Dear valued clients,
Please be advised that we have received numerous inquiry from clients in regards to the newly established broker – Fintech, which the company is in relations with Odin Management. This announcement is to announce that Odin Management has no business corporation with Fintech and therefore Odin Management will not be responsible for any matters in regards to Fintech.
If you have any queries or request, please do not hesitate to contact us, we are most happy to assist.
Odin Management Customer Support Team
|Instrument||Typical Spreads||Standard Contract Size||Min. Contract Size||Max Leverage||Trading Hours GMT|
|Gold||50||100 oz.||1 oz.(0.1)||$1000||24 hrs|
|Silver||50||5000 oz.||50 oz.(0.1)||$2500||24 hrs|
Spot gold and silver trading is available from 22:15 EST Sunday through 22:00 EST Friday(Daylight Saving Time).
Odin Forex currently offers 24 hour trading in the following pairs with gold and silver: GOLD,SILVER
In order to view all available trading instruments in the Market Watch window inside the Metatrader trading platform, just move your mouse cursor inside the Metatrader over the symbols located in the Market Watch window, right click your mouse on any of the symbols and select 'Show All' from the popup menu.
As a result of our Straight Through Processing, the spreads vary, which includes times of high market volatility, before and after major economic releases, and following other important news and events. Spreads and liquidity will reflect the prevailing interbank market liquidity.
Typical spread on Gold is 50 pips and the spread on Silver is 4.
Trading of gold and silver takes place in 'lots'. 1 lot of gold = 100oz and 1 lot of silver = 5000oz. Trading of gold starts at 1oz = 0.01 lot and silver from 50oz = 0.01 lot.
Trades are quoted via transparent 'Straight Through Processing'; live prices are continuously published to clients via our trading platform, and traders can at any time click on the current bid or offer and execute a market trade. Trades are executed via 'Market Execution' and the prices are updated automatically as market conditions dictate.
Price quotes of spot gold and silver are similar to price quotes of Forex currency pairs. For example, spot gold traded against the US dollar is GOLD.
Spot prices of gold and silver are quoted internationally in US dollars per troy ounce, so for a quote of GOLD 1300.50, 1oz of gold is equal to $1300.50
Increasing quote for gold means strengthening of gold value. Conversely, decreasing quote for gold means the gold is worth fewer dollars than before.
A typical quote you might receive for spot gold is 1385.80/1386.30 (bid/ask). This means that you could sell at 1385.80, or buy at 1386.30. The difference between the bid and ask prices is the spread (1385.80-1386.30) or 0.50.
For gold, 1 lot is 100 troy ounces, and the smallest price increment (5 pips) is 0.05. This means that a one increment movement in the gold price represents a $5 price movement for each lot that you are trading. For silver, 1 lot is 5000 troy ounces, and the smallest price increment (pip) is 0.01. This means that a one increment movement in the silver price represents a $50 price movement for each lot that you are trading.
You decide to buy 1 lot of XAU/USD (spot gold) at 1383.30. A few minutes later, the bid (or sell) price has risen to 1383.90, and you decide to exit your trade.
You bought 1 lot at 1383.30
You sold 1 lot at 1383.90 a difference of 0.60, or 60 pips
Your trade has therefore made 60 pips x $1, equal to $60.
You bought 1 lot at 1383.30
You sold 1 lot at 1382.80, a difference of 50 pips.
Your trade has therefore made a loss of 50 pips x $1 per pip, equals to $50.