Forex Investment and Currency Trading

Trading Hours

The forex trading desk is open 24 hours daily from 17:00 ET Sunday through 16:30 ET on Friday.

Currency Pairs

24-hour trading is currently available in the following 14 currency pairs: EUR/USD, USD/JPY, GBP/USD, USD/CHF, USD/CAD, AUD/USD, EUR/JPY, EUR/GBP, EUR/CHF, GBP/JPY, AUD/JPY, CHF/JPY, EUR/AUD, GBP/CHF.

Dealing Spread

Forex Day Trading’s normal dealing spreads are 3-5 pips for the major currency pairs.

Fees

No fees or commissions are charged to the customer, regardless of account balance or trading activity.

Trading Minimums

Mini Accounts:
Forex Day Trading’s minimum transaction size for mini accounts is 1/10th the size of a standard lot, or 10,000 of the base currency, with a minimum margin deposit of 0.5% (that is, 200:1 leverage). For example, a US$10,000 position would require an initial margin deposit of US$50.

Standard Accounts:
The minimum transaction size for standard accounts is 1 lot of 100,000 of the base currency, with a minimum margin deposit of 1% (that is, 100:1 leverage). For example, a US$100,000 position would require an initial margin deposit of US$1,000.

Price Quotes

Forex Day Trading clients have the ability to execute trades directly from real time streaming bid/ask quotes. Live prices are continuously published to clients via the currency trading dealing software, and traders can at any time click on the current bid or offer and instantaneously execute a trade. Prices are updated automatically as market conditions dictate. On average, the forex traders make 100,000 prices per day. More importantly, we publish the same dealing price to the entire client base and allows any client to deal on the available price.

Trading over the Internet

Executing a deal via the Internet is a simple two-step process. Simply enter the number of lots and then click on the bid (buy) or offer (sell) for the currency pair you wish to trade - your deal is automatically executed. The forex trading software automatically calculates the initial margin requirement based upon the notional amount of the deal, and if sufficient funds are available in your account, will accept the transaction. Deals are confirmed online, normally within one second, and the system instantaneously updates both your open position and calculates your current P&L.

Phone Trading

Live clients may trade over the telephone with the forex trading desk 24 hours a day, from Sunday at 1700 ET through Friday at 1630 ET. When trading via phone, our dealers will quote the same tight spreads available via the trading platform. All trades executed via the phone are subject to a pre-deal margin availability check and will be manually entered into the customer’s account for integrated P&L analysis and reporting. All telephone calls are recorded for the safety of both parties.

Phone Dealing Procedure

• Immediately state your ID and Password.
• State your interest. Always be sure to include the number of lots and the currency pair you are interested in.

Example: “I would like a price on 5 lots of Euro/Dollar.”

The Forex Dealer will then provide a 2-way price quote.

Example: “Euro/Dollar is 1.2916/20″ (the first number being the bid, the second the offer)

State your trade.
Example: “At 1.2916, I sell 5 lots of Euro/Dollar,”

or

“At 1.2920, I buy 5 lots of Euro/Dollar”

If you do not wish to deal at the quoted levels, simply say “Nothing Done,” hang up and call again later. Or, place a limit or stop order at your desired level.

Remember: A price given is the dealing price at that time; haggling is not allowed nor are Traders allowed to remain on the phone until the price changes.

It is important to remember that Dealing Desk phone lines are reserved for the placing of orders only, and that proper Phone Dealing Procedures be observed at all times.