p.8
Stages of Mitrade Pro Application Process
What is the first step for a new AU client opening a Pro account?
A) Complete the SI Quiz
B) Select either Sophisticated or Wealth Test
C) Submit trading history
D) Verify identity
E) Deposit funds
B) Select either Sophisticated or Wealth Test
Explanation: The new client must first select either the Sophisticated or Wealth Test as part of the Pro account registration process, which is crucial for determining the appropriate assessment path.
p.16
Document Verification Process
What is one of the non-SI items that should be checked according to the guidelines?
A) Accountant’s signature of the certificate
B) Date of the document
C) Client's identification
D) Company registration number
E) Tax identification number
A) Accountant’s signature of the certificate
Explanation: One of the key non-SI items to check is the accountant’s signature on the certificate, which is essential for validating the document's authenticity.
p.23
Resources for Mitrade Pro Clients
What is the primary website for Mitrade Pro resources?
A) www.mitrade.com
B) www.mitradepro.com
C) www.mitrade.org
D) www.mitrade.info
E) www.mitrade.net
A) www.mitrade.com
Explanation: The primary website for Mitrade Pro resources is https://www.mitrade.com/about-us/professional, which provides essential information about their services.
p.25
Document Verification Process
What was the focus of the amendment made on 05/10/2023?
A) Added Pro Account Registration
B) Non-SI procedure with AU Compliance update
C) Created a new guide
D) Updated the author information
E) Changed the document title
B) Non-SI procedure with AU Compliance update
Explanation: The amendment on 05/10/2023 specifically addressed a non-SI procedure with an update regarding AU Compliance.
What type of resources does Mitrade Pro provide?
A) Cooking recipes
B) Market analysis and trading tools
C) Travel guides
D) Fitness plans
E) Gardening tips
B) Market analysis and trading tools
Explanation: Mitrade Pro offers market analysis and various trading tools to assist users in making informed investment decisions.
p.25
Client Onboarding Procedures
Who added the Pro Account Registration information for new and existing AU clients on 11/06/2024?
A) Maya Wang
B) Tammy
C) John Doe
D) Sarah Smith
E) Alex Brown
B) Tammy
Explanation: The amendment made on 11/06/2024 regarding Pro Account Registration for new and existing AU clients was authored by Tammy.
p.8
Stages of Mitrade Pro Application Process
Which of the following is NOT part of the Pro account registration process for new clients?
A) Selecting a test type
B) Completing the Appropriateness Assessment
C) Submitting a bank statement
D) Completing the SI Quiz
E) Meeting Wealth Test requirements
C) Submitting a bank statement
Explanation: Submitting a bank statement is not mentioned as part of the Pro account registration process for new clients, whereas selecting a test type, completing assessments, and quizzes are essential steps.
p.22
Acronyms and Terminology
What does 'Non-SI' refer to in the Mitrade Pro terminology?
A) Non-Sophisticated Investor
B) Non-Special Investor
C) Wealth Test pathway
D) Non-Standard Investor
E) Non-Strategic Investor
C) Wealth Test pathway
Explanation: 'Non-SI' refers to clients who go through the Wealth Test pathway for Mitrade Pro, and these terms are used interchangeably with 'wholesale client'.
p.22
Acronyms and Terminology
What does the acronym 'EOI' stand for?
A) Expression of Interest
B) End of Investment
C) Evaluation of Investors
D) Entry of Investment
E) Engagement of Investors
A) Expression of Interest
Explanation: 'EOI' stands for 'Expression of Interest', which is a term used to indicate a client's intention to engage with Mitrade Pro.
p.23
Resources for Mitrade Pro Clients
Where can you find the wholesale client account application information?
A) Under Teams > Mitrade CS > 2. Communication > Files
B) Under Teams > Mitrade CS > 1. Support > Documents
C) Under Teams > Mitrade CS > 3. Resources > Applications
D) Under Teams > Mitrade CS > 4. Account > Clients
E) Under Teams > Mitrade CS > 5. Communication > Reports
A) Under Teams > Mitrade CS > 2. Communication > Files
Explanation: The wholesale client (SI and NON-SI) account application information can be found under the specified path in the Mitrade CS section.
p.8
Stages of Mitrade Pro Application Process
What must a client complete to pass the Retail account flow?
A) Wealth Test only
B) Appropriateness Assessment
C) SI Quiz only
D) Trading experience for Wealth Test
E) Identity verification
B) Appropriateness Assessment
Explanation: The client needs to complete the Appropriateness Assessment to successfully pass through the Retail account flow, which is a necessary step in the registration process.
Which of the following is NOT a feature of Mitrade Pro?
A) Real-time market data
B) Automated trading systems
C) Social networking features
D) Educational resources
E) Advanced charting tools
C) Social networking features
Explanation: Mitrade Pro does not focus on social networking features; instead, it emphasizes trading tools, market data, and educational resources for traders.
p.19
Document Verification Process
Which document is NOT required for SI clients after passing the document verification process?
A) Original trade history documents
B) Excel calculations of NV
C) Accountant qualification confirmation
D) Brokers’ AFS licence validation
E) Email correspondences
C) Accountant qualification confirmation
Explanation: SI clients are not required to provide an accountant qualification confirmation; instead, they need to submit original trade history documents and other specific documents.
p.9
Eligibility Criteria for Mitrade Pro
How many correct answers are needed to pass the SI quiz for Pro Account Registration?
A) 4 correct answers
B) 5 correct answers
C) 6 correct answers
D) 7 correct answers
E) 8 correct answers
C) 6 correct answers
Explanation: To pass the SI quiz, a client must answer at least 6 out of 8 questions correctly, which is a specific requirement for Pro Account Registration.
p.9
Stages of Mitrade Pro Application Process
What happens if a client fails the SI quiz twice?
A) They can retake it immediately
B) They must wait 1 day before the 3rd attempt
C) They are permanently disqualified
D) They must wait 3 days before retaking
E) They can only retake it after 1 week
B) They must wait 1 day before the 3rd attempt
Explanation: After failing the SI quiz twice, the client must wait for a 1-day cooling period before attempting the quiz for the third time.
p.21
Document Verification Process
What must be modified as part of the onboarding upgrade process?
A) Client Money report
B) KYC Profile
C) Finalisation email
D) Onboarding Guide
E) Compliance report
B) KYC Profile
Explanation: Modifying the KYC Profile is a crucial step in the onboarding upgrade process for both SI and non-SI clients, ensuring that all client information is current and accurate.
p.22
Acronyms and Terminology
What does the acronym 'SI' stand for in the context of Mitrade Pro?
A) Standard Investor
B) Sophisticated Investor
C) Simple Investor
D) Special Investor
E) Strategic Investor
B) Sophisticated Investor
Explanation: In the context of Mitrade Pro, 'SI' refers to 'Sophisticated Investor', which is a key term used to categorize certain types of clients based on their investment knowledge and experience.
p.16
Document Verification Process
Which of the following is important to verify regarding the accountant?
A) Their office location
B) Their qualification
C) Their personal interests
D) Their previous clients
E) Their salary history
B) Their qualification
Explanation: Verifying the accountant’s qualification is crucial to ensure that they are properly certified and capable of providing the necessary financial documentation.
p.16
Document Verification Process
What action should be taken to validate the accountant’s signature?
A) Check the document's font
B) Call the accountant
C) Review the document's color
D) Compare with previous signatures
E) Ask the accountant's assistant
B) Call the accountant
Explanation: Calling the accountant to validate their signature is a critical step in the verification process, ensuring that the signature is legitimate and corresponds to the accountant's credentials.
p.25
Resources for Mitrade Pro Clients
Who authored the Mitrade Pro Guide created on 23/08/2023?
A) Tammy
B) Maya Wang
C) John Doe
D) Sarah Smith
E) Alex Brown
B) Maya Wang
Explanation: The Mitrade Pro Guide was created by Maya Wang on 23/08/2023, indicating her role in the development of this document.
What is Mitrade Pro primarily designed for?
A) Personal finance management
B) Trading and investment
C) Social media marketing
D) E-commerce solutions
E) Online education
B) Trading and investment
Explanation: Mitrade Pro is specifically designed as a platform for trading and investment, providing tools and resources for users to engage in financial markets.
Which of the following best describes the target audience of Mitrade Pro?
A) Casual gamers
B) Professional investors and traders
C) Retail shoppers
D) Fitness enthusiasts
E) Hobbyist photographers
B) Professional investors and traders
Explanation: Mitrade Pro targets professional investors and traders, offering features that cater to their trading needs and enhancing their investment strategies.
p.18
Acronyms and Terminology
What does 'NV' stand for in the context of brokers?
A) New Ventures
B) Non-Voting
C) Not Verified
D) Other Brokers
E) Net Value
D) Other Brokers
Explanation: 'NV' is indicated as referring to 'Other Brokers,' suggesting a category or classification within the broker listings.
p.8
Eligibility Criteria for Mitrade Pro
What additional requirements must be completed for the Sophisticated Investor Test?
A) Only the Appropriateness Assessment
B) SI Quiz and trading experience
C) Wealth Test only
D) Identity verification
E) No additional requirements
B) SI Quiz and trading experience
Explanation: To qualify for the Sophisticated Investor Test, the client must complete both the SI Quiz and demonstrate trading experience, which are essential for assessing their qualifications.
What is a key benefit of using Mitrade Pro for trading?
A) Unlimited free shipping
B) Access to exclusive events
C) Comprehensive trading support
D) Free online courses
E) Discounted travel packages
C) Comprehensive trading support
Explanation: A key benefit of using Mitrade Pro is the comprehensive trading support it offers, which includes resources, tools, and customer service to enhance the trading experience.
p.18
Acronyms and Terminology
What does 'Plus' represent in the context of the provided brokers?
A) A type of trading strategy
B) A category of clients
C) A broker
D) A trading platform
E) An investment fund
C) A broker
Explanation: 'Plus' is mentioned in the context of other brokers, indicating that it represents a specific brokerage entity.
p.3
Pros and Cons of Mitrade Pro
What is a common con of adhering strictly to standards?
A) Enhanced creativity
B) Reduced compliance risks
C) Inflexibility in processes
D) Improved efficiency
E) Increased stakeholder satisfaction
C) Inflexibility in processes
Explanation: A common con of adhering strictly to standards is that it can lead to inflexibility in processes, making it difficult to adapt to unique situations or innovate.
p.25
Stages of Mitrade Pro Application Process
What changes were made to steps 6 & 7 on 06/10/2023?
A) Removed steps 6 & 7
B) Added more detail to steps 6 & 7
C) Changed the order of steps
D) Simplified steps 6 & 7
E) No changes were made
B) Added more detail to steps 6 & 7
Explanation: On 06/10/2023, the record indicates that more detail was added to steps 6 & 7, enhancing the clarity and guidance provided in those steps.
p.19
Document Verification Process
What should a non-SI client attach after passing the document verification process?
A) Only the signed certificate
B) Signed certificate, accountant qualification confirmation, signature confirmation, and email correspondences
C) Only the original trade history documents
D) A completed application form
E) A personal statement
B) Signed certificate, accountant qualification confirmation, signature confirmation, and email correspondences
Explanation: Non-SI clients must attach multiple documents, including the signed certificate and confirmations, before sending them to AU Compliance and the Dealing team for review.
p.3
Pros and Cons of Mitrade Pro
Which of the following is considered a pro of a standard approach?
A) Increased flexibility
B) Consistency in outcomes
C) Higher costs
D) Complexity in implementation
E) Limited scalability
B) Consistency in outcomes
Explanation: A pro of a standard approach is that it provides consistency in outcomes, ensuring that processes are uniform and predictable across different scenarios.
p.13
Stages of Mitrade Pro Application Process
What is the first action to take when recording an expression of interest for Mitrade Pro?
A) Send an email to the client
B) Record in Teams > Mitrade CS > 2.Communication > Files
C) Create a new client profile
D) Delete all previous entries
E) Call the client directly
B) Record in Teams > Mitrade CS > 2.Communication > Files
Explanation: The initial step involves recording the expression of interest in the specified Teams location, ensuring proper documentation of the client's application.
p.4
Eligibility Criteria for Mitrade Pro
What are the two pathways clients can choose to upgrade to Mitrade Pro?
A) Wealth Test and Risk Assessment
B) Wealth Test and Sophisticated Investor Test
C) Income Test and Asset Test
D) Experience Test and Knowledge Test
E) Sophisticated Investor Test and Financial Literacy Test
B) Wealth Test and Sophisticated Investor Test
Explanation: Clients can upgrade to a Mitrade Pro account through either the Wealth Test or the Sophisticated Investor Test, which are the specified pathways for eligibility.
p.6
Communication and Follow-Up Procedures
What should you do if an existing client shows interest in Mitrade Pro?
A) Ignore their inquiry
B) Refer them to a different service
C) Construct a tailored email using templates
D) Ask them to call customer service
E) Suggest they visit the office in person
C) Construct a tailored email using templates
Explanation: If a client expresses interest in Mitrade Pro, you should refer to the email templates and create a tailored response to address their specific questions and interests.
p.15
Client Onboarding Procedures
Where can you find the SI Client Onboarding Checklist?
A) In the marketing department
B) In the HR files
C) In the Mitrade CS communication files
D) In the finance department
E) In the legal department
C) In the Mitrade CS communication files
Explanation: The SI Client Onboarding Checklist is located within the Mitrade CS communication files, specifically under the section for Wholesale client account applications.
p.11
Resources for Mitrade Pro Clients
Where can the SI test sample be found?
A) On the company website
B) In the client’s dashboard
C) In Teams -> Communications -> Files
D) In the client’s email
E) At the Customer Support office
C) In Teams -> Communications -> Files
Explanation: The SI test sample is located in Teams under the Communications section, specifically in the Files area, where clients can access necessary materials for the account application.
p.9
Communication and Follow-Up Procedures
What should be included in the recipient list when sending the application for final approval?
A) Only the Compliance team
B) Only the Dealing team
C) The line manager and Compliance team
D) The line manager, Compliance, and Dealing team
E) Only the client
D) The line manager, Compliance, and Dealing team
Explanation: When sending the application for final approval, it is important to include the line manager, Compliance team, and Dealing team in the recipient list to ensure all necessary parties are informed.
p.20
Client Onboarding Procedures
What is the first step in the acknowledgment process for a Non-SI client?
A) Send a follow-up email
B) Obtain the Wholesale Client Acknowledgement Letter
C) Check the client's signature
D) Save the letter as a PDF
E) Edit the acknowledgment letter with client details
B) Obtain the Wholesale Client Acknowledgement Letter
Explanation: The first step involves sending an email using a specified template and obtaining the Wholesale Client Acknowledgement Letter, which is essential for the acknowledgment process.
p.12
Communication and Follow-Up Procedures
What is the purpose of the email received from cloud@service.Mitrade.com?
A) To notify about account balances
B) To list clients who applied for Mitrade Pro
C) To send promotional offers
D) To confirm email subscriptions
E) To provide market analysis
B) To list clients who applied for Mitrade Pro
Explanation: The email lists all clients that have applied for Mitrade Pro via the Mitrade App, showing their interest in one or both pathways.
p.2
Pros and Cons of Mitrade Pro
What is one of the main advantages of Mitrade Pro?
A) High fees
B) Limited resources
C) User-friendly platform
D) Complicated application process
E) No customer support
C) User-friendly platform
Explanation: One of the main pros of Mitrade Pro is its user-friendly platform, which makes it accessible for clients to navigate and utilize effectively.
p.21
Stages of Mitrade Pro Application Process
What is the first step in the onboarding upgrade process for successful non-SI clients?
A) Send a finalisation email to the client
B) Upload all required documents in BOSS
C) Modify KYC Profile
D) Send FYI email to AU compliance
E) Follow the 'The Last Stage' of Step 4 Wealth Test
E) Follow the 'The Last Stage' of Step 4 Wealth Test
Explanation: The onboarding upgrade process for successful non-SI clients begins with following 'The Last Stage' of Step 4 Wealth Test, which outlines the necessary actions to complete the process.
p.21
Client Onboarding Procedures
Which document must be sent to AU compliance during the onboarding process for both SI and non-SI clients?
A) KYC Profile
B) Signed Letter
C) Finalisation email
D) Onboarding Guide
E) Client Money report
B) Signed Letter
Explanation: During the onboarding process, it is required to send a signed Letter attached in the FYI email to AU compliance, ensuring all necessary parties are informed.
p.11
Client Onboarding Procedures
What must existing AU clients do to upgrade to a PRO account?
A) Fill out a new application form
B) Visit Customer Support (CS)
C) Contact their account manager
D) Wait for an automatic upgrade
E) Submit a feedback form
B) Visit Customer Support (CS)
Explanation: Existing AU clients are required to go to Customer Support (CS) to initiate the upgrade process to a PRO account, highlighting the necessity of direct interaction for this upgrade.
p.19
Document Verification Process
What email address should clients send their documents to after verification?
A) support@mitrade.com
B) compliance.au@mitrade.com
C) info@mitrade.com
D) finance@mitrade.com
E) admin@mitrade.com
B) compliance.au@mitrade.com
Explanation: Clients are instructed to send their documents to AU Compliance at the specified email address for processing.
p.11
Client Onboarding Procedures
How does Customer Support (CS) communicate the requirements for the PRO account upgrade?
A) By phone call
B) Through SMS
C) Via registered email address
D) By postal mail
E) Through a mobile app notification
C) Via registered email address
Explanation: Customer Support (CS) sends the requirement details to the client's registered email address based on the client's interest, ensuring clear communication.
p.9
Document Verification Process
Who needs to check the trading experience uploaded by the client?
A) The client themselves
B) The line manager
C) The Compliance team
D) Customer Support (CS)
E) The Dealing team
D) Customer Support (CS)
Explanation: Customer Support (CS) is responsible for checking the client's trading experience on the Mitrade platform or other provided platforms before sending it for further review.
p.17
Wealth Test vs Sophisticated Investor Test
How is the Notional Value calculated for Mitrade?
A) Margin * Leverage
B) Leverage + Margin
C) Margin / Leverage
D) Leverage - Margin
E) Margin + Notional Value
A) Margin * Leverage
Explanation: The Notional Value for Mitrade is calculated by multiplying Margin by Leverage, which is a key calculation in the onboarding process.
p.12
Communication and Follow-Up Procedures
What time does the Mitrade Pro expression of interest email get sent?
A) 1PM winter or 2PM summer
B) 12PM winter or 1PM summer
C) 2PM winter or 3PM summer
D) 3PM winter or 4PM summer
E) 4PM winter or 5PM summer
C) 2PM winter or 3PM summer
Explanation: The email is sent every day at 2PM during winter or 3PM during summer, depending on daylight savings in the Melbourne time zone.
p.17
Document Verification Process
What should be done after calculating the Notional Value and CFD position count?
A) Submit to the client
B) Double check calculations with Assistant CS Manager
C) Archive the calculations
D) Send to the broker
E) Notify the compliance team
B) Double check calculations with Assistant CS Manager
Explanation: After calculating the Notional Value and CFD position count, it is important to double check the calculations with the Assistant CS Manager, ensuring accuracy.
p.13
Document Verification Process
What should be done for clients without an email or number?
A) Delete their application
B) Search for the Live ID using 'Ctrl + F'
C) Send them an introductory email
D) Contact them via phone
E) Ignore their application
B) Search for the Live ID using 'Ctrl + F'
Explanation: For clients lacking an email or number, the procedure is to search for their Live ID to ensure their application is properly recorded and processed.
p.17
Client Onboarding Procedures
Where can the Wholesale client account application be found?
A) Teams > Mitrade CS > 1.Communication
B) Teams > Mitrade CS > 2.Communication
C) Teams > Mitrade CS > Files
D) Teams > Mitrade CS > Documents
E) Teams > Mitrade CS > Reports
B) Teams > Mitrade CS > 2.Communication
Explanation: The Wholesale client account application is located in the Teams > Mitrade CS > 2.Communication section, which is part of the client onboarding process.
p.6
Communication and Follow-Up Procedures
What should be included in the email regarding Pro account requirements?
A) Personal testimonials
B) SI Test and Wealth Test
C) Information about other clients
D) General advice on investing
E) Company stock prices
B) SI Test and Wealth Test
Explanation: The email should include information about the Pro account requirements, specifically mentioning the Sophisticated Investor Test (SI Test) and Wealth Test, which are crucial for clients considering an upgrade.
p.12
Stages of Mitrade Pro Application Process
What does 'Pro Quiz Success' indicate in the email contents?
A) Client applied via Wealth Test
B) Client completed the Quiz and passed with a 10/10 score
C) Client failed the application process
D) Client did not apply for Mitrade Pro
E) Client needs to retake the Quiz
B) Client completed the Quiz and passed with a 10/10 score
Explanation: 'Pro Quiz Success' refers to clients who completed the SI Test Quiz and achieved a perfect score, indicating successful application via this pathway.
p.14
Document Verification Process
How can new AU clients submit their documents?
A) Through the Mitrade platform
B) By mailing physical copies
C) Via a phone call to customer service
D) Through social media
E) By visiting a local office
A) Through the Mitrade platform
Explanation: New AU clients are instructed to submit their documents via the Mitrade platform, which is a convenient method for document submission.
p.19
Document Verification Process
What is the purpose of sending documents to AU Compliance and the Dealing team?
A) To initiate marketing campaigns
B) To proceed with the application process and for record keeping
C) To request additional funding
D) To update personal information
E) To cancel the application
B) To proceed with the application process and for record keeping
Explanation: The documents are sent to AU Compliance and the Dealing team to ensure the application process can continue and to maintain accurate records.
p.19
Document Verification Process
Which of the following must SI clients double-check?
A) Signature confirmation
B) Accountant qualification
C) Excel calculations of NV
D) Email correspondences
E) Brokers’ AFS licence
C) Excel calculations of NV
Explanation: SI clients are required to have their excel calculations of NV double-checked by Lewis to ensure accuracy before submission.
p.17
Client Onboarding Procedures
What is the first item to check for SI clients?
A) Brokers’ product distribution
B) SI quiz has been passed
C) Notional Value calculation
D) Brokers’ AFS licence validation
E) Team communication
B) SI quiz has been passed
Explanation: The first item on the checklist for SI clients is that the SI quiz must be passed, indicating a prerequisite for further processes.
p.9
Client Onboarding Procedures
What is required from a client after passing the SI quiz?
A) They must submit a medical report
B) They need to upload their trading experience
C) They must take another quiz
D) They have to wait for a week
E) They need to pay a fee
B) They need to upload their trading experience
Explanation: Upon passing the SI quiz, the client is required to upload their trading experience via the Mitrade platform as part of the Pro Account Registration process.
p.17
Client Onboarding Procedures
Which document is used to verify the Brokers’ AFS licence?
A) SI Client Onboarding Checklist
B) Wholesale client account application
C) Brokers’ product & services distribution
D) Notional Value calculation
E) Mitrade Pro SI_Notional Value in AUD_Account No_.xlsx
A) SI Client Onboarding Checklist
Explanation: The SI Client Onboarding Checklist is used to ensure that the Brokers’ AFS licence is validated as part of the onboarding process.
p.13
Stages of Mitrade Pro Application Process
What action should be taken if a client fails the SI quiz?
A) Immediately delete their application
B) Send an email and memo
C) Record the failure and move on
D) Call the client to discuss
E) Ignore the entry
B) Send an email and memo
Explanation: If a client fails the SI quiz, the protocol is to send an email and memo regarding the failure, rather than deleting their application.
p.15
Client Onboarding Procedures
What type of clients does the Non-SI Onboarding Procedure Checklist cater to?
A) Only corporate clients
B) Only sophisticated investors
C) Only retail clients
D) Both SI and Non-SI clients
E) Only institutional clients
D) Both SI and Non-SI clients
Explanation: The Non-SI Onboarding Procedure Checklist is intended for onboarding Non-SI clients, while also being part of the broader context that includes both SI and Non-SI clients.
p.13
Document Verification Process
How can duplicates be identified in the client list?
A) By checking the client's age
B) By highlighting the 'Client Email' in red
C) By checking the client's trading history
D) By reviewing the client's ID number
E) By sending a follow-up email
B) By highlighting the 'Client Email' in red
Explanation: Duplicate entries are identified by highlighting the 'Client Email' in red, allowing for easy deletion of the latest duplicate entry.
p.4
Eligibility Criteria for Mitrade Pro
How many times must clients have traded Margin FX or CFDs to meet the trading experience requirement?
A) 10 times a quarter
B) 15 times a quarter
C) 20 times a quarter
D) 25 times a quarter
E) 30 times a quarter
C) 20 times a quarter
Explanation: Clients need to have traded Margin FX or CFDs at least 20 times a quarter for a minimum of 4 quarters over the previous 3 years to demonstrate their trading experience.
p.6
Communication and Follow-Up Procedures
What is a key difference that should be highlighted when discussing Mitrade Pro with clients?
A) The color of the website
B) Mitrade Pro vs Standard Account
C) The location of the office
D) The number of employees
E) The history of the company
B) Mitrade Pro vs Standard Account
Explanation: A key aspect to highlight is the comparison between Mitrade Pro and Standard Accounts, as this helps clients understand the benefits of upgrading.
p.15
Client Onboarding Procedures
What is the primary focus of the files mentioned in the communication section for Wholesale clients?
A) Marketing strategies
B) Client onboarding processes
C) Financial analysis
D) Legal compliance
E) Risk assessment
B) Client onboarding processes
Explanation: The files in the communication section for Wholesale clients primarily focus on the onboarding processes for both SI and Non-SI clients, ensuring a structured approach to client integration.
p.2
Pros and Cons of Mitrade Pro
Which of the following is a disadvantage of using Mitrade Pro?
A) Low trading volume
B) High leverage options
C) Limited asset variety
D) Excellent customer service
E) Comprehensive educational resources
C) Limited asset variety
Explanation: A notable con of Mitrade Pro is the limited asset variety available for trading, which may restrict clients looking for diverse investment opportunities.
p.2
Eligibility Criteria for Mitrade Pro
What is a key requirement in the eligibility criteria for Mitrade Pro?
A) Must be a citizen of the United States
B) Must have a minimum trading experience
C) Must be over 18 years old
D) Must have a college degree
E) Must have a personal broker
C) Must be over 18 years old
Explanation: One of the eligibility criteria for Mitrade Pro is that applicants must be over 18 years old, ensuring that clients are legally able to enter into contracts.
p.12
Stages of Mitrade Pro Application Process
What does 'Pro Quiz Fail' signify?
A) Client did not apply for Mitrade Pro
B) Client completed the Quiz and failed
C) Client passed the application process
D) Client needs to retake the Wealth Test
E) Client's application has been approved
B) Client completed the Quiz and failed
Explanation: 'Pro Quiz Fail' indicates that the client completed the SI Test Quiz but did not achieve a passing score, which affects their application status.
p.3
Acronyms and Terminology
Which of the following best describes a standard?
A) A guideline that can be ignored
B) A fixed measure or criterion
C) An optional practice
D) A subjective opinion
E) A temporary rule
B) A fixed measure or criterion
Explanation: A standard is best described as a fixed measure or criterion that serves as a benchmark for quality, performance, or compliance.
p.15
Client Onboarding Procedures
What is the purpose of the Non-SI Onboarding Procedure Checklist?
A) To verify the identity of clients
B) To outline the steps for onboarding Non-SI clients
C) To provide templates for communication
D) To assess the financial status of clients
E) To manage client complaints
B) To outline the steps for onboarding Non-SI clients
Explanation: The Non-SI Onboarding Procedure Checklist is designed to provide a systematic approach for onboarding Non-SI clients, ensuring all necessary steps are followed during the process.
p.3
Pros and Cons of Mitrade Pro
What is a potential drawback of considering only the pros of a decision?
A) Enhanced decision-making
B) Ignoring potential risks
C) Improved stakeholder engagement
D) Greater clarity in objectives
E) Increased resource allocation
B) Ignoring potential risks
Explanation: A potential drawback of considering only the pros of a decision is that it may lead to ignoring potential risks and downsides, which can result in poor decision-making.
p.21
Communication and Follow-Up Procedures
What should be included in the finalisation email sent to the client?
A) A list of required documents
B) A signed Letter
C) An email template
D) KYC Profile details
E) Compliance report
C) An email template
Explanation: The finalisation email to the client should include an email template found in the designated Teams folder, providing a structured communication format.
p.3
Pros and Cons of Mitrade Pro
In decision-making, what is the primary purpose of weighing pros and cons?
A) To simplify the process
B) To enhance emotional responses
C) To evaluate the overall impact
D) To eliminate all risks
E) To follow standard procedures
C) To evaluate the overall impact
Explanation: The primary purpose of weighing pros and cons in decision-making is to evaluate the overall impact of a choice, helping to identify the best course of action by considering both positive and negative aspects.
p.21
Communication and Follow-Up Procedures
Who should be cc'd in the FYI email to AU compliance for SI clients?
A) Only the Line Manager
B) Joyce and the Line Manager
C) Client Money
D) AU Finance
E) No one
B) Joyce and the Line Manager
Explanation: For SI clients, it is required to cc Joyce and the Line Manager in the FYI email to AU compliance, ensuring that all relevant parties are included in the communication.
p.11
Eligibility Criteria for Mitrade Pro
How many questions must a client answer correctly to pass the SI quiz?
A) 4 out of 8
B) 5 out of 8
C) 6 out of 8
D) 7 out of 8
E) 8 out of 8
C) 6 out of 8
Explanation: Clients must answer at least 6 out of 8 questions correctly to pass the SI quiz, indicating the level of knowledge required for the PRO account upgrade.
p.5
Stages of Mitrade Pro Application Process
What is the first stage in the Mitrade Pro application process?
A) Onboarding
B) Processing
C) Application
D) Applying for a new Pro account or Expression of interest
E) Approved
D) Applying for a new Pro account or Expression of interest
Explanation: The first stage involves applying for a new Pro account or expressing interest, which can be done via Email or LiveChat if the applicant is an existing client.
p.11
Communication and Follow-Up Procedures
What should CS do if they are unsure about a client's quiz answers?
A) Ignore the answers
B) Ask the client to retake the quiz
C) Double-check with Vince or another CS
D) Automatically fail the client
E) Send the answers to management
C) Double-check with Vince or another CS
Explanation: Customer Support (CS) can verify the answers given by the client by double-checking with Vince or another CS, ensuring accuracy in the evaluation process.
p.5
Stages of Mitrade Pro Application Process
What does the client need to provide during the application stage?
A) Acknowledgment form
B) Documents
C) Payment details
D) Referral information
E) Feedback on services
B) Documents
Explanation: During the application stage, the client is required to provide necessary documents as part of the application process.
p.10
Eligibility Criteria for Mitrade Pro
What happens if a new AU client does not meet the Pro account requirements?
A) They can still trade with a Pro account
B) They are referred to join Mitrade as a Retail client
C) Their account is automatically upgraded
D) They are allowed to trade with limited features
E) They can appeal the decision to a manager
B) They are referred to join Mitrade as a Retail client
Explanation: If the client has insufficient trading experience and cannot meet the Pro account requirements, they cannot proceed with the Pro account onboarding and are instead referred to join Mitrade as a Retail client.
p.10
Eligibility Criteria for Mitrade Pro
What is required for a client to proceed with Pro account onboarding?
A) A minimum deposit of $1000
B) Sufficient trading experience and meeting Pro account requirements
C) A referral from another client
D) A personal interview with the account manager
E) Completion of a training course
B) Sufficient trading experience and meeting Pro account requirements
Explanation: Clients must have sufficient trading experience and meet the Pro account requirements to proceed with the onboarding process; otherwise, they cannot trade with a Pro account.
p.14
Wealth Test vs Sophisticated Investor Test
What documents are required for the Wealth Test?
A) Only a bank statement
B) Documents to satisfy criteria 1 or 2, certified by a qualified accountant
C) A tax return
D) A letter from a financial advisor
E) A personal identification document
B) Documents to satisfy criteria 1 or 2, certified by a qualified accountant
Explanation: Clients must provide documents that satisfy criteria 1 or 2 for the Wealth Test, which must be certified by a qualified accountant.
p.13
Stages of Mitrade Pro Application Process
What should be checked for SI client applications?
A) Only the client's name
B) Duplication, KYC Profile, Email, and Memo
C) Only the trading history
D) The client's location
E) Previous client interactions
B) Duplication, KYC Profile, Email, and Memo
Explanation: For SI client applications, it is essential to check for duplication and verify the KYC profile, email, and memo to ensure accurate processing.
p.4
Eligibility Criteria for Mitrade Pro
What is the minimum net asset requirement for the Wealth Test?
A) AUD 1 million
B) AUD 2 million
C) AUD 2.5 million
D) AUD 3 million
E) AUD 5 million
C) AUD 2.5 million
Explanation: To meet the Wealth Test criteria for a Mitrade Pro account, clients must have net assets of at least AUD 2.5 million, as certified by a qualified accountant.
p.6
Communication and Follow-Up Procedures
Which of the following is NOT a suggested topic to include in the email to a client interested in Mitrade Pro?
A) What is Mitrade Pro
B) How to apply for Mitrade Pro
C) Pro account requirements
D) Company history
E) Mitrade Pro vs Standard Account
D) Company history
Explanation: The email should focus on relevant topics such as what Mitrade Pro is, how to apply, and account requirements, but it does not need to include the company's history.
p.4
Eligibility Criteria for Mitrade Pro
What is one of the requirements for the Sophisticated Investor Test?
A) Have a net worth of AUD 1 million
B) Pass the Sophisticated Investor knowledge quiz
C) Have a minimum income of AUD 100,000
D) Submit a financial report
E) Have no trading experience
B) Pass the Sophisticated Investor knowledge quiz
Explanation: One of the criteria for the Sophisticated Investor Test is that clients must pass a knowledge quiz to demonstrate their understanding of sophisticated investing.
p.6
Communication and Follow-Up Procedures
What is one of the essential contents that should be included in the email to clients about Mitrade Pro?
A) Personal opinions about the service
B) Detailed company financial reports
C) What clients need to be aware of when upgrading
D) Information about unrelated services
E) A list of competitors
C) What clients need to be aware of when upgrading
Explanation: The email should include essential content such as what clients need to be aware of when upgrading to Mitrade Pro, ensuring they have the necessary information.
p.15
Document Verification Process
What document format is used for the SI Onboarding Procedure Checklist?
A) Word Document
B) PDF
C) Excel Spreadsheet
D) PowerPoint Presentation
E) Text File
B) PDF
Explanation: The SI Onboarding Procedure Checklist is provided in PDF format, which is commonly used for formal documents and checklists.
p.20
Communication and Follow-Up Procedures
Where can the email template for sending to Non-SI clients be found?
A) In the client's personal folder
B) On the Mitrade website
C) In Teams under Mitrade CS
D) In the company’s main office
E) In the client’s email history
C) In Teams under Mitrade CS
Explanation: The email template for Non-SI clients is located in Teams under Mitrade CS, specifically in the communication files section for Wholesale client account applications.
p.4
Eligibility Criteria for Mitrade Pro
What is considered as 'net assets' in the eligibility criteria?
A) Only cash savings
B) Total worth of assets including property, car, and investments
C) Only stocks and shares
D) Only income from employment
E) Only real estate holdings
B) Total worth of assets including property, car, and investments
Explanation: Net assets refer to the total worth of various assets such as property, car, savings, shares, and other investments, which are used to assess eligibility for Mitrade Pro.
p.20
Document Verification Process
What should be done with the Wholesale Client Acknowledgement Letter after editing?
A) Print it out
B) Save it as a PDF
C) Send it via fax
D) Delete it
E) Share it on social media
B) Save it as a PDF
Explanation: After editing the Wholesale Client Acknowledgement Letter with the client’s details, it should be saved as a PDF before being attached to the email.
p.20
Client Onboarding Procedures
What action is required once the client replies with the signed Wholesale Client Acknowledgement letter?
A) Send a thank you email
B) Check the client's signature
C) Immediately process the application
D) Archive the email
E) Notify the management
B) Check the client's signature
Explanation: After receiving the signed letter from the client, it is crucial to check the legitimacy of the client's signature before proceeding with further communication.
p.2
Stages of Mitrade Pro Application Process
What is one of the stages in the Mitrade Pro application process?
A) Final review
B) Asset selection
C) Document submission
D) Trading simulation
E) Account closure
C) Document submission
Explanation: Document submission is a crucial stage in the Mitrade Pro application process, where applicants must provide necessary identification and verification documents.
p.14
Eligibility Criteria for Mitrade Pro
What does the SI Test require from clients?
A) A personal statement
B) Documents to satisfy criteria 2 obtained from the Mitrade platform or other sources
C) A video interview
D) A minimum balance in their account
E) A recommendation letter from a broker
B) Documents to satisfy criteria 2 obtained from the Mitrade platform or other sources
Explanation: For the SI Test, clients must provide documents that satisfy criteria 2, which can be obtained from the Mitrade platform or other brokers.
p.14
Wealth Test vs Sophisticated Investor Test
What additional requirement must clients fulfill for the Wealth Test?
A) Submit a trading report showing trades in margin FX or CFD over the past 5 years
B) Provide a letter of recommendation
C) Complete a financial literacy test
D) Attend a seminar
E) Submit a personal financial statement
A) Submit a trading report showing trades in margin FX or CFD over the past 5 years
Explanation: Clients must submit a trading report demonstrating that they have traded margin FX or CFD at any time over the past 5 years as part of the Wealth Test requirements.
p.12
Stages of Mitrade Pro Application Process
Where can clients view their application status for Mitrade Pro?
A) In the email inbox
B) On the Mitrade website
C) In the Mitrade App under the Pro Account banner
D) Through customer support chat
E) In their personal account settings
C) In the Mitrade App under the Pro Account banner
Explanation: Clients can view their application status by navigating to the Pro Account banner under their registered email/number in the Mitrade App.
p.5
Stages of Mitrade Pro Application Process
What happens during the processing stage of the Mitrade Pro application?
A) Client onboarding
B) Document verification
C) Account approval
D) Application submission
E) Expression of interest
B) Document verification
Explanation: The processing stage includes the verification of documents submitted by the client, ensuring that all necessary information is accurate and complete.
p.5
Stages of Mitrade Pro Application Process
What is the final stage of the Mitrade Pro application process?
A) Processing
B) Approved
C) Application
D) Onboarding
E) Document verification
D) Onboarding
Explanation: The final stage is onboarding, which occurs after the application has been successfully approved, marking the completion of the application process.
p.5
Stages of Mitrade Pro Application Process
After the application is approved, what must the client do?
A) Submit more documents
B) Sign acknowledgment
C) Wait for further instructions
D) Contact customer support
E) Cancel the application
B) Sign acknowledgment
Explanation: Once the application is approved, the client is required to sign an acknowledgment, confirming their understanding and acceptance of the terms.
p.2
Acronyms and Terminology
What does 'KYC' stand for in the context of Mitrade Pro?
A) Know Your Client
B) Keep Your Cash
C) Key Yield Calculation
D) Knowledge Yearly Certificate
E) Keep Your Credit
A) Know Your Client
Explanation: 'KYC' stands for Know Your Client, which is a standard in the financial industry to verify the identity of clients and assess their suitability for certain financial products.
p.10
Client Onboarding Procedures
What action can be taken if a client cannot meet the Pro account requirements?
A) They can upgrade their account automatically
B) They can close the Pro account onboarding
C) They can continue with the Pro account application
D) They can request an exemption
E) They can switch to a different trading platform
B) They can close the Pro account onboarding
Explanation: If a client cannot meet the Pro account requirements, they can close the Pro account onboarding process and are assisted in transitioning to a Retail client status instead.
p.7
Client Onboarding Procedures
What must clients do before upgrading to a PRO account?
A) Increase their trading volume
B) Close their positions
C) Submit additional documents
D) Wait for approval
E) Notify their friends
B) Close their positions
Explanation: Clients are required to close their positions before upgrading to a PRO account, as instructed by customer service.
p.20
Client Onboarding Procedures
What is the next step for a SI client after obtaining the Sophisticated Investor Acknowledgement Letter?
A) Send a follow-up email
B) Archive the letter
C) Check the client's trading experience
D) Send an email using a specified template
E) Notify the compliance department
D) Send an email using a specified template
Explanation: After obtaining the Sophisticated Investor Acknowledgement Letter, the next step is to send an email using the designated template found in Teams.
p.14
Document Verification Process
What is the method for existing clients to submit their documents?
A) Only through the Mitrade platform
B) By faxing the documents
C) Via cs.au email or LiveChat after passing security questions
D) By posting them on forums
E) Through a third-party service
C) Via cs.au email or LiveChat after passing security questions
Explanation: Existing clients can submit their documents via cs.au email or LiveChat, but they must first pass security questions to ensure their identity.
p.10
Eligibility Criteria for Mitrade Pro
What does the term 'Pro account requirements' refer to?
A) The minimum balance needed to open an account
B) The qualifications needed to be classified as a Pro trader
C) The trading platform features available to Pro clients
D) The customer service options for Pro clients
E) The tax implications of trading
B) The qualifications needed to be classified as a Pro trader
Explanation: The 'Pro account requirements' refer to the qualifications and criteria that a client must meet to be classified as a Pro trader and to proceed with Pro account onboarding.
p.7
Stages of Mitrade Pro Application Process
What must existing AU clients do to upgrade to a PRO account?
A) Sign up again as a new client
B) Go to customer service (CS)
C) Wait for a notification
D) Complete an online form
E) No action is needed
B) Go to customer service (CS)
Explanation: Existing AU clients need to go to customer service to upgrade to a PRO account, as stated in the provided content.
p.7
Communication and Follow-Up Procedures
Where can customer service record interest in PRO accounts?
A) In the main client database
B) In the Pro Account Interested Clients sheet
C) In a public forum
D) In the financial reports
E) In the client’s personal file
B) In the Pro Account Interested Clients sheet
Explanation: Customer service needs to record any interest in PRO accounts in the specified Pro Account Interested Clients sheet, which can be found in the communications files.
p.10
Stages of Mitrade Pro Application Process
What is the consequence of not fully verifying a Pro account?
A) The account can be traded with restrictions
B) The account cannot be traded
C) The account is automatically closed
D) The account is upgraded to a Retail account
E) The account can be traded temporarily
B) The account cannot be traded
Explanation: If the Pro account is not fully verified, it cannot be traded, highlighting the importance of meeting the necessary requirements for Pro account status.
p.7
Eligibility Criteria for Mitrade Pro
Who currently has the option to sign up for a PRO account?
A) Existing AU clients only
B) New AU clients only
C) All clients worldwide
D) Only clients with a Retail account
E) Clients from any country
B) New AU clients only
Explanation: The text specifies that currently, only new AU clients have the option to sign up for a Retail account or a PRO account, while existing clients must go through customer service to upgrade.
p.7
Eligibility Criteria for Mitrade Pro
What happens if a client signs up as a RETAIL client and then wants to upgrade to PRO?
A) They can upgrade without any requirements
B) They will be considered an existing client
C) They must wait for a month
D) They can upgrade immediately
E) They will lose their RETAIL account
B) They will be considered an existing client
Explanation: If a client signs up as a RETAIL client and then wants to sign up as PRO the next day, they will be considered an existing client and must fulfill all requirements for the PRO account.
