Trading Hours

Currencies Spot Trading: From Sunday 23:00 CET through Friday 23:00CET.

Dealing Room

Call MIG direct: + 41 32 722 81 53

Operating hours: 24 hours/day, from Sunday 23:00 CET through Friday 23:00 CET.

Minimum trade size by phone: 10 Lots (i.e. 1,000,000 of the base currency)

For security purposes, clients need to supply their password to the dealing room officer prior to placing a phone order.

In the rare case of a system failure and a platform downtime, clients can trade via phone with no minimum conditions.

Margin Policy

Standard Accounts

For accounts of up to 25′000 USD:

• 200:1 margin
• Initial margin (to open new positions) of 0.5%
• No intraday maintenance margin
• Margin (0.5%)must be maintained overnight and before market closure (weekends and holidays)

For accounts of up to 100′000 USD:

• 100:1 margin
• For accounts with amounts of up to 100,000 USD
• Initial margin (to open new positions) of 1%
• No intraday maintenance margin
• Margin (1%) must be maintained overnight and before market closure (weekends and holidays)

Professional Accounts

• Initial margin (to open new positions) of 1.5%
• No intraday maintenance margin
• Margin (1.5%)must be maintained overnight and before market closure (weekends and holidays)

For Institutional Accounts

• The minimum margin for Institutional Accounts varies depending on account size and amounts traded, and starts from 2%*. *To be agreed individually for each account
• Initial margin (to open new positions) from 2%
• Intraday maintenance margin of 1%
• Overnight maintenance margin and before market closure (weekends and holidays) from 2%

For Gold & Silver

• Margin requirements for Gold & Silver are double those of Spot Currency trading.
• For Standard accounts the margin is 100:1, and for Professional Accounts, the margin is 50:1.
• For Institutional Accounts, a daily margin must be maintained. The minimum margin varies depending on account size and amounts traded,  and starts from 50:1.

Failing To Meet Margin Level Requirements

Accounts that fail to meet their margin requirements will be asked to close part or all of their positions. Accounts that fail to close necessary positions to meet MIG BANK’s margin requirements risk having part or all of their positions closed by MIG BANK.

Margin Requirements Chart

Streamline Dealing

Clients can buy and sell directly on real-time prices without a request for quote (RFQ).

Clients taking advantage of wrong price quotes in the Market Watch will be requoted.

Every effort is taken to ensure correct pricing at all times. However, there are rare circumstances when wrong prices are given.

Due to the difficulties associated with covering scalping trades, M I G  does not accept scalpers.

Stop Order Execution

Volatile market conditions can result in prices gapping, which may prevent the execution of stop orders (sell stop, buy stop, stop loss) at the price you initially requested. However, our dealers strive to execute all stop orders at the price, or failing that, at the best attainable rate the market allows.

Mini Lots Trading

Standard and Professional Account holders can trade mini-lots (0.1 lot or 10K of the base currency). Clients have access to our normal spreads when trading mini-lots.

Multi Currency Denomination

Clients can have their account denominated in USD, EUR, GBP, JPY, CHF, HKD, AUD or CAD.

If you have further questions please visit our FAQ Trading Section.

Glossary

Spreads

The difference between the bid price and the ask price.
During volatile market conditions, nights with low liquidity, and around important news announcements, spreads may increase for some or all pairs.

Lot

A lot is a predefined amount of a currency. Our lot values are as follows:
1 lot of any currency pair is 100,000 of the base currency

Majors

The majors are currency pairs that include the USD and have the most volume. The major currencies include: USD, EUR, CHF, GBP, CAD, AUD and JPY. Most of the world’s foreign exchange transactions are denominated in these currencies.

Crosses

Crosses are currency pairs that do not include USD, but still have relatively high volume.

Exotics

Exotics are Currency pairs that are thinly traded.

Limit & Stop Orders

Limit & Stop Orders are orders to buy or sell, above or below a specific price.
The Limit & Stop Order values in the Spread Chart show in pips the minimum distance from the market that a client can place a limit or stop order.

Maximum per Trade (Streamline)

The Maximum per Trade column in the chart shows the maximum amount per single online trade that a client can trade streamline.
Larger amounts require a request for quote (RFQ), and depending on market conditions, the spread may increase.

Rollovers

A rollover is a debit or credit paid or earned as a reflection of the varying costs & income applicable to currency pairs. When trading the USD/CHF for example, rollover costs & income will be determined based on the costs & income of the countries being represented by this pair. Depending on whether you are long or short and which country has higher costs & income, you may be charged or credited. Essentially, when a customer holds a position over night they are subject to the costs & income applicable to the currency pair they are trading.
Rollovers are calculated daily at 22:59 CET. Trades that have been opened before 22:59 CET and held open past this time will be subject to Rollovers. Rollovers are tripled on Wednesday at 22:59 EST.

Why are Rollover Rates Tripled on Wednesday?

When placing a trade in the spot FX market, the actual value date is two days forward. A deal done on Thursday is for value Monday. A deal done on Friday is for value Tuesday, and so on. On Wednesday the amount of Rollover is tripled in order to compensate for the following weekend (during which time Rollover is not charged because trading is stopped for the weekend). To calculate the Rollover, one must therefore know the Rollover/costs & income and the pip value in question. For some pairs the pip value is fixed, for others it fluctuates.
Rollovers are applied at 23:00 CET. If you do not want Rollovers applied to your positions you should close them before 23:00 CET.
The Rollover Shorts & Rollover long values in the Spread Charts show the Rollover /costs & income, used to calculate Rollovers.
Rollover values are subject to change based on prevailing costs & income.

Symbols

The symbols are ISO established abbreviations for currency pairs.