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Forex Trading Terms
Please use the following links to jump to a section on this page:
| Mini |
Universal |
|
> Minimum Deposit: $500
> Minimum Trade Size: 1 mini lot (10k)
> Maximum Trade Size: 100 mini lots ($1mln)
Mini account can trade micro 1k, mini 10k,
and standard 100k lots.
|
> Minimum Deposit: $5,000
> Minimum Trade Size: 1 mini lot (10k)
> Maximum Trade Size: 1000 mini lots or 100 standard lots
($10mln)
Universal account can trade micro 1k, mini
10k, and standard 100k lots.
|
All 3 account types can trade mini
lots and standard 100k lots.
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When you trade with us, you can be sure you are receiving some
of the most competitive terms on the market.
| Instrument |
Mini |
Universal |
| EUR/USD |
2 |
2 |
| USD/JPY |
2 |
2 |
| GBP/USD |
3 |
3 |
| USD/CHF |
3 |
3 |
| AUD/USD |
3 |
3 |
| USD/CAD |
3 |
3 |
| EUR/JPY |
3 |
3 |
| EUR/GBP |
3 |
3 |
| NZD/USD |
5 |
5 |
| EUR/CHF |
3 |
3 |
|
| AUD/JPY |
5 |
5 |
| CHF/JPY |
4 |
4 |
| GBP/CHF |
6 |
6 |
| NZD/JPY |
7 |
7 |
| EUR/CAD |
7 |
7 |
| GBP/JPY |
7 |
7 |
| AUD/CAD |
8 |
8 |
| EUR/AUD |
6 |
6 |
| AUD/NZD |
8 |
8 |
Spreads may be variable during
volatile and abnormal market conditions.
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| Account |
Margin |
Leverage |
| Mini |
0.5% |
200:1 |
| Universal |
1% |
100:1 |
A 100:1 leverage means that 1% of the contract size must be resereved
while the position is open. For a standard 100k contract, 1 lot
represents a contract size of 100,000 units, and 1% of that is 1,000
units. The units in which margin is measured is the first currency
of the currency pair you are trading. ie: for EUR/USD, 1,000 units
means 1,000 EUR. If your account's base currency is USD, then in
order to know how much margin will be reserved, you will need to
convert it into USD. 1,000 EUR in USD = 1,000 EUR * Price of EUR/USD.
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Roll-over Interest
We automatically rolls forward
all open positions to the next day's value date following the close
of NY trading at 4:00pm ET.
All accounts are interest-bearing. By request, accounts can be set
up without interest (payable or receivable).
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Trading Hours
A true 24-hour market, Forex trading begins each day in Sydney,
and moves around the globe as the business day begins in each
financial center, first to Tokyo, then London, and New York. Unlike
any other financial market, investors can respond to currency
fluctuations caused by economic, social and political events at
the time they occur - day or night.
Trading Session begins on Sunday 5:00
p.m. and closes on Friday 4:00 p.m. New York Time.
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Open Orders on Weekends and Holidays
Orders left open during days when the market is closed, such
as weekends and holidays, will continue trading at the first price
which will be available on the market when it re-opens. This price
may not necessarily equal the price at which the market closed.
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Hedging
Hedging functions are available in the MultiBank FX platform.
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Types of Orders
|
Order Type
|
Description |
| Market Order |
Market orders are orders to Buy or Sell at the best possible
price as soon as possible. They are the first orders to be filled,
and are used to enter or exit the market quickly, regardless
of the current market price. Under no conditions will a market
order be filled at a price which the client has not approved. |
| Entry Limit |
Allows you to specify a price to buy below, or sell above,
the market price. Orders are executed when the prices you set
are met in the marketplace. |
| Entry Stop |
This is the reverse of the limit, allowing you to specify
a price to buy above, or sell below, the market price. Again,
Stop orders are executed when the prices you set are met in
the marketplace. |
| Limit Profit |
Allows you to specify a price to liquidate an existing Sell
position below, or a Buy position above, the market price. Limit
Profit is typically used to realize existing trading gains.
Orders are executed when the prices you set are met in the marketplace. |
| Stop Loss |
This is the reverse of the limit profit, allowing you to specify
a price to liquidate a Sell position above, or a Buy position
below, the market price. Stop Loss is typically used to limit
potential loss on a position. Again, Stop Loss orders are executed
when the prices you set are met in the marketplace. |
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Good Till Cancelled (GTC) Orders
All GTC orders remain open until they are triggered or cancelled,
or until the position to which they are related is liquidated.
If you close out a position manually, any order(s) relating to
that position will be automatically removed.
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Fill Policy
Stop, limit, and entry orders are honored at the given price,
except in abnormally volatile market conditions.
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Liability Policy
Spencer Financial will not be
held liable for client losses due to fast or volatile foreign
exchange markets, electronic disruption in service, service delays,
incorrect information received from service vendors (i.e. quotations,
new services) and/or clients (i.e. client profile data, updated
data).
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