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Mini Trading Account
Dealing Details
Dealing Hours
The dealing desk is open 24-hours a day from Sunday 2 PM New York time until Friday 4:00 PM New York time. Quotations, order placement, and confirmation available online or via telephone.
Dealing Spreads
Currencyland offers 20 currency pairs and guarantees FIXED spreads in ALL market conditions regardless of trade size.
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Currency Pair |
Spread |
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Currency Pair |
Spread |
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EUR/USD |
03 pips |
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EUR/CHF |
07 pips |
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USD/JPY |
04 pips |
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EUR/CAD |
10 pips |
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USD/CHF |
05 pips |
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EUR/AUD |
15 pips |
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USD/CAD |
05 pips |
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GBP/JPY |
09 pips |
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GBP/USD |
05 pips |
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GBP/CHF |
15 pips |
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EUR/JPY |
04 pips |
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CAD/JPY |
10 pips |
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AUD/USD |
04 pips |
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CHF/JPY |
09 pips |
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NZD/USD |
04 pips |
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AUD/CAD |
10 pips |
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EUR/GBP |
03 pips |
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AUD/JPY |
08 pips |
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NZD/JPY |
10 pips |
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AUD/NZD |
13 pips |
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Trade Size
On the Currencyland trading platform all trades are executed in standard sizes of 10,000 base currency per one lot. There is no maximum trading volume on the Currencyland Trading Station, however, for trading sizes larger than $10,000,000, traders must request a quote over the telephone.
Here are some examples:
- U.S. Dollar/ Japanese Yen (10,000 U.S. Dollars)
- Euro/ U.S. Dollar (10,000 Euros)
- Euro/ Great Britain Pound (10,000 Euros)
- Euro/ Japanese Yen (10,000 Euros)
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.
Margin
Currencyland enables currency trading to be conducted on a highly leveraged basis. Every trader is able to select the degree of leverage or gearing that the trader wishes to employ in trading. Unless the trader specifies otherwise, Currencyland sets the leverage level at Currencyland's default margin level for the deposited amount. The requirements for leverage vary with account size, and may be changed from time to time at the sole discretion of the dealing desk, based on volume traded and market conditions.
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Account Type |
Default Margin Level |
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Lowest Available Margin Level |
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Mini |
$50 Per Lot* (approximately .5%) |
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$50 Per Lot* |
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100K |
$1000 Per Lot* (approximately 1%) |
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$500 Per Lot* |
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100K Interest Bearing |
$2000 Per Lot (approximately 2%) |
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$2,000 Per Lot |
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Not available for accounts over $50,000. |
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Up to 200:1 Leverage
Clients must have approximately .5% of the value of the positions they hold in their account for each lot of currency being traded (approximately 200:1 leverage). This equates to $50 per lot (10,000 units). This amount does not change after 5:00 PM New York time, which is the rollover cut off, but stays constant at approximately .5% per lot the entire day and overnight.
Guaranteed Limited Risk
There is also an important safety feature embedded in our system that prevents clients from losing more money than they have in the account. Should the account equity -- meaning the total floating value of the account -- fall below the margin requirement of approximately .5% per lot, the dealing desk will close all open positions.
Rollover/Interest Policy
In the spot forex market, trades must be settled in two business days. If a trader sells 10,000 euros on Tuesday, the trader must deliver 10,000 euros on Thursday, unless the position is rolled over. As a service to our traders, Currencyland automatically rolls over all open positions to the next settlement date at 5:00 PM New York time. Rollover involves exchanging the position being held for a position expiring the following settlement date. The positions being exchanged are usually not valued at the same price. The amount of the difference varies greatly based on the currency pair, the interest rate differential between the two currencies, and fluctuates day to day with the movement of prices. On any given day, the rollover is approximately $1 per lot.
Note: On Wednesdays, the amount added or subtracted to an account as a result of rolling over a position tends to be around three times the usual amount. This "3-Day" rollover accounts for settlement of trades through the weekend period.
Why does rollover take place? At 5:00 PM New York Time, funds are subtracted or added to accounts with` open positions because of the automatic rollover. For accounts that have a margin requirement of 2% or more, funds are added to the account for positions in which the client is long (holding) the currency bearing the higher interest rate. Funds are deducted in the opposite circumstance. For accounts that do not have a 2% margin requirement, the rollover amount is deducted from the account for each position regardless of the account's holdings. This 2% margin requirement is the most generous policy available to traders in the forex industry, as many firms require 3-5% minimum margin before traders can benefit from rollover. |
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Mini Accounts
