Execution Rules

Type of Orders

As our client, you are given the option to place the following orders for execution:

• "Market Order" – an order instantly executed. You may attach to a market order a Stop Loss and/or Take Profit. Stop Loss is an order to limit your loss on a trade, whereas Take Profit is an order to capture your profit.
• "Pending Order" - an order to be executed at a later time at a price that you specify. The following types of pending orders are available: Buy Limit, Buy Stop, Sell Limit, Sell Stop and Trailing Stops. You may attach to any pending order a Stop Loss and/or Take Profit to any pending order.

You may modify an order before it is executed, but cannot change or remove Stop Loss, Take Profit or Pending Orders if the price has reached the level of the order execution.

Trading Hours and 24/7 Service

FxPro's operation time: round-the-clock (24 hours) from 23.00.01 P.M. (CET) Sunday through 23.00.00 P.M. (CET) Friday, which is from 00.00.01 A.M. (Cyprus Time) Monday through 24.00.00 P.M. (Cyprus Time) Friday. Cyprus Time is indicated as the Server time in the market watch window of the trading terminal. Holidays are announced through the internal mail of the MT4 trading terminal. During the above listed time we operate multilingual Customer Support (Help Desk), available 24/7, should you require any further clarification of holidays.

We will not quote any price outside our operations time, and therefore no orders can be placed by the client during that time.

Best Execution

We take all necessary steps to obtain the best possible result for our clients when executing their trading orders:

• 1. Price: For all 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: The difference between the lower and the higher price of any given instrument. We offer competitive spreads starting from just 0.5 pips.
  • - ASK Price: Buy Limit, Buy Stop, Stop Loss and Take Profit for opened short position are executed at the ASK price.
  • - BID Price: Sell Limit, Sell Stop, Stop Loss and Take Profit for opened long position are executed at the BID price.
  • - Execution Price Orders: Stop Loss, Take Profit, Buy Limit, Buy Stop, Sell Limit and Sell Stop are executed at the requested price. Under certain trading conditions it may be impossible to execute the above at the requested price and FxPro has the right to execute them at the next best price.
• 2. Costs: For opening a position in some types of financial instruments, the following fees may occur:
  • - Commissions: May be charged either in the form of a percentage of the overall value of the trade or as a fixed amount. Currently this applies only to derivatives with an underlying financial instrument of shares and futures.
  • - Financing Fees: The value of opened positions in some types of financial instruments is increased or reduced by a daily financing fee "swap." Financing fees are based on prevailing market interest rates, which may vary over time.
• 3. Speed of Execution: FxPro places a great importance on speed when executing clients’ orders and strives to offer high speed of execution.
• 4. Likelihood of Execution: Although we aim to execute all orders placed by our clients, should there be any reason we are unable to do so at that specific time, we reserve the right to decline an order and to offer a new price in the form of a "Market Order." In this case, you can either accept or refuse the new price.
• 5. Size of Order: The minimum size of an order is 0.1 lots (one tenth of a lot). A lot is a unit measuring the transaction amount and it is different for each type of financial instrument.
• 6. Leverage/Margin: Required margin is the amount needed to be in the Trading Account in order for a position to be opened. This is related to the leverage of the account, which can be chosen to be up to 1:500.

Execution Venues

Execution venues are the entities within which the orders are placed or to which FxPro transmits orders for execution. For the purposes of orders for the financial instrument provided by FxPro, we act as principal and not as agent on the client's behalf; therefore FxPro is the sole execution venue for the execution of the client's orders. FxPro does not transmit the client order in the external market if the order is for the financial instrument provided by FxPro.

Bid Prices on Charts

Charts in the terminal are built and shown only for Bid prices. However, for opening of long positions and closing of short ones, Ask price is always used. But it is not shown in the chart in any way and it cannot be sent. More scrutiny and review can be accessed by enabling the "Show Ask line" parameter. After this command has been executed, an additional horizontal line corresponding with current Ask price of the last bar will appear in the chart.

Expert Advisor And Trailing Stops

Expert Advisors (EA) are programmes in the terminal that have been developed in MetaQuotes Language 4 (MQL 4) and used for automation of analytical and trading processes. EAs enable the performance of prompt technical analysis of price data and manage trading activities on basis of signals received. The entire routine work of technical analysis and trading can be given to EA. An EA can perform analytical and trading operations for any symbols or periods independent of whether the corresponding chart was opened or not.

Stop Loss is intended for the reduction of losses where the symbol price moves in an unprofitable direction. If the position becomes profitable, Stop Loss can be manually shifted to a break-even level. To automate this process, Trailing Stop was created. This tool is especially useful when price changes strongly in the same direction or when it is impossible to watch the market continuously for some reason.

Bear in mind that EA and Trailing Stops operate in the client terminal, not in the server (as with Stop Loss or Take Profit). This is why they will not work, unlike the above orders, if the terminal is off.

Margin Level Required to Open Lock or Hedge Positions

A lock or hedge position appears when a client opens a trade for the same volume in the contrary direction of one already open. This is not the same as closing the initial trade, since the lock position requires that both remain open.

When you open a lock position (the contrary position) you will not be asked for additional margin as long as your Margin Level is higher than 100% on your Trading Account.

Since the Margin level ratio expresses the relation between the Equity and the Used Margin (Margin Level = [Equity / Used Margin] * 100) you can conclude that as long as you have a positive Free Margin (Margin Level > 100%) you will be able to open lock positions without additional margin. In the other case you won't be able to open any new position including lock.

You can check your Equity, Used Margin, Free Margin and Margin Level at the status line of your online Trading Account.

Connection Failure

In case you face any internet connection problems to our servers and you need to place, modify, erase, or close trades or in general require any type of action or information regarding your trading account, please contact the dealing desk immediately by phone at +357 25 969 239 as per the Terms and Conditions.

Spread Variation

Please note that based on our agreement the company reserves the right to increase or decrease the spread beyond the typical spread. This is usually more common during the night sessions.