Account Information
Services at StrikerFX
Striker Securities, Inc.
141 W. Jackson Blvd. #3602
Chicago, IL 60604
(800) 669-8838
(312) 987-0043
(312) 987-9088 (Fax)
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Account Information
Types of Accounts
Full-size Account
The full-size account is ideal for active traders wishing to leverage the advantages of FX trading.* Traders enjoy streaming quotes 24-hours a day, and FXCM will make best efforts to fill your trade at the price requested.**
  • $2000 to Open
  • Up to 100:1 Leverage*
  • 100,000 Trade Size
Mini Account
The Mini account is designed for those new to online currency trading. It is intended to introduce traders to currency trading while minimizing the risk capital required.
  • $500 to Open
  • Up to 100:1 Leverage*
  • 10,000 Trade Size
* Leverage is a double-edged sword. Without proper risk management, this high degree of leverage can lead to large losses as well as gains.
** On the FXCM platform spreads are typically 3-5 pips on the majors, although these spreads may vary depending on market conditions. FXCM will make best efforts to fill your trade at the price requested. FXCM offers a "No Dealing Desk" execution option Clients may be able to select this option or be placed on it at FXCM's discretion. Spreads may not be represented as fixed or guaranteed even under normal market conditions. Spreads are fixed most of the time, but under extraordinarily volatile market conditions order execution may experience delays resulting in varying spreads. Please refer to our website for an updated version of our execution language and policy. The statement On the FXCM platform spreads are typically 3-5 pips on the majors, although these spreads may vary depending on market conditions can be used in place of the statement Fixed Spreads.
PAMM Account
The PAMM (Percentage Allocation Management Module) allows professional money managers to execute trades on one master account that represents the total, with varying assets of all individual accounts. Accordingly, the money manager may ONLY place trades on the fund manager account, which is the sum of the individual customers' controlled accounts, as the accounts may only traded as one fund. Once a trade is placed on the fund manager account, upon closing of the position, P/L is distributed to the controlled accounts based on each customer's equity, as a percentage of the total fund. Similarly, any commission fees, and interest charges or credits are distributed proportionately to the controlled client accounts based on each clients's equity, as a percentage of the total fund. Through proportional distribution, money managers can manage a spectrum of clients with ease and agility.

Reporting: Clients may view account activity and closed trades executed by the money manager by logging into their read-only account, and clicking on the "reports” function. These reports include account equity in real time, margin, and P/L on all closed trades. Clients can set their own time parameters to view account activity for any given time frame. The client will be able to see if they have open positions, and what their P&L is on the position, but will not be able to see the size of the position or which currency they are long or short. Clients will not be able to view any pending orders. This protects the privacy and intellectual property of those traders with proprietary trading systems.

»What is Rollover?
  • A function of the interest rate differential between the two currencies you are trading
  • Can earn interest if you are long the higher yielding currency on 2% margin
  • FXCM is the only firm in the industry to present both the buy and sell rollover rates openly on its platform, thus ensuring the fairest and most honest fees
  • In the spot foreign exchange market, trades must be settled in two business days. For example, if a trader sells 100,000 euros against US dollars on Tuesday, the trader must deliver 100,000 euros and accept delivery of US dollars on Thursday. As a service to our traders, FXCM automatically rolls any position held open at 5:00 PM Eastern Standard Time forward to the next settlement date.
  • The swap rates are determined at the Interbank level and are tradable instruments. In any spot rollover transaction there is a difference in interest rates between the two currencies that will be reflected in the overnight "loan". If the trader is long dollars and the short currency has a lower interest rate, the trader should gain on the spot rollover through the premium relationship of the dollar to that short currency. The amount varies based on the interest rate differential between the two currencies, and fluctuates day to day with the movement of prices. For instance, on any given day, the rollover can be $1 per lot for U.S. Dollar/Japanese Yen and $15 per lot for Great Britain Pound/U.S. Dollar. Rollover fees are shown in dollars and are posted in the "interest column" every day at 3:00 PM EST on the trading platform. For day traders that never hold a position overnight, rollover will not affect trading.
The following is a simple example of how interest rollover is calculated:
No. of Lots x No. of Units per lot x Yearly Interest Rate Differential / 360 x No. of Days

Example:
Transaction: Sell 2 lots of USD/JPY on Monday and settle on the next day
Lot Value: USD 100,000 or JPY12,200,000
Opening Price: 122.00
Yearly Interest Rate Differential, USD 1.25% - JP .0% = 1.25%
Calculation: USD 100,000 x 2 x (-1.25%/360) x 1 = -6.94


Example:
Transaction: Buy 2 contracts of GBP/USD on Monday and settle on the next day
Contract Value: GBP100,000
Opening Price: 1.5600
Yearly Interest Rate Differential, GB 3.75% - US 1.25% = 2.50%
Calculation: GBP100,000 x 2 x (2.50%/360) x 1 = 13.88


These examples are approximations and only serve as a guide.

At 5:00 PM, funds are automatically subtracted or added to accounts with open positions because of the automatic rollover. For accounts that have a margin requirement of 2% or more, funds are added to the account for positions in which the client is long the currency bearing the higher interest rate. Funds are deducted in the opposite circumstance. For accounts that do not have a 2% margin requirement, the rollover amount is deducted from the account for each position regardless of the account's holdings. Traders who are on 1% and hold overnight positions are doing so using FXCM capital and are therefore charged for this. A 1% margin is intended for day traders that close their position before the end of the day.

Note: For positions that are open on Wednesday and held overnight, the amount added or subtracted to an account as a result of rolling over a position tends to be around three times the usual amount. This "3-Day" rollover accounts for settlement of trades through the weekend period.
 
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Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts. Past results are not indicative of future results. Investing in the Forex market involves substantial risk of loss, and only risk capital should be used when making such investments.