Using the hybrid PAM technology means that all orders execute as one single block order, with zero latency or slippage, and your clients still have all of the account management controls on their account, much like copy services. This also offers intellectual property protection as traders cannot re-sell your trades as their own. However, it also means that your subscribers must have a web-based ECN account at Mt.Cook, and they cannot mix their own trades in with your signal.

This choice is ultimately a personal preference and we offer BOTH options.

4.) Who typically runs a trade signal service?

Typically traders with a good track record or trading strategy, and with an active client base or marketing plan.

Institutional Partnership FAQs

1.) Who is your institutional partnership program best suited for?

Our institutional offering is best suited to SME’s (small to medium enterprises) in the financial, trading, and fintec spaces, with a modest book of business and assets of at least $500,000 USD.

2.) Can this service by customized specifically to our needs?

Mt.Cook’s bespoke institutional offering can help partners customize both their product and pricing down to a per-account and per-instrument basis. Thus, based on a client’s specific requirements our team can easily source and match the most effective LPs, venues, technology partners (and combination of all of these) to specifically match your needs.

ECN Back Office Questions

FAQs about our ECN back office client area.

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Hybrid PAM Questions

FAQs about our Hybrid PAM Software

1) I'm a bit confused, is this a trade copier or a PAM?

This is a “hybrid” of both. It offers only the best features of both. It has the functionality of a trade copier (i.e. multi-currency, risk multipliers, stop loss protection etc…), yet maintains the best features of a PAM and much more, such as block execution, so there is no “copying” of trades, and thus no latency, slippage, or variable fills between clients. Every client gets filled the same as all orders go to market in one block order. Thus, a client with 1M, will receive the same fill as a client with 1k. The software handles all tracking, management, collection, and payment of fees as well.

You can think of this as a highly upgraded PAM software for money managers, but with all the functionality and utility of a trade copier.

2) What type of fees can I charge to my clients as a Money Manager?

The software has the ability to charge any of the following fees …

Performance fees
Management fees
Subscription fees
Transactional fees
Spread fees

The industry standard for managed accounts is usually a performance fee, and sometimes a management fee or a markup as well if your strategy has a lot of credibility and history.

Any fees can be customized at the client level on a client-by-client basis. For example if you wish to charge different fees to different sizes of investment, or different duration of investment, this is all easily automated.

These fees can be profit-shared with any IBs or sales force of yours as well.

3) What base currencies can my clients invest in?

Currently investors can hold their investment in the following currencies…

Soon CAD, NZD, HKD, and SGD should be available in early 2022. Until then investors must hold their investment in one of the currencies above.

4) Do I have a Metatrader account in a Hybrid PAM?

Money Managers – YES.
Investors – NO.

The money manager trades a live MT4 account. Investors in the Hybrid PAM have “ECN Accounts”. These are direct interbank accounts which are sync’d in directly with our ECN. Only the master account (the Money Manager’s account) has, and trades an MT4 account in the Hybrid PAM structure. Therefor your Money Manager funds his MT4 account and places trades on it. Investors then receive the exact same trade allocations and settlements to their ECN accounts that their Manager places in their MT4 trading account.

So in summary…

Money Manager: Trades directly on an MT4 Account (trading terminal).
Investors: Receive the same trades on an ECN Account (accessed via web/client portal).

5) Does this software really track each investor's high water mark?

Yes, the software very accurately tracks each investor’s high water mark. It will calculate and deduct fees at month end according to this and the rates specified, and automatically deposit them in to the Money Manager’s merchant account – just like clockwork. If a client is below the high water mark, then there will be no performance fees charged until they are once again above this level.

6) Do I as a Money Manager have to fund a master account?

The Hybrid PAM structure requires a live master account, which is intended to be traded by the Money Manager. This can be funded by the Money Manager (always recommended) or by one of their clients. There is no minimum value that the master account must be funded with.

We always recommend that money managers fund and trade the master account whenever possible (even if it is only a small amount), simply as investors appreciate it when their Money Managers have “skin in the game”.

7) Can I block my clients from having risk controls and stop loss protection?

Yes, we can override this function. However, it is recommended to keep it enabled so investors have more control (and thus responsibility) over their investment. You can see your client’s settings and advise them if you see someone setting risk to high, or an equity stop loss to tight etc…

8) Can I setup a myfxbook or fxblue link for my account?

Money Managers – YES.
Investors – NO.

Myfxbook only works with MT4 (and a few other platforms) but not with our ECN platform.

However, we always suggest that each Money Manager setup a myfxbook account for their Master MT4 Account, and share this with their investors. This helps provide a good and familiar “visual reference” with rich statistics on the performance of the account.

ECN accounts have great reporting, and show live trades and floating equity in real time, and will always match the master account perfectly (in terms of equity matching equity), and thus the myfxbook of the master account will visually reflect the same equity performance as investors receive in their accounts.

9) Can I unsubscribe from a Money Manager at any time?

Yes. You do not require our, or your manager’s approval to unsubscribe. This is done by the click of a button in your online ECN account. However, we always recommend letting your Money Manager know as a courtesy if you are wishing to unsubscribe from his managed account.

Note that if you unsubscribe from a Hybrid PAM subscription while your Signal Provider has trades open in the market, your account will automatically close the open trades, and you will realize the profit or loss of the open trades to your account instantly.

Example: If your Signal Provider has a GBPUSD trade open that is currently in $150 profit on your account, if you Unsubscribe from the service, the GBPUSD trade will close, and the floating profit of $150 will be applied/booked to your account and reflect in your Net Equity. This process would be the same if the value was negative as well. You cannot disconnect from a PAM
service and maintain any existing open positions. They will all be closed automatically upon Unsubscribing.

10) Can investors manually trade on their accounts when in a Hybrid PAM?

No. While an investor account is connected to Money Manager’s Master MT4 account in the Hybrid PAM software, they cannot intervene with the Manager’s trades or manually place new trades.

The tools at the investor’s disposal allow them to simply; opt in or out of the service, scale their risk up or down, and protect their downside risk with a firm equity stop loss.

If investors wish to speculate on your own and trade on their own, they must open and fund an additional and separate self-directed trading account. Please contact our accounts team at accounts@mtcookfinancial.com to request this if you wish to open a self-directed trading account.

11) Can I increase my risk multiplier higher than 2x risk?

Yes. However if investors wish to do this, please contact us at accounts@mtcookfinancial.com to set this for you. As a safety protection mechanism we limit this to a maximum of 2x risk for clients to set. We can override this however and set it up to a maximum of 4x for investors upon request.
* Please be safe when requesting to set this to a high value and ensure you understand the risks involved in doing so, as well as any changes in margin requirements. When in doubt, contact your Money Manager or our accounts team for best practices and/or advice.

12) Who can apply to become a money manager at Mt.Cook?

13) How do I apply to run my Money Management business here?

14) Can you introduce investors to my trading strategy?

You can always start with your own self-directed trading account, and convert it in to a Hybrid PAM whenever you have interested investors wishing to participate.

15) Which PAM Software is best? The ECN Hybrid PAM or the DMA Standard MT4 PAM?

Social Trading

1. How much do these services charge?

This varies significantly per service and per provider. Some social trading services charge a fixed monthly fee, a spread/commission cost, or, they are free. Traders offering their trades charge variable rates as well from free to expensive. Generally speaking, the better they are, or longer their track record is, the more they tend to charge. It is best to read through each service’s fees in detail and ensure you are comfortable with the cost of the service as it relates to your specific investment and trading goals.

*NOTE: Mt.Cook does not charge for any of these services. This is a value-add service to our clients to provide greater options to help them in their trading endeavors.

2. Can I place my own trades as well as receive trades?

Yes. Most social trading services are setup so that you can receive trades in to your account, and also trade yourself at the same time, with no restriction.

3. Are these services integrated with your brokerage?

Yes. In almost every case we are integrated directly with these programs. In some cases there are no integrations required. In other cases they are integrated directly in to your trading terminal. Our support staff are very familiar with each of these services and helping clients get connected.

4. How good are the traders on these services?

This varies considerably as there are so many traders in these communities. It is important to conduct a deep due diligence and analysis on any trader or service you wish to subscribe to before doing so, to ensure you are comfortable with the strategy and trades you may receive. Thankfully most of these services provide excellent analytical tools to conduct good due diligence.

5. How can I manage the risk or trades I subscribe to?

Most services offer very robust risk control and account management features to ensure you can easily protect your account, and customize the strategy in various ways. It is strongly recommended to familiarize yourself with these controls and features.

6. Will my performance match other trader's exactly?

Most social trading sites use trade-duplication technology. Meaning trades you subscribe to may be copied from their service (and other trader’s accounts) to your trading account. While most duplication technology is very quick and robust (low-latency) there may be discrepancies from time to time, due to slippages, latency, and/or differences in pricing between different brokers – all attributes of the decentralized FX markets. So you will need to be aware of this fact. Typically our spreads are tighter than most other brokerages providing a price advantage over other shops.

7. Do you vouche for any particular service or trader?

While we are careful in selecting only reputable social trading services we work with, please understand that these platforms have been produced by third parties and we don’t make any representations or warranties that they’ll be accurate or error-free.

Likewise, nothing on this page is to be construed as an offer, recommendation or solicitation to buy, sell or to participate in any particular trading strategy. Please be careful and diligent when using these services, and see our 3rd party risk disclaimer for further details.

8. Do you work with other social trading platforms?

The social trading platforms that we integrate with and/or support are always listed on this page. If you have a service you would like to recommend, please contact us, and let us know a bit about them. We can review their platform and service and consider integrating with them.

Please note that many other social trading platforms out there do not require our approval or integration and you are free to use these at your own leisure with your trading account here. As always, be diligent and careful in your endeavors.

VPS Questions

Information on obtaining and managing a VPS for algo trading.

1.) What is a VPS?

A VPS stands for Virtual Private Server. As the name implies it is your own private server which is hosted in the cloud/on the Internet. Like any server it is always on 24/7 and constantly online.

Think of your VPS as a personal computer that gets rented on a monthly basis. These computers are located within the same data centers as our trade servers. You then access this computer through the internet and install your trading terminals on it so they can run 24hrs per day uninterrupted.

2.) Who needs a VPS?

Typically traders who run algos are the main users of a VPS. Most Forex EAs requires the trading terminal to be running 24/7. If the trading platform is offline or shutdown the usually EA ceases to function.

With our Sponsored VPS you can install our trading platform for use with your EA and it let it run 24/7. You can access your VPS using the Remote Desktop Connection at any time and you will see that your platforms are still running just as you left them.

3.) What are the advantages of running an algo/EA on a VPS vs just my local PC?

There are a few key advantages here:

1) Internet Connection Stability – Hosted VPS providers offer a very professional technical setup. They have a high grade internet connection and multiple backup connections in case one or more go down. In comparison, a home internet connection typically has no backup and can vary in reliability based on your location and service provider.

2) Keep your PC desktop tidy – If you run your trading terminal on your PC you will always have the terminal open on your desktop. This can be annoying to some and also you could mistakenly close the terminal while closing other applications. With a VPS it is out of sight and out of mind unless you have your RDP connection running.

3) Access from anywhere – You can remotely access your VPS from anywhere you have an Internet connection.

4) Reduced latency – data transfer speeds from when your EA executes trades on our terminal, until the time they may be filled on our trade server can improve significantly as the latency (speed of data transfer) between our trade servers and your VPS may be much faster than that from your home connection. To many algo traders or sensitive trading strategies this is quite important.

Generally speaking most manual traders trade from their PC, while most algo traders host their EAs on a VPS.

4.) What happens if I continually miss the volume thresholds?

Mt.Cook will deduct the full cost of the VPS as a debit from your trading account if you do not meet the monthly volume thresholds (you will agree to these terms in the VPS request form). However, Mt.Cook reserves the right to discontinue the sponsorship program should the minimum volumes continually not be met, or if the account balance becomes to low to cover the cost. We understand you cannot force volumes so talk to us if this is a temporary condition. Typically we discontinue VPS sponsorship after deducting fees from client accounts for two consecutive months in a row for not meeting the volume thresholds. We will always contact you to give notice prior to any sponsorship discontinuations.

5.) Do you work with any other VPS providers?

We do, but currently we do not have any sponsorship programs in place with them. We may in some situations be able to sponsor other 3rd party vendor’s servers if you meet the same volume thresholds, and send us a receipt each month (in which case we can credit your trading account the cost of the server). Contact us so we can work out an arrangement about this. Also, watch this space as we are continually adding new vendors to our Sponsorship Program.

6.) What is the latency I can expect?

ForexVPS’s servers continually have a ping time to our trader servers of between 1-3 miliseconds to both our ECN NYC trade server, and our DMA London trade server.

7.) Which location should I choose for my server?

ECN clients should choose New York. While DMA clients should choose London. We have two completely independent trade streams for our clients to access. It is best to use a VPS in the same data center as the trade server you are accessing.

Not sure which account you have? Contact us to find out if you are not sure. * Here’s a tip – ECN accounts start with an 8, while DMA accounts start with a 1.

8.) Wow much technical knowledge do I need?

A VPS is easy to use as you will be using standard Remote Desktop Program (RDP) software (this comes by default with every Windows edition) to connect. Forex VPS also provide video tutorials for assistance and a very detailed knowledge base.

9.) How do I get technical support?

ForexVPS’s support staff are highly efficient and standing by to assist you should you require any assistance with your server. You will receive all of these details upon having your VPS provisioned.

10.) I think I might need a Dedi? Can you help here?

While we cannot always sponsor a dedicated server (due to the higher cost) in some cases we can if you are putting through significant volumes. Generally if you are managing more than 10 terminals, or need excessive computing power, it may make sense for you to upgrade to a dedicated server instead of a VPS. Contact us to discuss this further.

Technical Support

Information on trouble shooting account problems.

1.) I cannot log in to my account?

If you’re having trouble logging in to your trading platform and receiving one of the following error messages: Invalid Account, Authorization Failed, or No Connection, review these tips and known login issues:

Check that your account number and server are entered correctly (make sure there are no blank spaces at the end if copy and pasting)
Check that your password is entered correctly (make sure there are no blank spaces at the end if copy and pasting)
Check that you are using the correct server and have downloaded our native MT4 platform. Each account has its own server and no other server can be used to access the account.
If this is a very old account, it may be archived. Check with our accounts team if you are using an old inactive account.
Check that your internet connection is strong. If the signal is weak, intermittent, or down, you may not be able to connect.

If none of the above helps to solve the problem, email our accounts team at accounts@mtcookfinancial.com with details of the issue and our team will be happy to assist

2.) I am getting an error code when trading. What does it mean?

Metaquotes has compiled a list of error codes and their descriptions for MT4 here: https://book.mql4.com/appendix/errors

This may help to trouble shoot any problems. If you require any assistance with this, please contact us, and let us know the error code you are getting returned from the trade server.

3.) How can I request a trade investigation?

Sometimes problems may happen while trading. If you have a trade that you’re not happy with, feel free to submit a trade investigation form and our team can investigate your inquiry. To create a trade investigation, please complete this form at your convenience. Note: the more information you can provide, the better.

4.) What does "SO" mean in the comment field on my MT4 platform?

SO is an abbreviation which means Stop Out. This will occur when position(s) get liquidated due to reaching the maximum allowable margin level on your account.

Quick FAQs?

Looking for a quick one?
Just know that at Mt.Cook, for the most part.... the answer Is:

YES!

See for yourself…

Are you regulated by any supervisory authority?
Do you belong to a complaints and dispute resolution / mediation service as per your regulations?
Does your firm need to carry professional indemnity insurance and legal liability insurance cover as per your regulations?
Do you process trades via Straight Through Processing (STP) to the inter-bank market?
Are your interests fully aligned with traders’ interests?
Are your liquidity sources aggregated/diversified liquidity pools?
Do you offer multiple liquidity sources to trade on, including DMA and ECN – the two most efficient, fair, and transparent trade models?
Can I split-test my algos on multiple liquidity feeds under one roof here?
Can I hedge?
Will you ever make mistakes?
Will you own your mistakes and whenever possible do what it takes to “make it right” for your clients?
Can I participate in Social Trading here with some of the popular providers?

Do you have sufficient market depth for large clients, SMEs, and Institutions trading large orders?
Is your Metatrader platform optimally configured for high-end performance from the ground up?
Can I trade with up to 500:1 leverage?
Can I trade with even more leverage upon approval if required?
Can I withdraw funds at any time and receive them quickly?
Do you keep your spreads raw (not marked up)?
Can I scalp?
Can I open multiple accounts?
Can I have different base currencies?
Do you have highly devoted customer support?
Do you only work with reputable and regulated partners, banks, and technology providers?
Can I do partial order closes?
Can I trade with Expert Advisors?
Can you customize a trade environment specific to my requirements or style of trading?
Can I trade via FIX API?
Can I trade via my mobile phone?

Are your commissions charged externally and transparent vs hidden in a widened spread like most brokers?
Can I introduce clients to you guys as an IB, and will you make me look good if I do so?
As a money manager, can you offer me easy approval, no-nonsense service, state of the art PAM software, and tailored solutions for both my clients and my trading business?
As a money manager – can you automatically calculate any fees for me, including high water mark performance fees and can you simply handle all the administrative (grunt) work, saving me copious amounts of time?
As a money manager – can you guard my intellectual property and prevent my clients from copying my trades?
Can you help me get and setup a VPS or dedicated server for hosting my algos/EAs?
Can you promise that you will do your best to help me succeed in my FX endeavors?
Are you AML/KYC compliant?