What is Forex?
The Foreign Exchange (also known as the FX or Forex) market is a global marketplace for exchanging national currencies. Currencies trade against each other as exchange rate pairs. For example, EUR/USD is a currency pair for trading Euro against the US dollar.
How is a profit or loss incurred when trading Forex?
When you close out a trade, take the price (exchange rate) when selling the base currency and subtract the price when buying the base currency, then multiply the difference by the transaction size. That will give you your profit or loss.
When does the Forex market open and close?
Forex Trading is available 24 hours a day from 5:00pm ET Sunday through 5:00pm ET on Friday or 10:00pm GMT Sunday through 10:00pm GMT on Friday.
Do you offer education for traders?
Yes, you can find our more information about the education that we offer on our education page. Alternatively, sign in to your account to get full access to more educational features
What does ‘spread’ mean?
Spread is the difference between a forex broker's sell rate and buy rate when exchanging or trading currencies.
What are the fees and commission charges for trading with Icon FX?
We charge $7 US Dollar commission per lot round turn on Professional accounts as well as a spread. There are no hidden fees.
What is the minimum lot size that I can trade?
0.01 lot size, can also be called a micro lot which represents $0.01 a pip or 1000 units of the base currency.
What does ‘margin’ mean and how is this calculated?
Margin is not a fee or a transaction cost. Margin is simply a portion of your funds that your forex broker sets aside from your account balance to keep your trade open and to ensure that you can cover the potential loss of the trade. To calculate it, multiply the size of the trade by the margin percentage. Then, subtract the margin used for all trades from the remaining equity in your account.
What happens if I have no free margin left in my account?
If you have no free margin, you will not be able to open any new positions or your positions will be stopped out.
What is Icon FX margin call level?
We enforce a 50% margin call level.
How do I see my account balance in MetaTrader 4?
You can see the balance is displayed in the Terminal window under the Trade tab.
What does it mean to have a ‘long’ or ‘short’ position?
“Long” means your trade makes profit when the price rises. “Short” means your trade makes profit when the price falls. In Forex, you are always “long” one currency and “short” another when you open a trade.
Is there a limit to the number of open positions that I can have at any one time?
Yes, we limit accounts to 100 open orders. Please contact your account manager if you require more.
How long can I keep my positions open?
There is no time limit for how long you want to keep your positions open.
Can I log in to multiple accounts from the same computer?
For opening multiple MetaTrader accounts on the same computer simultaneously, you'll need to have installed multiple terminals on the same computer.
Can I log in to my account simultaneously on separate computers?
Can I use the MetaTrader 4 trading platform on an Apple Mac?
Yes, please visit our Platforms page for more information.
What is Icon FX policy regarding slippage?
We offer both positive and negative slippage, please refer to our slippage policy here
Where are Icon FX’s trading servers located?
Our servers are located in New York.
How do I test the latency from my computer to the MetaTrader 4 trade server?
Step 1: On your computer, go to the 'Start' menu and type 'CMD' in the 'search programs and files' field.
Step 2: Type in the word 'ping' followed by a blank space and the IP address of the server you wish to ping.
What happens when a Futures CFD expires?
When a futures CFD contract expires, all the open positions are closed at the futures settlement price as reported by the futures exchange.