This Trading Handbook provides information about variable details of the FOREXTrader platform. For information about platform features, please refer to the Userguide.
Please note, while existing customers can still access the platform, we no longer accept new applications for our FOREXTrader platform.
RANGE OF MARKETS
FOREXTrader provides trading in currency pairs (‘foreign exchange’ or ‘forex’), indices, metals, energies and soft commodities.
FOREX.com's trade desk is open 24 hours from 8am Monday through 9am Friday (Sydney time). On major holidays, this schedule is subject to change. Holiday hours are usually finalised two weeks prior to the holiday date and details are published on our website.
Foreign exchange markets are offered 24 hours a day from 5:00pm Sunday through 5:00pm on Friday (New York time), including most holidays. Commodity CFDs and Index CFDs are traded only during the hours when the underlying execution venues are open for trading. Full details of CFD trading hours can be found on the trading platform within the i box.
FOREX.com charges no trading commissions – the total cost of trading is represented by the bid/ask spread.
All banking fees, including but not limited to wire transfer charges, are the responsibility of the customer. We do not charge a fee for deposit via wire transfer. Please see the matrix below for a summary of wire transfer withdrawal fees. Please note, trading account balances over the stated threshold are entitled to five free withdrawals per month.
Deposits via credit card take up to 1 - 2 business days to post to your trading account. You will receive an email notification as soon as the funds are posted to your account and available for trading.
FOREX.com charges a data fee of $25 (25 of base currency) per month. This fee is waived for customers who have traded, or held open positions during the previous 90 days. Customers who are not actively using an account can contact us to request that their account is temporarily suspended to avoid this fee.
MARGIN REQUIREMENTS & LIQUIDATIONS
The minimum margin requirement for most Forex pairs is 0.5% (200:1), this can be changed to 1% (100:1) or 0.25% (400:1). The minimum margin requirement for energies, metals, soft commodities and indices is usually 1% (100:1) and this can be changed to 2% (50:1) or 0.5% (200:1) via your account setting in the platform. Please refer to the trading platform for individual margin requirements.
Open positions are required to be fully margined at all times. If a customer’s account balance falls below the required maintenance margin, all open positions are subject to automatic liquidation. Liquidations are handled in the following manner: the net open position with the greatest unrealized loss is closed first, followed by the next largest losing position and so on, until the maintenance margin requirement is satisfied or exceeded. Depending on the size and unrealised P&L of the open positions, customers risk having ALL open positions liquidated in order to meet the minimum margin requirement and incurring losses greater than the initial required margin. Please note that on FOREXTrader PRO separate orders placed on the same market are aggregated. If liquidated, it will result in the aggregated position being liquidated and not each individual order.
To reduce the risk of liquidations, FOREX.com offers the option of employing a lower degree of leverage. Customers can request a leverage change at any time by going to the Account section of the FOREXTrader PRO platform and clicking on Margin Change.
Margin requirements are subject to change without notice, at the sole discretion of FOREX.com.
We will automatically send you a margin call notification email if your positions are at risk of being closed and liquidated. We will send this warning if the money in your account is close to not covering the required margin.
Please note that it is your responsibility to maintain sufficient margin on your account.
CLIENT MONEY PROTECTIONS
All retail client money held with FOREX.com is held in segregated client money accounts in accordance with ASIC rules. We hold all client money with top tier banks, and have trust letters in place with each of these banks to ensure that our client money remains segregated from the assets of the bank. We use our own funds for hedging client trades, and we never engage in any proprietary trading.
In addition, FOREX.com Australia maintains capital in excess of regulatory requirements, actively reviews and monitors counterparty risk and is governed by a risk committee comprised of Senior Management members.
Negative Balance Protection
FOREX.com provides automatic position liquidation in the event that your account falls below 100% maintenance margin. We do this to protect you from incurring a debt position, however the markets move. As an additional safeguard we offer negative Balance Protection up to a value of 50,000 of the base currency of your account. In the event that an unusually sudden market movement takes your account into a negative balance, we will bring your account back to zero - up to 50,000 of credit.
The FOREXTrader PRO platform supports the following execution modes. This section should be read in conjunction with the Trade and Order Execution Policy.
Market Order Mode
Market orders are executed at the best available price at the time the order is received.
Instant Execution Mode
Available only in FOREXTrader PRO (download and web platforms), Instant Execution is designed for use in combination with the one-click dealing feature. When Instant Execution mode is enabled, market orders will only be executed at the requested rate or within a user-specified deviation. When Instant Execution is enabled, the default setting is 1 pip deviation. As such, if the market moves unfavorably away from the requested price by more than 1 pip, the order is not executed. However, if the market moves in the customer’s favor by any amount then the order will be executed at the improved price. Tolerance is set by product and can be adjusted to suit individual trading strategies by clicking on Preferences>Trade Settings in FOREXTrader PRO.
First In First Out (FIFO)
Open positions are closed according to the (First in First Out) FIFO accounting rule unless other instructions are provided. All trades opened on a particular market (e.g. EUR/USD) will be closed in the order in which they were originally opened.
FOREXTrader PRO offers advanced trade features to allow positions to be closed in any order. Within the Position Details option, found by either clicking on the ‘i’ icon, or by right clicking on the open position in this tab, it is possible to close any part of a position with a market order.
When economic data releases or major news events are announced, prices may “gap” as the market reacts and adjusts to the news–i.e. prices may move dramatically in one direction. We always aim to provide liquidity, but in extreme market conditions there may be no available liquidity for a very short period. Gap market conditions are also common when trading resumes after a weekend or holiday. You should be aware of the following risks associated with volatile markets:
Stop and limit orders may be executed at a different price from the requested price, or the last quoted trade price at the time of order entry. Orders may be partially executed or may be executed in several stages at different prices.
Opening prices may differ significantly from the previous day’s close.
Our quoted prices are executable the majority of the time. In fast moving markets, orders may be executed at a price which has ceased to be the best market price. Limit order will always be filled at the price asked or better.
FOREXTrader foreign exchange, gold, and silver price quotes are derived from prices provided to us by selected top tier global banks in the wholesale foreign exchange, gold and silver markets.
Other Commodity CFDs
FOREXTrader Commodity CFD price quotes are derived from quoted or execution prices from the derivative exchanges for commodities products.
FOREXTrader Index CFD price quotes are derived from quoted or execution prices for the underlying reference assets from derivatives exchanges with respect to the given indices which we believe will provide the best available prices to you on a consistent basis.
A market order is an order to buy or sell at the best available market price.
A limit order is an order to buy or sell at a specified price. Limit orders can be used to enter or exit into a position. A buy limit order can only be executed at the limit price or lower, and a sell limit order can only be executed at the limit price or higher.
A stop order is an order to buy or sell once a pre-defined price is reached. When the price is reached, the stop order becomes a market order and is executed at the best available price.
Stop Entry Order - this is an order placed to buy above the current price, or to sell below the current price. These orders are useful if you believe the market is heading in one direction and you have a target entry price.
Stop Loss Order - this is an order placed to sell below the current price (to close a long position), or to buy above the current price (to close a short position). Stop loss orders are an important risk management tool. By setting stop loss orders against open positions you can limit your potential downside should the market move against you.
Remember that all stop orders do not guarantee your execution price – a stop order is triggered once the stop level is reached, and will be executed at the next available price.
One Cancels Other (OCO's)
A contingent order providing that one part of the order is cancelled if the other part is executed. If one part of the order is filled, the other is automatically cancelled.
If / Then
An If/Then order provides that if the first order ("If" order) is executed, the second order ("Then" order) becomes an active unassociated single order. Unassociated orders are not attached to a trade and act independently of any position updates. In cases where the “If” order does not execute, the “Then” single order will remain dormant and will not be executed when the market reaches the specified rate. When either part of an If / Then order is cancelled, all parts of the order are cancelled as well.
If /Then OCO
An If/Then OCO provides that if the first order ("If" order) is executed, the second order ("Then" order) is activated as an unassociated One Cancels Other (OCO) order. Unassociated orders are not attached to a trade and act independently of any position updates. In cases where the “If” order does not execute, the “OCO” will remain dormant and will not be executed when the market reaches the specified rate. When either part of an If / Then OCO order is cancelled, all parts of the order are cancelled as well.
A trailing stop allows a trade to continue to gain in value when the market price moves in a favorable direction, but automatically closes the trade if the market price suddenly moves in an unfavorable direction by a specified distance. When the market price moves in a favorable direction (up for long positions, down for short positions), the trigger price follows the market price by the specified stop distance. If the market price moves in an unfavorable direction, the trigger price stays stationary and the distance between this price and the market price becomes smaller. If the market price continues to move in an unfavorable direction until it reaches the trigger price, an order is triggered to close the trade.
All of the above orders may be entered as Day Orders, entered today and good until end of NY business day (5pm New York time). Or, customers may choose to enter a Good 'til Cancelled Order (GTC), which is valid for 90 days from the date the order is entered or until the order is executed or cancelled.
Orders remain open until they are triggered or cancelled. If a position is closed manually, any order(s) relating to that position must also be cancelled.
Placing contingent orders may not necessarily limit your losses.
End of Day (EOD) orders automatically expire at 5pm New York time on the same day the order was entered. Good ‘til Cancelled (GTC) orders automatically expire on the Saturday following the 90th calendar day from the date the order was entered.
Orders Left Over the Weekend or Holidays
Orders (e.g. Stops, Limits, and contingent orders) left pending over a weekend or holiday period will not be executed until the market in which the order was placed resumes regular trading hours.
All orders placed in the same market on FOREXTrader PRO will be aggregated and treated as one combined position, rather than treated as individual orders.
FOREX.com automatically rolls forward all open positions following the close of NY trading at 5:00pm New York time. During the roll process, trading is typically suspended for up to 1 minute. The amount paid or earned on the roll depends on the direction of the open position and the interest rate differential between the two currencies involved. For example, assuming UK interest rates are significantly higher than Japan's, a trader long GBP/JPY (i.e. holding British Pounds), is paid interest upon rollover. Conversely, if a trader is short GBP/JPY (i.e. holding yen) interest will be debited upon the rollover.
Rollover credits or debits are applied daily to customer's account reflecting interest paid or earned on each open position held overnight.
FOREX.com’s daily rollover rates and detailed reporting of rollover activity is available in the Reports section of the trading platform and on the website by clicking here.
Maximum trade size
You are able to trade up to 25 lots or contracts with one click – but please check the individual products i box for exact details.
The maximum metals position a client may hold at any given time is 3000 oz for spot gold and 100,000 oz for spot silver.
The maximum oil position a client may hold at any given time is 100 lots (10,000 barrels).
Orders by telephone will only be accepted by FOREX.com during market hours. When you place an Order by telephone, you can do so only by talking directly to a broker of FOREX.com. No message may be left, and no orders may be placed using voicemail facilities or by facsimile.
To place a trade over the phone, contact customer service.
Phone Trading Instructions
State your Account Number.
You will be asked to verify the name on the account and answer other security questions
Ask for the current price i.e.
"I would like a price on Euro/Dollar"
FOREX.com will provide the current bid/offer.
"Euro/Dollar is trading at 1.28551/562" (the first number being the bid, the second the offer)
If you wish to place a market order, state your interest.
"I wish to sell 50,000 of Euro/Dollar at the market"
FOREX.com will provide verbal confirmation of the trade. You may also request that a stop or limit order be placed on your behalf. Be sure to indicate the type of order and the price.
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 phone orders will be recorded.
FUNDING AND WITHDRAWALS
Account funding and withdrawal requests can be made through MyAccount at https://myaccount.forex.com, or by selecting MyAccount from the trading platform.
FOREX.com cannot accept third party deposits or withdrawal requests. The name(s) on your FOREX.com trading account must be an exact match with the name(s) on the funding account.
All banking fees, including but not limited to wire transfer charges, are the responsibility of the customer.
We accept funds by BACS, telegraphic transfer, SWIFT and credit or debit card in the following currencies:
- Australian Dollar
- New Zealand Dollar
- US Dollar
- Or any other currency agreed in advance with us.
Deposits via credit card take up to 1 - 2 business days to post to your trading account. You will receive an email notification as soon as the funds are posted to your account and available for trading. We do not charge a fee for deposit via wire transfer.
For fast and easy account funding you can link a credit or debit card to your FOREX.com account through MyAccount.
Withdrawal requests are processed typically within two (2) business days of receipt. We will normally return funds to the original source.
Please see the matrix below for a summary of wire transfer withdrawal fees. Please note, trading account balances over the stated threshold are entitled to five free withdrawals per month.
|NZD & USD
Compatible Operating Systems
Windows XP SP2 (Home and Professional), Vista or Windows 7 is required for downloading FOREXTrader PRO.
System Requirements for FOREXTrader PRO
- XP SP2 (Home and Professional), Vista or Windows 7
- Processing Speed: 1 GHz or higher
- Monitor resolution set at 1024 x 768 or higher
- 512MB of RAM
- Hard Drive: 100 MB of free space
- Internet Explorer v6.x or higher, Firefox v1.x or higher
- .NET 2.0 Framework
How to Download and Install
Downloading FOREXTrader can be completed in three easy steps.
1. Click here to review and accept Software License Agreement.
2. Click the "Install" button.
3. Click "Run"
The application will automatically launch once it's installed. Simply enter your User ID and Password to login.
FOREXTrader PRO ADVANCED TRADING TOOLS
The FOREXTraderPRO Strategy Center (only available on FOREXTrader PRO download) provides access to 15 user customisable pre-defined trading strategies as well as the opportunity to build strategies using the Strategy Wizard. The Strategy Center includes the ability to back test strategies against historical data and activate them to generate buy and sell signals in real time.
You can access the Strategy Center from the main menu under Trade and on the charting window by clicking on the Strategy Center icon located in the top left corner. This feature allows you to quickly:
- Apply a pre-defined trading strategy
- Manage your existing strategies
- Deactivate an existing strategy
- Access performance reports
Information Box (i box)
You are able to access the i box by clicking on the ‘i’ icon wherever you see it on the platform, or by right clicking in the Open Positions, Active Orders, Activity Log or Chart windows (a row must be populated to initiate i box).
The i box provides details of any positions you hold. In addition, for CFD products, the ibox provides information on trading hours, margin rates, contract expiry dates, contract value and exchange basis.
The Account Summary bar in the lower left corner of the trading platform window displays Required Margin and Available Margin, updated in real-time. Available Margin represents the difference between the Tradable Balance and the Margin Utilized. Required Margin is the required equity that a trader must have to hold a position. It is calculated by multiplying the current price by the number of units traded and by the margin required ratio for the product.
To view a full account summary, click on the Account Summary meter in the lower left corner of the platform.
Account reports are accessible directly from the trading platform within the Account tab. It is possible to specify the date range you wish to see as well as the report type.
Platform User Guide
FOREXTrader PRO userguide - click here.
If you'd like to renew your demo account please contact our helpdesk via phone or chat.
Online Forex Courses
Access our online forex courses for web-based education in trading forex using the FOREXTrader platform.