Specifications

Here you will find all the execution and leverage information regarding our MT5 main trading platform.

Traders may send instructions for market orders and pending orders.

Market Order: This is an order to buy or sell at the current market price that is available. The system automatically aggregates the volume received from third party liquidity providers and executes the ‘market order’ at VWAP (‘Volume-Weighted Average Price’) which is the average and best available price at the time of execution.

Stop Orders: This is an order to buy or sell once the market reaches the ‘stop price’. Once the market reaches the ‘stop price’ the ‘stop order’ is triggered and treated as a ‘market order’*. If the ‘stop order’ is not triggered it shall remain in the system until a later date subject to the conditions described in the ‘Good till Cancel’ section. In Contracts for Difference (‘CFDs’) on FX, Spot Metals and Futures, ‘stop orders’ should be placed a minimum number of pips away from the current market price. For further information please see MT5 Trading Conditions

Stop Loss: This is an order to minimize losses. Once the market reaches the ‘stop loss price’ the order is triggered and treated as a ‘market order’*. If the ‘stop loss’ is not triggered it shall remain in the system until a later date. In CFDs on FX, Spot Metals and Futures ‘stop loss’ should be placed a minimum number of pips away from the current market price. For further information please see MT5 Trading Conditions

Limit Orders: This is an order to buy or sell once the market reaches the ‘limit price’. Once the market reaches the ‘limit price’ the ‘limit order’ is triggered and executed at the ‘limit price’ or better. If the ‘limit order’ is not triggered it shall remain in the system until a later date, subject to the conditions described in the ‘Good till Cancel’ section. In CFDs on FX, Spot Metals and Futures ‘limit orders’ should be placed a minimum number of pips away from the current market price. For further information please see MT5 Trading Conditions

Take Profit: This is an order to secure profits. Once the market reaches the ‘take profit price’ the order is triggered and treated as a ‘limit order’. If the ‘take profit’ is not triggered it shall remain in the system until a later date. In CFDs on FX, Spot Metals and Futures ‘take profit’ should be placed a minimum number of pips away from the current market price. For further information please see MT5 Trading Conditions

Good till Cancel (‘GTC’) (= Expiry): This is a time setting that the client may apply to ‘pending orders’. The client may choose a specific date in the future until which the order may remain ‘live’ and pending execution. If the order is not triggered during this timeframe it shall be deleted from the system.

Pending Order Modification / Cancellation: The client may modify/ cancel a ‘pending order’ if the market did not reach the price level specified by the client.

Slippage: At the time an order is presented for execution, the specific price requested by the client may not be available. In this case, the order will be executed close to or a number of pips away from the client’s requested price. If the execution price is better than the price requested by the client this is referred to as ‘positive slippage’. In contrast, if the execution price is worse than the price requested by the client this is referred to as ‘negative slippage’. Please be advised that ‘slippage’ is a normal market practice and a regular feature of the foreign exchange market under conditions* such as illiquidity and volatility due to news announcements. Axes automated execution software does not operate based on any individual parameters related to the execution of orders through any specific client accounts.

* Please note that this is not an exhaustive list.

• Bid prices on charts:
  Charts in the terminal show only the bid prices whereas the ask price is not shown in the chart in any way. However, for the opening of long positions and closing of short ones, ask price is always used. You can make the ask line visible by enabling the 'Show ask line' parameter in which case an additional horizontal line corresponding to the current ask price of the last bar will appear in the chart.
• Trailing stops:
  Stop Loss is intended for the reduction of losses where the symbol price moves in an unprofitable direction. If the position becomes profitable, Stop Loss can be manually shifted to a break-even level. To automate this process, Trailing Stop was created. This tool is especially useful when prices change strongly in the same direction or when it is impossible to watch the market continuously for whatever reason. Bear in mind that Trailing Stops operate in the client terminal and not in the server (as with Stop Loss or Take Profit) and will therefore not work if the terminal is off.
• Buy Stop Limit and Sell Stop Limit Orders
  These are orders that combine the features of a stop order with those of a limit order. A stop-limit order will be executed at a specified price (or better) after a given stop price has been reached. Once the stop price is reached, the stop-limit order becomes a limit order to buy (or sell) at the limit price or better.
• EAs and HFT (high frequency trading).
  MetaTrader 5 is fully compatible with Expert Advisors and automated trading systems as allowed by the prevailing market forex conditions and liquidity. Bear in mind that EAs and HFT operate in the client terminal and not in the server (as with Stop Loss or Take Profit). They will therefore not work if the terminal is off.
• No hedging with MT5:
  On MT5 if you place a BUY trade on a pair, and then place a SELL trade on that same pair for the same volume (or vice versa), it will simply close the existing order.
• Trade netting
  MT5 features trade netting, meaning that if you place a BUY trade for 1 lot on EURUSD, and then a second BUY for another lot on the same pair, the initial order will automatically become a BUY trade for 2 lots of EURUSD, rather than 2 separate trades. In this case a volume-weighted average price is calculated for the position: (Price of the first deal X Volume of the first deal + Price of the second deal X Volume of the second deal) / (Volume of the first deal + Volume of the second deal).
• Spread variation
  Please note that under the ‘Terms and Conditions of Business’ the company reserves the right to increase or decrease the spread beyond the Typical AVERAGE Spread that is displayed under the product specifications. This is likely to happen during abnormal market conditions.
• Swap/Rollover
  Please note that when a trade is kept open overnight there is a swap/rollover cost/income calculated on that position. The cost/income is calculated as the overnight interest rate differential between the two currencies plus the commission charged by the company on the position held, depending on the type of the position (long/short).

It is important to remember that you can gain or lose on swap and, as such, you have either positive rollover or negative rollover. There is a possibility that some instruments may have negative rollover values on both sides. This is because Axes charges its own commission on the interest rate differential of the overnight rate of the two currencies and therefore the positive and negative values are decreased accordingly.

The ’swap’ is charged automatically on the account of the client and is converted into the currency that the account is denominated in. The ‘swap’ is charged at 21:59 UK time. From Friday to Saturday swap is charged at triple rate.