This Handbook provides information about MetaTrader 4 that is specific to FOREX.com. For information about the general functionality of the MetaTrader platofrm, please refer to the platform Userguide which can be found by logging in and going to Help and then Help Topics within the MetaTrader platform.
RANGE OF MARKETS
MetaTrader provides trading in currency pairs (‘foreign exchange’ or ‘forex’), Indices, Metals, Energies and soft Commodity CFDs. For more information on markets, visit the markets pages.
For detailed information about the products available on MT4, please visit our Product Details page.
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 here.
Maintenance is performed on the MetaTrader servers daily from 5:30 to 5:45 pm New York time. The MetaTrader system is taken offline Saturdays at 12am New York time for approximately 20 minutes in order to perform weekly maintenance. You will not be able to access the live or demo environments at that time.
FOREX.com's Client Support is open 24 hours daily from 9pm Sunday through 9pm Friday, plus 2pm to 10pm on Saturday (London time). On major holidays, this schedule is subject to change. Holiday hours are usually finalised two weeks prior to any date and detailed on the holiday hours web page.
FOREX.com charges no trading commissions or transaction fees. FOREX.com is compensated for its services through 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.
|USD, CHF, AUD, NZD & CAD
||25 (base currency)
||10,000 (base currency)
Deposits can 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 an account data fee of £15 (15 base currency equivalent, or 1500 JPY) per month if there is no trading activity or no open positions for a period of 90 days or more. Customers who are not actively using an account can contact us to request that their account is temporarily suspended to avoid this fee.
When you open your account, margin rates are 0.5% (200:1) on most currency pairs, and 1% (100:1) on most commodities and indices. You can adjust your margin rates at any time to either 1% (100:1) or 0.25% (400:1) for FX pairs and 2% (50:1) or 0.5% (200:1) for Commodities and Indices.
Open positions are required to be fully margined at all times. We do not make margin calls on our MetaTrader customers. If a customer’s account balance falls below required 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.
To minimize the risk of liquidation, you should make sure your account is funded in excess of your required margin and that you actively manage your positions using limit and stop orders.
Traders also have the option of employing a lower degree of leverage. You may request a leverage change at any time through the account setting on the platform. Please note that increasing margin increases your risk.
Margin requirements are subject to change without notice, at the sole discretion of FOREX.com.
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:
- UK Pounds Sterling
- US Dollar
- Swiss Franc
- Or any other currency agreed in advance with us.
Deposits can 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.
|USD, CHF & AUD
||25 (base currency)
||10,000 (base currency)
CLIENT MONEY PROTECTION
All retail client money held with FOREX.com is held in segregated client money accounts in accordance with FCA 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 UK 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.
Financial Services Compensation Scheme
FOREX.com clients are eligible for the Financial Services Compensation Scheme, which offers cover up to £50,000 in the event that a firm becomes insolvent or ceases trading.
The MetaTrader 4 platform supports the following execution modes. This section should be read in conjunction with the Trade and Order Execution Policy.
Market orders are executed at the best available price at the time the order is received.
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.
Our foreign exchange, gold, and silver price quotes are generally derived from prices provided to us by selected top tier global banks in the wholesale foreign exchange, gold and silver markets which we believe will provide the best available prices to you on a consistent basis.
Our price quotes are generally 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.
Other Commodity CFDs
Commodity CFD price quotes are derived from quoted or execution prices from the derivative exchanges for commodities products.
Market orders are executed at the best available price at the time the order is received.
Limit orders are executed at the order rate or better. Sell limit orders are filled when the bid reaches the requested rate; limit orders to buy are filled on the offer.
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 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.
Time and sales reports for a specific period can be requested by contacting customer service.
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) becomes an active unassociated One Cancels Other (OCO) order. Unassociated orders are not attached to a trade and act independently of any position updates. The execution of either one of the two "Then" orders automatically cancels the other.
In cases where the 'If' single order does not execute, the "Then" OCO will remain dormant and will not be executed when the market reaches the specified rate. When any part of an If / Then OCO order is cancelled, including either leg of the OCO order, 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.
Please note: Trailing Stops work in the client terminal, and not in the server. This means if you close the MetaTrader platform before the Trailing Stop triggers / starts to trail, the Trailing Stop will be cancelled. If you close the platform after the Trailing Stop triggers, the Trailing Stop will turn into a regular Stop Order at the level the Trailing Stop was when the platform was closed.
All of the above orders may be entered as Day Orders, entered today and good until end of NY business day (10pm London 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.
Minimum Placement Distance
Limits and stops must be set at least 1 pip away from the prevailing market price.
End of Day (EOD) orders automatically expire at 10pm GMT 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
FOREX.com’s trading hours are from Sunday at 10pm GMT through Friday at 10pm GMT. Orders (e.g. Stops, Limits, and contingent orders) left pending over a weekend or holiday period will not be executed until FOREX.com resumes regular trading hours.
FOREX.com automatically rolls forward all open positions following the close of New York trading at 5:00 pm. Trading is typically suspended for up to 1 minute during the roll process. The amount paid or earned 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 on each open position held overnight. Rollovers are process at 5:00pm New York time, so any open positions at that time will automatically be rolled forward and a debit or credit will be applied to your account.
Weekend and Holidays
Rollovers for positions held over the weekend will be posted in Wednesday; as a result the rollover applied on Wednesday will amount to three times that of Tuesday.
A holiday rollover will occur when the currency traded has a major holiday and the banks are closed. A holiday rollover will typically be applied two days defore the holiday.
Rollover rates are accessible from the MetaTrader 4 trading platform.
Maximum trade size
Each price quote is valid for trade up to 25 contracts.
Phone trading is available to customers during market hours. 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 sell 50,000 of Euro/Dollar at the market"
- FOREX.com will provide verbal confirmation of the trade. Your trade will be entered on your behalf and the trade will appear in the trading platform immediately.
- If you do not wish to deal at the quoted levels, simply say "nothing done."
- 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 to ensure fairness and accuracy for all parties involved.
Holding positions over weekends or major holidays.
You can hold positions over weekend or major holidays. Forex positions will be subject to FOREX.com's standard Rollover charges - see 'Rollovers' for more details.
Trade confirmations are provided online as soon as the trade is executed. Full transaction details may be accessed on screen, including date, time, rate, notional amount bought and sold, USD value, and reference number.
With FOREX.com MetaTrader UK you are able to open and hold multiple open positions and orders with the same trading product.
Expert Advisors (EA’s) are programs that can be used to automate trading and can be written using the MQL4 language or purchased from a third party. Keep in mind that EA’s run locally on your computer and will not execute strategies when disconnected from the server. For qualified clients, EA Hosting services are available to run your strategy on a secure VPS environment.* Click here to learn more.
Please note that Metatrader allows you to run more than one Expert Advisor simultaneously.
TRADER TOOLKIT & TRADE TERMINAL
Trader Toolkit is an EA that provides platform-integrated news & research including FOREXInsider, Autochartist chart patterns, news from Dow Jones, @FOREXcom Twitter feed and more. You can also manage and fund your account directly on the MT4 platform. Download Trader Toolkit EA.
The Trade Terminal is an EA that provides trade management flexibility with rules that extend the functionality currently available on MT4. Trade Terminal rules offer nine different actions from which to choose, in addition to the standard Buy and Sell options. You can select actions such as closing a percentage of the volume of your trade, setting a new stop-loss or sending a pop-up alarm with the text of your choice. Download the Trade Terminal EA.
INSTALLING EXPERT ADVISORS
To install an Expert Advisor, navigate to My Computer, Program Files and then the MetaTrader 4 at FOREX.com folder. Place the EA into the Experts folder. You will need to restart the MetaTrader platform to see the EA.
Please note, you must be logged in to the trading server for automated strategies to run. Customers using EA hosting are able to host the EAs in a secure environment.
HOW TO DOWNLOAD, INSTALL, AND LOGIN
Downloading MetaTrader 4 can be completed in two easy steps.
1. Click here to download Metatrader.
2. Click the "Next" when prompted and then “Finish.”
MetaTrader 4 will automatically launch when finished.
Complete the “Open an Account” form to open a demo account. Check “I agree to subscribe to your newsletters,” “Next,” and then “Finish” to complete the process. Be sure to make a note of the login and password provided for future reference. You will be logged into your demo account automatically.
To log into your live account, click File and then Login. Enter the Login provided to you, the password you chose when you applied for your account, and the server name provided to you. Click Login when finished. You have successfully connected when you see kb numbers in the bottom right corner of the terminal.
Please note: you will need to open port 443 on your firewall to properly run the MetaTrader 4 platform.
Operating system: Windows 2000, 2003, XP SP 2, Vista, or 7
Screen resolution: minimum of 1024x768
Internet: Connection speed of 36.6 Kbps or faster
The MetaTrader platofmr is Windows based and is unable to run on a Macintosh-based Operating system. Users can acces the platform via their iPhone and customers using EA Hosting are able to log on to a hosted MetaTrader environment from a Mac computer.
Autochartist, an independent research provider, automatically detects emerging chart patterns and trade ideas in the forex, indices and commodity markets. Continuously scanning during market hours, Autochartist's technical analysis includes auto generated trade ideas and detection of emerging and completed patterns within minutes of pattern formations.
Autochartist's features include:
- Trade Ideas—Concise and easy to understand, Trade Ideas contain entry levels, stop loss and take profit levels and cover currencies, metals and CFDs.
- Pattern recognition – Allows you to incorporate technical analysis into your trading plan while saving you time by highlighting opportunities that may otherwise be missed.
- Emerging Patterns- Identifies patterns where a breakout has not yet occurred and visually illustrates levels at which support or resistance is expected to help determine potential trading opportunities.
- Completed Patterns- Identifies patterns which have already broken out.
To access Autochartist analysis, drag Autochartist Web under Scripts onto any chart to generate a full list of available patterns. To view a pattern integrated onto your MetaTrader charts, drag Autochartist Chart Patterns from the list of custom indicators in your Navigator window onto the corresponding chart of the pattern you wish to view. Please remember DLL imports must be turned on to use this feature. To enable, go to Tools, then Options, Expert Advisors, and then check Allow DLL imports.
Account reports are accessible from directly within the trading platform. Click on the Account History tab in the Terminal section and select Save as Report.
Daily and Monthly account statements are provided online in the Reports section of the trading platform. View current account balance (realised P&L) for a selected date or month, as well as all deposits, withdrawals, interest earned and fees charged (if any).
If you'd like to renew your Demo account please contact our helpdesk via phone or chat.
Setting up rate alerts in MT4
You’ll need to obtain your MetaQuotes mobile app ID – to do this you must download one of the MT4 mobile apps to your iPhone, Android or Windows phone. Once downloaded, open the app, log in, and go to Settings > Messages. The first message labelled “Hi” contains your MetaQuotes ID.
Go back to the desktop terminal and go to Tools > Options > Notifications and enter your MetaQuotes mobile app ID, check “Enable Push Notifications” and click OK. Click on the Alerts tab and right click to pull up the options menu.
To create a new alert, click Create, enter your specifications, and choose Notifications as your delivery method within the Actions section. You will then receive your rate alert as a push notification to your mobile device.