Forex Ndd Execução

Best Execution Broker. Same como todos os Over-The-Counter OTC mercados financeiros, gestão de risco de negociação de posições envolve negociação ativa Fast execução forex corretor que fornece execução de ordem precisa e transparente merecem uma notificação especial e reconhecimento Execução rápida implica o melhor preço de liquidez para Um comerciante ou investidor ordens Traders têm de ser executadas quer no mercado de liquidez interbancária ou correspondência de um comércio com outra ordem de cliente trading proprietário é inadequado no negócio de FX tanto quanto nos mercados de ações corretor de melhor execução só pode reivindicar a ser chamado de um verdadeiro NDD broker. FX melhores operações de execução pode ser segregado em duas categorias principais Não Dealing Desk NDD e Dealing Desk Sujeito a um tipo preferido de um comerciante obtém spreads específicos e condições de negociação específicas. Fastest forex broker fornecendo soluções de alta classe para seus clientes em todo o mundo São muitos, mas certamente é vital para poder fazer distinção um pacote de serviços para M outro e selecionar a corretora que oferece os termos de execução mais relevantes, como velocidade de execução de ordem rápida, exatidão de execuções de ordem, sinais de forex precisos, nenhum deslizamento, não requotes, etc. Vote para um corretor melhor NDD e corretor de melhor execução em 2016 abaixo. Seleção Nominees. Broker, MM, ECN, STP. CySEC Chipre, FSC Maurício, IFSC Belize, SEBI Índia. Broker, STP ECN, NDD. Broker, ECN, ESTP. FINMA, MFSA, DFSA. Broker, Banco , MM, ECN. Interested em ser alistado nesta nomeação. Preencha por favor o formulário de inscrição. Vencedores anunciados. Vencedores anunciados. Vencedores anunciados. Vencedores anunciados. Vencedores anunciados. Vencedores anunciados. Vencedores anunciados. Vistas com a comunidade de Forex Awards. Execution Risks. These pares têm um nível de risco associado com eles que não podem ser inerentes O mercado para estas moedas é muito ilíquido, com liquidez sendo mantida e fornecida por uma ou poucas fontes externas Estes liquidi Incluindo, entre outras, a incapacidade de saída de posições com base na falta de atividade no mercado, diferenças nos preços cotados e execução final recebida, ou um atraso na execução enquanto uma contraparte para sua transação específica é identificada. É imperativo que qualquer comerciante fator isso em qualquer decisão de negociação Por esta razão, incentivamos fortemente todos os comerciantes a utilizar tipos de ordem avançada para mitigar estes riscos. DELAYS IN EXECUTION. Delays na execução pode ocorrer usando FXCM s Não Dealing Desk forex execução modelo para vários Razões técnicas, tais como questões técnicas com a ligação à Internet do comerciante à FXCM, um atraso na confirmação da ordem de um fornecedor de liquidez ou por uma falta de liquidez disponível para o par de moedas que o comerciante está a tentar negociar Devido à volatilidade inerente nos mercados, É imperativo que os comerciantes têm uma conexão de trabalho e confiável à Internet Há circunstâncias em que o comerciante da internet pessoal A conexão pode não estar mantendo uma conexão constante com os servidores FXCM devido à falta de força do sinal de uma conexão sem fio ou dialup Uma perturbação no caminho de conexão às vezes pode interromper o sinal e desativar o FXCM Trading Station, causando atrasos na transmissão de dados Entre a estação de negociação e o servidor FXCM Uma maneira de verificar sua conexão com o servidor FXCMs é fazer o ping do servidor a partir de seu computador. TIMEFRAME A COMPLEÇÃO DE TRANSACTION. FXCM se esforça para processar ordens dentro de milissegundos no entanto, não há um cronograma exato para o processamento de pedidos Quando uma cliente faz uma encomenda, a FXCM verifica primeiro a conta para uma margem suficiente. A ordem é então comparada com as cotações dos fornecedores de liquidez. Uma ordem de cobertura é então enviada ao fornecedor de liquidez para execução. Finalmente, a ordem do cliente é Preenchidas e abertas são atualizadas. EXCEÇÕES COMPLEÇÃO DE TRANSAÇÃO. Podem haver exceções às Tais como atrasos devido ao processamento anormal da ordem ou mal funcionamento com processos internos ou externos. Nesses casos, a FXCM notifica os clientes o mais rápido possível, dependendo da complexidade da questão. O objetivo da FXCM é notificar os clientes sobre esses tipos de exceções como O tempo de notificação depende, por vezes, da complexidade do problema em análise. Estação de trânsito Se ocorrer processamento de ordem de mercado anormal, a encomenda será realçada em vermelho ea coluna de estado indicará executada ou processada nos pedidos Janela Nesses casos, a ordem está em processo de execução, mas está pendente até que o FXCM receba a confirmação do fornecedor de liquidez de que os preços cotados ainda estão disponíveis Durante períodos de volume de negociação pesado, é possível que uma fila de encomendas seja formada Esse aumento nas encomendas de entrada pode, por vezes, criar condições em que há um atraso dos fornecedores de liquidez na confirmação de Rs. Metatrader 4 mt4 Se ocorrer processamento de ordem de mercado anormal, a janela de ordem permaneceria aberta na plataforma de negociação e refletirá o erro de processamento. Nesses casos, a ordem está em processo de execução, mas está pendente até que a FXCM receba confirmação da liquidez Provedor de que os preços cotados ainda estão disponíveis Durante os períodos de volume de negociação pesado, é possível que uma fila de ordens formará Esse aumento em pedidos de entrada às vezes pode criar condições onde há um atraso dos provedores de liquidez em confirmar determinadas ordens. . A volatilidade do mercado cria condições que dificultam a execução de ordens a um determinado preço devido a um volume de encomendas extremamente elevado. No momento em que as encomendas são executadas, o preço de oferta em que um fornecedor de liquidez está disposto a assumir uma posição pode Ser vários pips away. In casos em que o pool de liquidez não é grande o suficiente para preencher uma ordem Market Range, a ordem não será executado para Limit Entr Ordens Limite de entrada e ordens de limite garantem o preço, mas não garantem a execução Dependendo da estratégia de negociação subjacente e das condições de mercado subjacentes, os comerciantes podem ser mais Em relação ao preço recebido. ESPECIFICAÇÕES AMPLIADAS. Podem existir casos em que os spreads se ampliem para além do spread típico Os spreads são função da liquidez do mercado e em períodos de liquidez limitada, no mercado aberto ou durante a rolagem às 5:00 PM ET, Pode aumentar em resposta à incerteza na direção dos preços, um aumento na volatilidade do mercado ou falta de liquidez do mercado Não é incomum ver spreads alargar particularmente em torno de rollover rollover comercial é normalmente um período muito quieto no mercado, desde o dia útil Em Nova York acaba de terminar, e ainda há algumas horas antes do novo dia útil começa em Tóquio Sendo conhecedor desses padrões e levá-los i Nto consideração enquanto negociação com ordens abertas ou colocando novos negócios em torno destes tempos pode melhorar sua experiência de negociação Isso pode ocorrer durante eventos de notícias e spreads podem alargar substancialmente a fim de compensar a enorme volatilidade no mercado Os spreads alargados só pode durar um Alguns segundos ou contanto que alguns minutos FXCM incentiva fortemente os comerciantes para usar o cuidado ao negociar em torno de eventos da notícia e estar sempre cientes de sua equidade da conta, da margem usável e da exposição de mercado Os spreads mais amplos podem afetar adversamente todas as posições em uma conta including hedged posições discutidas abaixo. Os PEDIDOS HANGING. During períodos de alto volume, pode pendurar ordens pendentes Esta é uma condição onde uma ordem está em processo de execução, mas a execução ainda não foi confirmada A ordem será destacada em vermelho ea coluna de status indicará executado ou Processamento, na janela de ordens Nestas instâncias, a ordem está em processo de execução, mas está pendente u Ntil FXCM recebe confirmação do fornecedor de liquidez que os preços cotados ainda estão disponíveis Durante períodos de volume de negociação pesado, é possível que uma fila de ordens formará Esse aumento em ordens entrantes às vezes pode criar condições onde há um atraso dos provedores de liquidez Na confirmação de determinadas encomendas. Dependendo do tipo de ordem colocada, os resultados podem variar No caso de uma ordem de intervalo de mercado que não pode ser preenchido dentro do intervalo especificado, ou se o atraso passou, a ordem não será executada No caso de Uma ordem At Market, cada tentativa será feita para preencher a ordem com o próximo preço disponível no mercado Em ambas as situações, a coluna de status na janela de ordens tipicamente indicará executado ou processamento O comércio simplesmente demorará alguns minutos para passar para A janela de posições abertas Dependendo do tipo de ordem, a posição pode, na verdade, ter sido executada, eo atraso é simplesmente devido ao tráfego intenso de internet. Tenha em mente que ele está ligado Se você não conseguir acessar a Estação de Negociação FXCM para gerenciar sua conta, você pode ligar para a Mesa de Negociação diretamente Em 1 212-201-7300 Ver uma lista completa de números de contato internacional. GREYED OUT PRICING. Greyed fora de preços é uma condição que ocorre quando os fornecedores de liquidez forex que fornecem preços para FXCM não estão ativamente fazendo um mercado para determinados pares de moedas e liquidez, portanto Diminui FXCM não intencionalmente cinza para fora preços no entanto, às vezes, um aumento severo na diferença do spread pode ocorrer devido a uma perda de conectividade com um provedor ou devido a um anúncio que tem um efeito dramático no mercado que limita a liquidez. O aumento de gratificação dos preços ou o aumento dos spreads pode resultar em chamadas de margem em uma conta de comerciantes Quando uma ordem é colocada em um par de moedas afetado por preços acinzentados, o PL wi Vai temporariamente piscar para zero até que o par tem um preço negociável eo sistema pode calcular o balanço PL. A capacidade de hedge permite que um comerciante mantenha tanto comprar e vender posições no mesmo par de moedas simultaneamente Traders têm a capacidade de entrar no mercado sem Escolhendo uma direção específica para um par de moedas Embora hedging pode mitigar ou limitar as perdas futuras não impede que a conta de ser submetido a mais perdas completamente No mercado forex um comerciante é capaz de totalmente hedge por quantidade, mas não por preço Isso é por causa A diferença entre os preços de compra e venda, ou o spread, os comerciantes FXCM será obrigado a colocar a margem para um lado o lado maior de uma posição coberta requisitos de margem pode ser monitorado em todos os momentos nas taxas de negociação simples Janela Embora a capacidade de hedge é um recurso atraente, os comerciantes devem estar cientes dos seguintes fatores que podem afetar hedged posições. Diminuir Margin. A margem c Tudo pode ocorrer mesmo quando uma conta está totalmente coberta, uma vez que os spreads podem aumentar, fazendo com que a margem restante na conta diminua. Se a margem restante for insuficiente para manter posições abertas, a conta pode sustentar uma chamada de margem, fechando quaisquer posições abertas Na conta Embora a manutenção de uma posição longa e curta possa dar ao operador a impressão de que a sua exposição ao movimento do mercado é limitada, se existir margem disponível insuficiente e os spreads se alargarem durante um período de tempo, pode certamente resultar numa chamada de margem Todas as posições. ROLLOVER COSTS. Rollover é o fechamento simultâneo e abertura de uma posição em um determinado ponto durante o dia, a fim de evitar a liquidação e entrega da moeda comprada Este termo também se refere aos juros cobrados ou aplicados a um comerciante s Conta para posições prendidas durante a noite, significando depois de 5 Pm ET em plataformas de FXCM s O tempo em que as posições são fechadas e reabertas, ea taxa do rollover é debite D ou creditado, é comumente referido como Trade Rollover TRO É importante observar que as taxas rollover será maior do que rollover accruals Quando todas as posições são cobertas em uma conta, embora a posição líquida global pode ser plana, a conta pode ainda sustentar perdas Devido ao spread que ocorre no momento de rollover ocorre Spreads durante rollover pode ser mais amplo quando comparado com outros períodos de tempo por causa de provedores de liquidez momentaneamente vinda offline para liquidar as transações do dia Por favor, gerenciar posições em conformidade em torno rollover e compreender as implicações de spreads alargamento em Em relação à execução com posições em aberto existentes ou novas ordens de posições. FLUCTUAÇÕES DE TAXA DE CIRCULAÇÃO CUSTOS DE PIP. As flutuações de taxa de câmbio, ou custos pip, são definidas como o valor dado a um movimento de pip para um par de moedas específico. Ganhos ou perdas com cada movimento de pip da taxa de par de moedas e serão denominados na denominação monetária Da conta na qual o par está sendo negociado Nas Plataformas FXCM, o custo de pip para todos os pares de moedas pode ser encontrado selecionando Exibir, seguido de Lidar com Views e, em seguida, clicando em Taxas Simples para aplicar a marca de seleção ao lado Se as Taxas Simples Já tem uma marca de seleção ao lado dele, ver as taxas de negociação na visualização simples é tão fácil como clicar na guia Taxas de negociação simples na janela de taxas de negociação Uma vez visível, a exibição de taxas simples exibirá o custo de pip no lado direito Da janela. INVERTED SPREADS. When você comércio forex com FXCM usando um modelo de execução No Dealing Desk, você está negociando em feeds de preços que estão sendo fornecidos por vários provedores de liquidez, mais FXCM s mark-up Em casos raros, estes alimentos podem ser Interrompido Isso pode durar apenas por um momento, mas quando isso acontece, os spreads tornam-se invertidos Durante essas raras ocasiões, FXCM aconselha que os clientes evitem colocar ordens no mercado Embora possa ser tentador colocar um livre comércio, tenha em mente que os preços não são ré Al e seu preenchimento real pode ser muitos pips longe do preço exibido No caso em que os comércios são executados em taxas não realmente oferecidos pelos provedores de liquidez FXCM s, FXCM reserva o direito de reverter tais negócios, como eles não são considerados negócios válidos Ao colocar Market Range ordens ou não negociação durante esses momentos, os comerciantes podem evitar o risco associado com os cenários acima. HOLIDAY WEEKEND EXECUTION. TRADING DESK HOURS. The mesa de negociação abre aos domingos entre 5 00 PM ET e 5 15 PM ET A mesa de negociação fecha Sextas-feiras às 4 55 PM ET Observe que as encomendas feitas antes podem ser preenchidas até às 17:00 ET ET e que os traders colocando negociações entre 4 55 pm e 5 00 pm ET podem ser incapazes de cancelar ordens pendentes de execução No caso de um Market GTC Order É submetido direito no fechamento de mercado, a possibilidade existe que não pode ser executado até domingo no mercado aberto. Por favor, tenha cuidado ao negociar em torno do mercado de sexta-feira fechar e fator todas as informações acima descritas em um Ny decisão de negociação. Os horários de abertura ou fechamento podem ser alterados pela Mesa de Negociação porque depende de preços oferecidos pelos provedores de liquidez para FXCM Fora dessas horas, a maioria dos principais bancos mundiais e centros financeiros estão fechados A falta de liquidez e volume Durante o fim de semana impede a execução ea entrega de preço. ATUALIZAÇÃO DE PREÇOS ANTES DA OPEN. Shortly antes da abertura, a mesa de negociação atualiza as taxas para refletir preços de mercado atuais em preparação para o aberto Neste momento, as negociações e ordens realizadas durante o fim de semana estão sujeitos a Execução Citações durante este tempo não são executáveis ​​para novas ordens de mercado Depois do aberto, os comerciantes podem colocar novos negócios, e cancelar ou modificar as ordens existentes. Os preços de abertura s podem ou não ser os mesmos preços de fechamento de sexta-feira Às vezes, os preços No domingo aberto estão perto de onde os preços foram na sexta-feira próximo Em outros momentos, pode haver uma diferença significativa entre sexta-feira s fechar e domingo s aberto O mercado pode lacuna se lá É um anúncio de notícia significativa ou um evento econômico mudando como o mercado vê o valor de uma moeda Traders segurando posições ou ordens durante o fim de semana deve ser totalmente confortável com o potencial do mercado para gap. ORDER EXECUTION. Limit ordens são muitas vezes preenchidos na Preço pedido ou melhor Se o preço solicitado ou um preço melhor não estiver disponível no mercado, o pedido não será preenchido Se o preço solicitado de uma ordem Stop for atingido na abertura do mercado no domingo, a ordem se tornará um Mercado As ordens de entrada de limite de ordem são preenchidas da mesma maneira que as ordens de limite As ordens de entrada de parada são preenchidas da mesma maneira que as de Stops. RISCO DE TEMPORIZADORES. Os comerciantes que temem que os mercados possam ser extremamente voláteis durante o fim de semana, Risco de fim de semana não é apropriado para seu estilo negociando, pode simplesmente fechar ordens e posições antes do fim de semana É imperativo que os comerciantes que prendem posições abertas sobre o fim de semana compreendam que o p Otential existe para grandes eventos econômicos e anúncios de notícias para afetar o valor de suas posições subjacentes Dada a volatilidade expressa nos mercados não é incomum para os preços a ser um número de pips de distância no mercado aberto de fechar o mercado Nós incentivamos todos os comerciantes a tomar este Em consideração antes de tomar uma decisão de negociação. MARGEM CHAMADAS E FECHAR OUTS. Margin chamadas são acionadas quando sua margem utilizável cai abaixo de zero Isso ocorre quando suas perdas flutuantes reduzem seu capital da conta para um nível que é menor do que sua exigência de margem Portanto, o resultado de Qualquer chamada de margem é liquidação posterior, a menos que especificado de outra forma. A idéia de negociação de margem é que sua margem atua como um depósito de boa fé para garantir o maior valor nocional de sua posição Margem negociação permite que os comerciantes para manter uma posição muito maior do que o valor da conta real FXCM S Trading Station tem capacidades de gerenciamento de margem, que permitem o uso de alavancagem Naturalmente, a negociação em margem vem w Se o saldo da conta bancária cair abaixo dos requisitos de margem, a Estação de Negociação FXCM irá acionar uma ordem para fechar todas as posições abertas Quando as posições tiverem sido sobre-alavancadas ou as perdas de negociação forem incorridas para a Apontar que existe capital insuficiente para manter posições abertas atuais ea margem utilizável da conta cair abaixo de zero, uma chamada de margem resultará e todas as posições abertas serão fechadas liquidated. Please manter em mente que quando a margem utilizável da conta cai abaixo de zero, Todas as posições abertas são acionadas para fechar O processo de liquidação é projetado para ser inteiramente eletrônico. Embora o recurso de chamada de margem seja projetado para fechar posições quando o patrimônio da conta fica abaixo dos requisitos de margem, pode haver casos em que a liquidez não exista na chamada de margem exata Como resultado, o patrimônio da conta pode cair abaixo dos requisitos de margem no momento em que as ordens são preenchidas, até o ponto em que o patrimônio da conta se torna Negativo Isso é especialmente verdadeiro durante as lacunas do mercado ou períodos voláteis FXCM recomenda que os comerciantes usam ordens Stop para limitar o risco de queda em vez de usar uma chamada de margem como um stop. It final é fortemente aconselhado que os clientes manter a quantidade adequada de margem em suas contas em Todos os requisitos de margem de tempo podem ser alterados com base no tamanho da conta, posições abertas simultâneas, estilo de negociação, condições de mercado e à discrição do FXCM. Metatrader 4.Por favor, note que os usuários MT4 estão sujeitos a diferentes procedimentos de chamada de margem Quando uma chamada de margem é acionada Na conta, as posições individuais serão liquidadas até que o patrimônio restante seja suficiente para sustentar as posições existentes. Ao decidir quais posições serão individualmente liquidadas, a maior posição perdedora será fechada primeiro durante a liquidação. CATUALIZAÇÃO DO PREÇO COM OS PREÇOS INDICADOS NA PLATAFORMA. Importante fazer uma distinção entre os preços indicativos apresentados nos gráficos e os preços negociáveis Rms, tais como Trading Station e MetaTrader 4 As cotações indicativas são aquelas que oferecem uma indicação dos preços no mercado e da taxa em que eles estão mudando. Esses preços são derivados de uma série de contribuintes, como bancos e empresas de compensação, que podem Ou pode não refletir onde FXCM s fornecedores de liquidez estão fazendo preços preços indicativos são geralmente muito perto de negociar preços, mas eles só dão uma indicação de onde o mercado é executável cotações garantir uma execução mais fina e, portanto, um custo de transação reduzido Porque o spot forex mercado carece Por conseguinte, os preços exibidos por um fornecedor de gráficos de terceiros, que não emprega os preços de mercado do fabricante, irão reflectir preços indicativos e não necessariamente negociação real Preços onde os comércios podem ser executados. PLATAFORMAS COMERCIAIS MÓVEIS. Há uma série de riscos inerentes com o uso do tradin móvel G, tais como a duplicação de instruções de encomenda, a latência nos preços fornecidos e outras questões resultantes da conectividade móvel. Os preços apresentados na plataforma móvel são apenas uma indicação das taxas executáveis ​​e podem não reflectir o preço real executado da A FXCM não se responsabiliza por todas e quaisquer circunstâncias em que se verifique um atraso na cotação de preços ou uma incapacidade de negociação causada por problemas de transmissão de circuitos de rede ou quaisquer outros problemas externos O controle direto de FXCM Os problemas de transmissão incluem, mas não estão limitados à força do sinal móvel, latência celular ou quaisquer outros problemas que possam surgir entre você e qualquer provedor de serviços de internet, provedor de serviços de telefone ou qualquer outro prestador de serviços. Recomendamos que os clientes se familiarizem com a funcionalidade da Estação de Negociação FXCM Mobile antes Anaging uma conta ao vivo via dispositivo portátil. TS MOBILE TABLET APPLICATION. FXCM s Trading Station plataforma Web foi modificado para ser executado em dispositivos móveis e tablet A plataforma móvel para dispositivos tablet é chamado Trading Station Mobile e tem os mesmos recursos comerciais como Trading Station Web Os mesmos riscos de conectividade descritos acima em relação ao nosso Mobile TS II aplicar para usar com qualquer aplicativo disponibilizado para tablet trading. Dealing Desk Execução Forex Trading Risks. HIGH RISK INVESTMENT. Trading câmbio sobre margem transporta um alto nível de risco onde as perdas podem exceder depósitos , E pode não ser adequado para todos os investidores Antes de decidir negociar esses produtos oferecidos pela FXCM Markets, Limited FXCM você deve considerar cuidadosamente seus objetivos, situação financeira, necessidades e nível de experiência FXCM é uma empresa isenta incorporada e registrada no Registrador de Bermuda Conformidade com o endereço de sua sede em Clarendon House, 2 Church Street, Hamilton HM 11, Bermu Da FXCM pode fornecer comentários gerais, sem levar em conta seus objetivos, situação financeira ou necessidades Conselhos gerais dadas ou o conteúdo deste site não se destinam a ser aconselhamento pessoal e não deve ser interpretado como tal A possibilidade existe que você poderia sustentar uma perda em excesso De seus fundos depositados e, portanto, você não deve especular com capital que você não pode perder Perda Você deve estar ciente de todos os riscos associados com a negociação na margem FXCM recomenda que você procure o conselho de um conselheiro financeiro independente. FXCM MERCADO OPINIONS. Any opiniões, Notícias, pesquisas, análises, preços ou outras informações contidas neste site é fornecido como comentário geral do mercado e não constitui conselho de investimento. A FXCM não aceita responsabilidade por qualquer perda ou dano, incluindo, sem limitação, qualquer perda de lucro que Podem resultar, direta ou indiretamente, do uso ou da confiança nessas informações. RISCOS DE NEGOCIAÇÃO INTERNACIONAL. Existem riscos associados à utilização de Sistema de negociação de execução de negócios baseado na Internet, incluindo, mas não limitado a, falha de hardware, software e conexão com a Internet Desde FXCM não controla a potência do sinal, a sua recepção ou encaminhamento através da Internet, configuração do seu equipamento ou confiabilidade de sua conexão , Não podemos ser responsáveis ​​por falhas de comunicação, distorções ou atrasos ao negociar através da Internet FXCM emprega sistemas de backup e planos de contingência para minimizar a possibilidade de falha do sistema, o que inclui permitir que os clientes para o comércio via phone. DEALING DESK FOREX EXECUTION. FXCM também oferece forex A execução por meio de um modelo de execução da Mesa de Negociação A FXCM atua como um criador de mercado e é a contraparte de todos os negócios que um cliente se compromete Neste modelo, a remuneração da FXCM não pode ser limitada à nossa marcação padrão e nossos interesses podem estar em conflito direto com o seu FXCM Oferece dois perfis de Balcões de Negociação com uma alavancagem superior de 400 1 para contas com capital próprio que não exceda 10.000 unidades monetárias em Que a conta é denominada e uma alavancagem inferior de 200 1 para contas com patrimônio líquido que exceda 10.000 unidades monetárias, mas não 20.000 unidades monetárias FXCM enfrenta risco de mercado como resultado de entrar em negociações com você FXCM pode tomar medidas para mitigar o risco decorrente de mercado Efetuando mais efetivamente, a nosso exclusivo critério ea qualquer momento e sem prévio consentimento, transferir sua conta subjacente para nossa oferta de execução de NDD No Dealing Desk A FXCM também pode optar por transferir sua conta para a alavancagem mais baixa de 200 1 se o patrimônio de sua Conta superior a 10.000 unidades monetárias ou a nossa oferta NDD se o patrimônio em sua conta exceder o máximo de 20.000 unidades de moeda O capital da conta é definido como o saldo de sua conta mais o PL flutuante de suas posições abertas. Os pares de moeda listados abaixo estão disponíveis no A oferta de execução do Escritório de Negociação FXCM não garante que as cotações, preços ou spreads serão sempre melhores em uma forma de execução como comparar D para os outros Os clientes devem considerar muitos fatores ao decidir qual tipo de execução melhor se adequa às suas necessidades, por exemplo, conflito de interesses, estilo de negociação ou estratégia, etcFXCM visa oferecer aos clientes com a melhor execução disponível e para obter todas as ordens preenchidas na taxa solicitada No entanto, há momentos em que, devido a um aumento na volatilidade, as encomendas podem estar sujeitas a derrapagem Deslizamento ocorre mais comumente durante eventos de notícias fundamentais ou períodos de alta volatilidade Instâncias como a rolagem comercial 5pm EST é um período conhecido em que o montante de liquidez Para obter mais informações sobre o motivo do rollover, consulte a seção sobre custos de rolagem. Durante períodos como esses, o tipo de pedido, quantidade demandada e instruções de pedido específicas podem ter impacto no A volatilidade no mercado pode criar condições onde as ordens são difíceis de executar Por exemplo, o preço que você recebe Ive na execução de sua ordem pode ser muitos pips longe do preço selecionado ou cotado devido ao movimento do mercado Neste cenário, o comerciante está olhando para executar a um determinado preço, mas em uma fração de segundo, por exemplo, o mercado pode ter se mudado Significativamente longe do preço A ordem do comerciante seria então preenchido com o próximo preço disponível para essa ordem específica FXCM fornece um número de tipos de ordem básica e avançada para ajudar os clientes a mitigar o risco de execução Uma maneira de mitigar o risco associado com derrapagem é utilizar O Margem de Mercado Desvio Máximo para os usuários MT4 recurso em FXCM s Plataformas A Faixa de Mercado característica permite comerciantes para especificar a quantidade de potencial derrapagem eles estão dispostos a aceitar em uma ordem de mercado, definindo um intervalo zero indica que não derrapagem é permitida Selecionando zero em A Margem de Mercado, o comerciante está pedindo sua ordem para ser executado apenas ao preço selecionado ou cotado, não qualquer outro preço Os comerciantes podem optar por aceitar uma gama mais ampla de p Escorregamento ermissível para aumentar a probabilidade de ter sua ordem s executada Neste cenário, a ordem será preenchida com o melhor preço disponível dentro do intervalo especificado Por exemplo, um cliente pode indicar que ele está disposto a ser preenchido dentro de 2 pips de sua ordem solicitada Preço O sistema encheria então o cliente dentro do intervalo aceitável nesta instância, 2 pips se houver liquidez suficiente Se a ordem não puder ser preenchida dentro do intervalo especificado, a ordem não será preenchida Observe que as ordens do Market Range especificam apenas um intervalo negativo Se uma taxa mais preferencial estiver disponível no momento da execução, os comerciantes não são limitados pela faixa especificada para a quantidade de melhoria de preço positiva que eles podem receber. Além disso, quando disparado, as ordens de parada tornam-se uma ordem de mercado disponível para execução no próximo mercado disponível Preço Stop ordens de execução de garantia, mas não garantem um determinado preço. Quando negociação Forex via FXCM s lidar com modelo de execução de mesa, FXCM é o FXCM está fornecendo toda a liquidez para todos os preços de moeda que se estende a seus clientes ao negociar como a contraparte FXCM é capaz de fazer a execução automática disponível limitando o tamanho máximo do comércio de todas as ordens a 2 milhões por trade. DELAYS IN EXECUÇÃO. Um atraso na execução pode ocorrer usando um modelo de mesa de negociação por várias razões, tais como questões técnicas com a conexão de internet do comerciante com a FXCM ou por falta de liquidez disponível para o par de moedas que o comerciante está tentando negociar Devido à volatilidade inerente Nos mercados, é imperativo que os comerciantes têm uma conexão de trabalho e confiável à Internet Há circunstâncias em que a conexão de internet pessoal do comerciante pode não estar mantendo uma conexão constante com os servidores FXCM devido à falta de força do sinal de uma conexão sem fio ou dial-up Uma perturbação no percurso de ligação pode, por vezes, interromper o sinal e desativar o FXCM Trading Station, causando atrasos na E transmissão de dados entre a estação de negociação e o servidor FXCM Uma maneira de verificar a sua conexão de internet com o servidor FXCMs é fazer o ping do servidor a partir de seu computer. TIMEFRAME COMPLEÇÃO DE TRANSACTION. FXCM se esforça para processar ordens dentro de milissegundos no entanto, não há hora exata Quando um cliente faz uma encomenda, a FXCM verifica primeiro a conta para uma margem suficiente. A ordem é então comparada com as cotações dos fornecedores de liquidez. Uma ordem de cobertura é então enviada ao fornecedor de liquidez para execução. client s order is filled and open closed positions are updated. EXCEPTIONS COMPLETION OF TRANSACTION. 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. FXCM s objective is to notify customers about these types of e xceptions as quickly as possible, but the time for notification sometimes depends on the complexity of the issue under review. Trading station If abnormal market order processing occurs, 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 are 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. Metatrader 4 mt4 If abnormal market order processing occurs, the order window would remain open on the trading platform and reflect processing error In these instances, the order is in the process of being executed, but is pending until FXCM receives confirmation from the li quidity provider that the quoted prices are 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. RESET ORDERS. Market volatility creates conditions that make it difficult to execute orders at the given price due to an extremely high volume of orders By the time orders are able to be executed, the bid ask price at which FXCM s Trading Desk is willing to take a position may be several pips away. 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. WIDENED SPREADS. 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 00 PM ET, spreads may widen in response to uncertainty in the direction of prices or to an uptick in market volatility, or lack of market liquidity 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 T he 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. HANGING ORDERS. 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 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 in confirming certain orders. Depending on the type of order placed, outcomes may vary In the case o f 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 The trade will simply take a few moments to move to the open positions window 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. If at any time you are unable to access the FXCM Trading Station to manage your account, you may call the Trading Desk directly at 1 212-201-7300 View a full list of international contact numbers. GREYED OUT PRICING. 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 Such greying out of prices or increased spreads may result in margin calls on a traders account When an order is placed on a currency pair affected by greyed out prices, the P L will temporarily flash to zero until the pair has a tradable price and the system can calculate the P L balance. 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 trad er 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 2012, 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. DIMINISHING MARGIN. 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 f or any period of time, it may certainly result in a margin call on all positions. ROLLOVER COSTS. 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 m 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 FXCM s Trading Desk momentarily coming offline to settle the day s transac tions. EXCHANGE RATE FLUCTUATIONS PIP COSTS. 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. INVERTED SPREADS. When trading Forex with FXCM s dealing desk execution model, all quotable prices are provided by our Trading Desk FXCM s Trading Desk may rel y 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. HOLIDAY WEEKEND EXECUTION. TRADING DESK HOURS. The trading desk opens on Sundays between 5 00 PM ET and 5 15 PM ET The trading desk closes on Fridays at 4 55 PM ET Please note that orders placed prior may be filled until 5 00 p m ET and that traders placing trades between 4 55 p m and 5 00 p m 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 market open Please use caution when trading around Friday s market close and factor all the information descri bed 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 third party sources 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. PRICES UPDATING BEFORE THE OPEN. 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. ORDER EXECUTION. 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. WEEKEND RISK. 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 th at 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 AND CLOSE OUTS. 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 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. METATRADER 4.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. CHART PRICING VS PRICES DISPLAYED ON THE PLATFORM. 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. MOBILE TRADING PLATFORMS. There are a series of inherent risks with the use of the mobile trading technology such as the duplication of order instructio ns, 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 familiarize themselves with the functionality of the FXCM Mobile Trading Station prior to managing a live account via portable device. TS MOBILE TAB LET APPLICATION. FXCM s Trading Station Web platform has been modified to run on mobile and tablet devices The mobile platform for tablets 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. CFD Execution. HIGH RISK INVESTMENT. Trading Contracts for Difference CFDs on margin carries a high level of risk, and may not be suitable for all investors Before deciding to trade these products offered by FXCM Marktes, Limited FXCM you should carefully consider your objectives, financial situation, needs and level of experience 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 content of this Website must not be construed as personal advice The po ssibility exists that you could sustain a loss in excess of your deposited funds and therefore, you should not speculate with capital that you cannot afford to lose You should be aware of all the risks associated with trading on margin FXCM recommends you seek advice from an independent financial advisor. FXCM MARKET OPINIONS. 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. INTERNET TRADING RISKS. 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 o f 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. CFD EXECUTION MODEL. 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 Therefore, FXCM provides automatic execution of all orders submitted for execution up to a certain amount In the event that you exhibit behaviors that prevent FXCM from mitigating exposure, we may, in our sole discretion remove you from participation of auto execution Removal from auto execution means that each order will be confirmed by a dealer before it is processed to ensure that we are able to mitigate any market risk. In the case that FXCM provides 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. 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 For more information on why rollover occurs, see the section on Rollover Costs During periods such as these, your order type, quantity demanded, and specific order instructions can have an impact on the overall execution you re ceive. Examples of specific order instructions include. Good Til Cancelled GTC Orders - Your entire order will be filled at the next available price s at the time it is received. Immediate or Cancel IOC Orders - All or part of your order will be filled at the next available price with the remaining amount cancelled should liquidity not exist to fill your order immediately. Fill or Kill FOK Orders - The order must be filled in its entirety or not at all. 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 models for 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 best 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. 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 trad e size of all orders to 2 million per 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. DELAYS IN EXECUTION. 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 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 du e 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. TIMEFRAME COMPLETION OF TRANSACTION. FXCM endeavours to process orders within milliseconds however, there is no exact time frame for order processing. STAGES COMPLETION OF TRANSACTION. 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 Finally, the client s order is filled and open closed positions are updated. EXCEPTIONS COMPLETION OF TRANSACTION. There may be exceptions to the typical transaction, such as delays due to abnormal order processing or malfunctions wi th internal or external processes In such cases, FXCM notifies clients as quickly as possible, depending on the complexity of the issue. FXCM s objective is to notify customers about these types of exceptions as quickly as possible, but the time for notification sometimes depends on the complexity of the issue under review. Trading station If abnormal market order processing occurs, 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 are 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. Metatrader 4 mt4 If abnormal market order processing occurs, the order window would remain open on the trading platform and reflect processing error 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 are 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. RESET ORDERS. Market volatility creates conditions that make it difficult to execute orders at the given price due to an extremely high volume of orders By the time orders are able to be executed, the bid ask price may be several pips away. 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 For Limit Entry or Limit orders, the order would not be executed but instead reset until the order can be filled Remember, bot h 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. WIDENED SPREADS. CFD s are contracts whose underlying value is derived from the futures contract for the product being traded Differences in settlement are made through cash payments, rather than the delivery of physical goods or securities Under the dealing desk execution model, FXCM s trading desk makes prices for the CFD instruments it makes available to its clients For products that trade under the NDD model for execution, you are trading on price feeds that are being provided by multiple liquidity providers, plus FXCM s mark-up Spreads may widen due to news events when there is large amount of volatility in the market During time periods outside of the market hours for the underlying product being traded spreads maybe wider than what you are accustomed. HA NGING ORDERS. 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 s Trading Desk or liquidity provider provides confirmation that the quoted prices are 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 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 p rice in the market In both situations, the status column in the orders window will typically indicate executed or processing The trade will simply take a few moments to move to the open positions window 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. If at any time you are unable to access the FXCM Trading Station to manage your account, you may call the Trading Desk directly at 1 212-201-7300 View a full list of international contact numbers. GREYED OUT PRICING. 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 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 Such greying out of prices or increased spreads may result in margin calls on a traders account When an order is placed on an instrument affected by greyed out prices, the P L will temporarily flash to zero until the pair has a tradable price and the system can calculate the P L balance. 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 Although hedging may mitigate or limit future losses it does not prevent the account from being subjected to further losses altogether FXCM traders are 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. DIMINISHING MARGIN. 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 COSTS. 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 m 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 FXCM s Trading Desk or liquidity providers momentarily coming offline to settle the day s transactions. EXCHANGE RATE FLUCTUATIONS PIP COSTS. 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 FXC M 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 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. INVERTED SPREADS. 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, 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. HOLIDAY WEEKEND EXECUTION. TRADING DESK HOURS. The hours for each CFD are determined by FXCM s Trading Desk based on the sc hedule 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 However, liquidity at or around market open close for any CFD instrument can be very thin 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. PRICES UPDATING BEFORE THE OPEN. Shortly prior to the open, the Trading Desk refreshes rates to reflect current market pricing in preparation for the open At this time, tra des 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. 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 pricemensurate with the opening closing of the market for the underlying instrument, CFD traders may experience gaps in market prices 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. ORDER EXECUTION. 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. WEEKEND RISK. 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 de cision. MARGIN CALLS AND CLOSE OUTS. 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. 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 o pen 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. METATRADER 4.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. CHART PRICING VS PRICES DISPLAYED ON THE PLATFORM. 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 indicati on 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. MOBILE TRADING PLATFORMS. 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. 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 ma intenance margin requirement per financial instrument will not be available It is strongly recommended that clients familiarize themselves with the functionality of the FXCM Mobile Trading Station prior to managing a live account via portable device. TS MOBILE TABLET APPLICATION. FXCM s Trading Station Web platform has been modified to run on mobile and tablet devices 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 The same connectivity risks described above regarding our Mobile TS II apply to use with any application made available for tablet trading. FXCM MetaTrader 4 Execution. Individuals should review the information below carefully which details the differences regarding execution, trading features, and platform settings specific to the FXCM MT4 platform. Features and Settings. Trade Execution. Orders to open and close trades, as well a s 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 500 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 500 individual orders Stop Losses and Take Profits are exempt from this restriction. Margin Call. The margin call policy for FXCM MetaT rader 4 accounts is different from all other FXCM accounts When a margin call occurs, trades will be closed one by one until Free Margin is greater than zero. 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 m ET sharp are considered to be held overnight, and are subject to rollover A position opened at 5 01 p m is not subject to rollover until the next day, while a position opened at 4 59 p m is subject to rollover at 5 p m ET. Expert Advisor. 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. Max Deviation. 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 When creating an order, a number is specified in tent hs of a pip 0 in the max deviation field 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 - Positive Slippage - is the positive slippage the order received beyond the maximum deviation. If the market price moves negatively beyond the maximum deviation, the order cancels automatically When this occurs, an Off Quotes m essage 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. Please note dependent upon market conditions, a lower maximum deviation amount can increase the likelihood that an order will be rejected due to the market price moving outside of the maximum deviation. Pending Orders. 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 2 EUR USD A trader then creates a pending order to sell 0 1 EUR USD 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. Cross - Platform Compatibility. 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 g orders, trades, P L, margin, equity will match on all of these platforms and their statement of records 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 Markups. A 0 1 pip mark-up is added to spread for the use of MT4 The 0 1 pip is in addition to the regular mark-up FXCM adds to the spreads it receives from liquidity providers FXCM MetaTrader 4 allows for order sizes up to 50 million per trade 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 pri cing 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. FXCM MetaTrader 4 Server Information. Under rare circumstances it may be necessary to type in a server address when logging into FXCM MetaTrader 4 A list of FXCM s MT4 server names and addresses has been provided below 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 As an example, if your account s server name is MT4USDREAL01, you would use. MetaTrader 4 Live Server. TIMEFRAME COMPLETION OF TRANSACTION. FXCM endeavours to process orders within milliseconds however, there is no exact time frame for order processing. STAGES COMPLETION OF TRANSACTION. When a client makes an order, FXCM first verifies the accoun t 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 Finally, the client s order is filled and open closed positions are updated. EXCEPTIONS COMPLETION OF TRANSACTION. 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. FXCM s objective is to notify customers about these types of exceptions as quickly as possible, but the time for notification sometimes depends on the complexity of the issue under review. Trading station If abnormal market order processing occurs, 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 confirm ation from the liquidity provider that the quoted prices are 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. Metatrader 4 mt4 If abnormal market order processing occurs, the order window would remain open on the trading platform and reflect processing error 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 are 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. Risk Warning Our service includes products that are traded on margin and carry a risk of losses in excess of your deposi ted funds The products may not be suitable for all investors Please ensure that you fully understand the risks involved. Our goal is to provide superior execution, and our mission is to pioneer ever-increasing levels of quality pricing, transparency and execution services, the bedrock of your trading experience. Forex Execution. TRANSPARENT AND FAIR EXECUTION. FXCM innovated transparency in the forex market with the competitive and market-driven No Dealing Desk NDD execution This execution model gives you access to buy and sell prices streamed directly from over a dozen liquidity providers You can trade confidently in all market conditions because your stops, limits and entry orders are invisible to these price providers, resulting in an environment free of price manipulation. BETTER PRICING FOR RETAIL CLIENTS. There is no markup added to FXCM s Standard No Dealing Desk account type, making our spreads some of the lowest in the industry In fact, a recent execution study shows our retail clie nt order prices to be better than the Futures Market and Interbank Market prices for forex 1.No Dealing Desk. Best available price from global providers. Anonymous execution. No restrictions on strategies. For Standard and Active Trader accounts. Dealing Desk. Best available price direct from FXCM. Direct trading with FXCM. Ideal for traders who want to start small. For Mini accounts. Indices Commodities Execution. When you re a serious trader, you demand the best broker for executing your trading strategies We stream real market prices to you from our liquidity providers, with no dealer intervention Other brokers may impose minimum stop and limit distances on all their products With us, you can scalp popular indices like GER30, UK100 and US30 and place your stops and limits where you want there are no trading restrictions on our most popular CFDs Are you an algo trader, or you like to use MT4 s Expert Advisors No problem Our index and commodity execution is designed for short-term, high-frequenc y traders, but you can trade big or small, using your favorite trading strategy. Want More Information.1 The study in no way represents that FXCM maintains a particular capacity or performance level The figures in this study are provided for information purposes only, and are not intended for trading purposes or advice FXCM is not liable for any information errors, incompleteness or delays, or for any actions taken in reliance on information contained herein Past results are not indicative of future performance. Execution Disclaimer FXCM aggregates bid and ask prices from a pool of liquidity providers and is the final counterparty when trading forex on FXCM s dealing desk and No Dealing Desk NDD execution models With NDD, FXCM s platforms display the best-available direct bid and ask prices from the liquidity providers In addition to the spread, the trading cost with NDD is a fixed lot-based commission at the open and close of the trade While generally NDD accounts offer spreads with no markups, in some circumstances, FXCM may add a markup to NDD spreads This may occur due to, but not limited to, account type, such as accounts opened through a referring agent With dealing desk execution, FXCM can act as the dealer on any or all currency pairs Backup liquidity providers fill in when FXCM does not act as the dealer FXCM s dealing desk has fewer liquidity providers than NDD There are many other factors to consider when choosing an execution model such as conflict of interest, trading style or strategy See Execution Risks Note Contractual relationships with liquidity providers are consolidated through the firm s U S affiliate, Forex Capital Markets, LLC, which, in turn, provides technology and pricing to the group affiliate entities. Mini Accounts Mini accounts offer 18 CFD instruments and up to 21 currency pairs Mini accounts default to Dealing Desk execution where price arbitrage strategies are prohibited FXCM determines, at its sole discretion, what encompasses a price arbitrage strategy Mini accounts offer spreads plus mark-up pricing Spreads are variable and are subject to delay Mini accounts utilising prohibited strategies may be switched to No Dealing Desk execution Mini accounts default to 200 1 leverage Mini accounts with equity greater than 20,000 CCY will be switched to a Standard account with 100 1 leverage, No Dealing Desk execution, and commission based pricing See Execution Risks. Risk Warning 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.