The online retail Forex market rarely sleeps. Internet technology allow us to bring you trading 24 hours a day, six days a week, as exchanges continuously open and close around the world: New York, London, Sydney, Tokyo, etc.Official Trading Hours are from 17.00(ET) Sunday to 17.00(ET) Friday.
The Orinex dealing desk is open 24 hours a day, from the time the market opens in Wellington (10AM Wellington time) Monday morning until it closes in New York (5PM New York time) on Friday.
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DANA enables foreign currency trading to be conducted on a highly leveraged basis. Every client is able to request the degree of leverage or gearing that the client wishes to employ in trading.
DANA constantly monitor the leverage levels of all accounts.
DANA
will not notify you of a margin call. Positions will be closed automatically by the software.
Clients are fully responsible for monitoring the activity in their accounts.
DANA
guarantees limited risk. Negative balances are impossible with
DANA
.
The maximum available margin is 0.5% (200X leverage) for premium accounts and is 1% (100X leverage) for all other account types.
The minimum margin requirement is approximately $100 per one lot in all account.
The requirements for leverage may vary with account size or market conditions, and may be changed from time to time.
If maximum leverage is employed, traders must maintain the minimum margin requirement on their open positions at all times. It is the customer's responsibility to monitor his/her margin account balance. Any or all open positions can be liquidated whenever a trader's minimum margin requirement is not maintained. This is an important risk management feature designed to strictly limit trading losses in your account.
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DANA; offers 3-5 points spreads in the major currencies (USD/JPY, EUR/USD, USD/CHF, GBP/USD) and 5-20 pips on others. Prices quoted are inclusive of our normal dealing spreads. However, during the market volatility and time when major economic news is released, spreads may widen. The spreads are the same for Retail customers and Institutional customers on all currencies.
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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.
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For all account types, DANA supports the following Order Types:
Market Order (Buy/Sell)
An order buy or sell the leading currency in a currency pair at the current market price. For example, for the EURUSD (Euro v. US Dollar) currency pair, an order to Buy (at the "Ask" price) buys Euro and sells the US Dollar. Conversely, an order to Sell (at the "Bid" price) sells the Euro and buys the US Dollar.
A "Trader Range" can be set when opening a position (executing a Market Order). The "Trader Range" is the difference, in pips, from the current market price that the trader is willing to accept if the market moves while the trade is being processed.
Entry Stop / Stop
A "conditional" order to buy or sell a currency (in a currency pair) when a specific price target is reached. A buy Entry Stop order will buy the leading currency in a currency pair when the Ask price reaches a target that is above the current price, and a sell Entry Stop order will sell the leading currency in a currency pair when the Bid price reaches a target that is below the current price.
An Entry Stop / Stop order is usually used to limit the loss on a specific position.
Entry Limit / Limit
A "conditional" order to buy or sell a currency (in a currency pair) when a specific price target is reached, and the opposite of an Entry Stop or Stop order. A buy Entry Limit order will buy the leading currency in a currency pair when the Ask price reaches a target that is below the current price, and a sell Entry Limit order will sell the leading currency in a currency pair when the Bid price reaches a target that is above the current price.
An Entry Limit / Limit order is usually used to buy or sell at pre-set advantageous levels, adding to an existing position or taking a profit. Limit orders are useful to prevent a trader from "marrying" a position, or being unable to take the profit at the right price.
Hedging Positions
A position is "hedged" when a position is opened in the opposite direction of an already-open position.
Close Position
An order that closes a position at the current market price.
Close Position with Hedge
An order that closes an existing position and opens a new position counter to it.
All orders are good until cancelled, except in special situations such as a Margin Call.
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On the DANA trading platform all trades are executed in standard sizes of 10,000 units of the base currency per one lot.There is no maximum trading volume on the Orinex trading platform, however, for trading sizes larger than $10 million, traders must request a quote over the telephone.
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A minimum transaction size is 1 lot, or 10,000 of the base currency on any type of account. A trading account with a margin deposit of 1% would open a US$10,000 position and would require an initial margin deposit of US $100.
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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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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.
Account statements can be accessed 24/7 through the reporting links.
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Funds Withdrawal Policy
To withdraw funds or close an account at any time, fill out and sign the Withdrawal Form.
Requests to withdraw funds will be processed in two business days. Any withdrawal requests that exceed $25,000 will only be processed with wire transfers.
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