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OTC Spot Foreign Exchange

ICM Capital provides online currency trading conditions for clients around the globe and is one of the fastest growing multi-asset online trading companies in the world. We offer tight spreads on OTC Spot Foreign Exchange for all major currency pairs.

The online currency trading market is open 24 hours a day allowing online forex trading to take place from Monday to Friday. At ICM Capital the MetaTrader 4 online trading platform offers traders the opportunity to trade Forex from anywhere in the world using the iPhone, iPad, laptop or PC at times convenient for them.

Learn more about OTC Spot Foreign Exchange

The Foreign Exchange Market (FX) is the arena in which one nation's currency is exchanged for that of another at a mutually agreed rate. It was created in the 1970's when international trade transitioned from fixed to floating exchange rates, and is now considered to be the largest financial market in the world because of its huge turnover.

In Forex trading all currencies are traded in pairs, with the 'base' currency being the first currency of the pair and the 'quote' or 'term' currency being the second currency in the pair.

Base currency Quote currency Rate USD JPY = 120.25

This abbreviation specifies how much you have to pay in the quote currency to obtain one unit of the base currency (in this example, 120.25 Japanese Yen for one US Dollar). The minimum rate fluctuation is called a point or a pip.

Most currencies, except USD/JPY, EUR/JPY, CHF/JPY and other Yen crosses where a pip is 0.01, have 4 digits after the period (a pip is 0.0001), and sometimes they are abbreviated to the last two digits. For example, if EURUSD is traded at 1.2389/1.2391 the quote may be abbreviated to 89/91.

OTC Spot Forex details:

  • Tight spreads
  • Use of expert advisor
  • Powerful and user-friendly trading software

Contract Specifications

Foreign Exchange ICM Direct ICM Direct Limits/stops pending orders can be placed from market price ICM Pro ICM Pro Limits/stops pending orders can be placed from market price*
AUD/CAD 3.5 No Minimum 2.7 10 Pips
AUD/CHF 3.6 No Minimum 2.5 15 Pips
AUD/JPY 3.1 No Minimum 2.1 10 Pips
AUD/NZD 4 No Minimum 2.9 20 Pips
AUD/USD 2.1 No Minimum 1.4 5 Pips
CAD/CHF 3.9 No Minimum 2.6 10 Pips
CAD/JPY 3.3 No Minimum 2.4 10 Pips
CHF/JPY 3.9 No Minimum 2.5 10 Pips
EUR/AUD 3.8 No Minimum 3 15 Pips
EUR/CAD 3.7 No Minimum 2.8 20 Pips
EUR/CHF 3.4 No Minimum 2.3 10 Pips
EUR/GBP 2.1 No Minimum 1.4 5 Pips
EUR/JPY 2.9 No Minimum 2 10 Pips
EUR/NZD 5.1 No Minimum 3.8 25 Pips
EUR/SGD 4.9 No Minimum 4.2 15 Pips
EUR/USD 1.3 No Minimum 1.1 5 Pips
GBP/AUD 5 No Minimum 3.6 20 Pips
GBP/CAD 4.6 No Minimum 3.7 20 Pips
GBP/CHF 4.6 No Minimum 3.4 10 Pips
GBP/JPY 3.7 No Minimum 2.5 10 Pips
GBP/NZD 6.3 No Minimum 5 30 Pips
GBP/SGD 7.3 No Minimum 5.6 20 Pips
GBP/USD 2.3 No Minimum 1.6 5 Pips
NZD/CAD 4.1 No Minimum 3 25 Pips
NZD/CHF 3.9 No Minimum 2.7 15 Pips
NZD/JPY 3.4 No Minimum 2.6 15 Pips
NZD/USD 2.4 No Minimum 1.8 5 Pips
USD/CAD 2.2 No Minimum 1.7 5 Pips
USD/CHF 2.5 No Minimum 1.7 5 Pips
USD/CNH 7.9 No Minimum 6 25 Pips
USD/JPY 2 No Minimum 1.3 5 Pips
USD/SGD 3.3 No Minimum 2.6 15 Pips

i. ICM Capital Trading Hours:  Sunday - Friday (22:00 - 22:00) Server Time
ii. ICM Direct account requires no minimum limits/stops  to enter the market
iii. Min and Max Lots per trade:  0.01 lots - 500 lots
iv. All contract size is 100,000 of the base currency
v. Subject to change without prior notice

Margin Requirement Calculation Formulas:

Example for calculating the margin requirement for ICM Direct trades is as follows:

Required Margin = (Trade Size (lot size) / leverage) * account currency exchange rate (if different from the base currency in the pair being traded).

Example:
Trading 1 lot of GBP/USD using 1:200 leverage with an account currency denominated in USD
1 lot = 100,000
Leverage = 200
Base currency/Account currency exchange rate = 1.58
100,000/200 = 500
500 * 1.58 = 790

Required margin on this trade is $790.

Example for calculating the margin requirement for ICM Standard trades is as follows:

Required Margin = (Trade Size (lot size) / leverage)

Example:
Trading 1 lot of GBP/USD using 1:200 leverage with an account currency denominated in USD
1 lot = 100,000
Leverage = 200
100,000/200 = 500

Required margin on this trade is $500.

Swap Policy

No swaps will be offered on any positions under ICM Standard accounts. ICM Capital reserves the right to discontinue an Islamic/SWAP-free account without warning. ICM Capital will invoke this right in case of suspicion of abuse, in which case ICM Capital may, at its sole discretion, decide to close all open positions in the account and deduct or add swaps for all transactions currently and/or previously made in the account and decline from accepting any further requests from the Client to be exempted from SWAP.

While using higher leverage can significantly increase your profits, it equally can work against you as it involves greater risks to your capital. If the currency underlying one of your trades moves in leverage will greatly amplify your potential losses. It is possible for you to lose more than your initial deposit so please ensure CFD trading meets your investment objectives and seek independence advice and trading style that includes the use of stop and limit orders.

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Fund your Account

Trading CFD's or Spot FX carries a high risk to your capital and can result in losses that exceed your deposits. CFDs and Spot FX are leveraged products. Trading CFD's or Spot FX carries a high risk to your capital and can result in losses that exceed your deposits. You should not engage in this form of investing unless you understand the nature of the Transaction you are entering into and the true extent of your exposure to the risk of loss. Your profit and loss will vary according to the extent of the fluctuations in the price of the underlying markets on which the trade is based.