Trading Hours
Trading Desk opens Sundays at 22:00 GMT and does not close until Friday at 21:30 GMT.

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Currency Pairs

The following currency pairs are offered:

NOTE: USD/MXN market price is ONLY available during the New York market hours (Approximately between 8am - 5pm EST). ALL USD/MXN orders entered before 8 AM or after 5 PM will only be accepted at our dealing desk's discretion.

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Dealing Spread

The major currency pairs are offered at 2 point spreads on both EUR/USD and USD/JPY and 3-4 point spreads in other major currencies (GBP/USD, USD/CHF). Prices quoted are inclusive of our normal dealing spreads. However, during periods of high volatility, for example, when major economic news is released, spreads can sometimes widen. The spreads are the same for Retail customers and Institutional customers on all currencies.

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Trading Minimums

A minimum transaction size is 1 unit of the base currency. An account with a margin deposit of 1% would open a €1 position and would require an initial margin deposit of approximately $.01.

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Price Quotes

Through the online platform customers are able to execute trades directly from real time streaming bid/ask quotes. Live prices are continuously updated via our trading software and traders can at any time click on the current bid or offer and instantaneously execute a trade.

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Internet Trading

Executing a deal via the Internet is a simple two-step process. Simply enter the number of lots and then click on the bid (sell) or offer (buy) for the currency pair you wish to trade - your deal is automatically executed. The dealing software automatically calculates the initial margin requirement based upon the notional amount of the deal, and if sufficient funds are available in your account, will accept the transaction. Deals are confirmed online, normally within one second, and the system instantaneously updates both your open position and calculates your current floating P&L.

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Trading Order Types

The dealing platform provides sophisticated order entry and tracking. Orders may be entered at any rate - inside or outside the existing spread - using the following orders types:

• Market Order
  An order based on a current market price.
• Limit orders
  An order with restrictions on the maximum price to be paid or the minimum price to be received.
• Stop Loss orders
  Order type whereby an open position is automatically liquidated at a specific price. Often used to minimize exposure to losses if the market moves against an investor's position.

In normal markets any sell stops will be filled on a dealer's bid, and buy stops are filled on a dealer's offer. If the market "gaps" sharply up or down the stops will be filled at the best available price. 

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Rollovers

A rollover is the simultaneous closing of an open position for today's value date, (normally at the end of the trading day) and the opening of the same position for the next day's value date at a price reflecting the interest rate differential between the two currencies.

On Wednesday, all positions which are rolled overnight to Thursday would have the value date of the following Monday. To account for the two days of interest for the weekend when banks are not open and actual delivery cannot be made, BMFN will credit or charge three times interest for positions rolled over on Wednesday as per industry standard.

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Trading Confirmations

Deals are confirmed on screen, typically within one second. Full transaction details may be accessed on screen as well, including date, time, rate, notional amount bought and sold, USD value, and reference number.

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Trading Reporting

The dealing software tracks all trading activity in real time, allowing clients to view current open positions, real-time profit and loss, margin availability, account balances, and all historical transaction details directly on-screen.

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Account Statements

Account statements can be accessed 24/7 through the reporting links.