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 Over The Counter (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
AUDCAD 3.8 No Minimum 3.6 No Minimum
AUDCHF 3.2 No Minimum 3.2 No Minimum
AUDJPY 3 No Minimum 3 No Minimum
AUDNZD 3.9 No Minimum 3.6 No Minimum
AUDUSD 1.7 No Minimum 1.7 No Minimum
CADCHF 3.5 No Minimum 3.5 No Minimum
CADJPY 3.3 No Minimum 3.3 No Minimum
CHFJPY 2.8 No Minimum 2.8 No Minimum
EURAUD 3 No Minimum 3 No Minimum
EURCAD 3.2 No Minimum 3.2 No Minimum
EURCHF 2.1 No Minimum 2.1 No Minimum
EURGBP 1.3 No Minimum 1.3 No Minimum
EURJPY 2.1 No Minimum 2.1 No Minimum
EURNZD 4.3 No Minimum 3.8 No Minimum
EURSGD 15 No Minimum 15 No Minimum
EURTRYV 26 No Minimum 26 No Minimum
EURUSD 1.3 No Minimum 0.9 No Minimum
GBPAUD 3.8 No Minimum 3.8 No Minimum
GBPCAD 3.6 No Minimum 3.6 No Minimum
GBPCHF 2.8 No Minimum 2.8 No Minimum
GBPJPY 2.1 No Minimum 2.1 No Minimum
GBPNZD 6.2 No Minimum 6.2 No Minimum
GBPSGD 22 No Minimum 22 No Minimum
GBPUSD 1.8 No Minimum 1.7 No Minimum
NZDCAD 3.8 No Minimum 3.5 No Minimum
NZDCHF 3 No Minimum 3 No Minimum
NZDJPY 3 No Minimum 3 No Minimum
NZDUSD 2.1 No Minimum 1.6 No Minimum
USDCAD 2.1 No Minimum 1.7 No Minimum
USDCHF 1.5 No Minimum 1.5 No Minimum
USDCNH 15 No Minimum 15 No Minimum
USDJPY 1.3 No Minimum 1.3 No Minimum
USDSGD 15 No Minimum 15 No Minimum
USDTRYV 60 No Minimum 60 No Minimum

i. ICM Capital Trading Hours:  Sunday - Friday (22:00 - 22:00) Server Time
ii. Min and Max Lots per trade:  0.01 lots - 500 lots
iii. All contract size is 100,000 of the base currency
iv. Subject to change without prior notice
v.  Leverage USDTRY 1:20, EURTRY 1:20. Swaps will be charged on these currency pairs even if a swap-free setting is enabled. We reserve the right to initiate an automatic stop out on all open positions if the margin reaches 50%.

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).

Trading 1 lot of GBP/USD using 1:30 leverage with an account currency denominated in USD
1 lot = 100,000
Leverage = 30
Base currency/Account currency exchange rate = 1.33
100,000/30 = 3333.33
3,333.33 * 1.33 = 4,433.33

Required margin on this trade is $4,433.33

Swap Policy

ICM Capital offers Islamic accounts to clients following the Muslim faith. Forex Islamic accounts are also known as swap-free accounts as they imply no swap or rollover interest on overnight positions, which is against Islamic faith.

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.

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CFDs and Spot FX are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.87% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs and Spot FX work, and whether you can afford to take the high risk of losing your money. Read More
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