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Account Options
Spreads and Margins
Advantages of No Dealing Desk
With No Dealing Desk execution, traders have the ability to trade on rates provided to FXCM by some of the largest banks in the world. These banks compete with each other to provide FXCM with the best available rate, which results in spreads as low as 1 pip. No Dealing Desk execution combines the benefits of trading prices from top-tier banks, with the convenience and speed of FXCM's award-winning trading platform.
You trade when you want even during market-moving news and economic events. Furthermore, this system enables you to place entry orders at any price even inside the spread.
FXCM offers 24-hour-a-day trade support, giving you the ability to place orders over the phone when the market is open. Our staff of 500+ highly trained specialists are available around the clock to service clients from our regional headquarters in New York, London, Hong Kong, and Tokyo.
Hedging
The No Dealing Desk offers hedging capabilities. With this option you will be able to have both a Buy and a Sell position on one currency pair at the same time.  Learn More
Trading Hours
Subject to available liquidity, trading is open 24 hours a day, from Sunday 22:15 GMT until Friday 21:00 GMT. Quotes, order placements, and confirmations are available online or via telephone.
Account Options
Traders can choose 100K Accounts or Mini Accounts. Compare account options
Trading Software
The FX Trading Station features live, streaming prices. Charting and News software can also be downloaded and integrated with the FX Trading Station.
Spreads
Lowest and average spreads detailed below. For the majority of our currency pairs, lowest spreads are most commonly found during US & European trading sessions.
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Currency Pair |
As Low As |
Typical Spread |
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EUR/CHF |
0.1 pip |
2 pips |
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EUR/GBP |
0.6 pip |
2.4 pips |
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EUR/USD |
0.9 pip |
2.3 pips |
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USD/JPY |
0.5 pip |
2.9 pips |
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GBP/USD |
0.8 pip |
3.7 pips |
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USD/CHF |
1 pip |
3.8 pips |
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AUD/USD |
1 pip |
3.7 pips |
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USD/CAD |
1 pip |
4.8 pips |
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EUR/JPY |
0.9 pips |
3.9 pips |
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CHF/JPY |
1 pip |
3.5 pips |
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AUD/JPY |
2.3 pips |
5 pips |
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NZD/USD |
0.8 pip |
4 pips |
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GBP/CHF |
1.1 pips |
6.8 pips |
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EUR/CAD |
2.4 pips |
6 pips |
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AUD/CAD |
2.6 pips |
6.5 pips |
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CAD/JPY |
1.3 pips |
5 pips |
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GBP/JPY |
3 pips |
5.3 pips |
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NZD/JPY |
2.9 pips |
6 pips |
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EUR/AUD |
2.8 pips |
7.9 pips |
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EUR/NZD |
2.5 pips |
7 pips |
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AUD/NZD |
4 pips |
7 pips |
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GBP/AUD |
4.7 pips |
10 pips |
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USD/DKK |
0.2 pip |
6.3 pips |
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AUD/CHF |
1.6 pips |
4.8 pips |
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USD/SGD |
3.5 pips |
7 pips |
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USD/HKD |
4.5 pips |
13 pips |
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GBP/CAD |
0.6 pip |
10.8 pips |
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GBP/NZD |
7.8 pips |
17 pips |
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USD/MXN |
Variable |
Variable |
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Trade Size
On the FXCM trading platform, all trades are executed in standard sizes of 100,000 base currency per one lot. There are no restrictions on order sizes; however, clients trading in sizes of more than $3,000,000 (30 100K lots) who want the entirety of their orders filled should use "At Best" price execution.
Here are some examples:
- U.S. Dollar/Japanese Yen (100,000 U.S. Dollars)
- Euro/U.S. Dollar (100,000 Euros)
- Euro/Great Britain Pound (100,000 Euros)
- Euro/Japanese Yen (100,000 Euros)
Smaller trade size available via the FXCM Mini account. Learn More
Margin
FXCM enables currency trading to be conducted on a highly leveraged basis. Every trader is able to select the degree of leverage 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 FXCM, based on volume traded and market conditions. |
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Account Type |
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Default Margin Level |
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Lowest Available Margin Level |
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EUR/GBP/USD Mini |
€50/Lot, £50/Lot or $50/Lot
(approximately .5%) |
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€50/Lot,
£50/Lot
or $50/Lot |
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100K |
$1,000/Lot
(approximately 1%) |
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$500/Lot |
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Not available for accounts over €100,000, £100,000 or $100,000. |
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Not available for accounts over $250,000. |
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Rollover/Interest Policy
On weekdays at 22:00 GMT, accounts with open positions will have funds added or subtracted to their value. When funds are added based on an open position, its called a positive rollover (roll). Conversely, when funds are subtracted based on an open position its called a negative roll. Unlike other firms, FXCM pays positive rolls at all margin levels.*
In order to receive positive rolls (interest on open positions), the only condition is that you are buying the currency paying the higher interest rate. For example, you earn interest if you are long the USD / JPY (the US dollar has a rate of 2.25% and the Japanese yen has a rate of 0.50%) or long the NZD / USD (the New Zealand dollar is currently at 8.25%).
If you are short the currency paying the higher interest rate, you will have a negative roll.
The dollar amounts of rolls are posted around 20:00 GMT; if you are still holding the positive roll position at 22:00 GMT, the interest is credited to your trading account. You can see how much you will receive in the simple layout of the Dealing Rates window; meanwhile, the interest rate column (Intr) in the Open Positions window keeps you informed of the cumulative interest you are paid.
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?
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 22:00 GMT. 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.
Types of Orders
The trading platform has sophisticated order entry and tracking capabilities. It can execute market orders as well as contingency orders, including entry orders, stop/limit orders, and stop-loss orders. A contingency order is Good Until Cancelled (GTC), and is valid until the order is executed or cancelled.
Deposit Options
In addition to the US dollar, traders have the option of depositing funds and viewing all trading information in EUR, GBP, JPY, or CAD. For European and Asian clients in particular, this option will be of great convenience in handling all the administrative duties of trading thus allowing traders to focus more of their attention and energy on analysing market movements.
Learn More about GBP and EUR denominated accounts.
Margin: Managing your Risk in the FX Market
By trading on margin, traders have the ability to control positions much larger than their deposit. The margin deposit for leverage is not a down payment on a purchase of equity, as many perceive margin to be in the stock markets. Rather, the margin is a performance bond, or good faith deposit, to ensure against trading losses. This is very useful for short-term day traders who need the enhancement in capital to generate quick returns. However, leverage is a double-edged sword. Without proper risk management, this high degree of leverage can lead to large losses as well as gains. To help manage your risk, FXCM offers a unique margin watcher feature, which is embedded in the platform. If the equity in your account drops below the margin required to maintain your open positions, FXCM may close all open positions. This guarantees limited risk. You also have the ability to track your margin in real time. In the accounts window you will see two columns: used margin and usable margin. The used margin indicates funds currently pledged towards open positions. You can think of usable margin as your "wiggle" room. Once usable margin reaches zero, a margin call will ensue, and all open positions may be closed by FXCM.
To learn more about the margin watcher feature, please contact the FXCM staff, which is available 24-hours a day, 7 days a week to walk you through the trading station.
*Without proper risk management, this high degree of leverage can lead to large losses as well as gains. |
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