Hours:
The dealing desk is continually
open between Sunday 22:00 GMT
and Friday 21:00 PM GMT.
Mode
of Dealing:
Quotations, Order Placement,
and Confirmation available over
the telephone or via the Internet.
Bid/Ask
Spread:
FXCM’s spreads are fixed
at all times for all contracts.*
All mini accounts default to
automatic execution, so orders
are filled instantly and with
no slippage on stops.
• U.S. Dollar / Japanese
Yen (4 pips)
• U.S. Dollar / Swiss
Franc (5 pips)
• U.S. Dollar / Canadian
Dollar (5 pips)
• Euro / U.S. Dollar (3
pips)
• Euro / Great Britain
Pound (3 pips)
• Euro / Japanese Yen
(4 pips)
• Euro / Swiss Franc (7
pips)
• Euro / Canadian Dollar
(10 pips)
• Euro / New Zealand Dollar
(10 pips)
• Euro / Australian Dollar
(15 pips)
• Euro / New Zealand Dollar
(30 pips)
• Great Britain Pound
/ U.S. Dollar (5 pips)
• Great Britain Pound
/ Japanese Yen (9 pips)
• Great Britain Pound
/ Swiss Franc (15 pips)
• Swiss Franc / Japanese
Yen (9 pips)
• Australian Dollar /
U.S. Dollar (4 pips)
• Australian Dollar /
Canadian Dollar (10 pips)
• Australian Dollar /
Japanese Yen (8 pips)
• New Zealand Dollar /
U.S. Dollar (4 pips)
Accounts denominated in GBP
have three additional currency
pairs:
• Great Britain Pound
/ New Zealand Dollar (30 pips)
• Great Britain Pound
/ Canadian Dollar (15 pips)
• Great Britain Pound
/ Australian Dollar (15 pips)
Order Sizes:
On the FXCM 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 FXCM 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 (100,00
Euros)
• Euro / Great Britain
Pound (10,000 Euros)
• Euro / Japanese Yen
(100,00 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:
FXCM enables currency trading
to be conducted on a highly
leveraged basis. Every trader
is able to select within parameters
the degree of leverage or gearing
that the trader wishes to employ
in trading. Unless the trader
specifies otherwise, FXCM sets
the leverage level at FXCM's
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.
Rollover/Interest
Policy:
In the spot forex market, trades
must be settled in two business
days. If a trader sells 100,000
euros on Tuesday, the trader
must deliver 100,000 euros on
Thursday, unless the position
is rolled over. As a service
to our traders, FXCM automatically
rolls over all open positions
to the next settlement date
at 9:00 PM GMT time. Rollover
involves exchanging the position
being held for a position expiring
the following settlement date.
Since the interest rates associated
with a currency affect its overall
value, the positions being exchanged
are usually not valued at the
same price -- there is a differential,
and this differential is a function
of the interest rate difference
between the two currencies.
The greater the interest rate
differential between the two
currencies in the trade, the
greater the rollover earnings
will be for those who are long
the higher yielding currency,
and the greater the cost will
be for those who are long the
currency with the lower yield.
