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Online Forex Trading
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Mini Dealing Details

Dealing Hours
The dealing desk is open 24-hours a day from Sunday 5:15 PM New York time until Friday 4:00 PM New York time (subject to available liquidity). Quotations, order placement, and confirmation available online or via telephone.

Dealing Spreads
 

Dealing Spreads

 

These spreads may vary depending on market conditons.

  Currency Pair Typical Spread*   Currency Pair Typical Spread*  
 
 
 
 
 
 
 
 
 
 
 

* NOTE: Please note that FXCM strives to provide traders with tight, competitive spreads; however, there may be instances when market conditions cause spreads to widen beyond the typical spreads displayed here. Additionally, typical spreads may not be applicable to Japanese-yen-denominated accounts or client accounts of referring brokers. Certain currency pairs may not be available for all account types.

Trade Size
On the trading platform all trades are executed in standard sizes of 10,000 base currency per one lot. There is no maximum trading volume on the Trading Station, however, for trading sizes larger than $10,000,000, traders must request a quote over the telephone.

Here are some examples:

  • U.S. Dollar/ Japanese Yen (10,000 U.S. Dollars)

  • Euro/ U.S. Dollar (10,000 Euros)

  • Euro/ Great Britain Pound (10,000 Euros)

  • Euro/ Japanese Yen (10,000 Euros)

Types of Orders
The trading platform provides sophisticated order entry and tracking of market orders, entry orders, stop/limit entry orders, and stop-loss orders. All of the above orders are Good Until Cancelled (GTC), which is valid until the order is executed or cancelled.

Margin
**Currency trading is conducted on a highly leveraged basis. Every trader is able to select the degree of leverage or gearing that the trader wishes to employ in trading. Unless the trader specifies otherwise, the leverage is set at a level of a default margin level for the deposited amount. The requirements for leverage vary with account size, and may be changed from time to time at the sole discretion of the dealing desk, based on volume traded and market conditions.

Margin Requirements

 

Account Type

Default Margin Level

 

Lowest Available Margin Level

 

 

*Not available for accounts over $50,000

Up to 100:1 Leverage
Clients must have approximately 1% of the value of the positions they hold in their account for each lot of currency being traded (approximately 100:1 leverage). This equates to $100 per lot (10,000 units). **Without proper risk management, this high degree of leverage can lead to large losses as well as gains.

Rollover/Interest Policy
In the spot forex market, trades must be settled in two business days. If a trader sells 10,000 euros on Tuesday, the trader must deliver 10,000 euros on Thursday, unless the position is rolled over. As a service to our traders, all open positions automatically roll over to the next settlement date at 5:00 PM New York time. Rollover involves exchanging the position being held for a position expiring the following settlement date. The positions being exchanged are usually not valued at the same price. The amount of the difference varies greatly based on the currency pair, the interest rate differential between the two currencies, and fluctuates day to day with the movement of prices. On any given day, the rollover is approximately $1 per lot.

Note: On Wednesdays, the amount added or subtracted to an account as a result of rolling over a position tends to be around three times the usual amount. This "3-Day" rollover accounts for settlement of trades through the weekend period.

Why does rollover take place? At 5:00 PM New York Time, funds are subtracted or added to accounts with` open positions because of the automatic rollover. For all accounts, regardless of margin settings, funds are added to the account for positions in which the client is long (holding) the higher interest rate. Funds are deducted in the opposite circumstance. We believe that this is the most generous policy available to traders in the forex industry, as many firms require 3-5% minimum margin before traders can benefit from rollover.



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