Forex FAQs
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Foreign Exchange
- Does CMC Markets pay interest on available free equity?
Yes, please refer to the Rates Schedule for the current interest qualification level and relevant interest rates.
- How is Financing Charged and Calculated?
Spot positions that are rolled over will incur financing based upon the interest rate differential between the two applicable currencies. The interest rate applied is 'TomNext' which is an abbreviation for 'Tomorrow' or the 'Next' business day because the first value date is tomorrow or the next business day. The TomNext price reflects the applicable interest rate between Tomorrow/Next and the 'Spot value' date.
At (22:00) 10:00pm London Time (Standard FX market Value-Date change time) each day, CMC Markets will settle all Spot positions by closing the trade at the current market rate and re-opening it for the following day's Spot date at a rate that will reflect the interest rate differential.
Opening an Account
- Does CMC Markets trade in lots?
At CMC Markets we do not force you to trade in lots but rather allow you to trade in any particular currency amount that suits your trading or hedging needs.
- What is the minimum deal size?
You may trade in any specific amount above our minimum USD10,000 (or equivalent).
- What are the margin requirements?
Spot FX and FX Forwards are margined at rates as low as 1% both intraday and overnight.
- Does CMC Markets give trading advice?
CMC Markets provides an execution only service. We are able to provide factual information upon request but are not authorised to give direct or indirect trading advice. CMC Markets does however offer access to world-leading research and analysis through advanced charting and analytic tools, real-time news and analysis, and IDEAglobal market research and commentary.
Trading with CMC Markets
- Who do I deal with at CMC Markets?
CMC Markets has a number of dealers trading on the internet and the telephone. When you open your account you will be provided with a logon for the trading software and the telephone number for the relevant desk.
- Does CMC Markets offer credit accounts?
No. CMC Markets only opens deposit accounts.
- How can I apply for an account?
There are three ways to apply for an account:
- Complete an online application on our website
- Request an application form on our website
- Telephone the sales department on 0800 0933 633 or
Internationally at +44 (0)20 7170 8201 to request an
application or speak to a member of the sales desk
- What should I do if I have a complaint?
- Should you have reason to complain, then it is important that at first you advise your usual contact at CMC Markets. CMC Markets' Helpdesk staff will be pleased to help, so please ask to speak to any of our representatives if you feel you have cause for complaint. Complaints will usually be resolved at this early stage.
- If your complaint is not resolved to your satisfaction in the first instance you will be able to refer the matter to our Compliance Department, in order for them to conduct their own investigation. A final response will be issued by Compliance.
Order Types
- What is an If-Done Order?
An If-Done Order, also known as a Contingent Order, is linked to an existing pending Order. To place an If-Done Order you would first place a Limit or Stop Order, usually to open a position. The If-Done Order will lie dormant until your initial Stop or Limit Order has been filled. At this point it will come into existence and show as pending, awaiting execution in your Order blotter.
- What is an OCO Order?
An OCO Order is an Order where One (Order) Cancels the Other (Order) and commonly consists of a Stop-Loss and Limit Order placed on either side of the current prevailing market price. An OCO Order is generally used to close an open or existing position. For example: An OCO would be used with an existing long position where a Stop-Loss Order would be placed below the market to limit the loss on a trade, and a Limit Order would be placed above the market to take profit. When one Order is executed, the other is automatically cancelled, hence one cancels the other (OCO).