Sub-account differences

• v20: CFDs on forex, metals, indices, commodities and bonds.
• v20 MT4*: CFDs on forex, metals, indices, commodities and bonds.
• VEXI One & MT5: CFDs on forex, metals, indices, commodities and shares, as well as ETF CFDs.

* The MT4 User Interfaces (UIs) operate primarily as a front-end system intended for user convenience to facilitate order placement and chart viewing. VEXI endeavours to mirror the v20 account in the linked account in MT4 to the best extent possible, but it is critical to note that the definitive system of record and the ultimate source for Order Monitoring and Execution, Marked to Market Open Positions, Margin Utilisation, and Margin Close Out processes is the v20 account (accessible via the proprietary VEXI UIs); it is not the MT4 account that is linked to the v20 account.

• v20: VEXI mobile, VEXI web, VEXI desktop*, TradingView.
• v20 MT4**: VEXI mobile, VEXI web, VEXI desktop*, MT4 desktop, MT4 web, MT4 mobile, TradingView.
• VEXI One & MT5: VEXI mobile, MT5 desktop, MT5 web, MT5 mobile.


* VEXI’s desktop platform was discontinued on 20th January 2023. Only clients who onboarded before that date may download and use the desktop platform.

** The MT4 User Interfaces (UIs) operate primarily as a front-end system intended for user convenience to facilitate order placement and chart viewing. VEXI endeavours to mirror the v20 account in the linked account in MT4 to the best extent possible, but it is critical to note that the definitive system of record and the ultimate source for Order Monitoring and Execution, Marked to Market Open Positions, Margin Utilisation, and Margin Close Out processes is the v20 account (accessible via the proprietary VEXI UIs); it is not the MT4 account that is linked to the v20 account.

• v20: Not by default. You can create a new sub-account with spread betting enabled.
• v20 MT4: Not by default. You can create a new sub-account with spread betting enabled.
• VEXI One & MT5: No. Spread betting is not available on this sub-account.

• v20: The default is Netting enabled. You can create a new sub-account with hedging enabled (i.e. hedging netting disabled).
• v20 MT4: The default is Netting enabled. You can create a new sub-account with hedging enabled (i.e. netting disabled).
• VEXI One & MT5: Hedging is always enabled, i.e. netting is always disabled.

Please note that when trading on a hedging enabled sub-account, financing costs will be applied to both sides of a hedged trade.

• v20: Net Asset Value (NAV).
• v20 MT4: 
VEXI UIs: – Net Asset Value
• MT4 native UIs: – Equity.
• VEXI One & MT5: Equity.

• v20: Trade.
• v20 MT4: Trade.
• VEXI One & MT5: Deal.

• v20: Financing.
• v20 MT4: Financing.
• VEXI One & MT5: Swaps or Financing.

• v20: Margin_Used = Margin_Rate * Trade_Quantity * Instrument_To_Home _Currency_Conversio n_Rate.
• v20 MT4: 

  VEXI UIs: – As per v20.

  MT4 native UIs: – VEXI endeavours to periodically synchronise the values displayed for Margin, Equity, Free Margin, Margin Level %, and Balance to be approximately equivalent to the system of record values displayed in VEXI UIs.
• VEXI One & MT5: Margin = Margin_Rate * Trade_Quantity * Instrument_To_Hom e_Currency_Conver sion_Rate

• v20: The current mid-price for the Home/Instrument currency pair, e.g. GBPUSD for a EURUSD trade in a GBP-denominated account.
• v20 MT4: 

  VEXI UIs: – As per v20.

  MT4 native UIs: – VEXI endeavours to periodically synchronise the values displayed for Margin, Equity, Free Margin, Margin Level %, and Balance to be approximately equivalent to the system of record values displayed in VEXI UIs.
• VEXI One & MT5: The Top of Book “sided” (ask for buy deals; bid for sell deals) price at the time of order execution for the Home/Instrument currency pair, e.g., GBPUSD for a EURUSD deal in a GBP-denominated account.

• v20: No, it is a dynamic value that changes with the change in the Instrument to Home currency conversion rate. Margin Used is always the amount of Margin that would be needed to open a new position of the given trade size at any point in time.
• v20 MT4: 

  VEXI UIs: – As per v20.

  MT4 native UIs: – VEXI endeavours to periodically synchronise the values displayed for Margin, Equity, Free Margin, Margin Level %, and Balance to be approximately equivalent to the system of record values displayed in VEXI UIs.
• VEXI One & MT5: Yes, it is a static value calculated when an order is executed. Thus, the initial margin stays constant over the lifetime of each open deal.

(Note: please also refer to the FAQ below re “What mark-to-market price is used to calculate the estimated Unrealised Profit/Loss (UPL) as displayed?”)
v20: No, only mid-prices are used in the margin calculations, with the rationale being that the margin requirements do not change if only the bid/ask spread changes.

• v20 MT4: 

  VEXI UIs: – As per v20.

  MT4 native UIs: – VEXI endeavours to periodically synchronise the values displayed for Margin, Equity, Free Margin, Margin Level %, and Balance to be approximately equivalent to the system of record values displayed in VEXI UIs.
• VEXI One & MT5: Yes, the appropriately sided Top of Book bid/ask prices that will be traded on to close a position are used, i.e., bid for long positions and ask for short positions.

• v20: The displayed percentage is to be interpreted as a ‘Margin Close-Out Percentage’. Values range from 0% (no money reserved as margin) up to 100% (the trigger point for a Margin Close-Out event).
• v20 MT4: 

  VEXI UIs: – As per v20.

  MT4 native UIs: – The displayed percentage is to be interpreted as a ‘Margin Coverage Percentage’. Values range from infinity (no money reserved as margin) down to 50%, where 50% is approximately equal to a Margin Close-Out Percentage of 100% in v20.
• VEXI One & MT5: The displayed percentage is to be interpreted as a ‘Margin Coverage Percentage’. Values range from infinity (no amount of money reserved as margin) down to 50% (the trigger point for a Margin Close-Out event).

• v20: Margin_% = (50% * Margin_Used) / NAV_mid where mid-prices are used to calculate UPL_mid in NAV_mid
• v20 MT4: 

  VEXI UIs: – As per v20.

  MT4 native UIs: – Margin_Level_% = Equity / Margin_Used.
• VEXI One & MT5: Margin_Level_% = Equity / Margin_Used.

• v20: Margin Close-Out Percentage >= 50%.
• v20 MT4: As per v20.
• VEXI One & MT5: Margin Coverage Percentage <= 100%.

• v20: Margin Close-Out Percentage >= 100%.
• v20 MT4: As per v20.
• VEXI One & MT5: Margin Coverage Percentage <= 50%.

• v20: Yes, a Margin Close-Out (MCO) event triggers full liquidation except for positions where the market in the underlying Instrument is closed or halted.
• v20 MT4: As per v20.
• VEXI One & MT5: No, an MCO event triggers partial liquidation. 
Deals are closed, starting with the Deal with the largest unrealised loss. This process immediately continues for each of as many Deals as necessary until the Margin Coverage Percentage returns to above 50%.

• v20: No, orders not linked/related to liquidated trades remain active.
• v20 MT4: As per v20.
• VEXI One & MT5: No, orders not linked/related to liquidated trades remain active.

• v20: Normal/full margin is calculated for the larger leg trades (whichever buy or sell trade has the larger quantity) or for the long leg if the long and short trade quantities exactly offset.
• v20 MT4: As per v20.
• VEXI One & MT5: Half of the normal margin is calculated for deals on each side (long and short) of the hedged/offsetting position, and the normal/full margin is calculated for any residual unhedged portion of a larger leg.

(Note: please also refer to the FAQ above re “Are the Unrealised Profit/Loss and NAV/Equity calculations used for margin determination purposes the same as the UPL and NAV/Equity elsewhere in the platform?”)

• v20: The sided price used to calculate the UPL differs when looking at trades or at positions. 
The UPL for trades is calculated based on the sided price for the notional amount of each trade. Therefore, this UPL calculation assumes that each trade would be closed/liquidated separately in its entirety as one exit trade. 
The UPL for the aggregated open position is calculated based on the sided price for the total aggregated notional amount of that position. This UPL calculation assumes that the total position would be closed/liquidated in its entirety as one exit trade. 

  There can therefore be circumstances, when the position size exceeds the volume in the first band of the Depth of Market pricing ladder, in which the UPL for a position is different from the sum of the UPL for each trade that makes up that position. 

  Actual realised profit/loss in Home currency terms may also differ from the estimated unrealised profit/loss on open trades/positions due to changes in Quote to Home currency conversion rates (including any markup), which are finally determined at the point of trade/position closure.
• v20 MT4: 

  VEXI UIs: – As per v20.

  MT4 native UIs: – The sided price used to calculate UPL for both trades and positions is always the sided Top of Book price, which is associated only with the volume available in the first band of the Depth of Market pricing ladder. Therefore, this UPL calculation assumes that trades and positions would be closed/liquidated in one or more trades, each with a size less than or equal to the Top of Book volume. 

  Actual realised profit/loss in Home currency terms may also differ from the estimated unrealised profit/loss on open trades/positions due to changes in Quote to Home currency conversion rates (including any markup), which are finally determined at the point of trade/position closure.
• VEXI One & MT5: The sided price used to calculate UPL for both deals and positions is always the sided Top of Book price, which is associated only with the volume available in the first band of the Depth of Market pricing ladder. 

  Therefore, this UPL calculation assumes that deals and positions would be closed/liquidated in one or more deals, each with a size less than or equal to the Top of Book volume. 
Actual realised profit/loss in Home currency terms may also differ from the estimated unrealised profit/loss on open trades/positions due to changes in Quote to Home currency conversion rates (including any markup), which are finally determined at the point of trade/position closure.

• v20: Financing Costs are credited/ debited to the account daily, i.e. the charges result in realised profit or loss. 
This cash posting to the sub-account usually happens on a daily basis as of the End of the Day (EOD Time). 
However, the cash posting may occur earlier for closed positions on an underlying Instrument that is a commodity or bond, where the financing calculation is performed on a continuous, rather than daily, basis.
• v20 MT4: As per v20.
• VEXI One & MT5: For positions in most instruments, Financing Costs are generally booked as Swaps on each Deal for which they accrue, i.e. the charges result in ongoing unrealised profit or loss. The cumulative Swaps accrued whilst a position is open, forms part of the realised profit or loss credited/debited to the account when a position is closed. 
This accumulating update to the Deals happens daily as of the EOD Time.
  However, for positions on an underlying commodity Instrument, Financing Costs are performed on a continuous, rather than daily, basis. to the account daily, i.e., the charges result in realised profit or loss that appear daily as cash balance adjustments. For these positions, postings to the account are calculated on the basis of the earlier of EOD Time or the time at which a position was closed intra-day.

• v20: 5pm ET.
• v20 MT4: 5pm ET.
• VEXI One & MT5: 5pm ET.

• v20: Yes.
• v20 MT4: 

  VEXI UIs: – Yes.

  MT4 native UIs: – No, only in aggregate.
• VEXI One & MT5: Yes.

• v20: Financing Costs for each individual position are accessible via the Activity tab in the Transaction History.
• v20 MT4: 

  VEXI UIs: – As per v20.

  MT4 native UIs: – Only the aggregate of these amounts appears as a credit/debit on the linked MT4 account.
• VEXI One & MT5: Swaps for each individual Deal are accessible in the Account History > Swap column. They are posted to the account when the position is closed. Financing credits/debits are visible as individual cash postings that impact the account balance.

The method for setting order volume—whether in lots or units—is determined by the specific user interface and account type being utilized.

• V20 (VEXI platforms and TradingView): units
• V20 MT4:
  • VEXI platforms and TradingView: units
  • MT4 native platforms: lots
• VEXI One & MT5 (VEXI mobile, MT5 native platforms and TradingView): lots

Note: Lot size on MT4 native platforms and VEXI One (VEXI mobile, MT5 native platforms and TradingView) is the same, except 4 commodity instruments listed below:

• v20: Yes.
• v20 MT4: 

  VEXI UIs: – Yes.

  MT4 native UIs: – No. 

  Orders can only be placed within the specified Trading Hours for a given Instrument as visible in the VEXI UIs.
• VEXI One & MT5: No. 

  Orders can only be placed within the specified Trading Hours for a given Instrument as visible in the Trading Platform.

• v20: Yes. 

  Bound levels can be specified during order placement so that your order is filled at a price within the bounds of your price tolerance.
• v20 MT4: 

  VEXI UIs: – Yes.

  MT4 native UIs: – No.
• VEXI One & MT5: No.

• v20: No. 

  After placement, Trailing Stop orders rest in a pending state in the VEXI order book on our Trading Platform servers, which automatically adjust the stop price based on incoming price quotes. 
These Trading Platform servers trigger and execute the order when the trail-level price is quoted.
• v20 MT4: 

  VEXI UIs: – No. 

  After placement, Trailing Stop orders rest in a pending state in the VEXI order book on our Trading Platform servers, which automatically adjust the stop price based on incoming price quotes. 
These Trading Platform servers trigger and execute the order when the trail-level price is quoted. 
Clients should bear in mind that the Trailing Stop order is not mirrored from the v20 account to the linked MT4 account, so it is not visible in MT4 native UIs. However, a trade resulting from this order execution will be visible in both the v20 and MT4 linked accounts.
  MT4 native UIs: – Yes. 

  After placement, Trailing Stop orders rest in a pending state only on your MT4 client terminal, which automatically adjusts the stop price based on incoming price quotes. These adjustments will not be performed if the client terminal is disconnected, so clients must take care to ensure that their client terminal is constantly connected if they are using this type of order. 

  The MT4 client terminal triggers the order when the trail-level price is quoted and then routes a market order to the VEXI Trading Platform order execution servers.
• VEXI One & MT5: 

  VEXI UIs: – Trailing Stop Loss orders are not supported.

  MT5 native UIs: – Yes. 

  After placement, Trailing Stop orders rest in a pending state only on your MT5 client terminal, which automatically adjusts the stop price based on incoming price quotes. These adjustments will not be performed if the client terminal is disconnected, so clients must take care to ensure that their client terminal is constantly connected if they are using this type of order.


  
  The MT5 client terminal triggers the order when the trail-level price is quoted and then routes a market order to the VEXI Trading Platform order execution servers.

• v20: You can place Pending Orders at any price level that is on the correct side of the market. For example, you can place a buy limit up to the quoted ask price but not higher than the current ask price.
• v20 MT4: As per v20.
• VEXI One & MT5: You can place Pending Orders only at price levels that are at least a minimum distance away from the correct side of the current market price.
  The minimum distance varies by Instrument and is visible on the Instrument Info screen of VEXI UIs or in native MT5 UIs as part of the Instrument Specification in the Market Watch. 
The value displayed is the number of points, where a ‘point’ is the last digit of the price quote. For example, a value of 5 for EURUSD means 0.00005 (half a pip).
  With such a configuration, you would be unable to place any order within 0.5 pips of the relevant side of the current bid/ask quote. For example, you would not be able to place a buy limit order less than 0.5 pips below the current ask price.

• v20: Each client can select the time zone from the Tools menu (desktop/web) or settings (mobile).
• v20 MT4: 

  VEXI UIs: – As per v20.

  MT4 native UIs: – Time is set such that midnight is always the end of the global trading day (5pm ET). This means that Daylight Savings Time changes applicable in New York will be reflected in the time displayed.
• VEXI One & MT5: 

  VEXI UIs: – All clients see the time according to the time zone based on their location and device settings.

  MT5 native UIs: – Time is set such that midnight is always the end of the global trading day (5pm ET). This means that Daylight Savings Time changes applicable in New York will be reflected in the time displayed.

• v20: VEXI UIs show the execution time in the time zone that is local to each client.
• v20 MT4: 

  VEXI UIs: – As per v20.

  MT4 native UIs: – Time is set such that midnight is always the end of the global trading day (5pm ET). This means that Daylight Savings Time changes applicable in New York will be reflected in the time displayed.
• VEXI One & MT5: 

  VEXI UIs: – All clients see the time according to the time zone based on their location and device settings.

  MT5 native UIs: – Time is set such that midnight is always the end of the global trading day (5pm ET). This means that Daylight Savings Time changes applicable in New York will be reflected in the time displayed.

• v20: Yes
• v20 MT4: 

  VEXI UIs: – Yes

  MT4 native UIs: – No. Transaction history for closed positions is only retained for 90 days.
• VEXI One & MT5: Yes

• v20: Yes
• v20 MT4: Yes
• VEXI One & MT5: No. Daily statements are available in the Client Portal.

• v20: Yes, 2FA can be configured to log in via VEXI UIs.
• v20 MT4: 

  VEXI UIs: – Yes.

  MT4 native UIs: –No.
• VEXI One & MT5: 

  VEXI UIs: – Yes.

  MT4 native UIs: – Yes.

• v20: 

  VEXI UIs: – Mid, Bid, and Ask prices are all selectable. 

  TradingView UI: – Only the Mid prices are available.
• v20 MT4: 

  VEXI UIs: – Mid, Bid, and Ask prices are all selectable.

  MT4 native UIs: – Only the Bid prices are available.

  TradingView UI: – Only the Mid prices are available.
• VEXI One & MT5: Only last traded underlying instrument prices for Share CFDs and Mid prices for all other Instruments are available.

• v20: 

  VEXI desktop only: – Smoothing logic is applied, meaning that the close price of a given candle/period is used as the open price of the next candle/period. 

  Other VEXI and TradingView UIs: – Smoothing logic is not applied, meaning that only observed open and close prices within a given period are included in that candle, which can result in the retention and display of price gaps between two candles.
• v20 MT4: 

  VEXI desktop only: – Smoothing logic is applied, meaning that the close price of a given candle/ period is used as the open price of the next candle/period. 

  Other VEXI, TradingView, and MT4 native UIs: – Smoothing logic is not applied, meaning that only observed open and close prices within a given period are included in that candle, which can result in the retention and display of price gaps between two candles.
• VEXI One & MT5: Smoothing logic is not applied, meaning that only observed open and close prices within a given period are included in that candle, which can result in the retention and display of price gaps between two candles.