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ExpressFX - Terms and Conditions
How do you make money on Forex? Try selling or buying some currency with a free expressFX demo account and see how you can make or lose money as currency rates fluctuate.
The larger your trade size, the more profits you will make if price goes in your favor and the more you will lose if it goes against you. Demo account is a great way to practice making trades of different sizes because you are not putting money at risk.
The minimum trade size is $1,000. But thanks to the leverage of up to 100:1 you can trade $1,000 when you have just $10 in your trading account. It is easy to calculate the maximum trade size. All you need to do is take the amount that is in your account and multiply it by 100. (!!! The high degree of leverage can work against you as well as for you) When you buy a currency you open a position. When you sell the same amount of the same currency, you close the position. During when your position is open you will be making or losing money depending on how currency rates change. If you bought a USD for EUR (USD/EUR) and its rate goes up, you are making money. If it goes down, you are losing money.
A margin call occurs, when your account falls below the minimum requirements for trading. At Forex Club our margin requirement is 1% of USD value of each positions. Monitoring of margin requirement is conducted after rollover. If there is a margin call for your account you will be contacted by us, and we will help you take action to satisfy your margin.
Market prices move almost every moment, but this does not mean that you have to keep an eye on your positions every second. You can set a Take Profit order, which is a command to the dealing desk to automatically close your position when your profits reach a certain level. You can also set a Stop Loss order, which is a command to the dealing desk to close your position when your losses reach a certain level (except for extraordinary market conditions). It is a good idea to set both of these orders simultaneously to establish a price range of how much you are willing to make and how much you are ready to risk.
The minimum stop-loss and take-profit limits are is $1.30 for every 1000 units of the base currency. For example, if your position size is $10.000, the minimum limit for stop-loss and take-profit is 10 x $1.30 = $13. The Company retains the right to reject any trade with limit orders that violate this rule.
When you are changing your take-profit order on an open position that is currently making a profit, the new take-profit level should be set at not less than $1.30 for every 1000 units of the base currency from the current P/L. When you are changing your stop-loss order on an open position that is currently making a loss, the new stop-loss level should be set at not less than $1.30 for every 1000 units of the base currency from the current P/L. Commission is a one-time charge for opening a position. Forex Club charges just 40 cents for every $1,000 traded (or 1,000 pounds; or 1,000 Euro). Forex Club returns commission charges to you automatically and instantaneously after the trade closed with a loss or with a result of $0.
As of January 24th, 2010, commission on the partial closing on the losing trade is returned instantly proportionate to the size of the partial closing position. Refund of the commission for the remaining part of the position will be determined by the outcome (profit/loss) at the closure. The commission amount will be calculated based on the price level of the previously closed partial position. * Reversal of the position is considered as two different trades; First trade is closing the existing position and second is opening a new one, thus commission will be calculated for each trade separately. You don't need to worry about doing any math because expressFX will do all calculations for you. However, if you would like to know how profits and losses are calculated there is one simple formula.
For the currency pairs where dollar is the base currency (USD/***): .jpg){kind=small} Where dollar is not the base currency (***/USD): .jpg){kind=small} Even though Forex market works around the clock, technically, each trading day ends at 21:00 GMT and the next trading day starts just a few moments after. 21:00 GMT is equivalent to 4 pm New York time in the winter and 5 pm New York time in the summer.
All opened positions are automatically closed at the end of each trading day. However, you don't have to close your positions each day as we offer an option of carrying positions over to the next day for a small fee of 15 cents for every 1,000. Please note, fees for carrying positions over are non-refundable. In addition to closing your position, you can also downsize, upsize or reverse it.
Let's assume that you have a long position (BUY). To upsize this position you simply need to buy more of the same currency, in other words you are increasing the original size of your position. To downsize this position you need to do the opposite. To reverse this position you need to sell twice the amount of your original position. The new opening rate will be automatically calculated for any of these operations. Please take a look at the following example: For example you have opened a position BUY 50,000 GBP/USD. Later you have noticed that the market is going in the opposite direction and you decided to change your position from BUY 50,000 GBP/USD to SELL 50,000 GBP/USD. To do so, simply make one trade SELL 100,000 GBP/USD and your position will change its direction from BUY to SELL. The new opening rate will be automatically calculated and your current PL will be transferred from your original position.
* $0.4 per each 1000 currency units traded |
