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FXCM MetaTrader 4

Execution Policy, Features and Settings

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Individuals who plan to trade with FXCM's MetaTrader 4 (MT4) platform should review the information on this page carefully. Friedberg Direct's FXCM MT4 execution policy, trading features, and platform settings are covered here.

Features and Settings

Feature Details
Tradable Currency Pairs 39
GMT Offset 0
Default Lot Size 0.01 (micro lots)
Dow Jones FXCM Dollar Index Basket Yes
Requotes None
Scalping Restrictions None
Default Order Type Fill or Kill Read More
Hedging Yes
Close Part of a Position Yes
Max Deviation Yes
Default Max Deviation 10 (1 pip)
Rollover Yes; displayed on the platform
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.

Please note: all FXCM MetaTrader 4 accounts use Our No Dealing Desk forex execution.

MT4 Quote Throttling: The potential exists for variations in pricing displayed between servers. These differences do not have an impact on prices available for execution but can impact the prices used to trigger resting orders.

Margin Call

Friedberg Direct's margin call policy for FXCM MetaTrader 4 accounts is different from all other Friedberg Direct accounts.

When free margin reaches 0 (and margin level drops to 100%), a margin warning initiates and the balance line will be highlighted in pink while free margin is negative.

What are my options after I receive a Margin Warning?

There are five possible scenarios that may occur after you receive a Margin Warning:

Scenario #1: You deposit more funds.

  • If within five days you deposit enough funds to bring your Free Margin above 0, your Margin Warning will be automatically reset in real time.

Scenario #2: You close out positions.

  • If within five days you are able to close out positions which brings your Free Margin above 0, your Margin Warning will be automatically reset in real time.

Scenario #3: The market turns in your favor.

  • The market may turn in your favor bringing your equity back above the Margin requirement. If at the time of the daily maintenance margin check at 16:00, your Free Margin is above 0, your Margin warning will be reset between 16:45 and 18:00 ET.

Scenario #4: You do nothing.

  • If after five trading days your Free Margin is less than 0, All your positions will be liquidated at approximately 18:00 ET.

Scenario #5: Your account equity falls to the Liquidation Margin Level.

  • If at any time your Equity reaches the Auto Liquidation Level, your largest losing position will be triggered to immediately liquidate. (Discussed Below).

When will my positions be liquidated?

Accounts will be triggered to liquidate at 18:00 ET at the end of the fifth day of a Margin Warning unless your positions reach the Liquidation Margin level before. Please note that weekends and bank holidays will count against the five days you are given to bring the account equity above the Maintenance Margin Requirement.

If the fifth day falls on a Saturday, open positions will be liquidated at market open on Sunday at approximately 18:00 ET.

LIQUIDATION TABLE

TIME OF MARGIN WARNING (ET) TRIGGERED TO LIQUIDATE (ET)
Sunday 17:00 - Monday 16:59 Sunday 18:00
Monday 17:00 - Tuesday 16:59 Sunday 18:00
Tuesday 17:00 - Wednesday 16:59 Monday 18:00
Wednesday 17:00 - Thursday 16:59 Tuesday 18:00
Thursday 17:00 - Friday 16:59 Wednesday 18:00

Auto Liquidation

The auto liquidation level is 25% of the Margin Requirment.

To clarify the auto liquidation level and the amount of funds remaining until the largest losing position is liquidated, you are able to run an account statement via www.myfxcm.com or the trading station.

Necessary margin is the account equity level that would trigger a Margin Call that would close the largest losing position.

Usable Margin is the amount of equity remaining until a Margin Call.

Necessary Margin (Maintenance) is the same as the Margin value displayed in the MT4, this is the account equity level that triggers a margin warning.

Usable Margin (Maintenance) is the amount of equity remaining until a margin warning. If Usable Margin (Maintenance) is negative the account is currently in a Margin Warning. Only when Usable margin (Maintenance) is positive can a Margin Warning be removed.

While all positions liquidate after the five-day grace period, if equity passes below the auto-liquidation level trades close by size of loss, from largest to smallest, as recorded in the Profit column at the time of auto-liquidation. These liquidations occur automatically until the account is out of auto-liquidation status. The five-day grace period cannot be reset until account equity is above the Necessary Margin (Maintenance).

Trades are closed in the following manner when auto liquidation level is met and a margin call occurs. Trades close in order of the size of their loss, from the largest loss to the smallest loss, as recorded in the "Profit" column at the time of margin call. This process will continue until "Necessary Margin" is greater than $0.

Please read the following examples closely to understand fully how Freidberg Direct's FXCM MetaTrader 4 margin call policy works.

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.

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

In this example, the MetaTrader 4 platform will close the trade with the largest loss first - Position 2.

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 MetaTrader 4 platform will close the trade with the largest loss first - Position 3.

After Position 3 closes, if "Free Margin" is still at or below zero, Position 2 will now be the largest losing position and will close next.

How do I know if I am still in a Margin Warning?

There may exist a scenario if the market moves in your favor that your free margin is above zero yet you are still in a margin warning. The Margin Warning is removed automatically only if free margin is greater than zero at the time of the daily margin maintenance check (The system runs an additional check when processing a deposit or closing a position). Free margin greater than zero at any other time will not remove the warning.

MT4 is a third party platform and there exists no way of clarifying if you are still in a margin warning from within the platform. If you have enough free margin available, you are able to open new positions but may still be in a margin warning.

To clarify if you are still in a margin warning you are able to log into Trading Station Desktop or Web and view the Accounts tab, via the same login and password as your MT4 account.

If the MC column displays a W, the account is still in a margin warning, if you wish to remove the warning prior to the daily margin maintenance check, you are able to contact our live phone support or trading desk to remove the warning manually.

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.

Our trading policy allows for unlimited positive slippage on all order types. Therefore, we 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.

Cross-Platform Compatibility

Friedberg Direct's FXCM MetaTrader 4 login credentials grant a user with access to the FXCM Trading Station platforms. Therefore, Friedberg Direct's 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.

Friedberg Direct is an independent legal entity and is not affiliated with MetaQuotes Software Corp. ("MT4"). MT4 is not owned, controlled, or operated by Friedberg Direct. Therefore, Friedberg Direct does not make any warranties regarding any product or service and has not reviewed or verified any performance results that may be presented and/or described on this website.