How do I place an order?
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Education

How do I place an order?

How do I place an order?

You can place an order on the trading platform you will need to specify an order type, trade size, price and duration for the order.

What happens if the market gaps through my order level?

In volatile market conditions it may be possible for an order to be triggered at a level that is less favorable than the order price you specified. This is known as ‘Gapping’ and in this situation GKFX will endeavor to execute the order at the first or most reasonable price available to us.

What happens to orders that are attached to an open position when that position is closed?

If you have any orders that are attached to a position that has been closed then these will automatically be cancelled. But it is your responsibility to ensure that this has been done. If you have left orders that are not specifically attached to a position then these will carry on being worked.

Closing an open position

To close an open position on MetaTrader you must either attach an order to the position, or right click on the position viewable in the ‘Trades’ tab and then choose the ‘close order’ option and then click the yellow close button. If you simply do a trade of equal and opposite value then this will not close the position but leave you both long and short.

What is Financing?

As mentioned previously, if you have a position open in a CFD at 10pm (London time) you will be subject to financing. If you have simply day traded and have no open positions left open, then you are not subject to any financing. If you are long a CFD then you will incur a financing charge. As you have only put up a fraction of the actual value of the trade then you have ‘effectively borrowed’ the balance. For this we charge a financing charge of 2% above the overnight lending rate for the currency concerned. If you are short a CFD then you may receive financing. You have effectively deposited the entire value of the trade with us and will receive financing which is the overnight lending rate minus 2% (subject to a minimum of 0%). If you have a position where you are long and short the same CFD then these do NOT cancel each other out and you would be liable to both pay and receive financing, losing whatever the difference is. Financing works differently for Foreign Exchange, so please read the section on that to find out how that is applied.

RISK WARNING

All financial products traded on margin carry a high degree of risk to your capital. They are not suited to all investors and you can lose more than your initial deposit. Please ensure that you fully understand the risks involved, and seek independent advice if necessary. See our full Risk Warning on our Terms of Business and our Privacy Policy.