Trading Terms

What is the secret of successful trading on the foreign exchange market? It is a very complex question that has an endless number of answers. Each currency market professional is immediately ready to name several reasons that lead to positive results on their trading account; however, it is important to remember that profitability of any strategy, not least of all, depends on the trading operations of the foreign exchange broker selected. ForexChief offers its clients a line of products that consider the interests of a trader group. Narrow spreads, the availability of "cent" accounts, bonuses and additional services will be equally useful, both for beginners and professionals.

Types of accounts

MT4.DirectFX. This is the main account type in the line of ForexChief trading accounts designed for experienced traders. The distinctive features of this account are narrow spreads without "markups" and a broker fee, whose amount is calculated as based on the transaction volume at the rate of $15 for USD 1 mln. Orders are executed in "Market Execution" mode, while the speed of execution of client's orders on the Company's trading server is, on average, 100 msec (under regular market conditions).

MT4.Classic+. This is a classic account type with a "floating" spread that has no transaction fee. Client's orders are executed in "Market Execution" mode, while the standard speed of trading order execution on the server is in the range of 100-150 msec (under regular market conditions). These accounts will be especially relevant for traders, whose trading system is not designed for commission costs and models profitability is based on the size of spreads.

cent-MT4.DirectFX. This is a "cent" account, whose balance span exceeds that standard hundredfold. Otherwise, this account type is completely identical to the MT4.DirectFX accounts. It is suitable, both for beginners who are not ready to risk large capitals, and for professional traders, whose goal is optimization of their trading system with the use of real monetary funds. Also, these accounts will be suitable for those clients who want to test MT4.DirectFX on its "cent" counterpart.

cent-MT4.Classic+. This is a "cent" account that is different from MT4.Classic+ only by its balance span. Otherwise, those account types are identical. As it’s an intermediary stage between a demo-account and a real standard account, the cent-MT4.Classic+ allows users to make a comfortable transition from "virtual" trading to operation with real money.

MT5.DirectFX. The basic option for professionals in the line of ForexChief trading account. Stable high liquidity, narrow spreads without «markups», the minimum brokerage commission on the transaction volume ($ 15 for 1 million USD) allows to effectively use all advantages of MT5 trading terminal and «One Click Trading» technology. Processing of trade orders in «Market Execution» mode, the average processing speed on the Company's trading server under normal market conditions is not more than 100 msec.

MT5.Classic+. Classic trading account standard with a favorable variable spread without commission. Full access to any assets, use of all MT5 terminal functions, «Market Execution» order execution mode, average speed of ordering on the broker's server does not exceed 100-150 msec (in conditions of a stable market). The optimal solution for professional trading systems with the modeling of profitability using the «floating» spread method without taking into account commission costs.

cent-MT5.DirectFX. «Cent» analog MT5.DirectFX, the balance dimension of trading account is 100 times larger. A complete set of MT5 functions and capabilities, access to market assets, trading conditions and technical specifications are identical to the standard version of account. Accounting for trading results in cents is beneficial for beginners, who can not risk large sums, and professionals who perform testing or optimization of trading systems or methods of management.

cent-MT5.Classic+. «Cent» version of MT5.Classic+ account with a low level of risk. Guarantees maximum of practical experience at minimal costs. It is recommended for all systems with a variable spread without taking into account trade commission; allows to improve methods of money management, to test strategies, technical tools and means of automatic trading; provides a comfortable transition from demo trading and small deposits to a full trading account.

Order execution policy

Trading conditions set for each account type are not the only criterion for development and fine-tuning of a trading system. The quality of order execution is an important dealing element that affects the profitability of currency transactions, which implies not only the speed of client order processing on the trading server, but also the depth of slippages that a trader may encounter in the period of high volatility on the market. In order to protect the client from unforeseen consequences that arise in the process of trading, ForexChief has developed the order execution policy , which was designed to notify traders of the most difficult aspects in dealing, including: slippage of stop-orders, speed of order execution at the moment economic news is published, forced closing of hedge positions in case of spread widening, as well as potential risks when using trading credits.