Frequently Asked Questions
Don't hesitate to contact our live support if you do not find the answers to your questions here.
How do I log into Oanda to check my account?
- Login with FXManager with the username and password you created when you opened the account with Oanda
How do I fund my account?
- You can fund your account by bank wire, check/money order, or paypal after you receive the confirmation email from Oanda that your account is ready for funding
- You can receive withdrawals only by the same method with which you funded your account, and only with the same bank account and/or name used to fund the account for your protection
How do I withdraw funds from my account?
- Funds can be withdrawn anytime without penalties or restrictions
- Log in with FXManager
- Click on target account in the top table, then select Account > Allocate Funds
- Select Deallocate, enter amount then click SUBMIT
- Repeat the step for second account
- Your deallocation requests appear in the Allocations table.
- Rove managers will likely accept your request within 24 hours
What brokerage do you use?
- We use Oanda Corporation as our forex brokerage
How safe are my funds with Oanda?
- Your accounts are secured in Oanda's clients funds account with JPMorgan Chase Bank in New York, USA
- When asked about the security of funds, this is the answer provided to us by Oanda:
“Our customer accounts are strictly separate and segregated from any operational accounts and are never used for anything other than customer deposits and withdrawals.”
Can I open the account through FXCM instead of OANDA?
- Due to the higher spread charged by FXCM (2.5 pips versus Oanda's 0.9 pip), results between accounts traded with the two brokerages could differ by as much as 20%. The larger spread fee with FXCM will have an effect on Rove Capital managers because of the many short term strategies they employ. In addition, Rove Capital’s past performance figures are from Oanda trading accounts. Therefore, while trading with FXCM should still be profitable, it will not be nearly as efficient and optimal as trading with an Oanda account.
What happens once I place the funds into Oanda and give Rove Capital limited power of attorney?
- Limited power of attorney ONLY allows Rove Capital to manage your FX account on your behalf, meaning we can only place trades for you. Your funds are under your control and can be accessed when you want.
What is Barclay Hedge?
- Barclay Hedge is a 3rd party database that tracks hedge funds and managed future accounts on their performance. They gather company information, principle information, office location and contact information.
Do the posted past returns include both open and closed positions?
- Trades are not held longer than 24 hours in general, therefore all the returns you see are realized profits.
Are your returns gross or net of fees?
- The returns are gross of fees.
Is there a guarantee of any sort?
- There is no guarantee of profits. Unless you are specifically looking for a GIC, there are very few investment tools that offer guarantees. High-risk/high-return investments are but a component of your investment portfolio, and not the whole portfolio itself. Furthermore, our interests are aligned with our clients, as we are heavily invested in our own fund as well.
How many trades can I expect to see each day?
- The number of trades executed on any given day will completely depend on what is happening in the market. Sometimes you will see several trades a day, and other times you will see no trades at all. We do not decide in advance how many trades to execute each day. Remember Rove Capital is prepared to go without any trading during periods of elevated risk, uncertainty, or volatility. We cannot predict the future, and you should be worried if anyone told you otherwise. Patience is a quality we hope our clients can appreciate in our management style, just as we appreciate patience as a quality in our clients.
How stable is Oanda?
- We'd like to keep our clients up to date regarding our broker's financials. Here is a pdf report of all FCN financials as of April 30, 2008. As shown on this report Oanda has one of the highest capital liquidity in the forex industry.