Table of

Contents
02
03
04
04
05
07
07
09
11
17

/ Rates Table
/ Starting Examples
/ How are forex pairs quoted?
/ What is bid price and ask price?
/ What is a contract?
/ What is a pip?
/ What is in the account summary?
/ How do I calculate profits and losses?
/ What is a leverage and margin?
/ What are swap fees?

Instrument

Name

Value per Contract

Min Contracts

Max Contracts

Value per Pip

per Contract

Swaps per Contract

Long

Short

Leverage

FX Majors

EURUSD

Euro vs US Dollar

EUR

100,000

0.01

50

USD

10

(USD 3.10)

(USD 3.60)

100:1

GBPUSD

Great Britain Pound vs US Dollar

GBP

100,000

0.01

50

USD

10

(USD 1.92)

(USD 5.28)

100:1

USDJPY

US Dollar vs Japanese Yen

USD

100,000

0.01

50

JPY

1,000

(JPY 138.00)

(JPY 222.00)

100:1

AUDUSD

Australian Dollar vs US Dollar

AUD

100,000

0.01

10

USD

10

USD 2.88

(USD 10.92)

100:1

EURCHF

Euro vs Swiss Franc

EUR

100,000

0.01

10

CHF

10

(CHF 9.00)

(CHF 1.92)

20:1

EURGBP

Euro vs Great Britain Pound

EUR

100,000

0.01

10

GBP

10

(GBP 3.24)

(GBP 1.56)

100:1

EURJPY

Euro vs Japanese Yen

EUR

100,000

0.01

10

JPY

1,000

(JPY 210.00)

(JPY 330.00)

100:1

GBPJPY

Great Britain Pound vs Japanese Yen

GBP

100,000

0.01

10

JPY

1,000

(JPY 102.00)

(JPY 618.00)

100:1

NZDUSD

New Zealand Dollar vs US Dollar

NZD

100,000

0.01

10

USD

10

USD 3.68

(USD 13.32)

100:1

USDCAD

US Dollar vs Canadian Dollar

USD

100,000

0.01

10

CAD

10

(CAD 6.24)

CAD 0.16

100:1

USDCHF

US Dollar vs Swiss Franc

USD

100,000

0.01

10

CHF

10

(CHF 1.68)

(CHF 2.88)

20:1

AUDCAD

Australian Dollar vs Canadian Dollar

AUD

100,000

0.01

10

CAD

10

CAD 2.64

(CAD 8.76)

100:1

AUDCHF

Australian Dollar vs Swiss Franc

AUD

100,000

0.01

10

CHF

10

CHF 2.72

(CHF 10.08)

20:1

AUDJPY

Australian Dollar vs Japanese Yen

AUD

100,000

0.01

10

JPY

1,000

JPY 428.00

(JPY 1,182.00)

100:1

AUDNZD

Australian Dollar vs New Zealand Dollar

AUD

100,000

0.01

10

NZD

10

(NZD 7.80)

NZD 0.72

100:1

CADCHF

Canadian Dollar vs Swiss Franc

CAD

100,000

0.01

10

CHF

10

(CHF 0.01)

(CHF 6.60)

20:1

CADJPY

Canadian Dollar vs Japanese Yen

CAD

100,000

0.01

10

JPY

1,000

JPY 0.00

(JPY 660.00)

100:1

CHFJPY

Swiss Frank vs Japanese Yen

CHF

100,000

0.01

10

JPY

1,000

(JPY 318.00)

(JPY 342.00)

20:1

EURAUD

Euro vs Australian Dollar

EUR

100,000

0.01

10

AUD

10

(AUD 16.44)

AUD 5.36

100:1

EURCAD

Euro vs Canadian Dollar

EUR

100,000

0.01

10

CAD

10

(CAD 7.92)

CAD 1.28

100:1

EURDKK

Euro vs Danish Krone

EUR

100,000

0.01

10

DKK

10

(DKK 27.24)

(DKK 32.88)

100:1

EURNZD

Euro vs New Zealand Dollar

EUR

100,000

0.01

NZD

10

(NZD 31.32)

NZD 12.08

100:1

EURTRY

Euro vs Turkish Lira

EUR

100,000

0.01

10

TRY

10

(TRY 115.32)

TRY 36.88

100:1

GBPAUD

Great Britain Pound vs Australian Dollar

GBP

100,000

0.01

10

AUD

10

(AUD 19.80)

AUD 4.40

100:1

GBPCAD

Great Britain Pound vs Canadian Dollar

GBP

100,000

0.01

10

CAD

10

(CAD 7.56)

CAD 0.00

100:1

GBPCHF

Great Britain Pound vs Swiss Franc

GBP

100,000

0.01

10

CHF

10

(CHF 1.92)

(CHF 6.48)

20:1

GBPNZD

Great Britan Pound vs New Zealand Dollar

GBP

100,000

0.01

10

NZD

10

(NZD 26.64)

NZD 10.40

100:1

NZDCAD

New Zealand Dollar vs Canadian Dollar

NZD

100,000

0.01

10

CAD

10

CAD 4.24

(CAD 12.96)

100:1

NZDCHF

New Zealand Dollar vs Swiss Franc

NZD

100,000

0.01

10

CHF

10

CHF 2.08

(CHF 13.92)

20:1

NZDJPY

New Zealand Dollar vs Japanese Yen

NZD

100,000

0.01

10

JPY

1,000

JPY 376.00

(JPY 1,404.00)

100:1

USDCNH

US Dollar vs Chinese Yuan Offshore in Hong Kong

USD

100,000

0.01

10

CNH

10

(CNH 96.00)

(CNH 2.88)

100:1

USDCZK

US Dollar vs Czech Koruna

USD

100,000

0.01

CZK

10

(CZK 43.44)

(CZK 76.56)

100:1

USDDKK

US Dollar vs Danish Krone

USD

100,000

0.01

10

DKK

10

(DKK12.84)

(DKK 17.16)

100:1

USDHKD

US Dollar vs Hong Kong Dollar

USD

100,000

0.01

10

HKD

10

(HKD 25.80)

(HKD 10.32)

100:1

USDRUB

US Dollar vs Russian Ruble

USD

100,000

0.01

RUB

10

(RUB 160.18)

RUB 8.68

100:1

USDSGD

US Dollar vs Singaporean Dollar

USD

100,000

0.01

10

SGD

10

(SGD 8.76)

(SGD 3.36)

100:1

USDTRY

US Dollar vs Turkish Lira

USD

100,000

0.01

10

TRY

10

(TRY 84.84)

TRY 36.56

100:1

FX Minors

FX Exotics

EURHUF

Euro vs Hungarian Florint

EUR

100,000

0.01

10

HUF

100

(HUF 563.40)

(HUF 156.60)

100:1

EURNOK

Euro vs Norweigen Krone

EUR

100,000

0.01

10

NOK

10

(NOK 62.16)

(NOK14.16)

100:1

EURPLN

Euro vs Polish Zlotty

EUR

100,000

0.01

10

PLN

10

(PLN 50.76)

PLN 9.84

100:1

EURSEK

Euro vs Swedish Krone

EUR

100,000

0.01

10

SEK

10

(SEK 10.80)

(SEK 21.60)

100:1

USDHUF

US Dollar vs Hungarian Florint

USD

100,000

0.01

HUF

100

(HUF 382.80)

(HUF 85.20)

100:1

USDILS

US Dollar vs Israeli Shekel

USD

100,000

0.01

10

ILS

10

(ILS 11.40)

(ILS 11.40)

100:1

USDMXN

US Dollar vs Mexican Peso

USD

100,000

0.01

MXN

10

(MXN 177.00)

MXN 21.84

100:1

USDNOK

US Dollar vs Norweigen Krone

USD

100,000

0.01

10

NOK

10

(NOK 47.04)

NOK 5.76

100:1

USDPLN

US Dollar vs Polish Zloty

USD

100,000

0.01

PLN

10

(PLN 45.00)

PLN 2.00

100:1

USDRON

US Dollar vs Romanian RON

USD

100,000

0.01

RON

10

(RON 64.08)

(RON 14.04)

100:1

USDSEK

US Dollar vs Swedish Krone

USD

100,000

0.01

10

SEK

10

(SEK 15.96)

(SEK 14.16)

100:1

USDZAR

US Dollar vs South African Rand

USD

100,000

0.01

ZAR

10

(ZAR 257.16)

ZAR 95.44

100:1

1,000 ounces

0.1

10

USD

10

(USD 2.44)

(USD 0.63)

25:1

100 ounces

0.1

10

USD

10

(USD 2.45)

(USD 1.96)

25:1

Metals

XAGUSD

Silver vs US Dollar

XAUUSD

Gold vs US Dollar

CFD Energy

CL

Light Sweet Crude Oil vs US Dollar

NGAS

Natural Gas vs US Dollar

1,000 Barrels

0.1

20

USD

10

(USD 0.79)

(USD 0.23)

25:1

10,000 mmBtu

0.1

20

USD

10

(USD 1.01)

(USD 0.54)

25:1

CFD Commodities

CORN

Corn vs US Dollar

50 Bushels

0.2

20

USD

12.5

(USD 1.48)

(USD 0.81)

25:1

WHEAT

Wheat vs US Dollar

50 Bushels

0.2

20

USD

12.5

(USD 1.63)

(USD 0.89)

25:1

CFD US Indices

DOW

Dow Jones 30 vs US Dollar

USD 5 x price of index

0.2

20

USD

2.5

(USD 8.30)

(USD 7.07)

25:1

NSDQ

NASDAQ100 vs US Dollar

USD 20 x price of index

0.2

20

USD

(USD 7.00)

(USD 5.97)

25:1

SP

S&P vs US Dollar

USD 50 x price of index

0.2

20

USD

12.5

(USD 8.89)

(USD 7.58)

25:1

CFD EU Indices

DAX

DAX30 vs Euro

EUR 25 x price of index

0.2

20

EUR

12.5

(EUR 24.89)

(EUR 15.83)

25:1

CAC

CAC40 vs Euro

EUR 10 x price of index

0.2

20

EUR

(EUR 4.89)

(EUR 3.11)

25:1

FTSE

FTSE100 vs Great Britain Pound

GBP 10 x price of index

0.2

20

GBP

(GBP 7.75)

(GBP 5.71)

25:1

Starting
Examples
EURUSD

USDJPY

XAUUSD

EURUSD @ 1.28168 / 1.28180:

USDJPY @ 106.099 / 106.114:

XAUUSD @ 1228.93 / 1229.38:

EUR is the base currency

USD is the base currency

USD is the quote currency

JPY is the quote currency

You can sell EURUSD at 1.28168,

sell EUR 1 for USD 1.28168

You can sell USDJPY at 106.099,

sell 1 USD for 106.099 JPY

You can buy EURUSD at 1.28180,

buy EUR 1 with USD 1.28180

You can buy USDJPY at 106.114;

buy 1 USD with JPY 106.114 JPY

You can sell XAUUSD at 1228.93;

sell 1 ounce of gold for 1228.93
USD
You can buy XAUUSD at 1229.38,
buy 1 ounce of gold with 1229.38
USD

1 contract of EURUSD equals EUR

100,000

1 contract of USDJPY equals USD

100,000

1 contract of XAUUSD equals 100

ounces of gold.

The minimum tradable size is 0.01

contract; EUR 1,000

The minimum tradable size is 0.01

contract; USD 1,000

The minimum tradable size is 0.1

contract; 10 ounces.

The maximum tradable size is 50

contracts; EUR 5,000,000

The maximum tradable size is 50

contracts; USD 5,000,000

The maximum tradable size is 10

contracts; 1,000 ounces.

The spread of this quote is

1.2 pip

The spread of this quote is

1.5 pip

The spread of this quote is

45 pips

If you buy 1.50 contracts of

EURUSD @ 1.28180 now, and
EURUSD rises to 1.28500/1.28512
through a period time, you would
make a profit of USD 480

If you sell 1.50 contracts of

USDJPY @ 106.099 now, and
USDJPY falls to 105.702/105.717
through a period time, you would
make a profit of JPY 57,300 (USD
542)

If you buy 2.00 contracts of

XAUUSD @ 1229.38 now, and
XAUUSD rises to 1240.10/1240.55
through a period time, you would
make a profit of USD 2,234.

XAU (1 ounce of gold) is the base

currency
USD is the quote currency

Prior to the rise, you bought EUR

150,000 (1.50 contracts x EUR
100,000 per contract) with
USD192,270 (1.50 contracts x EUR
100,000 per contract x USD 1.28180
per EUR)

Prior to the fall, you sold USD150,000

(1.50 contracts x USD 100,000 per
contract) for JPY15,914,850 (1.50
contracts x USD 100,000 per contract
x JPY 106.099 per USD)

Prior to the rise, you bought XAU 200

ounces (2.00 contracts x XAU 100
ounces per contract) with USD245,786
(2.00 contracts x XAU 100 ounces per
contract x USD 1229.38 per XAU
ounce)

After the rise, you sold EUR 150,000

(1.50 contracts x EUR 100,000 per
contract) for USD 192,750 (1.50
contracts x EUR 100,000 per contract
x USD 1.28500 per EUR)

After the fall, bought USD150,000

(1.50 contracts x USD 100,000 per
contract) with JPY15,857,550 (1.50
contracts x USD 100,000 per contract
x JPY 105.717 per JPY)

After the rise, you sold XAU 200

ounces (2.00 contracts x XAU 100
ounces per contract) for USD 248,020
(2.00 contracts x XAU 100 ounces per
contract x USD 1240.10 per XAU
ounce)

How are
forex pairs quoted?
A forex quote consists of a pair of currencies. The first currency in the pair is the
base currency and the second is the quote currency.

EUR is the base currency

USD is the quote currency

What is bid price

and ask price?
There are two parts to a forex quote, a bid price and an ask price. Bid price
is the best and highest price at which you can sell the currency pair. Ask
price is the best and lowest price at which you can buy the currency pair.

EURUSD @ 1.28168 / 1.28180:

You can sell EURUSD at bid price of 1.28168; sell EUR 1 for USD 1.28168.
You can buy EURUSD at ask price of 1.28180; buy EUR 1 with USD 1.28180.

What is a
contract?
A contract is the quantity of currency being bought or sold. One contract,
also known as one standard lot, is equivalent to 100,000 of the base currency which is the first currency in a pair.
The following are different order tickets showing the number of contracts that
you have selected to trade on our Web Trader. In this case, we are putting in
a buy order of 0.8 lot of EURUSD worth EUR 80,000.

One-click trading:

Standard order ticket:

This is a position statement showing the number of contracts that are in our
position. In this case, we have bought 0.25 lot of EURUSD worth EUR 25,000
and sold 0.25 lot of USDJPY worth USD 25,000.

What is a
pip?
A percentage in point, pip, is a standardized unit used to measure the change in
price in any forex, commodity and index pair. It is the smallest price change a
pair can make, which is the 4th decimal place for most pairs, but the 2nd decimal place for JPY yen pairs.

What is in the
account summary?
Web Trader

Desktop Trader

Balance

The amount of cash in your account. Your balance changes

when you realize a profit or loss on your positions, earn
or pay swaps, or deposit or withdraw funds.

Open P&L

The current total unrealized profit or loss for your open

trades. If you were to close all of your open trades at this
exact point in time, this amount would be realized and added
to your balance.
Open P&L includes SWAPS earned or paid on your trades
as well as Commission for traded CFD contracts.

Equity

Balance + Open P&L. The current net asset value of your

account. An overview of your account performance based on
deposits, realized and unrealized profits and losses.

Margin
(Margin Used)

The amount of your balance and open P&L that is

reserved for margin. This amount is equal to the sum of
each positions value multiplied by each positions leverage
ratio.

Free Margin

The amount of your balance and open P&L available as

margin for new trading transactions.

Margin Level

Equity divided by the Free Margin. You must maintain a

sufficient Margin Level to support your open positions. We
will close out all your open positions immediately if the
Margin Level drops below 100%.

How do I calculate profits

and losses?
[current closing price previous entry price] * [quote currency / base currency @
closing time] * contracts

Example 1
Pair: EUR/USD

Units: 1 contract; EUR100,000

Base currency: EUR

Previous entry price: 1.26572

Quote currency: USD

Current closing price: 1.26955

Direction: bought pair

Profit = USD 383

You bought EUR 100,000 with USD 126,572 at EUR/USD 1.26572. EUR/USD rose to
1.26955 and you decide to closed the position at a gain. You close by selling EUR 100,000
for USD 126,955 at EUR/USD 1.26955. You have made USD 383 (126,955 126,572).

Example 2
Pair: USDJPY

Units: 0.10 contract; USD10,000

Base currency: USD

USD/JPY at entry time: 107.17

Quote currency: JPY

USD/JPY at closing time: 106.90

Direction: sold pair

Profit = JPY 2,700 (USD 25.26 equivalent)

You sold USD 10,000 for JPY 1,071,700 at USD/JPY 107.17. USD/JPY dropped to 106.90
and you decide to close the position at a gain. You closed the position by buying USD
10,000 with JPY 1,069,000 at USD/JPY 106.90. You have made JPY 2,700 (1,071,700
1,069,000) or USD 25.26 (2,700 / 106.90).

Example 3
Pair: GBP/CHF

Units: 0.01 contract; GBP1,000

Base currency: GBP

GBP/CHF at entry time: 1.5302

Quote currency: CHF

GBP/CHF at closing time: 1.5210

Direction: bought pair

USD/CHF at closing time: 0.95815 / 0.95831

Loss = -CHF 9.2 (-USD 9.6 equivalent)

You bought GBP 1,000 with CHF 1,530.2 at GBP/CHF 1.5302. GBP/CHF dropped to 1.5210
and you decide to close the position at a lost. You closed the position by selling GBP 1,000
for CHF 1,521 at GBP/CHF 1.5210. You have lost CHF 9.2 (1530.2 1521.0) or USD 9.6 (9.2
/ 0.95831).

What is a leverage
and margin?
Trading with Margin
We support margin trading which allows you to enter into positions larger than
your account balance. The upside is that you can strongly leverage the funds in
your account and potentially generate large profits relative to the amount invested.
The downside is that you can potentially incur significant losses very quickly.

Margin and Leverage

Margin is the amount of equity collateral that is reserved to maintain an open position, it is calculated in the following way:
Margin = Contracts x Size of one contract x Instrument Price / Leverage
There is no minimum margin required to open an account with us, but the free
margin will limit the size of the positions you can open.

At the bottom of our Web Trader you will see:

Margin: margin used

Free margin: margin available for you to open new trades
Equity = Balance + Unrealized Profit

Leverage is used to describe margin requirements. 1 divided by leverage is the margin

requirement. If leverage is 100:1 (1% margin requirement), then for each USD of
margin available you can open a USD 100 position. If leverage is 25:1 (4% margin
requirement), then for each USD of margin available you can open a USD 25 position.

We currently offer a leverage of 100:1 for all currency pairs and 25:1 for commodities and indices.

Maintaining Sufficient Margin

If your trade is in loss, this will affect your equity and margin levels which will cause
them to decline. You must maintain a sufficient Margin Level to support your open
positions. You are responsible for monitoring your account to prevent position closeouts to free up margin.

A position closeout will be triggered in the following circumstances:

When your margin level (equity divided by margin used) declines to less than 150%,
you will be in a margin call and you should not open new positions.
When your margin level declines to less than 100%, you will experience a stop out.
Our system will automatically close your open positions using the current Harborx
rates (starting from the biggest losing position) until your margin level exceeds the
stop out level.
Warning: You will not receive a notification. Be sure to fulfill your responsibility as a
trader to monitor your margin level.
Web Trader

Desktop Trader

Avoid Position Closeouts

You can take proactive measures to avoid getting a position closeout:
Deposit additional funds into the account to raise the Equity, which in turn will raise
the Margin Level. Note that it will take time to add funds.
Monitor the status of your account continuously.
Use smaller position sizes (smaller lots), so you can impose a higher margin
requirement on yourself.
Specify a stop-loss for each open position to limit downside risk. You can specify
the stop-loss rate at the time you issue a trade using our orders. You can also add
or modify a stop-loss order at any time for any open trade.
Set stop-loss at order entry
Web Trader

Desktop Trader

Add stop-loss to open order

Web Trader

Desktop Trader

Modify stop-loss to open order

Web Trader

Desktop Trader

Close individual positions to reduce the amount of Margin Used and increase the
Margin Level.
Some companies offer 500:1 leverage, but we believe those levels are far too risky
and could cause clients to lose all their funds very quickly in an adverse market.
Successful traders seldom trade at that level of leverage.

What are
swap fees?
A swap fee is an overnight rollover interest fee for holding positions overnight in
FX, metals and CFD trading. A swap fee is determined based on the interest
rates of the countries involved in each currency pair and whether the position is
short or long.
Swap fees are released daily by the financial institutions we work with and are
passed on to our traders after we make adjustments to the rates based on our
risk-management analysis and market conditions. Each currency pair has its own
swap charge and is measured on a standard size of 1.0 lot. If you wish to hold a
position to the following day passing 23:59:59pm Harborx Server Time or over
the weekend, you will be subjected to a swap fee.
All market hours are expressed in Harborx Server Time, which set at GMT+2
when New York is observing Eastern Standard Time and is changed to GMT+3
when New York is observing Daylight Savings Time. We apply swap fees to our
traders as swap fees are also applied to us by our liquidity providers. We apply
swap fees daily at 24:00 on Harborx Server Time. We apply triple the daily
swaps value at 24:00 Harborx Server Time on Wednesday for all currency pairs,
except USD/CAD for which triple swaps values are applied 24:00 Harborx
Server Time Thursday. The triple swap values replicate the impact of rolling the
underlying spot market over the weekend.
We will deduct the fees from the equity balance of your account. If we are unable
to collect the fee, we may close part of your open positions.

Updated on 04th of March 2015

17