Cyprus-based Forex broker FxPro
has shown its friendliness to beginners in online trading numerous times and has just reiterated this attitude thanks to the new All-in-One Calculator
. The tool helps a newbie calculate the spreads, swaps, commissions (if any) and even the value of pips about a certain position. That's right, the broker is getting into the details when it comes to informing you about Forex transaction costs
The use of the calculator is easy and intuitive: you get to set four parameters of your position. The first is the currency pair traded (the menu features around 50 such instruments at this point); then there is the account currency, then the leverage and the position size. Once you've set the parameters, simply click on the Calculate button and let the technology work its magic.
The calculator displays the average spread on the Metatrader 4
platforms for your trade, along with the minimum price fluctuation (which is negligible but the broker has a crush on details and transparency). You can also see the expected size of the swaps – both long and short, which is a very useful reading in case you want to keep a position open overnight. The result for the pip value is right next to the required margin, so you know how much money exactly you need to set aside for each position. The group of results also features the size of cTrader commission.
Just a couple of sentences earlier I mentioned that the calculator “works its magic” but I was not precise in that statement, as the broker leaves nothing hidden regarding the formulas of the calculations. You can see them all, coupled with examples, right below the calculator window.
The tool may be too trivial for trading professionals but it's a pretty useful ones for everybody who wants to get a grasp of Forex mathematics. After all, beginners have to learn the basics – and these include the fact that the value of a pip is $10 for a standard lot of EUR/USD. Regarding the calculations of spreads, this usually involves opening a demo and testing a platform with a raft of positions. Now FxPro saves us time and efforts in this respect.
The new calculator adds to efforts by the broker to help beginners in Forex. For that matter, we should mention the launch of the Trading Academy
, an information portal with various Forex training resources. FxPro has also set to make trading for beginners less risky and is offering trading with micro lots on its Micro EA accounts for the MT4 platform.
FxPro is an award-winning Forex broker providing retail and institutional offerings to clients in 150 countries. FxPro offers trading access through a range of platforms including the innovative ECN platform – FxPro cTrader – supported by industry-leading market news and outstanding levels of customer support 24 hours a day. FxPro’s goal is to be the world’s preferred Forex broker and it has become the first choice for Forex traders needing user-friendly market access and superior trading infrastructure.
With offices in the United Kingdom, Austria, Cyprus, France, Russia and Spain, FxPro Financial Services Limited is authorized and regulated by the Cyprus Securities and Exchange Commission, under license number 078/07, and operates under the EU Markets in Financial Instruments Directive (MiFID).