1. What are the trading hours at FXTM?
The trading sessions in forex are not like the trading sessions of the New York Stock Exchange in the sense that they do not have daily opening and closing times. You can trade forex 24 hours a day from 23:00 on Sunday until 23:59 on Friday GMT+2 (GMT+3 during Daylight Saving Time)
You can call our Dealing Desk 24 hours a day to open, close or change a position. The telephone number for our Dealing Desk is +357 2555 8775.
You can reach our Client Support Team between 08:00-20:00 GMT+2 (GMT+3 during Daylight Saving Time) from Monday to Friday. The telephone number for our Client Support Team is +357 2555 8777.
You can visit our Contact us page if you're looking for more contact information.
2. Are there any restrictions in regard to scalping?
3. How much is 1 lot equivalent to? Where can I see your trading terms?
One lot is equivalent to 100,000 units of the base currency. 0.1 lots is thus equivalent to 10,000 units and 0.01 lots is equivalent to 1,000.
The base currency refers to the first currency in a currency pair. In EUR/USD for example, the base currency is EUR. 1 lot of this currency pair is thus 100,000 EUR.
Visit our Contract Specifications page for information on margin requirements, spreads, trading instruments, etc.
4. Will Forex Time charge me any commission when I make trades?
5. Will I be able to change the leverage on my account?
Yes, you will be able to change the leverage on your account. All you have to do is log in to your MyFXTM and on the Trader's Desktop, click on the "Change Leverage" icon. Please note that in order to change leverage you must first close any open positions you have on your trading account.
The default leverage will always be the maximum available for that particular account type, please check the Trading Terms page for more information.
6. What are some of the main currency abbreviations?
Every currency in the world has an abbreviation which is used when trading currencies on the forex market. Here are some of the abbreviations for the market's most commonly traded currencies:
- USD - US Dollar
- EUR - Euro
- GBP - British Pound
- CHF - Swiss Franc
- JPY - Japanese Yen
- CAD - Canadian Dollar
- AUD - Australian Dollar
- NZD - New Zealand Dollar
7. Which are they key terms that I should be familiar with when trading forex?
Forex trading encompasses its own set of specialized terms that all traders should become familiar with before beginning to trade.
Some of the most essential trading terms are the following:
All currencies are traded in pairs. Within the pair, the first currency we can see is called the 'Base' currency and the second currency we can see is called the 'Quote' or 'Term' currency.
Base Currency (USD) / Quote Currency (JPY) = Rate 80.40
In the above example, the rate shown is the amount that one would have to pay in the quote currency in return for one unit of the base currency. In this example, one would have to pay 80.40 JPY in return for 1.00 USD.
A Pip stands for percentage in point and it is the smallest measure of change in an exchange rate.
Most currency pairs are quoted to the fourth decimal point, so if there is a change from 0.0001 to 0.0002, this would be a one pip change. Exceptions to the four decimal point norm are the USD/JPY, CHF/JPY, EUR/JPY and GBP/JPY. These currency pairs are quoted to the second decimal point, so one pip in these cases would be a change from 0.01 to 0.02. Please note that FXTM may quote currency pairs to an additional digit in order to give traders a more detailed insight to the market.
Sometimes, quotes may be shortened to be represented by the last two digits only. If EUR/USD is traded at 1.2281/1.2285 for example, it may be displayed as 81/85.
In forex, we have a Bid Price and an Ask Price. The Bid Price represents the rate used to buy the quote currency and sell the base currency whereas the Ask Price represents the rate used to sell the quote currency and buy the base currency.
The term Spread is used for the figure you get when you calculate the difference between the Bid Price and the Ask Price.
The term Currency Rate is used to determine the value of one currency in relation to another.
Currency rates fluctuate according to various factors such as liquidity, political and economic indicators, international employment levels, the gross domestic product (GDP) of different countries and a number of other factors.
Lots are used to measure the size of a transaction. 1 lot is equivalent to 100,000 of the base currency of a pair, one mini lot to 10,000 units and one micro lot to 1,000 units.
8. What is leverage?
9. What trading instruments do you offer?
10. What is swap?
11. When is swap calculated?
12. What is Margin call/Stop out?
13. What are the hours for all the trading sessions?
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14. What leverage is offered for spot metals?
15. Do your spreads change during news?
16. Can I trade micro lots?