Forex MT4 Accounts
MetaTrader 4 is a well-known trading platform, appreciated by many traders around the world. Dukascopy Ltd, a member of Dukascopy Group, provides the ability to use MetaTrader 4 for accessing and using the Dukascopy trading environment.
The completion of MetaTrader4 integration for Live trading is expected around July 1.
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 and 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 and 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 | 3'000'000 in primary currency / 30 lots for FX 2'300 ounces / 23 lots for XAUUSD |
| 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 | 1000 |
Trading Fees
The volume commission rate is determined dynamically and depends on Net Deposit, Equity and Traded Volume according to Dukascopy's Fee Schedule.
In addition to the standard fees, $1 per 1 MT4 lot ($10 per $1 million) is charged for trading on MetaTrader4 platform.
The volume commission on MT4 accounts is calculated for a round turn transaction and is charged on opening trades in the account currency. The volume commission is calculated from the primary amount and converted to the Client Account's Balance Currency. The volume commission rate shown in the table below is expressed in US$ dollars per 1 lot (100'000 USD).
| Net Deposit or Equity (in USD equivalent) |
Traded Volume (in USD equivalent) |
Volume Commission in US $ per 1 round lot | |||
|---|---|---|---|---|---|
| Currencies | XAUUSD | ||||
| < 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 | ≥ 2 billion | 4.4 | 5.6 | ||
| ≥ 10 000 000 | ≥ 4 billion | 4 | 5 | ||
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
Maximum net exposure of each currency pair on one MT4 trading account is limited to 3 million units of primary currency (or 30 MT4 lots). For precious metals (XAU/USD only), the net exposure is limited to 2'300 ounces (or 23 MT4 lots).
Please note that Stop Loss or Take Profit orders are rejected and pending oders are not resubmitted by the system if the execution of these orders leads to the breach of the maximum net exposure limits.
Maximum net exposure of each currency pair on one MT4 trading account is limited to 3 million units of primary currency (or 30 MT4 lots). For precious metals (XAU/USD only), the net exposure is limited to 2'300 ounces (or 23 MT4 lots).
Please note that Stop Loss or Take Profit orders are rejected and pending oders are not resubmitted by the system if the execution of these orders leads to the breach of the maximum net exposure limits.
Please note that 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 trading account. It is displayed in percentage in real-time and calculated as follows:
| Equity | ||
| Margin Level = | x 100 | |
| Used Margin |
Metatrader 4 trading system liquidates open positions according to the levels of Margin Level that is available in real-time on MT4 platform.
| Margin Level | |
|---|---|
| >100% | Normal status |
| ≤100% | Margin Call: The account is in warning status. |
| <50% | Stop Out: The most unprofitable positions are automatically closed untill the margin level is recovered back above 50% level. |
Overnight Policy
The overnight policy for MT4 accounts is set to Regular policy applied for FX accounts.
The swap amount is calculated automatically at the end of every trading day. For Wednesday to Thursday rollover, the swap is deducted/added in a triple size. For USDCAD, the swaps are tripled from Thursday to Friday. However, the exact calculation may be different depending on currency settlement holidays.
Please note that swap-free-accounts are not supported for MT4 accounts.
Disclaimer:
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.
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.
Trading Notices
Please read important notices about MetaTrader4 trading.
Online Reports
In addition to the account history that is available in MetaTrader4 platform, Dukascopy provides clients with Online Reports. We recommend consulting online reports periodically for historical or the most up-to-date account statements.
As Dukascopy Online Reports are the main financial statement of your account, we highly recommend you to monitor on a regular basis the synchronisation between MetaTrader4 and Dukascopy Oline Reports and to inform Dukascopy of any discrepancy you may notice, as soon as reasonably practicable.
MT4 Balance vs End-of-Day Balance
Note that the balances in MetaTrader4 and Online Reports may differ. The balance in MetaTrader4 platform includes P/L from closed positions only and changes every time when an order is closed while the balance in Online Reports represents an end-of-day balance that consists of both closed and open P/L evaluated at the settlement time. Please also note that the two balances do not match unless all open positions are closed on the platform.
Rejection Messages
In case an order is rejected due to various reasons (no liquidity, off-market price, or max net exposure being reached), 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 child order.
No Close By
Note that Dukascopy is not supporting Close By functionality due to technical limitations.
No Equity Stop Loss
Note that MetaTrader4 accounts do not have Equity Stop Loss functionality allowing you 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 trades manually.
Password Reset
Password reset feature for both master and investor (read-only) passwords is disabled in MetaTrader4 platform. To reset the master password, you should use Online Reports. To reset the investor (read-only) password, please contact Support Team.
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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