Types of currency trade
Choose the trade type best suited to your foreign exchange requirements.
SATFX offers the following trade types that we can trade over the phone or via email. To discuss these, or any other currency requirements, please call +44 (0) 1491 577 550.
Spot Trade – a spot trade is based on the exchange rate at the time of the trade. Spot Trades are the most common foreign exchange transactions worldwide and are perfect for making single, straightforward currency transfers.
Forward Contract – a Forward Contract enables you to fix the rate now for exchange up to 12 months time, providing peace of mind and enabling you to benefit from favourable exchange rates before you need the currency.
Regular Currency Plan – a Regular Currency Plan makes the process of moving funds overseas on a regular basis simple and hassle free. For more information on our Regular Currency Plans click here.
In addition to these three currency trades, we have a wide range of Market Orders that can be tailored to your currency needs. All market orders run for 24 hours a day and allow you to benefit from market moves outside UK trading hours:
Call Order – a Call Order is just that; you ask us to call you when the exchange rate hits a certain level.
Stop Loss Order – a Stop Loss Order is there to protect you from adverse currency movements and is in place to act as your worse case scenario. A stop loss is placed above or below the current exchange rate depending on whether you are buying or selling currency and sets a limit at which you are prepared to buy or sell currency.
Take Profit Order – a Take Profit Order enables you to buy or sell an amount of currency at a specified exchange rate. When placing a take profit order it is important to be realistic based on your time frame and not placing the order too far above or below the current exchange rate.
A OCO (One Cancels Other) Order – an OCO Order is a combination of other Orders (Take Profit and Stop Loss) and enables you to place two orders in the market together. When one of the OCO linked orders executes on the trigger price, the other order is cancelled.
To discuss how these trades or a combination of trades could assist you, contact us now on +44 (0) 1491 577 550 or click on the Call Back button above and we’ll contact you.