ExpressFX terms and conditions

How do you trade 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. A 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 units of currency. The maximum amount for a single position cannot exceed 50MM, but you can have more than one opened positions in different currecny pairs.

When you buy or sell a currency, you open a position. To close it, you need to make an opposite position with the same trading volume. While your position is open, you will be making or losing money, depending on how currency rates change. If you bought EUR for USD (EUR/USD) and its rate goes up, you are making money. If it goes down, you are losing money.

Traders can select whether to execute trades using instant execution or fixed price. To change between these methods, select the Setting button that appears at the top of the platform, then select Properties. You can switch between instant execution and fixed price from the Dealing type drop-down menu.

Quotation Mode - Technical process of the current price of the transaction. Forex Club offers two modes of quotation: Request For Quote and Instant Execution.

Request For Quote (by request) - This mode of quotation takes a few seconds to lock in a specific market price at which you have the option to execute. Traders request the price first, and then decide whether or not to accept the price that is provided to them.

Instant Execution (instant) - This mode of quotation allows traders to place trades with instant execution. After Traders click on the price they would like to place trades at, the trades are confirmed and executed instantly if possible.

Request For Quote Mode means the transaction may be executed at a price that is the same as what the server receives from the client. This price may differ by an undetermined degree from the price at which the client confirms the transaction. This can occur during volatile market, for example, during breaking news that directly affects currency rates.

Traders may select one of two methods when using Instant Execution.  These two methods are: executing at the actual price and executing within a market range. To execute at the actual price means that, by default, a client agrees to accept the best price available on the server. To execute within a market range means that a client agrees with any price that is actually on the server, and that differs from the current price, at the moment that an order is initiated. If the difference between the price on the server and the price shown in the platform is no more than the market range (which was set by the client), the deal is made. If this condition is not met, an additional request to make a deal at a new price will be sent to the client.

Maximum Leverage

• 50:1 if the transaction amount is below 30,000,000 units of base currency
• 20:1 for trading amount exceeding 30,000,000 units of base currency

Margin Policy

Forex Club requires that you have a deposit of at least $200 before placing a trade. We will accept funds that equal less than $200 into a client's account, but the account will not be active until the $200 minimum is reached. 

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 trading desk to automatically close your position when profits reach a chosen level. You can also set a Stop Loss order, which is a command to the trading desk to close your position when losses reach a chosen level (except for during 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 potentially ableto make and how much you are ready to risk.

The minimum stop-loss and take-profit limits are $1.2 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 $1.2 = $12 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 $1.2 for every 1,000 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 $1.2 for every 1,000 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 British 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. 

* 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.

ExpressFX's commission return is extremely beneficial for our traders.  A good trader on the Forex market will make roughly 3 profitable trades out of 10.  The key to success is to make the totalamount earned in the profitable trades greater than the total amount lost in the losing trades.  When you do the math, you'll find that the commission costs of a trader who profits in 3 out of 10 trades are extremely low compared to all of our competitors.

With commission refunds, a trader who makes 3 out of 10 trades will only be spending $0.12 per trade. That's a guaranteed 1.2 pips on all major currencies with no slippage.

You don't need to do any complicated math because ExpressFX will make all necessary calculations for you. However, if you would like to know how profits and losses are calculated there is one simple formula. 

Even though the 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.

You don't have to close your positions each day, as we offer the option of carrying positions over to the next day for a small fee of 15 cents per 1,000. Please note: fees for carrying positions over are non-refundable.

* $0.4 per each 1000 currency units traded

Margin serves as collateral to cover any losses that you might incur. Since nothing is actually being purchased or sold for delivery, the only requirement, and indeed the only real purpose for having funds in your account, is for sufficient margin.

Initial margin requirement and notional value examples:

Balance = $10000
Margin Requirement = 2%

To open 100,000 EUR position with current EUR rate 1.3500
100,000* 1.3500(current EUR rate) * 2% (margin requirement) = $2700 margin required to open a 100,000 EUR position

This position used margin $2700, and the remaining usable margin equals to $7300, assuming that new position has 0 profit or loss.

100,000 USD/JPY = 100,000 USD

At 2% margin = 100,000 USD x 0.02 = $2,000 USD required for margin.

When you partially close your position, balance will be adjusted accordingly to your current PL for the closing part.

When you reverse your position, currently open position will be closed and balance will be adjusted accordingly to your current PL at the time of reversal. Then your opposite position will be opened, also consider available margin for opposite position.