Trading with TradeKing Forex FAQs

What are your commissions and fees on trading?

TradeKing Forex does not charge commissions. Prices quoted are inclusive of our normal dealing spreads, which are derived from Interbank dealing spreads on all major currencies, including US Dollar, British Pound (Sterling), Japanese Yen, Euro, Swiss Franc, Canadian Dollar, and Australian Dollar. TradeKing Forex is compensated for its services through the bid/ask spread.

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Are there data fees associated with my TradeKing Forex account?

TradeKing Forex customers with active accounts access a host of premium tools and services – at no cost. Accounts with no activity for a period of 90 days or more are subject to a monthly data fee of $15 (effective March 1, 2012). You have the option of avoiding this fee by temporarily deactivating your account. You may deactivate your account by contacting Customer Support.

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How do I deactivate or reactivate my account and is there a cost involved?

Simply contact us to have your account temporarily deactivated or reactivated at any time. There is no charge for account deactivation or reactivation. You will not incur data fees while your account is deactivated. Please note, however, that during any period of deactivation your account will be inaccessible.

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What are your trading hours?

Trading is available 24 hours a day from 5:00pm ET Sunday through 5:00pm ET on Friday, including most U.S. holidays. Please be advised of the potential for illiquid market conditions particularly at the open of the trading week. These conditions may result in wider spreads for some currency pairs based on market liquidity.

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Can I trade with TradeKing Forex if I am not using my main computer?

You can trade with TradeKing Forex on any computer with an Internet connection. Simply go to www.tradeking.com/forex and login to your account. If you are traveling or do not have access to a computer with an Internet connection, you can execute trades over the phone by calling the trade desk. 

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What other services does TradeKing Forex offer?

Along with comprehensive account management tools and monthly statements, TradeKing Forex's dealing software provides each client with a wide range of trading tools, including technical analysis and charting, real-time news feeds, real-time profit and loss analysis, and full back office capabilities. TradeKing Forex's market professionals also provide daily FX commentary. Finally, account statements are sent at the beginning of each month, and list all transactions for the previous month by currency and value date, a summary of all current open positions, and account balance as calculated at the close of business on the last business day of the month.

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What happens to my open positions at the end of the trading day?

TradeKing Forex automatically rolls forward all open positions following the close of NY trading at 5:00 pm ET. Trading is typically suspended for up to 1 minute during the roll process. The amount paid or earned depends on the direction of the open position and the interest rate differential between the two currencies involved. For example, assuming UK interest rates are significantly higher than Japan's, a trader long GBP/JPY (i.e. holding British Pounds), is paid interest upon rollover. Conversely, if a trader is short GBP/JPY (i.e. holding yen) interest will be debited upon the rollover.

Rollover credits or debits are applied daily to the customer's account reflecting interest paid or earned on each open position held overnight.

TradeKing Forex's daily rollover rates and detailed reporting of rollover activity is available in the Reports section of the trading platform.

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What are TradeKing Forex's margin requirements?

TradeKing Forex's initial margin requirement for a standard account is U.S. $2,500 on our minimum trade size of US $100,000. TradeKing Forex's initial margin requirement for a mini account is US $500 on our minimum trade size of US $10,000. TradeKing Forex will only execute trades on margin if the client has sufficient funds in his or her account.

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How do I confirm trades that I’ve placed?

Trade confirmations are provided online as soon as the trade is executed. Full transaction details may be accessed on screen, including date, time, rate, notional amount bought and sold, USD value, and reference number. Confirmations may also be accessed via your daily statement.

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When do I place a limit order and when do I place a stop?

If you are placing an order to: Order to place
Sell above the current market price Sell limit
Sell below the current market price Sell stop
Buy above the current market price Buy stop
Buying below the current market rate Buy limit
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How do I place a trade over the phone?

  • State your Account Number.

    You will be asked to verify the name on the account and answer other security questions.

  • Ask for the current price i.e.

    “I would like a price on Euro/Dollar.”

  • TradeKing Forex will provide the current bid/offer.

    “Euro/Dollar is trading at 1.28551/562” (the first number being the bid, the second the offer)

  • If you wish to place a market order, state your interest.

    “I sell 50,000 of Euro/Dollar at the market.” TradeKing Forex will provide verbal confirmation of the trade. Your trade will be entered on your behalf and the trade will appear in the trading platform immediately. If you do not wish to deal at the quoted levels, simply say “nothing done.” You may also request that a stop or limit order be placed on your behalf. Be sure to indicate the type of order and the price.

All trades executed via the phone are subject to a pre-deal margin availability check and will be manually entered into the customer’s account for integrated P&L analysis and reporting. All phone orders will be recorded to ensure fairness and accuracy for all parties involved.

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Can I place a trade via email?

No. We do not accept trades via email. You can place trades online or by calling 1-866-567-0295 or 1-908-731-0730 (Int'l).

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Can I hold positions over the weekend and major holidays?

Yes, you can hold positions over the weekend and major holidays, but make sure you review your margin balance to cover any negative move against your open positions. It's not uncommon for currencies to "gap" - trade at prices considerably away from previous levels - when they re-open for trading after a holiday or weekend. This may negatively impact your excess margin.

We suggest you keep a cash "cushion" in your account of at least 2% against your open positions; to help protect against automatic liquidations of your positions to meet margin requirements. For example, if open positions equaled $400,000, then margin balance should equal at least $8,000 (400,000 x .02).

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