Execution Rules Specifications
Server time
Our server time is GMT+2 or GMT+3 during summer time.
Our working hours
Round-the-clock (24 hours) from Sunday 00.00 to Friday 23.00 server time. As we operate globally, we offer multilingual client support services across all time zones within above timeframe. We will not quote any prices outside our working hours; therefore, no orders can be placed by clients during that time.
Holidays
Holidays are announced through our website, by email or internal mail of the MT4 trading terminal.
Market watch time
Time indicated in the Market Watch window of the MT4 trading terminal is time of the last quote received.
Quotes
For all tradable instruments, we quote two prices: The higher price (ASK) at which the client can buy (go long) for that instrument, and the lower price (BID) at which the client can sell (go short) for that instrument.
Spread
Spread is the difference between BID and ASK prices. The lowest spread you can get is close or equal to zero, in this case BID=ASK. We do not quote negative spread. We offer some of the most competitive spreads in the industry. The best way to evaluate our spreads is open a demo account.
*Important. Since we are a variable spread broker, spread will greatly depend on the prevailing market conditions and liquidity provided by the banks. When FX markets become volatile and/or thin (less liquid), variable spread tends to get wider.
Order types
“Market order” is the simplest order type. It is an order to buy or sell at the prevailing market price.
“Pending Order” is an order to buy or sell at pre-defined price in the future. The following types of pending orders are available:
- Buy Limit
- Buy Stop
- Sell Limit
- Sell Stop
You can attach a Stop Loss and/or Take Profit to any pending order.
*You can modify an order before or after it has been executed, but you cannot change or remove Stop Loss, Take Profit or Pending Orders if the price is within the freeze level distance from the market price. Additionally, your order cannot be modified or deleted at a time when it is being executed by the broker.
Execution of orders
Buy Limit, Buy Stop, Stop Loss and Take Profit for opened short position are executed at the ASK price.
Sell Limit, Sell Stop, Stop Loss and Take Profit for opened long position are executed at the BID price.
*Stop Loss, Take Profit, Buy Limit, Buy Stop, Sell Limit and Sell Stop are executed at the requested price, however under certain trading conditions it may be impossible to execute the above at the requested price and First Pacific Ltd. has the right to execute them at the next best price. In case of market execution mode this situation is commonly referred to as slippage and it can be both positive or negative for all order types.
Minimum tradable lot size
Minimum tradable lot size is 1 000 units of a base currency (equal to 0.01 MetaTrader 4 lot size).
Leverage/Margin
Required margin is the amount needed to be deposited/present in your trading account in order for a position to be opened. Your leverage will determine how much margin you actually need to open up a position. Please visit our FAQ section for a more in depth explanation of how margin is actually calculated.
Margin Level Required to Open Locked or Hedged Positions
A lock or hedge position appears when you open a trade of the same volume (please note that volume of the opposite trade can also be higher or lower) in the opposite direction of the trade you already have. This is not the same as closing the initial trade, since the lock position requires that both remain open.
When opening a lock position, you will not be asked for any additional margin.
Costs
The costs associated with opening and holding a position can be subdivided into three main categories: ECN commission, Rollover/swap charges and Spread.
What are Rollover/Swap charges
For opening a position in some types of financial instruments, swap fees may occur. The value of opened positions in some types of financial instruments is increased or reduced by a daily financing fee “swap.” Swap fees are based on prevailing market interest rates, which may vary over time. Please visit our Rollover Policy section for more details.
ECN commission
Please note that the calculation of ECN commission is based upon the volume in USD. All trades on ECN accounts are subject to a commission of 7.00 USD per notional amount of 100 000 USD traded (1.0 lot ) Please visit our FAQ section to see the examples.