Forex ndd execution

In the interest of providing our clients with the best possible trading experience, we feel it is imperative for all traders, regardless of their previous experience, to be as well informed about the execution risks involved with trading at FXCM. Here you will find information detailing the execution risks associated with FXCM's forex and CFD execution types. Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade these products offered by Forex Capital Markets, Limited "FXCM" you should carefully consider your objectives, financial situation, needs and level of experience.

Forex Capital Markets, Limited is authorised and regulated by the UK Financial Conduct Authority "FCA" [Registration No. FXCM maintains its registered office at Northern and Shell Building, 10 Lower Thames Street, 8th Floor, London EC3R 6AD.

FXCM may provide general commentary without regard to your objectives, financial situation or needs. General advice given, or the content of this website are not intended to be personal advice and should not be construed as such.

The possibility exists that you could sustain a loss in excess of your deposited funds.

Dealing Desk or No Dealing Desk – qyzofolawory.web.fc2.com or FXCM?

You should be aware of all the risks associated with trading on margin. FXCM recommends you seek advice from an independent financial advisor.

Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary, and does not constitute investment advice. FXCM will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

There are risks associated with utilising an internet-based deal-execution trading system including, but not limited to, the failure of hardware, software, and internet connection.

Since FXCM does not control signal power, its reception or routing via the internet, configuration of your equipment or reliability of its connection, we cannot be responsible for communication failures, distortions or delays when trading via the internet.

FXCM employs backup systems and contingency plans to minimise the possibility of system failure, which includes allowing clients to trade via telephone. FXCM provides forex execution through a straight through processing, or No Dealing Desk forex execution model. In this model FXCM passes on to its clients the best prices that are provided by one of FXCM's liquidity providers with a fixed mark-up for each currency pair.

In this model, FXCM does not act as a market marker in any currency pairs. As such, FXCM is reliant on these external providers for currency pricing. Although this model promotes efficiency and competition for market pricing, there are certain limitations to liquidity that can affect the final execution of your order.

FXCM aims to provide clients with the best execution available and to get all orders filled at the requested rate. However, there are times when, due to an increase in volatility or volume, orders may be subject to slippage. Slippage most commonly occurs during fundamental news events or periods of limited liquidity. Instances such as trade rollover 5pm EST is a known period in which the amount of liquidity tends to be limited as many liquidity providers settle transactions for that day.

During periods such as these, your order type, quantity demanded, and specific order instructions can have an impact on the overall execution you receive. The volatility in the market may create conditions where orders are difficult to execute. For instance, the price you receive in the execution of your order might be many pips away from the selected or quoted price due to market movement.

In this scenario, the trader is looking to execute at a certain price but in a split second, for example, the market may have moved significantly away from that price. The trader's order would then be filled at the next price available price for that specific order. Similarly, given FXCM's No Dealing Desk model for forex execution, sufficient liquidity must exist to execute all trades at any price. FXCM provides a number of basic and advanced order types to help clients mitigate execution risk.

One way to mitigate the risk associated with slippage is to utilize the Market Range Max Deviation for MT4 users feature on FXCM's Platforms. The Market Range feature allows traders to specify the amount of potential slippage they are willing to accept on a market order by defining a range.

Zero indicates that no slippage is permitted. By selecting zero on the Market Range, the trader is requesting his order to be executed only at the selected or quoted price, not any other price. Traders may elect to accept a wider range of permissible slippage to raise the probability of having their order s executed. In this scenario the order will be filled at the next price available within the specified range. For instance, a client may indicate that he is willing to be filled within 2 pips of his requested order price.

The system would then fill the client within the acceptable range in this instance, 2 pips if sufficient liquidity exists. If the order cannot be filled within the specified range, the order will not be filled. Please note, Market Range orders specify a negative range only. If a more preferential rate is available at the time of execution traders are not limited by the specified range for the amount of positive price improvement they can receive. Additionally, when triggered, stop orders become a market order available for execution at the next available market price.

Stop orders guarantee execution but do not guarantee a particular price. Therefore, stop orders may incur slippage depending on market conditions. To view more information regarding order types at FXCM, please visit: When trading Forex via FXCM's dealing desk execution model, FXCM is the final counterparty to these transactions.

Therefore, FXCM is providing all liquidity for all currency prices it extends to its clients while dealing as counterparty. FXCM is able to make auto execution available by limiting the max trade size of all orders to 2 million per trade. View a comprehensive list of spreads.

Dealing Desk vs. No Dealing Desk Forex Brokers | DailyForex

At FXCM the following are considered examples of exotic currencies which may have limited liquidity:. These pairs have a level of risk associated with them that may not be inherent. The market for these currencies is very illiquid, with liquidity being maintained and provided by one, or few external sources. These liquidity concerns include but are not limited to, the inability to exit positions based on lack of market activity, differences in the prices quoted and final execution received, or a delay in execution while a counterparty for your specific transaction is identified.

With these considerations in mind it is imperative that any trader factor this into any trading decision. For this reason we strongly encourage all traders to utilize advanced order types to mitigate these risks. Delays in execution may occur using FXCM's No Dealing Desk forex execution model for various reasons, such as technical issues with the trader's internet connection to FXCM; a delay in order confirmation from a liquidity provider; or by a lack of available liquidity for the currency pair that the trader is attempting to trade.

Due to inherent volatility in the markets, it is imperative that traders have a working and reliable internet connection. There are circumstances when the trader's personal internet connection may not be maintaining a constant connection with the FXCM servers due to a lack of signal strength from a wireless or dialup connection. A disturbance in the connection path can sometimes interrupt the signal and disable the FXCM Trading Station, causing delays in the transmission of data between the trading station and the FXCM server.

One way to check your internet connection with FXCMs server is to ping the server from your computer. Market volatility creates conditions that make it difficult to execute orders at the given price due to an extremely high volume of orders. In cases where the liquidity pool is not large enough to fill a Market Range order, the order will not be executed. For Limit Entry or Limit orders, the order would not be executed but instead reset until the order can be filled. Remember, both Limit Entry and Limit orders guarantee price but do not guarantee execution.

Depending on the underlying trading strategy and the underlying market conditions traders may be more concerned with execution versus the price received.

There may be instances when spreads widen beyond the typical spread. Spreads are a function of market liquidity and in periods of limited liquidity, at market open, or during rollover at 5: It is not uncommon to see spreads widen particularly around rollover.

Trade rollover is typically a very quiet period in the market, since the business day in New York has just ended, and there are still a few hours before the new business day begins in Tokyo. Being cognizant of these patterns and taking them into consideration while trading with open orders or placing new trades around these times can improve your trading experience.

This may occur during news events and spreads may widen substantially in order to compensate for the tremendous amount of volatility in the market. The widened spreads may only last a few seconds or as long as a few minutes. FXCM strongly encourages traders to utilize caution when trading around news events and always be aware of their account equity, usable margin and market exposure.

Widened spreads can adversely affect all positions in an account including hedged positions discussed below.

During periods of high volume, hanging orders may occur. This is a condition where an order is in the process of executing but execution has not yet been confirmed.

The order will be highlighted in red, and the "status" column will indicate "executed" or "processing," in the "orders" window. In these instances, the order is in the process of being executed, but is pending until FXCM receives confirmation from the liquidity provider that the quoted prices is still available. During periods of heavy trading volume, it is possible that a queue of orders will form. That increase in incoming orders may sometimes create conditions where there is a delay from the liquidity providers in confirming certain orders.

Depending on the type of order placed, outcomes may vary. In the case of a Market Range order that cannot be filled within the specified range, or if the delay has passed, the order will not be executed. In the case of an At Market order, every attempt will be made to fill the order at the next available price in the market. In both situations, the "status" column in the "orders" window will typically indicate "executed" or "processing.

Depending upon the order type, the position may in fact have been executed, and the delay is simply due to heavy internet traffic. Keep in mind that it is only necessary to enter any order once.

Multiple entries for the same order may slow or lock your computer or inadvertently open unwanted positions. View a full list of international contact numbers. Greyed out pricing is a condition that occurs when forex liquidity providers that supply pricing to FXCM are not actively making a market for particular currency pairs and liquidity therefore decreases.

FXCM does not intentionally "grey out" prices; however, at times, a severe increase in the difference of the spread may occur due to a loss of connectivity with a provider or due to an announcement that has a dramatic effect on the market that limits liquidity. Such greying out of prices or increased spreads may result in margin calls on a traders account. The ability to hedge allows a trader to hold both buy and sell positions in the same currency pair simultaneously.

Traders have the ability to enter the market without choosing a particular direction for a currency pair. Although hedging may mitigate or limit future losses it does not prevent the account from being subjected to further losses altogether. In the forex market a trader is able to fully hedge by quantity but not by price. This is because of the difference between the buy and sell prices, or the spread. Effective, 02 December , FXCM traders will be required to put up margin for one side the larger side of a hedged position.

Margin requirements can be monitored at all times in the simple dealing rates window. While the ability to hedge is an appealing feature, traders should be aware of the following factors that may affect hedged positions. A margin call may occur even when an account is fully hedged, since spreads may widen, causing the remaining margin in the account to diminish.

Should the remaining margin be insufficient to maintain any open positions, the account may sustain a margin call, closing out any open positions in the account. Although maintaining a long and short position may give the trader the impression that his exposure to the market's movement is limited, if insufficient available margin exists and spreads widen for any period of time, it may certainly result in a margin call on all positions.

Rollover is the simultaneous closing and opening of a position at a particular point during the day in order to avoid the settlement and delivery of the purchased currency. This term also refers to the interest either charged or applied to a trader's account for positions held "overnight," meaning after 5 p. ET on FXCM's Platforms. The time at which positions are closed and reopened, and the rollover fee is debited or credited, is commonly referred to as Trade Rollover TRO.

It is important to note that rollover charges will be higher than rollover accruals. When all positions are hedged in an account, although the overall net position may be flat, the account can still sustain losses due to the spread that occurs at the time rollover occurs. Spreads during rollover may be wider when compared to other time periods because of liquidity providers' momentarily coming offline to settle the day's transactions.

Exchange rate fluctuations, or pip costs, are defined as the value given to a pip movement for a particular currency pair. This cost is the currency amount that will be gained or lost with each pip movement of the currency pair's rate and will be denominated in the currency denomination of the account in which the pair is being traded.

On the FXCM Platforms, the pip cost for all currency pairs can be found by selecting "View," followed by "Dealing Views," and then by clicking "Simple Rates" to apply the checkmark next to it. If "Simple Rates" already has a check mark next to it, viewing the dealing rates in the simple view is as easy as clicking the "Simple Dealing Rates" tab in the dealing rates window.

Once visible, the simple rates view will display the pip cost on the right-hand side of the window. When you trade forex with FXCM using a No Dealing Desk execution model, you are trading on price feeds that are being provided by multiple liquidity providers, plus FXCM's mark-up.

In rare cases, these feed can be disrupted. This may only last for a moment, but when it does, spreads become inverted. During these rare occasions, FXCM advises that clients avoid placing At Market orders.

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While it may be tempting to place a "free trade," keep in mind that the prices are not real and your actual fill may be many pips away from the displayed price. In the event that trades are executed at rates not actually offered by FXCM's liquidity providers, FXCM reserves the right to reverse such trades, as they are not considered valid trades.

By placing Market Range orders or not trading during these moments, traders can avoid the risk associated with the above scenarios. The trading desk opens on Sundays between 5: The trading desk closes on Fridays at 4: Please note that orders placed prior may be filled until 5: ET and that traders placing trades between 4: ET may be unable to cancel orders pending execution.

In the event that a Market GTC Order is submitted right at market close, the possibility exists that it may not be executed until Sunday at market open.

Please use caution when trading around Friday's market close and factor all the information described above into any trading decision. The open or close times may be altered by the Trading Desk because it relies on prices being offered by liquidity providers to FXCM. Outside of these hours, most of the major world banks and financial centres are closed. The lack of liquidity and volume during the weekend impedes execution and price delivery. Shortly prior to the open, the Trading Desk refreshes rates to reflect current market pricing in preparation for the open.

At this time, trades and orders held over the weekend are subject to execution. Quotes during this time are not executable for new market orders. After the open, traders may place new trades, and cancel or modify existing orders. Sunday's opening prices may or may not be the same as Friday's closing prices. At times, the prices on the Sunday open are near where the prices were on the Friday close.

At other times, there may be a significant difference between Friday's close and Sunday's open. The market may gap if there is a significant news announcement or an economic event changing how the market views the value of a currency.

Traders holding positions or orders over the weekend should be fully comfortable with the potential of the market to gap. Limit orders are often filled at the requested price or better. If the price requested or a better price is not available in the market, the order will not be filled. If the requested price of a Stop order is reached at the open of the market on Sunday, the order will become a Market order. Limit Entry orders are filled the same way as Limit orders.

Stop Entry orders are filled the same way as Stops. Traders who fear that the markets may be extremely volatile over the weekend, that gapping may occur, or that the potential for weekend risk is not appropriate for their trading style, may simply close out orders and positions ahead of the weekend.

It is imperative that traders who hold open positions over the weekend understand that the potential exists for major economic events and news announcements to affect the value of your underlying positions. Given the volatility expressed in the markets it is not uncommon for prices to be a number of pips away on market open from market close. We encourage all traders to take this into consideration before making a trading decision.

Margin calls are triggered when your usable margin falls below zero. This occurs when your floating losses reduce your account equity to a level that is less than your margin requirement. Therefore, the result of any margin call is subsequent liquidation unless otherwise specified. The idea of margin trading is that your margin acts as a good faith deposit to secure the larger notional value of your position. Margin trading allows traders to hold a position much larger than the actual account value.

FXCM's Trading Station has margin management capabilities, which allow for the use of leverage. Of course, trading on margin comes with risk as leverage may work against you as much as it works for you. If account equity falls below margin requirements, the FXCM Trading Station will trigger an order to close all open positions.

When positions have been over-leveraged or trading losses are incurred to the point that insufficient equity exists to maintain current open positions and the account's usable margin falls below zero, a margin call will result and all open positions will be closed out liquidated. Please keep in mind that when the account's usable margin falls below zero, all open positions are triggered to close.

The liquidation process is designed to be entirely electronic. Although the margin call feature is designed to close positions when account equity falls below the margin requirements, there may be instances when liquidity does not exist at the exact margin call rate.

As a result, account equity can fall below margin requirements at the time orders are filled, even to the point where account equity becomes negative.

This is especially true during market gaps or volatile periods. FXCM recommends that traders use Stop orders to limit downside risk in lieu of using a margin call as a final stop.

It is strongly advised that clients maintain the appropriate amount of margin in their accounts at all times. Margin requirements may be changed based on account size, simultaneous open positions, trading style, market conditions, and at the discretion of FXCM. The Smart Margin feature is designed to alert clients whose account equity drops below margin requirements which can potentially give clients extra time prior to all open positions being liquidated due to a margin call.

Please click here to view more information on when a margin warning or margin call is designed to be initiated for clients utilizing the Smart Margin feature. Up-to-date margin requirements are displayed in the "Simplified Dealing Rates" window of the Trading Station Platform by currency pair. The Smart Margin feature is designed to alert clients via email as well. However, clients should not rely on receiving this form of alert and should monitor their account at all times as FXCM shall not be liable for any communication failures or delays.

Please click here for more information on how margin is represented in the accounts window within the Trading Station. There are a few ways to accomplish this; 1 Deposit more funds. Please click here for more information on the options available after receiving a Margin Warning. Please note that while most debit card deposits are processed instantaneously, some may take up to 24 hours.

Client may contact FXCM to have their margin status earlier. Please note that weekends and bank holidays will count against the three 3 days given to bring the account equity above the Maintenance Margin Requirement. The liquidation process is entirely electronic, and there is no discretion on FXCM's part as to the order in which trades are closed.

If the order to close is larger than the open position, the entire entry order will be deleted and the open position will not be closed out. Please note that MT4 users are subject to different margin call procedures. When a margin call is triggered on the account, individual positions will be liquidated until the remaining equity is sufficient to support existing position s. In deciding what positions will be individually liquidated the largest losing position will be closed first during liquidation.

It is important to make a distinction between indicative prices displayed on charts and dealable prices displayed on the platforms, such as Trading Station and MetaTrader 4. Indicative quotes are those that offer an indication of the prices in the market, and the rate at which they are changing.

These prices are derived from a host of contributors such as banks and clearing firms, which may or may not reflect where FXCM's liquidity providers are making prices.

Indicative prices are usually very close to dealing prices, but they only give an indication of where the market is. Executable quotes ensure finer execution and thus a reduced transaction cost.

Because the spot forex market lacks a single central exchange where all transactions are conducted, each forex dealer may quote slightly different prices. Therefore, any prices displayed by a third party charting provider, which does not employ the market maker's price feed, will reflect "indicative" prices and not necessarily actual "dealing" prices where trades can be executed.

There are a series of inherent risks with the use of the mobile trading technology such as the duplication of order instructions, latency in the prices provided, and other issues that are a result of mobile connectivity. Prices displayed on the mobile platform are solely an indication of the executable rates and may not reflect the actual executed price of the order. Mobile TS II utilizes public communication network circuits for the transmission of messages.

FXCM shall not be liable for any and all circumstances in which you experience a delay in price quotation or an inability to trade caused by network circuit transmission problems or any other problems outside the direct control of FXCM.

Transmission problems include but are not limited to the strength of the mobile signal, cellular latency, or any other issues that may arise between you and any internet service provider, phone service provider, or any other service provider. It is strongly recommended that clients familiarise themselves with the functionality of the FXCM Mobile Trading Station prior to managing a live account via portable device.

FXCM's Trading Station Web platform has been modified to run on mobile and tablet devices. The mobile platform for tablet devices is called Trading Station Mobile and has the same trading features as Trading Station Web. The same connectivity risks described above regarding our Mobile TS II apply to use with any application made available for tablet trading.

FXCM also offers forex execution via a Dealing Desk execution model. In this model, FXCM's compensation may not be limited to our standard markup and our interests may be in direct conflict with yours.

FXCM faces market risk as a result of entering into trades with you. FXCM may take steps to mitigate its risk arising from market making more effectively by, at our sole discretion and at any time and without previous consent, transferring your underlying account to our NDD execution offering. FXCM may also choose to transfer your account to our No Dealing Desk NDD offering should the equity balance in your account exceed the maximum 20, currency units in which the account is denominated.

Dealing Desk execution and trading is not conducted on an exchange. FXCM is acting as a counterparty in these transactions and, therefore, acts as the buyer when you sell and the seller when you buy. Unless otherwise specified in your written agreement or other written documents FXCM establishes the prices at which it offers to trade with you.

The prices FXCM offers might not be the best prices available and FXCM may offer different prices to different clients.

If FXCM elects not to cover its own trading exposure, then you should be aware that FXCM may make more money if the market goes against you. The currency pairs listed below are available on the Dealing Desk execution offering.

FXCM does not guarantee that quotes, prices, or spreads will always be better on one form of execution as compared to the other. Customers should consider many factors when deciding which execution type best suits their needs e. However, there are times when, due to an increase in volatility, orders may be subject to slippage. Slippage most commonly occurs during fundamental news events or periods of high volatility. The trader's order would then be filled at the next available price for that specific order.

In this scenario the order will be filled at the best price available within the specified range. A delay in execution may occur using a dealing desk model for various reasons, such as technical issues with the trader's internet connection to FXCM or by a lack of available liquidity for the currency pair that trader is attempting to trade.

FXCM endeavours to process orders within milliseconds; however, there is no exact time frame for order processing. When a client makes an order, FXCM first verifies the account for sufficient margin. The order is then matched against quotes from liquidity providers. A hedge order is then sent to the liquidity provider for execution.

There may be exceptions to the typical transaction, such as delays due to abnormal order processing or malfunctions with internal or external processes. In such cases, FXCM notifies clients as quickly as possible, depending on the complexity of the issue. In these instances, the order is in the process of being executed, but is pending. That increase in incoming orders may sometimes create conditions where there is a delay in confirming certain orders. Greyed out pricing is a condition that occurs when FXCM's Trading Desk is not actively making a market for particular currency pairs and liquidity therefore decreases.

FXCM does not intentionally "grey out" prices; however, at times, a severe increase in the difference of the spread may occur due to an announcement that has a dramatic effect on the market that limits liquidity. Spreads during rollover may be wider when compared to other time periods because of FXCM's Trading Desk momentarily coming offline to settle the day's transactions. When trading Forex with FXCM's dealing desk execution model, all quotable prices are provided by our Trading Desk.

FXCM's Trading Desk may rely on various third party sources for the prices that it makes available to clients. In the event that a manifest misquoted price is provided to us from a source that we generally rely on, all trades executed on that manifest misquoted price may be revoked, as the manifest misquoted price is not representative of genuine market activity.

These manifest misquoted prices can lead to an inversion in the spread. In the event that a Market GTC Order is submitted right at market close, the possibility exists that it may not be executed until Sunday market open. The open or close times may be altered by the Trading Desk because it relies on prices being offered by third party sources. When a margin call is triggered on the account individual positions will be liquidated until the remaining equity is sufficient to support existing position s.

The mobile platform for tablets is called Trading Station Mobile and has the same trading features as Trading Station Web. Trading Contracts for Difference CFD'S on margin carries a high level of risk, and may not be suitable for all investors.

Contract for Difference products are generally subject to dealing desk execution. FXCM reserves the right to switch a client's execution to No Dealing Desk without prior consent from client, for any reason, including but not limited to, the product being traded, trading style of client, or volume traded. FXCM does not generally execute CFD orders with an external counterparty. FXCM is the final counterparty for most CFD positions which you undertake.

Please note that as the final counterparty FXCM may receive compensation beyond our standard fixed mark-up. FXCM makes prices for the CFD instruments it offers to its clients. Although these prices may be indicative of the underlying market for the product being traded, they do not represent the actual prices of the underlying asset on the physical market or exchange where it is listed. As dealer, FXCM accumulates exposure for the products we deal to you.

As such, FXCM may take steps to mitigate risk accumulated during the market making process. In the event that you exhibit behaviors that prevent FXCM from mitigating exposure, we may, in our sole discretion remove you from dealing desk execution.

Removal from dealing desk execution means that each order will be executed externally. In the case that FXCM provides external execution for CFD's through a straight through processing, or No Dealing Desk execution model, FXCM passes on to its clients the best prices that are provided by one of FXCM's liquidity providers with a fixed mark-up for each product.

In this model, FXCM does not act as a market marker and is reliant on liquidity providers for pricing and there are certain limitations to liquidity that can affect the final execution of your order. For more information on the CFD execution model, read the CFD FAQs.

Similarly, given FXCM's models for execution, sufficient liquidity must exist to execute all trades at any price. When trading CFDs via FXCM's dealing desk execution model, FXCM is the final counterparty to these transactions. Under this execution model, FXCM does not take a market position, and trades are hedged back to back with an FXCM affiliate which in turn hedges with the liquidity provider.

Available liquidity is dependent on the overall market conditions; specifically based upon the underlying reference market for the instrument. Prior to making a trading decision all clients are advised to consider their overall trading strategy, size of the transaction, market conditions, and order type before placing a trade. In addition to the order type, a trader must consider the availability of the instrument prior to making any trading decision.

As in all financial markets, some instruments within that market will have greater depth of liquidity than others. Ample liquidity allows the trader to seamlessly enter or exit positions, near immediacy of execution, and minimal slippage during normal market conditions.

However, certain products have more liquid markets than others. A delay in execution may occur for various reasons, such as technical issues with the trader's internet connection to FXCM or by a lack of available liquidity for the instrument that the trader is attempting to trade. With DD Execution, when a client makes an order, FXCM can match against quotes from liquidity providers. A hedge order can be sent to the liquidity provider for execution.

With DD Execution, FXCM can hedge an order against current exposure or fill it in with our own liquidity book. There may be cases where a Market Range order is not executed due to a lack of liquidity or the inability to act as counterparty to your trade. Greyed out pricing is a condition that occurs when FXCM's Trading Desk or liquidity provider that supplies pricing to FXCM is not actively making a market for particular instruments and liquidity therefore decreases.

The ability to hedge allows a trader to hold both buy and sell positions in the same instrument simultaneously. Traders have the ability to enter the market without choosing a particular direction. FXCM traders are required to put up margin for one side the larger side of a hedged position. Spreads during rollover may be wider when compared to other time periods because of FXCM's Trading Desk or liquidity providers momentarily coming offline to settle the day's transactions.

Exchange rate fluctuations, or pip costs, are defined as the value given to a pip movement for a particular instrument. This cost is the currency amount that will be gained or lost with each pip movement of the instrument's rate and will be denominated in the currency denomination of the account in which the pair is being traded.

On the FXCM Platforms, the pip cost can be found by selecting "View," followed by "Dealing Views," and then by clicking "Simple Rates" to apply the checkmark next to it. In the event that a manifest misquoted price is provided to us from a source that we generally rely, all trades executed on that manifest misquoted price may be revoked, as the manifest misquoted price is not representative of genuine market activity.

The hours for each CFD are determined by FXCM's Trading Desk based on the schedule for trading on the exchange for the underlying market, commodity, or asset. Please refer to the CFD Product Guide for specific hours for each instrument. FXCM aims to open markets as close to the posted trading hours as possible. FXCM may delay market open on specific instruments by several minutes to protect clients from quoted prices that are not representative of the true market price.

Traders are advised to use extreme caution during these periods and to utilize FXCM's basic and advanced orders types to mitigate execution risk. Based on the illiquidity illustrated during these time periods traders using market orders can experience slippage, or gapping in prices that can have a material impact on your final execution price.

There is a substantial risk that stop-loss orders left to protect open positions held overnight may be executed at levels significantly worse than their specified price. Due to the volatility expressed during these time periods, trading at the open or at the close, can involve additional risk and must be factored into any trading decision.

These time periods are specifically mentioned because they are associated with the lowest levels of market liquidity and can be followed by significant movements in prices for both the CFD, and the underlying instrument. FXCM process all liquidations for CFD products automatically. Open and close times for the underlying reference market are determined by the exchange, or third party execution venue, and not by FXCM. If the client's liquidation event is triggered during the period when the underlying reference market is closed, it may be necessary for the FXCM Trading Desk to wait until the underlying reference market re-opens before liquidation of the CFD positions can be finalized.

Depending on market conditions, this could mean that the final price the client receives is a significant number of points away from the price that triggered the client's liquidation.

If the clients' account contains open positions for both CFD and forex at the time liquidation is triggered it is possible that only the client's forex positions will be liquidated. This would only occur in situations where the underlying reference market for the client's CFD positions is closed, and the liquidation of the client's forex positions satisfies the liquidation requirement. Please note some features of the FXCM Trading Station will not be available on the FXCM Mobile Trading Station.

Key differences include, but are not limited to, charting packages, daily interest rolls will not appear, and the maintenance margin requirement per financial instrument will not be available. The mobile platform is called Trading Station Mobile. With the exception of OCO orders one-cancels-other , Trading Station Mobile for tablet devices has the same trading features as Trading Station Web.

Individuals should review the information below carefully which details the differences regarding execution, trading features, and platform settings specific to the FXCM MT4 platform. Orders to open and close trades, as well as take profit TP orders execute Fill or Kill.

These orders only execute if they can fill in their entirety at the requested price. These orders cannot be broken up and filled at multiple prices. In the event that sufficient liquidity is not immediately available to execute a Fill or Kill order in its entirety, execution ceases. Stop Loss SL orders, and orders submitted due to margin call do not execute Fill or Kill. These orders do fill in their entirety at the same price; however, execution will not cease if sufficient liquidity is not immediately available.

Execution will continue until a price becomes available to fill the entire order. The maximum number of open orders is capped at individual orders per account.

This restriction includes both open orders and pending orders. The MT4 platform will display an error message if traders attempt to open more than individual orders. Stop Losses and Take Profits are exempt from this restriction. The margin call policy for FXCM MetaTrader 4 accounts is different from all other FXCM accounts.

Interest rates are not displayed on the MetaTrader 4 Platform; however, traders will pay or accrue interest in accordance with the current FXCM rates. To obtain the rollover rates traders can view them on the FXCM Trading Station II platform or call FXCM customer service for current rates.

Please be advised that interest rates are provided to FXCM by multiple liquidity providers. Every effort is made to display rollover rates one day in advance on the FXCM Trading Station II. However, during times of extreme market volatility, rates may change intraday.

Any positions that are open at 5 p. ET sharp are considered to be held overnight, and are subject to rollover. A position opened at 5: Expert Advisor's EA are automated trading tools that can perform all or part of a trading strategy. While FXCM offers proprietary EAs, there are others developed by third parties. FXCM does not vouch for the accuracy or reliability provided by the EAs not in its control.

Traders utilizing an EA do so at their own risk. Additionally, many EA's employ the use of micro lots and do not account for fractional pip pricing. On the FXCM MetaTrader 4 platform the smallest lot size increment is 1k and fractional pips are used. Prior to trading, please contact your EA provider to discuss the lot sizes used in the program and any potential issues that may arise from fractional pip pricing.

With FXCM MetaTrader 4, all orders execute using instant execution. This MetaTrader 4 execution type enables the maximum deviation "max deviation" feature. The maximum deviation feature was designed to control slippage - both negative and positive - in the following way. This number is the maximum amount of slippage the order can receive. If the market price moves beyond this amount while the order is executing, the order will cancel automatically.

This is how the maximum deviation feature was designed to function. FXCM trading policy allows for unlimited positive slippage on all order types. Therefore, FXCM has developed a way to override the restriction that the maximum deviation feature places on positive slippage. All orders placed on the FXCM MetaTrader 4 platform fill with the greatest amount of positive slippage possible. In the event that an order fills with positive slippage beyond the maximum deviation , the platform logs a message in the "Journal" tab.

The message has the following format: If the market price moves negatively beyond the maximum deviation, the order cancels automatically. When this occurs, an "Off Quotes" message is displayed.

This is a standard MetaTrader 4 message notifying the user that an order canceled because the market price deviated beyond the order setting.

You cannot use a pending order to close a trade or a portion of it. Pending orders can only be used to open new trades. For example, assume that an account is long 0. A trader then creates a pending order to sell 0. If the pending order price is reached, the order will trigger for execution. However, because the pending order is attempting to trade in the opposite direction of the existing long trade, the pending order will automatically cancel, leaving the long trade unaffected.

When closing a trade, MetaTrader 4 users can use stop loss and take profit orders as an alternative to pending orders. FXCM MetaTrader 4 login credentials grant a user with access to the FXCM Trading Station platforms. Therefore, FXCM MetaTrader 4 account holders can place and manage trades and orders through the FXCM Trading Station platforms.

Account details for retail clients e. However, please note that some functionality available on the FXCM Trading Station platforms may not be available on the FXCM MetaTrader 4 platform. FXCM MetaTrader 4 allows for order sizes up to 50 million per trade.

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Traders have the ability to trade incremental sizes multiple orders of 50 million for the same pair. The FXCM MetaTrader 4 Platform does not show pip costs.

The potential exists for variations in pricing displayed between servers. These differences do not have an impact on prices available for execution but can impact the prices used to trigger resting orders. Under rare circumstances it may be necessary to type in a server address when logging into FXCM MetaTrader 4. So long as you download FXCM MetaTrader 4 here and install it on your computer or VPS, you will not need these server addresses. If you need to enter the server address when logging in, be sure to use the one that corresponds to the server name that your account is assigned to.

Our service includes products that are traded on margin and carry a risk of losses in excess of your deposited funds. The products may not be suitable for all investors.

Please ensure that you fully understand the risks involved. High Risk Investment Warning: Before deciding to trade the products offered by FXCM you should carefully consider your objectives, financial situation, needs and level of experience. FXCM provides general advice that does not take into account your objectives, financial situation or needs.

The content of this Website must not be construed as personal advice. FXCM recommends you seek advice from a separate financial advisor. Please click here to read full risk warning. Forex Capital Markets Limited "FXCM LTD" is an operating subsidiary within the FXCM group of companies collectively, the "FXCM Group".

All references on this site to "FXCM" refer to the FXCM Group. Forex Capital Markets Limited is authorised and regulated in the United Kingdom by the Financial Conduct Authority. The UK tax treatment of your financial betting activities depends on your individual circumstances and may be subject to change in the future, or may differ in other jurisdictions. We use cookies to enhance the performance and functionality of our site, which ultimately improves your browsing experience. By continuing to browse this site you are agreeing to our use of cookies.

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Overview Live Classroom FXCM University Trading Guides Video Library Seminar. Account Types Choosing Your Account Spread Betting CFD Trading Leverage and Margin Trading Costs. Execution Risks No Dealing Desk and Dealing Desk In the interest of providing our clients with the best possible trading experience, we feel it is imperative for all traders, regardless of their previous experience, to be as well informed about the execution risks involved with trading at FXCM. No Dealing Desk Forex Execution.

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