Trading Time
The FXCM dealing desk is open 24 hours daily between Sunday
5:15 PM and Friday 4:00 PM Eastern Standard Time.
Dealing Spread
Traders receive narrow, competitive spreads through FXCM based on the Interbank market. On the FXCM platform spreads are typically 3-5 pips on the majors, although these spreads may vary depending on market conditions.,
under normal market condition. A pip (or point) is the smallest incremental value (last decimal point), which an exchange rate move is measured in the forex market.
Phone Trading
Traders can place orders over the phone 24 hours a day, from Sunday at 5:15 PM EST to Friday at
4:00 PM Est. FXCM maintains exclusive dealing phone lines and has sufficient capacity to handle all client transactions. When trading over the phone, clients receive the same quotes available via the FXCM trading platform.
Minimum Account Size
The minimum amount that is required to open a regular FXCM trding account is $2,000. Of course, due to the high leverage and the extremely volatile nature of the FX market, the recommended trading account size is a minimum of $10,000. The minimum transaction size is US $100,000 (one lot). This means with $1000 margin deposit you can place a $100,000 position in the market.
Please be aware, however, that this higher degree of leverage may magnify losses as well as gains, especially under poor risk management.
If you plan on opening an account with less than $10,000 or you are new to online FX trading EFXCC recommends the FXCM Mini Trading Account.
Click Here to learn more about the FXCM Mini trading account.
Trading Sizes
On the FXCM trading platform all trades are executed in standard sizes of 100,000 base currency per one lot. There is no maximum trading volume on the FXCM trading platform, however, for trading sizes larger than $10,000,000, traders must request a quote via the platform or phone.
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 Good Until Cancelled (GTC),
which is valid until the order is executed or cancelled.
Click here to learn more about the different types of orders.
Margin
Clients must maintain $1,000 in the account for each lot of currency being traded. Please be aware, however, that this higher degree of leverage may magnify losses as well as gains, especially under poor risk management. This amount does not change after 5:00 PM EST, which is the rollover cut off, but stays constant at $1,000 per lot the entire day and overnight. One lot is valued at approximately $100,000. There is also an important safety feature imbedded in this system, which prevents the clients from losing more money than they have in the account. Once the account falls below $1000 per lot, all positions are closed, and this acts as a final stop for those that have not set stop-loss orders to close losing positions.
Rollover
As a service to our traders, FXCM automatically rolls over all open positions to the next settlement date at 5:00 PM Eastern Standard Time. Rollover involves exchanging the position being held for a position expiring the following settlement date. The value reflects the interest rate differential between the two currencies. For accounts that have a margin requirement of 2% or greater, clients either earn or payout interest depending on whether they are long or short the currency bearing the higher interest rate.
Reporting
The FXCM Trade Station has a built-in report generation feature that can be accessed through the Internet, 24-hours a day. Clients have immediate access to detailed information regarding every open position, open order and the generated P/L per trade. . Clients can view full, real-time snapshots of their account statement since inception or on a daily, weekly monthly or yearly basis.
Risk Warning
Click here to learn about the risk factors.
FX Mini Account
The FXCM Mini Trading Account was designed for those new to online foreign exchange trading. There is a smaller deposit required to open an FXCM mini account than a regular account because trading sizes are 1/10th the size of a regular account. The FXCM Mini is intended to introduce traders to foreign exchange. For more information about Mini Account, please
click here.
