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COMMISSIONS, FEES and ROLLOVER
Commissions Fixed spreads are a way for FCMs to markup or markdown the best bid or offer. FCMs do this to hide their fee into the price of the currency pair instead of displaying their best quote. Common sense tells you that no one works for free, so when you see an FCM claim they have no commission that should be a red flag. So how are they getting paid? Its simple... they are making money with the built-in markup/markdown in the spread. Our FCM, MB Trading Futures, Inc., has nothing to hide. They offer tight spreads with combined low transaction costs. Commissions are based on total dollar amount traded: $2.95 per $100,000 USD based currencies traded or $0.295 per $10,000 USD based currencies traded. Click Here for More Information on Commissions Rollover / Premium Rates Rollover automatically occurs each evening between 4:58 and 5:06 p.m. EST (Monday through Friday). During the rollover period, interest is added to or subtracted from accounts with open positions based on the annual Buy or Sell Premium rates.
What is Rollover? Rollover interest arises from holding a currency pair overnight, which may result in debit or credit interest posted to an account. Foreign currency trading involves borrowing one currency to buy another whereby the borrowed currency is charged debit interest and the purchased currency is paid interest. The net difference of the two numbers results in a credit or debit interest charge (rollover), if held overnight. "Spot Forex market transactions have a value date that is two business days forward. Rollover involves exchanging the current position for a position expiring the following settlement. Industry practice is if a trade is executed on Tuesday, then Thursday would be considered the value date. An exception occurs if a position is opened and held overnight on Wednesday. The normal value date for Wednesday would be Friday at 5:00 PM ET, however, since the market closes at 5:00 PM ET the value date is extended to the following Monday. Positions that are held overnight on Wednesdays will earn or incur an extra two days of interest (due to the weekend). Additionally, positions with a value date that fall on a holiday also incur or earn additional interest." To avoid rollover interest debits or credits on your positions, simply make sure your position is closed prior to 5pm EST (the established end of the market day). Premium Rates Annual premium rates can be found by adding the "Buy Prem." and "Sell Prem." columns to your Positions or Watchlist windows. See Picture Here Banking Fees Domestic wire transfer: $20 Foreign wire transfer: $30 Check request - regular delivery: FREE - Overnight delivery: $15 - Saturday delivery: $25 Incoming wire deposit: FREE Incoming check deposit: FREE Returned check deposit (insufficient funds): $15 Stop payment: $25 |
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© 2011 ECN Market. All rights reserved. Home | Privacy Policy | Risk Disclosure | Third Party Disclosure | Forex News
ECN Market is a marketing agent for MB Trading Futures, Inc (MBTF) that receives a volume based referral fee for its services. MB Trading Futures, Inc is registered with the CFTC and members of NFA as a Futures commission Merchant (FCM). MBTF offers execution and settlement services for off-exchange foreign currency (forex) products through. Trading in forex is speculative in nature and not appropriate for all investors. Investors should only use risk capital because there is always the risk of substantial loss. Account access, trade executions and system response may be adversely affected by market conditions, quote delays, system performance and other factors. Forex Calculator | Forex Broker |
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