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GLOSSARY

Glossary

Terms used on the platform and across this site. The figures are the conditions that apply to our accounts.

SIZE

Pip: The smallest price increment. On JPY pairs one pip is 0.01; on USD pairs such as EURUSD it is 0.0001.
Lot: The unit of trade size. One lot is 100,000 units on STANDARD and PRO, and 1,000 units on micro.
Minimum trade size: The smallest order accepted. On every account type this is 0.01 lots.

MARGIN

Required margin: The amount held against an open position: position size divided by leverage.
Equity: Account balance plus the open profit and loss on held positions.
Margin level: Equity divided by required margin, times 100. A stop-out is executed below 30%.
Leverage: How large a position your margin supports. FX pairs are up to 1000:1 on STANDARD and micro, and 500:1 on PRO.

COST AND P&L

Spread: The gap between bid and ask. From 1.3 pips on STANDARD and micro, from 0.2 pips on PRO.
Commission: 5 USD per lot round turn on PRO only. None on STANDARD or micro.
Swap: The interest adjustment credited or debited when a position is carried into the next day.
Open P&L: The profit or loss on a position that has not yet been closed.

CLOSING AND RISK

Stop-out: The forced closing of positions once the margin level falls below the set threshold.
Zero cut: Where a balance goes negative, we absorb the shortfall. No margin call arises.
Margin call: A demand to fund a negative balance. This does not occur on our accounts.
Gap: Trading opening away from the previous close, typically over a weekend. A common reason a stop fills past its level.
Slippage: The difference between the price ordered and the price filled.

ORDERS

Market order: Fills immediately at the price available.
Limit order: Waits at a price better than the current market.
Stop order: Names a price worse than the current market. Used for stop losses.
Hedging: Holding a long and a short in the same symbol. Permitted within a single account only.

These are general definitions alongside our own conditions. Please see the Terms of Service and the trading conditions for the full detail.

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[Risk warning]

Foreign exchange trading carries the risk of losing your invested capital, and higher leverage increases that risk. Please consider the risks carefully and trade only within a range of loss you can bear.
Past performance neither indicates nor guarantees future results.

[Restricted regions]

This website is not directed at residents of Japan. AXIA PHOENIX FINE PROJECT does not provide services to residents of certain jurisdictions, including the United States, Afghanistan, Belarus, Burma, the Central African Republic, Congo, Cuba, Egypt, Guinea, Iraq, Iran, Lebanon, Libya, Mauritius, North Korea, Pakistan, Somalia, Sudan, Syria, Venezuela, Yemen and Zimbabwe.