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  Home Page > Personal Banking >Investment and Financing >"Forextrading" Personal Foreign Exchange Trading
"Forextrading" Personal Foreign Exchange Trading
 

☆ Introduction
A foreign exchange trading service offered by ICBC for retail customers, enabling spot foreign exchange trading within valid trading period through ICBC's proprietary personal FX trading system (including counter, telephone banking, Internet banking, mobile banking and self-service terminals).
With the service you may:
1. Convert currency: Convert your currency to another one when needed.
2. Profit from exchange rate: Earn from spreads by trading on the market volatlity of exchange rate.
3. Preserve or add value to asset: Change a foreign currency with lower interest rate to one with higher rate and profit from the interst margin.

☆ Features
1. Many ways to trade: Customer can trade immediately, or place profit-making, stop-loss, two-way orders. Profit or loss is locked in advance, suitable for different customers using different strategies.
2. Loose time limitation for order: Longest is 120 hours with 5 choices of time ranges: 24 hours, 48 hours, 72 hours, 96 hours and 120 hours, so that customer can stay away from market short-term and focus on the market long term.
3. Different preferential classes. Concession quotes will be given once the transaction amount met the minimum of respective class. Much more room for customers to placing large singe order to make profit. (Details to see Notice announced by local ICBC).
4. Trading hours and currency: "Forextrading" is available 24 hours every day from Mon. 7 AM till Sat. 4 AM. All quotes are at real time concurrent with exchange rates in international F/X market. There are nine trading currencies: US Dollar, Japanese Yen, HK Dollar, Sterling Pound, Euro, Canadian Dollar, Swiss Franc, Australian Dollar and Singapore Dollar, 36 currency pairs in total. Due to different situations in branches, details of hours, currency and trading to see Notices announced by local ICBC.
5. Low initial trading amount, only USD 100 in general case.
6. T+0 trading, no limit on times of daily trading, leading to more flexible investment.

☆ Service Channel
1. ICBC business office. Use foreign currency deposit receipt or cash to trade immediately or place order at the Counter.
2. Telephone Banking. After applying Telephone Banking account, you can use the account opened and password, dial 95588 directly. Listen to the audio information to trade immediately or place order.
3. Internet Banking. After applying Internet Banking account, you can use the account and password and logon ICBC website(www.icbc.com.cn) or local ICBC website to trade immediately or place order.
4. Self-Service Terminal. Use Current All-in-one passbook to trade or make enquiry at ICBC self-service terminal.

☆ Helpful Tips
1. Specify an F/X Trading Account before trading through Internet Banking. Account specified must be a multi-currency current account, including basic multi-currency account of Elite Club Account Card, ICBC Money Link Card, and the multi-currency current account linked under the card. Credit card, quasi-credit card, international card cannot be used as trading account.
2. Market news will inform all the preferential prices of each class in local ICBC.After selecting the mode to display the quotes (basic, cross, all, self-defined), select the preferential class from pull-down menu to let the price match with that preferential class directly displayed at the area of buy/sell prices. Detail transaction amount arrange matching with each preferential class will be displayed on the page after your selection.
3. Since additional order is an order based on the original closed order. Therefore, selling currency in additional order must be identical with the buying currency in original order. Selling amount must less than or equal to the buying amount in original order. Currently, no support is given in placing two-way order for additional order.
4. Additional order can be cancelled directly. You can cancel additional order first and then canceling the main one, while the main order cannot be directly cancelled.
5. Submit trading within 10 seconds after confirmation on all information. Transaction amount entered cannot be less than the initial amount.
6. To trade F/X through Telephone Banking, amount entered can only up to 2 places after decimal point. HK dollar is accurate to 1 place. No decimal places in Japanese Yen.
7. Minimum amount is USD 50 or equivalent foreign currency when trading F/X through Telephone Banking.

The above is for reference only. Details refer to the rules drawn up by local ICBC branch. To save your time, please call your local ICBC before applying for the service.

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