FAQ: Account Types and Trading Terms
- Our spreads are not fixed and depend on the buy and sell orders that are currently available in the Marketplace.
- Margin Call happens when a client's account equity falls below the required Margin to maintain open positions. It’s done automatically. On market-maker accounts (Micro accounts) Margin call happens when Margin level falls below 20% (i.e. Equity falls below 20% of Margin for open positions). When Margin level falls below 10% (i.e. Equity falls below 10% of Margin for open positions) the losing position will be closed automatically by the broker (Stop Out).
- Yes, we allow the use of Expert Advisors on Micro accounts with the following restrictions:
- For the latest information, please see PROMOS menu on the official website.
Available to clients of FXOpen Markets only. - Register an account with FXOpen. Send a request to make your account SWAP-free to Customer Support Portal. In the request, indicate your FXOpen account number and attach a document confirming that you profess Islam.
- A position is kept open until:
- After a deal is confirmed, a notification appears within a few seconds. You can check the transaction information in the Journal and Trade tabs of the Terminal window in MetaTrader.
- Pip value for ECN/STP accounts (5th decimal pricing)
- Pip value calculation
10. Restrictions on news trading: Freeze Time.
- Stop Loss orders - execution rules
- A critical loss level – Stop Out – is fixed to prevent trader losses in excess of the Margin and available funds on the trading account. Upon reaching this level, broker automatically closes all loss-making positions at the current market price when Margin Level is lower than Stop Out level. Thus positive account balance is kept.
- FXOpen provides SWAP-free accounts for Muslim clients. In Islamic accounts, no SWAP fee will be charged or added when your open positions are rolled over the night or weekend. Otherwise, Islamic accounts trading conditions are exactly the same as regular Micro, ECN or STP accounts.
- See contract specifications.
- 1 pip (point) is the smallest change in currency quotations, no matter in what direction a change occurs, up or down. For example, the exchange rate for EUR/USD has changed from 1.3614 to 1.3617, i.e. by 3 points. A pip is equal to 0.0001 for the nine major currency pairs. For pairs where the Japanese yen (JPY) is the quote currency, 1 pip is equal to 0.01.
- Margin is the amount of cash or other Eligible Collateral that FXOpen requires a customer to deposit or maintain in the Customer's Account in connection with the Customer's trading activity. Margin is usually 1-2% of the transaction amount; the remaining 98-99% is given by the dealer. This is the leverage in Forex terms. For example, if you would like to buy $10,000 for JPY and your leverage is 1:10, you need to pay 1,000 JPY.
- You can find all the actual information on the company's website in the TRADING > Trading Accounts section.
- On the Forex market open positions rollover is done in the form of SWAP. If your position stays open for the night or over the weekend there is a daily rollover interest rate that is either added or deducted to or from your account. It depends on the currency pair you trade and the transaction type (Buy or Sell). Opening a trade means that you borrow one currency to buy another. As we don’t know how long the trade will remain open, SWAP is added or deducted when the position is rolled over the night. We add/deduct SWAP to/from the account according to the difference between the interest rates of the currencies in the pair. If the interest rate of the currency that you buy is higher than the rate of the currency you borrow, SWAP is added to your account (positive SWAP). If the interest rate of the currency that you buy is lower than the rate of the currency you borrow, SWAP is deducted from your account (negative SWAP).
Updated: 4 months ago