Forex MT4 Accounts

MetaTrader 4 is a well-known trading platform, appreciated by many traders around the world. No need for third-party bridges anymore, now you can use a direct connection to SWFX Swiss Marketplace provided by Dukascopy.

Please note that the trading conditions, list of instruments, swaps are different from the standard FX account, which is opened for trading on JForex platform. The following sections of the page describe trading specifications in details.

Trading Specifications

Specifications Description
Account Currency USD, EUR, GBP, CHF, PLN
Deposit Currency USD, CHF, EUR, GBP, AUD, CAD, CZK, DKK, HKD, HUF, ILS, JPY, MXN, NOK, NZD, PLN, RON, RUB, CNH, SEK, SGD, TRY, XAU, ZAR
Instrument List AUD/CAD, AUD/CHF, AUD/JPY, AUD/NZD, AUD/SGD, AUD/USD, CAD/CHF, CAD/JPY, CHF/JPY, CHF/SGD, EUR/AUD, EUR/CAD, EUR/CHF, EUR/GBP, EUR/JPY, EUR/NOK, EUR/NZD, EUR/PLN, EUR/SEK, EUR/SGD, EUR/USD, GBP/AUD, GBP/CAD, GBP/CHF, GBP/JPY, GBP/NZD, GBP/USD, NZD/CAD, NZD/CHF, NZD/JPY, NZD/USD, SGD/JPY, USD/CAD, USD/CHF, USD/JPY, USD/NOK, USD/PLN, USD/SEK, USD/SGD, USD/ZAR, XAU/USD
Leverage 1:100
Max Net Exposure 5'000'000 in primary currency / 50 lots for FX
3'800 ounces / 38 lots for XAU/USD
Min Lot 0.01 lot (1 lot = 100'000 units for FX or 100 ounces for XAU)
Margin Call Level ≤100%
Stop Out Level ≤50%
Close By Disabled
Execution Type Market
Hedging Allowed
Expert Advisors Allowed
Trailing Stop Allowed
Maximum Orders 1'000
MT4 Server Time Summer Time (Daylight-Saving) = GMT+3
Winter Time (Standard) = GMT+2

Trading Fees

The volume commission rate is determined dynamically and depends on Net Deposit, Equity and Traded Volume according to Dukascopy Bank's Fee Schedule. In addition to the standard volume commission, $1 per 1 MT4 lot ($10 per $1 million) is charged for trading on MetaTrader 4 platform.

The volume commission on MT4 accounts is calculated for a round turn transaction and is charged on opening trades only. The volume commission is calculated from the primary amount and converted into the account currency. The volume commission rate shown in the table below is expressed in US dollars per 1 USD lot (1 lot = 100'000).

Net Deposit or Equity
(in USD equivalent)
Traded Volume*
(in USD equivalent)
Volume Commission in USD per 1 round lot
Currencies XAU/USD
5'000 < 5 million 9 12.5
5'000 ≥5 million 8.6 11.9
10'000 ≥10 million 8 11
25'000 ≥25 million 7 9.5
50'000 ≥50 million 5.6 7.4
250'000 ≥250 million 5.2 6.8
500'000 ≥500 million 5 6.5
1'000'000 ≥1 billion 4.8 6.2
5'000'000 ≥5 billion 4.4 5.6
10'000'000 ≥10 billion 4 5

*The traded volume is the volume of trades executed over the last 30 days, calculated in USD equivalent.

Margin requirements

MT4 trading accounts are provided with a default leverage of 1:100. The initial margin is calculated at trade initiation, and the amount of Free and Used Margin is updated in real time on the MT4 platform.

Maximum Net Exposure Limit

The maximum net exposure of each currency pair on one MT4 trading account is limited to 5 million units of primary currency (or 50 MT4 lots). For precious metals (XAU/USD only), the net exposure is limited to 3'800 ounces (or 38 MT4 lots).

The maximum net exposure applies independently on a single MT4 account level and globally on multiple MT4 accounts belonging to the same customer. Note that there can be particular circumstances that lead to situations when a client temporarily exceeds the maximum net exposure.

Stop Loss or Take Profit orders are rejected and pending orders are not resubmitted by the system if the execution of these orders leads to the breach of the maximum net exposure limits.

Dukascopy Bank reserves the right to amend margin requirements and exposure limits at its entire discretion, without prior notice.

Margin Level and Margin Cut Policy

Margin Level is an indicator showing the amount of available margin to maintain open positions on the account. It is displayed in percentage in real-time and calculated as follows:

Margin Level
=
Equity
Used margin
*
100%

Metatrader 4 trading system constantly controls the Margin Level of all open positions in real-time and automatically liquidates positions when the Margin Level falls below a predefined value.

Margin Level Description
> 100% Normal status
≤100% Margin call: The account is in warning status.
≤50% Stop Out: The most unprofitable positions are automatically closed until the Margin Level returns above 50% level.

Overnight Policy

The overnight policy for MT4 accounts is set to Regular policy applied for FX accounts.

The swap points are calculated automatically at the end of every trading day. For Wednesday to Thursday rollovers, the swap points are tripled. For USD/CAD, the swap points are tripled from Thursday to Friday. However, the calculation may differ depending on currency settlement holidays.

Please note that swap-free-accounts are not supported for MT4 accounts.

Please beware that on certain calendar days, multiple swaps must be applied and that consequently, your own calculation of applicable swap points may differ from swap points charged or credited to your account. If in doubt, please contact the Trading Support Desk.

Reports

Dukascopy Bank provides detailed reports for the trading account of the client. Their access is online and separated from the platform. The reports are structured in different sections, they give the clients binding values of the state of the client account in real-time, they may be used for declaration made to tax authorities:

Account / My Account: An overview of the last settlement balance, current equity and intraday money movements. It contains links to make deposits, withdrawals, contact the account manager and change security settings.

Account / Commission policy: Information in regards to the trade commissions and trade volume.

Account / My account: List of all client's sub-accounts; an option to request a new sub-account.

Reports / Portfolio Statement: Displays day by day summary of the account balance including current value, any money movements as well as detailed views of all transactions and results that have been booked on the account.

Reports / Consolidated Report: A condensed overview of the account for any custom time-period.

Reports / Fund Transfers: An overview of all non-trading money movements for any custom time-period.

Reports / Commission Log: Log of changes of the trade commissions applied to the account.

Reports / Trade Log: Log of trades and orders for any custom time-period.

Trading Notices

Please read the following important notices about MetaTrader4 trading.

MT4 Platform

"Balance" includes deposit, withdrawals and results from closed positions. It does not include trading results and swaps from positions that are still open. Clients must be aware that balance shown in MT4 platform can be misleading. They are not binding values, as the exclusion of open P&L can lead to strong distortions. Particularly in cases with large open exposures, positions with important gains/losses and if hedged positions are held for an extended time-period, the balance can differ substantially from the real account value. Only when all positions are closed and settled does balance fully correspond to the account value shown in reports.

“Equity” corresponds closely to the account value shown in reports; it is used to calculate the account’s margin level in % in the platform and to follow the accounts true value. Within the current trading day it may diverge from the account value seen in reports, this is due to the particular calculation methods that are applied in MT4 systems, any such difference is eliminated at the end of day settlement.

HEDGED POSITIONS

Positions that are hedged on MetaTrader 4, are evaluated separately based on the ask and bid prices (Short positions are evaluated using the Ask price, Long positions using the Bid price). They affect the open P/L. Swap points apply to both Long and Short positions, impacting the client's equity. As a result of spread widening and/or booking of daily swaps, a margin call or margin cut may occur on the account. While Dukascopy Bank allows holding of hedge positions on the MT4 platform, it hereby attracts the attention of its clients on the costs and risks associated with such hedged positions.

SETTLEMENT PROCEDURE

MetaTrader 4 accounts have a specific settlement procedure in regards to positions closed during the trading day. Unlike the usual settlement procedure of Dukascopy Bank where the final P/L of positions closed during the trading day is determined and known at settlement time only, Metatrader 4 calculates the final P/L of position at their closure. In order to avoid discrepancies, Reports align on the functioning of Metatrader 4 on this particular point. The valuation of open positions is done according to the standard settlement procedure of Dukascopy Bank. They are valuated using settlement rates and converted into the account currency as shown in Reports.

SLIPPAGE

In case of stop and market orders, the requested price is not guaranteed. Orders are executed at the first available price at execution time; slippage can occur when the requested price is not available. In case of large price movement, slippage may be substantial. Entry orders may be rejected without resubmission if the result would be an execution with excessive slippage.

Rejection Messages

In case an order is rejected due to various reasons (no liquidity, off-market price, or max net exposure being reached), the MT4 platform returns the same standard message — [Trading is disabled].

Partial Fills

Partial execution may occur on both opening and closing orders due to low liquidity or when the maximum net exposure on the instrument is reached. When an order is closed partially, a new order ticket is created automatically with the remaining amount of the order and the same levels of Stop Loss and Take Profit, if any. Please note that the comment field is overridden on both the original and the child order.

No Close By

Note that Dukascopy is not supporting Close By functionality due to technical limitations.

No Equity Stop Loss

Note that MetaTrader 4 accounts do not have the Equity Stop Loss functionality allowing to automatically liquidate all positions if the account equity falls below a specified level.

No Over-the-weekend Leverage

There is no automatic over-the-weekend leverage reduction applied before the weekend like on standard FX accounts. Clients willing to reduce the exposure before the weekend, should close and adjust positions manually.

Password Reset

In the MetaTrader 4 platform, the password reset feature for both master and investor (read-only) passwords is disabled in MetaTrader 4 platform. To reset the master password, you should use Online Reports. To reset the investor (read-only) password, please contact Support Team.

MT4 Server Time

The MT4 server time is set to GMT+3/GMT+2 (summer/winter time) to match the end of trading day in the US trading day (New York 5 p.m. EST). As a result, when trading ends in New York at 5 p.m., the daily candle closes in Metatrader 4. This time also corresponds to the time when swaps are applied to open positions.

STRONG HEDGED MARGIN MODE

The MT4 platform allows to open a hedge position only if the free margin becomes non-negative after the position is open.

Risk disclosure

Trading on margin carries a high level of risk, and may not be suitable for all investors. It is highly recommended to maintain the Use of Leverage at normal levels. The client must always keep in mind that leverage increases potential loss, as well as potential profit, and invested funds can quickly suffer losses in situations where the market prices exhibit strong volatility, potentially creating an adverse environment for the highly leveraged participant. The client shall be solely responsible for maintaining sufficient margin in relation to the existing positions.

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