| IFX Markets trading desk is open 24 hours daily from EST 5PM Sundays through EST 4:30 PM Fridays. |
| Wall Street Forex offers trading in the following currency pairs: EUR/USD, GBP/USD, USD/CHF, USD/JPY, USD/CAD, AUS/USD, NZD/USD, USD/MXN, EUR/GBP, EUR/JPY, EUR/CHF, GBP/CHF, AUD/JPY and GBP/JPY. |
| Wall Street Forex offers 10 points spreads on both EUR/USD and USD/JPY, and 10 points spreads in other major currencies (GBP/USD, USD/CHF) Prices quoted are inclusive of our normal dealing spreads. However, during the market volatility and time when major economic news is released, spreads may widen. The spreads are the same for Retail customers and Institutional customers on all currencies. |
| All deals are sized in units of 10,000 of the base currency (ie. GBP/USD is ¡ê10,000). All of the deals are numbered in terms of 'lots'. The maximum deal size available online is 20 million of the base currency. Trades of over 20 million must be executed over the phone with one of the IFX Markets dealers. |
| A minimum transaction size is 1 lot, or 10,000 of the base currency. An account with a margin deposit of 1% would open a US$10,000 position and would require an initial margin deposit of US$100. |
Through the online platform customers are able to execute trades directly from real time streaming bid/ask quotes. Live prices are continuously updated via our trading software and traders can at any time click on the current bid or offer and instantaneously execute a trade. |
| Trading over the Internet |
| Executing a deal via the Internet is a simple two-step process. Simply enter the number of lots and then click on the bid (buy) or offer (sell) for the currency pair you wish to trade - your deal is automatically executed. The dealing software automatically calculates the initial margin requirement based upon the notional amount of the deal, and if sufficient funds are available in your account, will accept the transaction. Deals are confirmed online, normally within one second, and the system instantaneously updates both your open position and calculates your current floating P&L. |
1. Call the trading desk at 1-617-357-0688 to speak with a dealer.
2. State your name, account number, user ID and password.
3. Ask for a price in the desired currency pair, indicating the amount you wish to trade.
Example: "May I have price in 3 Euro?"
For: EURUSD use Euro
GBPUSD use British Pound
AUDUSD use Australian Dollar
USDJPY use Dollar Yen
USDCHF use Dollar Swiss
USDCAD use Dollar Canada
Long = Buy Short = Sell
3. After a dealer gives you a quote and you wish to open or close a position, you should immediately indicate whether you buy or sell in the following manner because the quote given will expire when the dealer says "CHANGE" or "OFF":
a) How many lots you are buying or selling.
b) Whether this is an opening position or closing position (if it is to close a position, the dealer might ask you to indicate the opening price of the position that you wish to close).
Example: "Buy 3 Euro, opening position."
Example: "Sell 2 Dollar Swiss, closing position of a long position at an opening price of 1.6982."
If you do not wish to trade at that particular quote that you just received from dealer, simply say "nothing there" or "re-price", at which point you may decide to deal or pass entirely on the dealer quote or re-quote.
5. After you execute your deal, the dealer will confirm your deal details back to you.
6. If it is correct, confirm with the dealer and hang up. You have now finished your phone deal. You will also check that you phone deal is inputted correctly into your account on the on-line trading platform.
Example Phone Deal
Customer: Hi this is customer ABC, account number 123, user ID XYZ and password QRS.
Dealer: Hi ABC, how may I help you? (After confirming the identity of the customer)
Customer: Can I have in price in 3 Euro?
Dealer: Price is 3 Euro is currently 1.1110/15
Customer: I Buy 3 Euro, opening position.
Dealer: To confirm, you bought 3 Euro at 1.1115, opening position for account number 123.
Customer: All agreed.
Dealer: Thank you.
Customer/Dealer: End Call. |
The dealing platform provides sophisticated order entry and tracking. Orders may be entered at any rate - inside or outside the existing spread - using the following orders types:
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Market Order
An order based on a current market price.
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Limit orders
An order with restrictions on the maximum price to be paid or the minimum price to be received.
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Stop Loss orders
Order type whereby an open position is automatically liquidated at a specific price. Often used to minimize exposure to losses if the market moves against an investor's position.
According to our dealing room all of the sell stops are filled on a dealer's bid, and buy stops are filled on a dealer's offer. In a case that the market gaps over a requested rate, the stops are filled at the best available price. |
IFX Markets enables foreign currency trading to be conducted on a highly leveraged basis. Every client is able to request the degree of leverage or gearing that the client wishes to employ in trading.
IFX Markets constantly monitor the leverage levels of all accounts. IFX Markets makes no guarantees that we will contact clients whose accounts are near the minimum equity requirement for their open positions. Clients are fully responsible for monitoring the activity in their accounts.
In the event that an account exceeds its maximum allowable leverage, IFX Markets retains the right to liquidate all or a portion of the Open positions in the account.
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| A rollover is the simultaneous closing of an open position for today's value date, (normally at the end of the trading day) and the opening of the same position for the next day's value date at a price reflecting the interest rate differential between the two currencies. |
| Deals are confirmed on screen, typically within one second. Full transaction details may be accessed on screen as well, including date, time, rate, notional amount bought and sold, USD value, and reference number. |
| The dealing software tracks all trading activity in real time, allowing clients to view current open positions, real-time profit and loss, margin availability, account balances, and all historical transaction details directly on-screen. |
Account statements can be accessed 24/7 through the reporting links. |
