About CMS LLC

Company Profile

Since its founding in 1999, CMS has striven to serve the emerging retail segment of the Forex community. Through a staunch commitment to technological innovation, fair dealing practices and excellence in customer service, CMS has become a major force in today’s Forex landscape.

CMS is a registered Futures Commission Merchant (FCM), a member of the National Futures Association (NFA) (Member ID# 0313199) and is registered with the Commodity Futures Trading Commission (CFTC).

Trading Terms

You may open an account in one of 8 base currencies (USD,EUR,AUD,NZD,CAD,GBP,CHF,JPY), allowing you to avoid exposure to exchange risk when depositing and withdrawing funds.

Commission: None. CMS makes money on the spread between buy and sell prices.

Instant Pip Rebate: Clients receive 1 pip rebate directly to their trading accounts when opening 5 standard 100K lots simultaneously and closing the same 5 lots simultaneously, regardless of type of account or currency pair. This applies to individual orders of 5 lots. This rebate instantly appears on the account at the moment of closing a position. You can view its details in the account report, in the "Commission/Rebate" column.

Rollover refers to the process of closing open position for today's value date and the opening of the same position for the next day's value date at a price reflecting the difference in interest rates between the two currencies. For instance, the primary interest rates in Great Britain are much higher than in Japan, so if a trader buys GBP, he/she will earn interest at 5 PM EST. on the other hand, if he/she sells GBP in this currency pair, he/she will pay interest at 5 PM EST. Rollover is required because, in the spot forex market, all trades must be settled in two business days. In accordance with international banking practices, CMS automatically rolls over all open positions to the next date at 5 PM EST for settlement. Rollover involves exchanging the position being held for a position expiring the following settlement date. For example, for trades executed on Monday, the value date is Wednesday. The exception is a position opened and held overnight on Wednesday. The normal value date would be Saturday; because banks are closed on Saturday the value date is actually the following Monday. Due to the weekend, positions held overnight on Wednesday incur or earn an extra two days of interest. Trades with a value date that falls on a holiday will also incur or earn additional interest. CMS clients can earn interest on rollovers, depending on the direction of their positions and interest rate differential between the two currencies involved.

Interest on Unused Margin: Accounts with initial deposits of 10,000 USD or greater will receive 2.00% annual interest on unused margin if unused margin is over 10,000 USD. To be eligible for this interest, a trader must open at least 15 standard 100K lots per month. CMS may alter the interest terms and schedule at its discretion.

Margin policy: CMS currently offers customers three leveraging options. The first option is for customers that prefer higher leverage of up to 400:1. The second and third margin options are for customers that prefer lower leverage. Unless a customer specifically requests otherwise, the first margin option will be the default option as calculated by the Visual Trading platform. Please note that increasing leverage may increase potential gains as well as losses on any given trade.

Margin call policy: As permitted within the scope of National Futures Association (NFA) and Commodity Futures Trading Commission (CFTC) regulations, CMS may, at the discretion of its dealers, close any or all open positions in a trader's account, in the event that an account falls below the minimum required equity (margin call). However, when possible, we will try to first close only the positions that carry the most risk. It is the customer's responsibility to monitor and maintain his/her margin account balances at all times. You may keep track of your equity and usable margin in the "Account(s) Information" window on the Visual Trading platform. Please see the CMS Trading Agreement for further details on this margin call policy.