Micro Commodities Specifications
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|
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Instrument
Name
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Minimum
Spread
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Average
Spread
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Minimum
Order size
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Contract Size
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Pip Value
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SILVER
|
4.0
|
6.0
|
0.1
|
1000Ounces
|
10USD
|
|
GOLD
|
40
|
60
|
0.1
|
100Ounces
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1USD
|
|
GOLDEUR
|
50
|
70
|
0.1
|
100Ounces
|
1EUR
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|
USOIL
|
4.5
|
6
|
0.1
|
100Barrels
|
1USD
|
|
UKOIL
|
5.0
|
6.2
|
0.1
|
100Barrels
|
1USD
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|
XNGUSD
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0.6
|
0.8
|
0.01
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100,000 MMBtu
|
100USD
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|
ECN Commodities Specifications
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|
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Instrument
Name
|
Minimum
Spread
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Average
Spread
|
Minimum
Order size
|
Contract Size
|
Pip Value
|
|
SILVER
|
1.0
|
2.0
|
0.1
|
1000Ounces
|
10USD
|
|
GOLD
|
10
|
20
|
0.1
|
100Ounces
|
1USD
|
|
GOLDEUR
|
10
|
20
|
0.1
|
100Ounces
|
1EUR
|
|
USOIL
|
2.4
|
2.8
|
0.1
|
100Barrels
|
1USD
|
|
UKOIL
|
2.5
|
3.0
|
0.1
|
100Barrels
|
1USD
|
|
XNGUSD
|
0.2
|
0.3
|
0.01
|
100,000 MMBtu
|
100USD
|
|
VIP Commodities Specifications
|
|
|
Instrument
Name
|
Minimum
Spread
|
Average
Spread
|
Minimum
Order size
|
Contract Size
|
Pip Value
|
|
SILVER
|
1.0
|
2.0
|
0.1
|
1000Ounces
|
10USD
|
|
GOLD
|
10
|
20
|
0.1
|
100Ounces
|
1USD
|
|
GOLDEUR
|
10
|
20
|
0.1
|
100Ounces
|
1EUR
|
|
USOIL
|
2.4
|
2.8
|
0.1
|
100Barrels
|
1USD
|
|
UKOIL
|
2.5
|
3.0
|
0.1
|
100Barrels
|
1USD
|
|
XNGUSD
|
0.2
|
0.3
|
0.01
|
100,000 MMBtu
|
100USD
|
|
Gold & Silver Trading
Trading Hours
Gold and silver trading is available on the TFX Markets platform from 00:00 (Market Watch Time) Sunday till 00:00 (Market Watch Time) Friday. Gold and Silver trading follows CME holiday closures.
Execution Spreads
TFX Markets offers Metal trading through market execution to the interbank markets. Therefore spreads will reflect true market conditions and will be variable. Spread fluctuations can be more volatile during abnormal market conditions.
Trading Minimums
Trading of gold and silver is executed in lots.
1 lot traded of gold = 100oz
1 lot traded of silver = 5000oz
Pricing
Gold and silver quotes are similar to Forex. Gold is traded against the US dollar or the EUR value and is displayed as XAU/USD or XAU/EUR.
Silver is displayed as XAG/USD. Spot prices for Gold and Silver are the equivalent in US dollars per troy ounce. Therefore, for a price quote of XAU/USD 1299.50, 1oz of gold is equal to $1299.50
Profit & Loss
When trading Gold, 1 lot is 100 troy ounces and Silver is 5000 troy ounces. Therefore, the smallest price increments are equal to the troy ounce equivalent in USD.
Calculating Margin
Using leverage of 1:100 and example pricing trading one lot
XAU/USD - Price (1299.50) x Contract Size 1 lot (100 oz) / Leverage (100) = $1299.50
XAG/USD - Price (20.57) x Contract Size 1 lot (5000 oz) / Leverage (100) = $1028.50
Oil Trading
Trading Hours
TFX Markets Oil products do not have expiration dates, TFX Markets offers 24 hour trading on oil symbols. Oil trading follows CME holiday closures
Execution Spreads
TFX Markets’s Oil trading is through market execution to the interbank markets. Therefore spreads will reflect true market conditions and will be variable. Spread fluctuations can be more volatile during abnormal market conditions.
Calculating Margin
To calculate the margin required to place the minimum trade size, simply multiply the minimum trade size by the margin required (per contract). Margin required is calculated in the Currency the Instrument is denominated in.
1 lot of crude oil is equal to 100 barrels. The minimum margin requirement for oil is $200. One contract (lot) x minimum margin requirement $200 = US$200.
General
Commodities Commissions
Commissions apply for Commodities traded on the TFX Markets ECN and VIP Accounts at a rate of $14 and 12$ per round turn and Standard account $10. The Micro account has no commissions.
Commodities Leverage & Margin Requirements
Leverage for Commodities trading is up to 1:200 (or 0.5%). In order to effectively display the movement of profit/loss on Indices, TFX Markets has established a minimum/incremental trade size as detailed above. Margin required is calculated in the Currency the Instrument is denominated in.
Clients can change the leverage of their accounts by logging in to the client area and selecting to change leverage/margin. Leverage cannot be changed whilst there are open orders. The Leverage/Margin level is subject to change at any time without prior notice according to the decision of the company.
Commodities Margin Call & Stop Out
Margin Call is set to 100% and 50% for Stop Out for Micro and Standard accounts. ECN and VIP accounts have a margin call at 100% and 80% stop out.
When the margin level of the account reaches 100% the MT4 platform will issue a margin call so that clients can manage their positions efficiently or add funds to support their open trades. Should the margin of the account reach the stop out level (as above) the MT4 will close positions one-by-one prioritising the least profitable first. This process continues until the account reaches an adequate margin to support open orders or until the account is stopped out.