Forex, or FX, stands for Foreign Exchange and is the market where currencies are traded. Trading Forex is essentially the process of speculating on the value of one currency versus that of another. The Forex market is the largest financial market in the world, with daily volumes hitting several trillions of dollars. As there is no central exchange, currencies are traded 24 hours a day from Sunday evening to Friday night.
Foreign exchange prices represent the value of 1 unit of one currency versus another. For example, if 1 Euro was worth 1.13 US Dollars, the price for the Euro versus the US Dollar (EUR/USD) would be 1.13000. Forex rates are affected by several economic factors, such as interest rates and inflation, and also political factors, which can all impact the value of one currency versus another.
TeraFX (UK) provides an ‘Over The Counter’, leveraged trading service to our clients. Our trading accounts allow our clients to speculate on the price movement of currency rates whilst never having to take physical delivery of any currency. Furthermore, as we provide leveraged, margin trading accounts, clients are able to trade without depositing the full value of the transaction. TeraFX (UK) provide all clients free access to the popular MT4 trading platform.
A foreign exchange rate may rise or fall depending on the strength or weakness of one currency versus another. Simply speaking, to make a profit the rate has to move in the direction that you think it will. If you think the price will rise, you will buy or go ‘long’. If you think the price will fall you will sell or go ‘short’. If the price goes in your favour, the amount of profit that you may make is determined by how many pips or points the price moves between the opening and closing price of your trade. Conversely, if the price goes against you the loss is calculated in the same way. TeraFX (UK) offer a number of tools and order types which allow our clients to minimise risk whilst never capping potential profits. Forex trading carries a high degree of risk and is not suitable for everyone, so please ensure that you fully understand the risks involved and seek independent advice if necessary.
When looking to trade a particular Forex pair you will always see two prices; the price to buy (go long) and the price to sell (go short). The difference between the two prices is called the spread. For example, if we were quoting EUR/USD at 1.1300/1.1308, if you thought that the price was going to fall you would sell at 1.1300, and if you thought that the price would rise you would buy at 1.1308 In this example the spread is 0.0008. We provide a comprehensive range of instruments with competitive spreads.
A rollover, or swap rate is a financing adjustment credited or debited, for holding a Forex position overnight. Each currency within a pair has an interest rate attached to it, and rollover rates are calculated basis the interest rate differential between these two currencies. Depending on the interest rates in question and the direction of a trade, rollover adjustments may be positive or negative.
The minimum deposit to open a TeraFX (UK) account is £100
We provide a range of dealing platforms to make trading as convenient as possible for our clients. Our MT4 dealing platform can be accessed via a computer, or our mobile platforms can be downloaded from most Android and Apple devices. See the Platforms section of our site for more information.
We aim to provide the best customer service at all times. In the event of you having a query or being unhappy with our service, in the first instance please contact our Customer Service team by email, telephone, or post:
Email : email@example.com
Telephone : +44 (20) 7073 0494
Postal address : Tera Europe Limited, 125 Old Broad Street, London, EC2N 1AR, UK
If you are unhappy with the outcome of any queries and wish to make a formal complaint to our Compliance Department, send your written complaint to:
The Compliance Officer
Tera Europe Limited
125 Old Broad Street
For further information, please request our complaints procedure.
If you would like an independent view in the event that we have not been able to satisfactorily resolve your complaint, you are entitled to contact the Financial Ombudsman Service:
Website : http://www.financial-ombudsman.org.uk/
Telephone : 0300 123 9 123
Postal address : The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
Trading financial products on a leveraged basis carries a high degree of risk to your capital. Leveraged trading is not suitable for everyone, please ensure that you fully understand the risks involved and seek independent advice if necessary. See our full risk warning in our Terms of Business.