| META TRADER TRADING POLICY |
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| Trading Hours |
| The dealing desk is open 24-hours a day from Sunday 5:00 PM New York
time until Friday 4:30 PM New York time. Quotations, order placement, and
confirmation available online or via telephone. |
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| Trade Execution Over The Phone |
| To Place a Trade or an Order Via the Phone: |
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| Trader/Client: When calling the dealing desk, the trader should specify at the
outset whether the account is a 100K account or a mini account. |
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| Dealer: "May I have your account number, please?" |
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| Trader: "My account number is 12345." |
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| Dealer: "May I have the name on this account, please?" (The dealer asks this
question in order to verify that the caller is indeed the account holder.)
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| Trader: "Please give me a price on EUR/USD for 5 lots." |
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| Dealer: Will make a 2-way price, "1.2860-63." |
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| Trader: Will either say "At 60," "At 63," or "No trade." |
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| Dealer: Will confirm, "At 117.60, you sold 3 lots of USD/JPY," "At 117.64, you
bought 3 lots of USD/JPY," or "No trade, thank you." |
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| Traders CANNOT hold the quoted price, as it is only good for 3 to 5 seconds
depending on market volatility. In the event the trader holds the price, the
dealer reserves the right to change the price by saying either "change," "price
change," "off," or "your risk." |
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| Dealer: Will confirm to trader ANY order that is placed during the course of the
conversation. |
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| Dealing Room:1-212-482-0740 |
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| Trade Execution Over The Internet |
| Live Executable Rates |
| IKON-ROYAL's RoyalTrader quotes live and executable streaming prices. These
prices are updated automatically tick-by-tick reflecting the slightest move in
the market. Prices shown on the T.S. are not indicative, meaning they are
actual executable prices. IKON-ROYAL takes pride in offering one of the best and
most competitive prices to all clients equally. Moreover, IKON-ROYAL offers
institutional prices/spreads.
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| Types of Orders |
| The trading platform provides sophisticated order entry and tracking of market
orders, entry orders, stop/limit entry orders, and stop-loss orders. All of the
above orders are Good Until Cancelled (GTC), which is valid until the order is
executed or cancelled.
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| Orders |
| RoyalTrader features a variety of orders that traders can execute:
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| Market Order: A trade is executed at the current market price. This order is
quick and efficient. Click on the currency pair you want to trade then click on
the price and the trade is executed!
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| Entry Order*: Trader specifies the price he/she wants to open the position.
Position is not executed until exchange rate hits the specified price. Orders
are guaranteed ONLY in normal market conditions.*
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| Stop/Loss Orders*: Used to pre-determine what loss a trader is willing to
take. Orders are guaranteed ONLY in normal market conditions.*
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| Limit Orders: Used to pre-determine what profit a trader is looking to make.
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| Trailing Stop Orders: The MT4 has an algorithm to manage Stop Loss orders.
Once a trailing stop has been placed (for example, trailing stop's value is 15
pips) the following occurs:
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| No Stop Loss order will be placed until the open position is in a profit of at
least 15 pips. MT4 then sends an instruction to place the Stop Loss order 15
pips higher or lower than the current price.
Subsequently, each time the difference between the current price and the
order level exceeds 15 pips; MT4 sends the instruction to modify the Stop
Loss order to a level 15 pips higher or lower than the current price. As a
result, the Stop Loss order becomes closer to the current price. Please note-
The Meta Trader 4 platform needs to be open and operational for the trailing
order feature to work properly.
Important:
It is very important to note that no Stop Loss order will be placed until the
market moves in your favor as mentioned above. Therefore until this has
happened, to limit losses, a separate Stop Loss would need to be placed
manually.
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| * All stop-loss, limit and entry orders are guaranteed against slippage except
in abnormal or volatile market conditions. All quotes and trades are subject to
the terms and conditions of the Client Agreement accessible through this
website
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| Dealing Spread |
| We offer to our clients institutional prices/spreads via our Meta Trader 4
Platform. This means that you will now see a reflection of Inter Bank prices
live streaming on our trading software (MT4).
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| Margin |
| The margin deposit is not a down payment on a purchase as many perceive
margins to be in the stock or bond markets. Margin is a good faith deposit
and the margin requirement allows traders to hold a position much larger
than the account value.
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| In the event that funds in the account fall below margin requirements, the
IKON GM Dealing Desk will close some or all open positions. This prevents
clients' accounts from falling into a negative balance, even in a highly volatile,
fast moving market.
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| Example of how Margin Works
In the example below, the trader buys in expectations of profiting from a rising
exchange rate. Since the trader opened 1 lot of the EUR/USD, his margin
requirement or Used Margin is $1000. Usable Margin is the funds available
to open new positions or sustain trading losses. If the equity (the value of the
account) falls below his Used Margin due to trading losses, his position will
automatically be closed.As a result, the trader can never lose more than
he/she deposits.
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| Rollover |
| Generally, in the FOREX industry, currencies bought on the "trade date" are
deliverable in a clients account in two business days the "value date".
However, if the trader does not want delivery of the currency, they can simply
roll over the position to the next value date or close the position on the same
trade date.
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| At approximately 5pm EST, all open positions are subject to a daily rollover
rate that a trader either earns or pays, depending on the currency pair traded.
Rollovers are payments based on the interest rates of the countries in the
currency pair selected. For example, a EUR/USD position would entail the
interest rates of the European Union versus the US. If the trader does not
wish to earn or pay rollover on their established trade(s), simply close the
position(s) before 5pm EST, the end of the market day.
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| Each spot foreign exchange transaction, executed and cleared by IKON GM,
is based on the standard two day value date confirmation; hence, they have to
be closed and re-opened at the end of the day, everyday except the trading
day. This is done automatically by our BackOffice in a regular, daily manner.
Before reaching the value date, each transaction is rolled over to the next
value date, unless the client wishes to take delivery of the actual currency.
When a currency pair is rolled over to the next value date, there is either a cost
or a credit to such a transaction (Rollover P/L). As a primary market maker in
the foreign exchange market, IKON GM is able to provide its clients with the
most advantageous rates. If you require an in-depth explanation of the
rollover process, please contact your representative.
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| Interest-Free Live Account (Islamic Accounts) |
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In lieu of paying interest to or receiving interest for positions held open past
each close of the business day (rollover), the customer will be charged a fee
for each unit held as a position past each rollover; regardless of whether or
not the positions would have been subjected to The Royal Division of IKON
GM’s regular rollover charge schedules. Such fee will be determined by The
Royal Division of IKON GM and will include and may be greater than the costs
The Royal Division of IKON GM incurs with third parties in connection with
managing the risks on such transactions. The Royal Division of IKON GM
may adjust the fee and reserves the right to revoke the interest -free option on
the account in its sole discretion at any time.
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| Reports |
| On our Platform a trader can generate detailed account statements to reflect
trading activity between any two dates. This feature helps traders refine and
enhance their trading skills by reviewing past trades. A trader would click on
the report button, and specify two dates and click enter to generate a detailed
summary down to the second of all transactions.
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User
Guide
