Execution Risks

No Dealing Desk and MetaTrader 4

In the interest of providing our clients with the best possible trading experience, we feel it is imperative for all traders, regardless of their previous experience, to be as well informed about the execution risks involved with trading at FXCM.

Here you will find information detailing the execution risks associated with FXCM's forex execution types. Select a product/execution type to get started:

No Dealing Desk Forex Execution Trading Risks


Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade products offered by Forex Capital Markets, LLC ("FXCM LLC") you should carefully consider your objectives, financial situation, needs and level of experience. FXCM LLC is a registered Futures Commission Merchant and Retail Foreign Exchange Dealer with the Commodity Futures Trading Commission and is a member of the National Futures Association (NFA #0308179). FXCM provides general advice that does not take into account your objectives, financial situation or needs. The content of this website must not be construed as personal advice. The possibility exists that you could sustain a loss in excess of your deposited funds and therefore, you should not speculate with capital that you cannot afford to lose. You should be aware of all the risks associated with trading on margin. FXCM recommends you seek advice from an independent financial advisor.


Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary, and does not constitute investment advice. FXCM will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.


There are risks associated with utilizing an internet-based deal-execution trading system including, but not limited to, the failure of hardware, software, and internet connection. Since FXCM does not control signal power, its reception or routing via the internet, configuration of your equipment or reliability of its connection, we cannot be responsible for communication failures, distortions or delays when trading via the internet. FXCM employs backup systems and contingency plans to minimize the possibility of system failure, which includes allowing clients to trade via telephone.


FXCM provides forex execution via a straight through processing, or No Dealing Desk execution model. In this model FXCM passes on to its clients the best prices that are provided by one of FXCM's liquidity providers (which include global banks, financial institutions, prime brokers and other market maker) with no markups. In some instances, accounts for clients of certain intermediaries are subject to a markup. In this model, FXCM does not act as a market marker in any currency pairs. As such, FXCM is reliant on these external providers for currency pricing. Although this model promotes efficiency and competition for market pricing, there are certain limitations to liquidity that can affect the final execution of your order.


FXCM aims to provide clients with the best execution available and to get all orders filled at the requested rate. However, there are times when, due to an increase in volatility or volume, orders may be subject to slippage. Slippage most commonly occurs during fundamental news events or periods of limited liquidity. Instances such as trade rollover (5pm EST) is a known period in which the amount of liquidity tends to be limited as many liquidity providers settle transactions for that day. For more information on why rollover occurs, see the section on ‘Rollover Costs’. During periods such as these, your order type, quantity demanded, and specific order instructions can have an impact on the overall execution you receive.

Examples of specific order instructions include:

  • Good 'Til Cancelled ("GTC") Orders - Your entire order will be filled at the next available price(s) at the time it is received.
  • Immediate or Cancel ("IOC") Orders - All or part of your order will be filled at the next available price with the remaining amount cancelled should liquidity not exist to fill your order immediately.
  • Fill or Kill ("FOK") Orders - The order must be filled in its entirety or not at all.

The volatility in the market may create conditions where orders are difficult to execute. For instance, the price you receive in the execution of your order might be many pips away from the selected or quoted price due to market movement. In this scenario, the trader is looking to execute at a certain price but in a split second, for example, the market may have moved significantly away from that price. The trader's order would then be filled at the next available price for that specific order. Similarly, given FXCM's No Dealing Desk model for forex execution, sufficient liquidity must exist to execute all trades at any price.

FXCM provides a number of basic and advanced order types to help clients mitigate execution risk. One way to mitigate the risk associated with slippage is to utilize the Market Range (Max Deviation for MT4 users) feature on FXCM's Platforms. The Market Range feature allows traders to specify the amount of potential slippage they are willing to accept on a market order by defining a range. Zero indicates that no slippage is permitted. By selecting zero on the Market Range, the trader is requesting his order to be executed only at the selected or quoted price, not any other price. Traders may elect to accept a wider range of permissible slippage to raise the probability of having their order(s) executed. In this scenario the order will be filled at the best price available within the specified range. For instance, a client may indicate that he is willing to be filled within 2 pips of his requested order price. The system would then fill the client within the acceptable range (in this instance, 2 pips) if sufficient liquidity exists. If the order cannot be filled within the specified range, the order will not be filled. Please note, Market Range orders specify a negative range only. If a more preferential rate is available at the time of execution traders are not limited by the specified range for the amount of positive price improvement they can receive.

Additionally, when triggered, stop orders become a market order available for execution at the next available market price. Stop orders guarantee execution but do not guarantee a particular price.

To view more information regarding order types at FXCM, please visit: http://www.fxcm.com/advantages/forex-execution/order-execution/


During the first few hours after the open, the market tends to be thinner than usual until the Tokyo and London market sessions begin. These thinner markets may result in wider spreads, as there are fewer buyers and sellers. This is largely due to the fact that for the first few hours after the open, it is still the weekend in most of the world. Liquidity may also be impacted around trade rollover (5PM EST) as many of our multiple liquidity providers momentarily come offline to settle the day’s transactions which may also result in wider spreads around that time due to a lack of liquidity. In illiquid markets, traders may find it difficult to enter or exit positions at their requested price, experience delays in execution, and receive a price at execution that is a significant number of pips away from your requested rate.

A comprehensive list of spreads can be found at http://www.fxcm.com/advantages/spreads-commissions/.

In addition to the order type, a trader must consider the availability of a currency pair prior to making any trading decision. As in all financial markets, some instruments within that market will have greater depth of liquidity than others. Ample liquidity allows the trader to seamlessly enter or exit positions, near immediacy of execution, and minimal slippage during normal market conditions. However, certain currency pairs have more liquid markets than others.

At FXCM the following are considered examples of Exotic Currencies which may have limited liquidity:


These pairs have a level of risk associated with them that may not be inherent. The market for these currencies is very illiquid, with liquidity being maintained and provided by one, or few external sources. These liquidity concerns include but are not limited to, the inability to exit positions based on lack of market activity, differences in the prices quoted and final execution received, or a delay in execution while a counterparty for your specific transaction is identified. With these considerations in mind it is imperative that any trader factor this into any trading decision. For this reason we strongly encourage all traders to utilize advanced order types to mitigate these risks.


Delays in execution may occur using FXCM’s No Dealing Desk execution model for various reasons, such as technical issues with the trader's internet connection to FXCM; a delay in order confirmation from a liquidity provider; or by a lack of available liquidity for the currency pair that the trader is attempting to trade. Due to inherent volatility in the markets, it is imperative that traders have a working and reliable internet connection. There are circumstances when the trader's personal internet connection may not be maintaining a constant connection with the FXCM servers due to a lack of signal strength from a wireless or dialup connection. A disturbance in the connection path can sometimes interrupt the signal and disable the FXCM Trading Station, causing delays in the transmission of data between the trading station and the FXCM server. One way to check your internet connection with FXCMs server is to ping the server from your computer.


Market volatility creates conditions that make it difficult to execute orders at the given price due to an extremely high volume of orders. By the time orders are able to be executed, the bid/ask price at which a liquidity provider is willing to take a position may be several pips away.

In cases where the liquidity pool is not large enough to fill a Market Range order, the order will not be executed. For Limit Entry or Limit orders, the order would not be executed but instead reset until the order can be filled. Remember, both Limit Entry and Limit orders guarantee price but do not guarantee execution. Depending on the underlying trading strategy and the underlying market conditions traders may be more concerned with execution versus the price received.


There may be instances when spreads widen beyond the typical spread. Spreads are a function of liquidity and in periods of limited liquidity, at market open, or during rollover at 5:00 PM ET, spreads may widen in response to uncertainty in the direction of prices or to an uptick in market volatility, or lack of available liquidity. It is not uncommon to see spreads widen particularly around rollover. Trade rollover is typically a very quiet period in the market, since the business day in New York has just ended, and there are still a few hours before the new business day begins in Tokyo. Being cognizant of these patterns and taking them into consideration while trading with open orders or placing new trades around these times can improve your trading experience. This may occur during news events and spreads may widen substantially in order to compensate for the tremendous amount of volatility in the market. The widened spreads may only last a few seconds or as long as a few minutes. FXCM strongly encourages traders to utilize caution when trading around news events and always be aware of their account equity, usable margin and market exposure. Widened spreads can adversely affect all positions in an account (discussed below).


During periods of high volume, hanging orders may occur. This is a condition where an order is in the process of executing but execution has not yet been confirmed. The order will be highlighted in red, and the "status" column will indicate "executed" or "processing," in the "orders" window. In these instances, the order is in the process of being executed, but is pending until FXCM receives confirmation from the liquidity provider that the quoted prices is still available. During periods of heavy trading volume, it is possible that a queue of orders will form. That increase in incoming orders may sometimes create conditions where there is a delay from the liquidity providers in confirming certain orders.

Depending on the type of order placed, outcomes may vary. In the case of a Market Range order that cannot be filled within the specified range, or if the delay has passed, the order will not be executed. In the case of an At Market order, every attempt will be made to fill the order at the next available price in the market. In both situations, the "status" column in the "orders" window will typically indicate "executed" or "processing." The trade will simply take a few moments to move to the "open positions" window. Depending upon the order type, the position may in fact have been executed, and the delay is simply due to heavy internet traffic.

Keep in mind that it is only necessary to enter any order once. Multiple entries for the same order may slow or lock your computer or inadvertently open unwanted positions.

If at any time you are unable to access the FXCM Trading Station to manage your account, you may call the Trading Desk directly at +1 212-201-7300 or freephone in the U.S. and Canada, or visit www.fxcm.com for contact information.


Greyed out pricing is a condition that occurs when forex liquidity providers that supply pricing to FXCM are not actively making a market for particular currency pairs and liquidity therefore decreases. FXCM does not intentionally "grey out" prices; however, at times, a severe increase in the difference of the spread may occur due to a loss of connectivity with a provider or due to an announcement that has a dramatic effect on the market that limits liquidity. Such greying out of prices or increased spreads may result in margin calls on a traders account. When an order is placed on a currency pair affected by greyed out prices, the P/L will temporarily flash to zero until the pair has a tradable price and the system can calculate the P/L balance.


Rollover is the simultaneous closing and opening of a position at a particular point during the day in order to avoid the settlement and delivery of the purchased currency. This term also refers to the interest either charged or applied to a trader's account for positions held "overnight," meaning after 5 p.m. ET on FXCM's Platforms. The time at which positions are closed and reopened, and the rollover fee is debited or credited, is commonly referred to as Trade Rollover (TRO). It is important to note that rollover charges will be higher than rollover accruals. Spreads during rollover may be wider when compared to other time periods because of liquidity providers' momentarily coming offline to settle the day's transactions. Please manage positions accordingly around rollover and understand the implications of spreads widening in regard to execution with existing/open positions or new positions/orders.


Exchange rate fluctuations, or pip costs, are defined as the value given to a pip movement for a particular currency pair. This cost is the currency amount that will be gained or lost with each pip movement of the currency pair's rate and will be denominated in the currency denomination of the account in which the pair is being traded. On the FXCM Platforms, the pip cost for all currency pairs can be found by selecting "View," followed by "Dealing Views," and then by clicking "Simple Rates" to apply the checkmark next to it. If "Simple Rates" already has a check mark next to it, viewing the dealing rates in the simple view is as easy as clicking the "Simple Dealing Rates" tab in the dealing rates window. Once visible, the simple rates view will display the pip cost on the right-hand side of the window.


When you trade forex with FXCM using a No Dealing Desk execution model, you are trading on price feeds that are being provided by multiple liquidity providers. In rare cases, these feed can be disrupted. This may only last for a moment, but when it does, spreads become inverted. During these rare occasions, FXCM advises that clients avoid placing At Market orders. While it may be tempting to place a "free trade," keep in mind that the prices are not real and your actual fill may be many pips away from the displayed price. In the event that trades are executed at rates not actually offered by FXCM's liquidity providers, FXCM reserves the right to reverse such trades, as they are not considered valid trades. By placing Market Range orders or not trading during these moments, traders can avoid the risk associated with the above scenarios.



The trading desk opens on Sundays between 5:00 PM ET and 5:15 PM ET. The trading desk closes on Fridays at 4:55 PM ET. Please note that orders placed prior may be filled until 5:00 p.m. ET and that traders placing trades between 4:55 p.m. and 5:00 p.m. ET may be unable to cancel orders pending execution. In the event that a Market GTC Order is submitted right at market close, the possibility exists that it may not be executed until Sunday at market open. Please use caution when trading around Friday's market close and factor all the information described above into any trading decision.

The open or close times may be altered by the Trading Desk because it relies on prices being offered by liquidity providers to FXCM. Outside of these hours, most of the major world banks and financial centers are closed. The lack of liquidity and volume during the weekend impedes execution and price delivery.


Shortly prior to the open, the Trading Desk refreshes rates to reflect current market pricing in preparation for the open. At this time, trades and orders held over the weekend are subject to execution. Quotes during this time are not executable for new market orders. After the open, traders may place new trades, and cancel or modify existing orders.


Sunday's opening prices may or may not be the same as Friday's closing prices. At times, the prices on the Sunday open are near where the prices were on the Friday close. At other times, there may be a significant difference between Friday's close and Sunday's open. The market may gap if there is a significant news announcement or an economic event changing how the market views the value of a currency. Traders holding positions or orders over the weekend should be fully comfortable with the potential of the market to gap.

For more information, please see: http://www.fxcm.com/fxcm-forex-execution.jsp


Limit orders are often filled at the requested price or better. If the price requested (or a better price) is not available in the market, the order will not be filled. If the requested price of a Stop order is reached at the open of the market on Sunday, the order will become a Market order. Limit Entry orders are filled the same way as Limit orders. Stop Entry orders are filled the same way as Stops.


Traders who fear that the markets may be extremely volatile over the weekend, that gapping may occur, or that the potential for weekend risk is not appropriate for their trading style, may simply close out orders and positions ahead of the weekend. It is imperative that traders who hold open positions over the weekend understand that the potential exists for major economic events and news announcements to affect the value of your underlying positions. Given the volatility expressed in the markets it is not uncommon for prices to be a number of pips away at market open from market close. We encourage all traders to take this into consideration before making a trading decision.


Please note that FXCM does not provide a margin call warning to clients prior to liquidating open positions. Margin calls are triggered when your usable margin reaches zero. This occurs when your floating losses reduce your account equity to a level that is less than or equal to your margin requirement. Therefore, the result of any margin call is subsequent liquidation unless otherwise specified.

The idea of margin trading is that your margin acts as a good faith deposit to secure the larger notional value of your position. Margin trading allows traders to hold a position much larger than the actual account value. FXCM's Trading Station has margin management capabilities, which allow for the use of leverage. Of course, trading on margin comes with risk as leverage may work against you as much as it works for you. If account equity falls to a level that is less than or equal to your margin requirement, the FXCM Trading Station will trigger an order to close all open positions. When positions have been over-leveraged or trading losses are incurred to the point that insufficient equity exists to maintain current open positions, a margin call will result and all open positions will be closed out (liquidated).

Please keep in mind that when the account's useable margin reaches zero, all open positions are triggered to close. The liquidation process is entirely electronic, and there is no discretion on FXCM's part as to the order in which trades are closed.

Although the margin call feature is designed to close positions when account equity falls below the margin requirements, there may be instances when liquidity does not exist at the exact margin call rate. As a result, account equity can fall below margin requirements at the time orders are filled, even to the point where account equity becomes negative. This is especially true during market gaps or volatile periods. FXCM recommends that traders use Stop orders to limit downside risk in lieu of using a margin call as a final stop.

It is strongly advised that clients maintain the appropriate amount of margin in their accounts at all times. You may request to change your margin requirement by going to myfxcm.com and filling out the "Margin Change Request Form," which is subject to approval by FXCM. Margin requirements may be changed based on account size, simultaneous open positions, trading style, market conditions, and at the discretion of FXCM.

Please note that MT4 users are subject to different margin call procedures. When a margin call is triggered on the account, trades will be closed one by one until "Free Margin" is greater than zero.


FXCM LLC Trading Station accounts opened after June 14, 2013, are defaulted to FXCM’s “Smart Margin” feature. FXCM LLC Trading Station accounts opened prior may enable the Smart Margin feature via MyFXCM.com. Similarly, this margin warning feature may be disabled at any time via MyFXCM.com. The Smart Margin Watcher is only available on FXCM LLC Trading Station accounts.

The Smart Margin feature was designed to alert clients whose account equity drops below margin requirements which can potentially give clients extra time prior to all open positions being liquidated due to a margin call.

Please click here to view more information on when a margin warning or margin call is designed to be initiated for clients utilizing the Smart Margin feature.

Smart Margin is designed to alert clients to the fact that their account equity has fallen below margin requirements by the presence of a “W” in the “MC” column in the Trading Station (2% for major currency pairs and 5% for exotic pairs). Up-to-date margin requirements are displayed in the "Simplified Dealing Rates" window of the Trading Station Platform by currency pair. The Smart Margin feature is designed to alert clients via email as well. However, clients should not rely on receiving this form of alert and should monitor their account at all times as FXCM shall not be liable for any communication failures or delays.

Please click here for more information on how margin is represented in the accounts window within the Trading Station.

After a warning is initiated, client’s account will be locked from opening any new positions and will have approximately three days from 5 PM ET on the day that the margin warning is initiated, to bring account equity back above the Maintenance Margin Requirement Level. There are a few ways to accomplish this; 1) Deposit more funds. 2) Close out existing positions 3) Beneficial market movements.

Please click here for more information on the options available after receiving a Margin Warning.

The “MC” column within the Trading Station will be automatically reset in real time to “N” (meaning that client is no longer in margin warning status), should client decide to deposit more funds or close out open positions in an attempt to free up available margin. Please note that while most debit card deposits are processed instantaneously, some may take up to 24 hours.

Should the market move in the client’s favor, bringing account equity back above the Maintenance Margin Requirement Level, client’s status may be reset between 5:00 PM ET and 5:59PM ET, when FXCM conducts a daily maintenance margin check. Client may contact FXCM to have their margin status earlier. Contact FXCM.

If, after three days, client’s margin remains below the requirement level, all positions will be liquidated at 6:00PM ET. Please note that weekends and bank holidays will count against the three days given to bring the account equity above the Maintenance Margin Requirement.

Please click here to view more information on when accounts in “Warning” status will have positions liquidated.

If at any time, client’s account falls to the Liquidation Margin Level (1% for major currency pairs and 2.5% for exotic pairs); the Smart Margin feature is designed to trigger the liquidation of all open positions. The liquidation process is entirely electronic, and there is no discretion on FXCM's part as to the order in which trades are closed.

It is important to note that an entry order which should have been triggered while a client’s account is in Margin Warning Status, will be deleted and not executed unless that order is meant to close out any open positions (acting as a Stop or Limit) as long as the order’s trade size is equal to, or less than, the open position’s trade size. If the order to close is larger than the open position, the entire entry order will be deleted and the open position will not be closed out.

For clients utilizing the Mirror Trader platform, please note that the Smart Margin feature does not affect the Mirror Trader's Automated Strategy trading logic. However, clients using Mirror Trader must use the Trading Station platform as their statement of record as the Mirror Trader platform will only display the Used and Usable Margin columns (liquidation levels) and will not display the Initial/Maintenance Margin columns (warning levels). In order to view where an account stands in relation to a Margin Warning, client must have the Trading Station platform open.

Clients trading on the Mirror Trader platform will not receive a Margin Warning popup message if the client were to drop below the Maintenance Margin level. However, the client will be sent the Margin Warning email notification. Please note that clients should not rely on receiving this form of alert and should monitor their account within the Trading Station at all times as FXCM shall not be liable for any communication failures or delays.

Should client attempt to manually open a position through the Mirror Trader platform while the account is in Margin Warning status, the position will not be opened and client will receive an error message.


It is important to make a distinction between indicative prices (displayed on charts) and dealable prices (displayed on the FXCM Trading Station). Indicative quotes are those that offer an indication of the prices in the market, and the rate at which they are changing. These prices are derived from a host of contributors such as banks and clearing firms, which may or may not reflect where FXCM's liquidity providers are making prices. Indicative prices are usually very close to dealing prices, but they only give an indication of where the market is. Executable quotes ensure finer execution and thus a reduced transaction cost. Because the spot forex market lacks a single central exchange where all transactions are conducted, each forex dealer may quote slightly different prices. Therefore, any prices displayed by a third party charting provider, which does not employ the market maker's price feed, will reflect "indicative" prices and not necessarily actual "dealing" prices where trades can be executed.


There are a series of inherent risks associated with the use of the mobile trading technology such as the duplication of order instructions, latency in the prices provided, and other issues that are a result of mobile connectivity. Prices displayed on the mobile platform are solely an indication of the executable rates and may not reflect the actual executed price of the order.

Mobile TS II utilizes public communication network circuits for the transmission of messages. FXCM shall not be liable for any and all circumstances in which you experience a delay in price quotation or an inability to trade caused by network circuit transmission problems or any other problems outside the direct control of FXCM. Transmission problems include but are not limited to the strength of the mobile signal, cellular latency, or any other issues that may arise between you and any internet service provider, phone service provider, or any other service provider.

It is strongly recommended that clients familiarize themselves with the functionality of the FXCM Mobile Trading Station prior to managing a live account via portable device.


FXCM's Trading Station Web platform has been modified to run on mobile and tablet devices. The mobile platform for tablet devices is called Trading Station Mobile and has the same trading features as Trading Station Web. The same connectivity risks described above regarding our Mobile TS II apply to use with any application made available for tablet trading.

FXCM MetaTrader 4 Execution

Individuals should review the information below carefully which details the differences regarding execution, trading features, and platform settings specific to the FXCM MT4 platform.

Features and Settings

Feature Details
Tradable Currency Pairs 40
GMT Offset 0
Default Lot Size 0.01 (micro lots)
Stop Loss and Take Profit Restrictions None
Pending Order Restrictions None
Scalping Restrictions None with NDD Execution
Default Forex Execution Model No Dealing Desk
Default Order Type Fill or Kill
Hedging No
Close Part of a Position Yes
Max Deviation Yes
Default Deviation 10 (1 pip)
Order Execution Type Instant Execution

Trade Execution

Orders to open and close trades, as well as take profit (TP) orders execute Fill or Kill. These orders only execute if they can fill in their entirety at the requested price. These orders cannot be broken up and filled at multiple prices.

In the event that sufficient liquidity is not immediately available to execute a Fill or Kill order in its entirety, execution ceases.

Stop Loss (SL) orders, and orders submitted due to margin call do not execute Fill or Kill. These orders do fill in their entirety at the same price; however, execution will not cease if sufficient liquidity is not immediately available. Execution will continue until a price becomes available to fill the entire order.

The maximum number of open orders is capped at 500 individual orders per account. This restriction includes both open orders and pending orders. The MT4 platform will display an error message if traders attempt to open more than 500 individual orders. Stop Losses and Take Profits are exempt from this restriction.

Margin Call

The margin call policy for FXCM MetaTrader 4 accounts is different from all other FXCM accounts. When a margin call occurs, trades will be closed one by one until "Free Margin" is greater than zero.

Scenario 1

Client A has the following positions open in two different currency pairs when a margin call occurs.

  • Position 1: EUR/USD bought on January 1st
  • Position 2: GBP/AUD bought on January 2nd

At the time of margin call, the "Profit" column shows:

  • Position 1: -$50
  • Position 2: -$100

In this example, the MetaTrader 4 platform will close the trade with the largest loss first - Position 2. Because each position is in a different currency pair, FIFO accounting does not affect the order in which the positions close.

Scenario 2

Client B has the following positions open in the EUR/USD currency pair when a margin call occurs.

  • Position 1: EUR/USD bought on January 1st
  • Position 2: EUR/USD bought on January 2nd

At the time of margin call, the "Profit" column shows:

  • Position 1: -$50
  • Position 2: -$100

Because both trades are in the same currency pair, the MetaTrader 4 platform will follow FIFO accounting rules. Position 1 will be closed first even though it is not the largest losing position.

Scenario 3

Client C has the following positions open when a margin call occurs.

  • Position 1: EUR/USD bought on January 1st
  • Position 2: GBP/AUD bought on January 2nd
  • Position 3: EUR/USD bought on January 3rd

At the time of margin call, the "Profit" column shows:

  • Position 1: -$50
  • Position 2: -$100
  • Position 3: -$200

In this example, the largest losing trade is Position 3. However, it will not be the first trade closed because that would cause a FIFO conflict with Position 1. Position 1 was opened first and due to FIFO accounting it must close before Position 3. However, Position 2 has a greater loss than Position 1 so Position 2 will close first (there are no FIFO conflicts between these trades).

After Position 2 closes, if "Free Margin" is still at or below zero, Position 3 will now be the largest losing position. However, Position 3 cannot close before Position 1 due to FIFO accounting. So Position 1 will close second followed by Position 3.

Scenario 4

Client D has the following positions when a margin call occurs.

  • Position 1: GBP/AUD bought on January 1st
  • Position 2: EUR/USD bought on January 2nd
  • Position 3: EUR/USD bought on January 3rd

At the time of margin call, the "Profit" column shows:

  • Position 1: -$500
  • Position 2: -$10
  • Position 3: -$50

In this example, position 1 is the largest losing trade and there is no FIFO conflict. Therefore, it will be closed first. Next, if "Free Margin" is still below zero, another position will close. Position 3 has a larger loss than Position 2, but Position 2 was opened first. The platform will follow FIFO accounting rules and close Position 2 next.


Interest rates are not displayed on the MetaTrader 4 Platform; however, traders will pay or accrue interest in accordance with the current FXCM rates. To obtain the rollover rates traders can view them on the FXCM Trading Station II platform or call FXCM customer service for current rates. Please be advised that interest rates are provided to FXCM by multiple liquidity providers. Every effort is made to display rollover rates one day in advance on the FXCM Trading Station II. However, during times of extreme market volatility, rates may change intraday.

Any positions that are open at 5 p.m. ET sharp are considered to be held overnight, and are subject to rollover. A position opened at 5:01 p.m. is not subject to rollover until the next day, while a position opened at 4:59 p.m. is subject to rollover at 5 p.m. ET.

Expert Advisor

Expert Advisor's (EA) are automated trading tools that can perform all or part of a trading strategy. While FXCM offers proprietary EAs, there are others developed by third parties. FXCM does not vouch for the accuracy or reliability provided by the EAs not in its control. Traders utilizing an EA do so at their own risk. Additionally, many EA's employ the use of micro lots and do not account for fractional pip pricing. On the FXCM MetaTrader 4 platform the smallest lot size increment is 1k and fractional pips are used. Prior to trading, please contact your EA provider to discuss the lot sizes used in the program and any potential issues that may arise from fractional pip pricing.

Max Deviation

With FXCM MetaTrader 4, all orders execute using instant execution. This MetaTrader 4 execution type enables the maximum deviation ("max deviation") feature.

The maximum deviation feature was designed to control slippage - both negative and positive - in the following way. When creating an order, a number is specified in tenths of a pip (≥0) in the max deviation field. This number is the maximum amount of slippage the order can receive. If the market price moves beyond this amount while the order is executing, the order will cancel automatically. This is how the maximum deviation feature was designed to function.

FXCM trading policy allows for unlimited positive slippage on all order types. Therefore, FXCM has developed a way to override the restriction that the maximum deviation feature places on positive slippage. All orders placed on the FXCM MetaTrader 4 platform fill with the greatest amount of positive slippage possible.

In the event that an order fills with positive slippage beyond the maximum deviation, the platform logs a message in the "Journal" tab. The message has the following format: $ {Amount} - Positive Slippage - {Order Number}. $ {Amount} is the positive slippage the order received beyond the maximum deviation.

If the market price moves negatively beyond the maximum deviation, the order cancels automatically. When this occurs, an "Off Quotes" message is displayed. This is a standard MetaTrader 4 message notifying the user that an order canceled because the market price deviated beyond the order setting.

Please note: dependent upon market conditions, a lower maximum deviation amount can increase the likelihood that an order will be rejected due to the market price moving outside of the maximum deviation.

Net Stops and Limits

The FXCM MetaTrader 4 platform uses Net Stops and Net Limits. When you have multiple positions open in the same currency pair, a stop loss (SL) or take profit (TP) functions as a Net Stop or a Net Limit. Changing the stop loss or take profit price on any individual trade overrides all existing SL and TP prices in the same currency pair.

Learn more about how Net Stops and Net Limits work.

Pending Orders

You cannot use a pending order to close a trade or a portion of it. Pending orders can only be used to open new trades. For example, assume that an account is long 0.2 EUR/USD. A trader then creates a pending order to sell 0.1 EUR/USD. If the pending order price is reached, the order will trigger for execution. However, because the pending order is attempting to trade in the opposite direction of the existing long trade, the pending order will automatically cancel, leaving the long trade unaffected.

When closing a trade, MetaTrader 4 users can use stop loss and take profit orders as an alternative to pending orders.

Cross-Platform Compatibility

FXCM MetaTrader 4 login credentials grant a user with access to the FXCM Trading Station platforms. Therefore, FXCM MetaTrader 4 account holders can place and manage trades and orders through the FXCM Trading Station platforms. Account details for retail clients (e.g. orders, trades, P/L, margin, equity) will match on all of these platforms and their statement of records. However, please note that some functionality available on the FXCM Trading Station platforms may not be available on the FXCM MetaTrader 4 platform.

FXCM MetaTrader 4 Markups

A 0.1 pip mark-up is added to spread for the use of MT4. FXCM MetaTrader 4 allows for order sizes up to 50 million per trade. Traders have the ability to trade incremental sizes (multiple orders of 50 million for the same pair). The FXCM MetaTrader 4 Platform does not show pip costs.

FXCM MetaTrader 4 Server Information

Under rare circumstances it may be necessary to type in a server address when logging into FXCM MetaTrader 4. So long as you download FXCM MetaTrader 4 here and install it on your computer or VPS, you will not need these server addresses.

If you need to enter the server address when logging in, be sure to use the one that corresponds to your trading account's denomination. As an example, if your account is denominated in U.S. dollars, you would use "mt4r01.fxcorporate.com."

MetaTrader 4 Live Server

Account Denomination Server Address
US Dollars mt4r01.fxcorporate.com
Euros mt4r02.fxcorporate.com
Japanese Yen mt4r03.fxcorporate.com
British Pounds mt4r04.fxcorporate.com
Australian Dollars mt4r05.fxcorporate.com

MetaTrader 4 Demo Server

Account Denomination Server Address
US Dollars mt4d01.fxcorporate.com
Euros mt4d02.fxcorporate.com
Japanese Yen mt4d03.fxcorporate.com
British Pounds mt4d04.fxcorporate.com
Australian Dollars mt4d05.fxcorporate.com