Mini Differences

The Refco FX Mini account uses the same state-of-the-art trading platform as the regular trading account. There is no additional software to download.

Account Size

The minimum amount that is required to open a Refco FX Mini trading account is $300.

Trade Size

On the Refco FX Mini trading platform all trades are executed in standard sizes of 10,000 base currency per one lot. There is no maximum trading volume on the Refco FX Mini trading platform.

Pip/Tick Value

Profit and loss is easy to calculate when trading on the Refco FX Mini platform. In the EUR/USD and many other currency pairs, a one pip (or tick) movement in the exchange rate is equal to a one-dollar gain or loss in the account value per lot (and approximately $1 in the 14 other currency pairs).

Margin Requirement

Clients must maintain $50 in the account for each lot of currency being traded (approximately 200:1 leverage). This amount does not change after 5:00 PM New York time, which is the rollover cut off, but stays constant at $50 per lot the entire day and overnight. There is also an important safety feature imbedded in this system, which prevents clients from losing more money than they have in the account. Once the account falls below $50 per lot, all positions are closed, and this acts as a final stop for those that have not set stop-loss orders to close losing positions.

Spreads

Refco FX maintains a tight spread of 5 pips in EUR/USD and USD/JPY.

Rollover/Over Night Interest

There is a fixed $1 rollover fee per lot for positions held past 5:00 PM New York time, which is the rollover cutoff.