There is no doubt that "FOREXer5" is the best of its kind with fully automated trading platform, however, there are possibilities where an order is not accepted due to some reason or error. The Client is responsible for the monitoring of his/her account statement at all times and any errors in this regard should be should be notified to the FOREXer Help Desk immediately.
For the trader’s convenient on view of market movement, Charts and Market watch has been designed in the software but there might be some occasions in which the market prices/quotes viewed in these charts may not be accurate and actual attainable prices of the market.
Positions opened by clients should be attainable with corresponding banks and FOREXer does not welcome scalpers.
Floating spread rates in all market conditions, regardless of trade size, is offered by FOREXer
Spread widening can occur in very rare occurrences.
The leverage offered to clients is from 1:1 up to 10:1 depending on the invested amount, equity balance or client's selection (consider the leverage change request form).
FOREXer’s help desk operates 24 hours a day from Sunday evening to Friday evening. As a measure of security, the client has to state his telephone password every time he trades by phone.
FOREXer provides constant dealing, which means that our Clients buy and sell directly on real time streaming prices without a request for a quote, on our Secure Internet Trading Platform "FOREXer5". Although, please be aware that re-quotes do take place, but only when clients are trying to take advantage of wrong price quotes in the Market Watch. We do our best to ensure correct prices at all times and hence avoid re-quotes, however it can still occur.
Our main concern is to ensure correct pricing at all times. However, there are rare circumstances when wrong Quotes are given (in which prices are quoted which are out of the market and do not exist).
Server errors, Internet connections, Bank errors, etc might cause wrong quotes occurrence.
Some samples are wrong quotes are available below for your information:
During wrong quotes, all your requests and Orders (new orders*, Take profit, Stop Loss, close positions, etc.) will be processed in the same way, as the corresponding Banks will process ours; hence, the situation is unknown to us.
Also note that usually in such circumstances the position is completely removed or omitted from the system.
*New Order=Buy Limit, Sell Limit, Stop Loss, Take Profit
We are always trying to execute all orders (new orders, take profit, stop loss, close positions) at the indicated price; however under certain market conditions known as market gaps, it may be impossible and your deal may be filled at a different price than initially requested. FOREXer5 will always fill your order at the first or best attainable price the market allows.
Spaces left on the bar chart where no trading has taken place is called “market gap”. They happen when there is no Price quoted by the Market, and like the wrong quotes, gaps are also pushed automatically by the trade system. News announcements, shortage of liquidity, opening of the market, opening of any of the world's major markets, lack of market participants, etc. can cause market volatility in which we might face the possibility of having market gaps.
Gaps that occur when price jumps from one bar to another with a considerable amount of price distance between the chart bars. Some types of these gaps are mostly seen on re-opening of Market, when the highest price of the day is lower than the lowest price of the prior day (A down Gap) or when the lowest price on a trading day is higher than the highest price of the previous day (An up Gap).
2. Gaps, which do not exist between bars, they occur typically in one bar on a chart, hence cannot be specified easily.
This Gap is assumed a real gap and occurs in rare occasions. New Order Execution:
There are cases when the market has a sudden move and it hits a price, where it catches the Client's New Order. Usually Clients blame the dealer for such act, especially if the New Order is a Stop Loss order.
In such cases, if the Client complaints within 24 hours of order execution, FOREXer will check the Market price with three major Banks (Deutsche Bank, UBS Investments and Saxo Bank Capital Markets). If the price matches the price quotes of any one of these banks, or even if the price difference is not more than the spread of that Currency pair,FOREXer will confirm the executed New Order and the Client has no right to object. No objection or complaints will be inspected after 24 hours of order execution.
When a Client requests an Order (Buy or Sell), and Selects the type of the order as "Instant Execution", the request is sent to the Server. The Order is then reviewed and compared with the corresponding Major Banks. If the price is correct and accepted by the Major Bank, the Order is confirmed; otherwise, the correct price will be re-quoted.
When a Client requests a Sell by Market or Buy by Market position, the request is sent to the Server. The Order is then reviewed and compared with the corresponding Major Banks. If the requested Order price is different with the Market price, there will be no re-quote, and the server will confirm the Order with the Market price.
Whenever a Symbol (Currency pair) in the Market Watch window of FXer5 turns GREY, it means that the Market Conditions are not normal, it may e possible that the price quoted by the Market for that Symbol is incorrect (Wrong Quotes, etc).
This situation occurs usually during news announcements (the news spikes), opening or closing of the world's major markets, high volatile market.
In grey mode, the Clients' requested orders are controlled manually, and will be processed in the same way, as the corresponding Banks will process ours; hence, the situation is unknown to us. The Grey mode usually ends up within few minutes. Moreover, During News spikes, the Order Zone maybe widened.
While placing a new order, and setting Stop Loss/Take Profit for that order, there is always a specified minimum limit (usually equal to the spread), which you cannot place your new order** below that.
This Order Zone of a Symbol maybe widened during News announcements.
**New Order= Buy limit, Sell limit, Stop Loss, Take profit, etc.
FOREXer has specified all the above trade conditions to create a better environment for traders, thus, reducing the risk of losing money on a trade and intercepting taking advantage of news spikes. Although, FOREXer has the right to modify these rules and conditions without prior notice to Clients.