Forex market is active 24 hours a day from Monday to Friday, as there are several foreign exchange market connected in the world.
The market is closed only Saturday and Sunday.
Although you can only trade Forex currency pairs from 00:05 on Mondays to 23:00 on Fridays with iForex, as the broker prefers to avoid the risk of volatility around weekends for its traders.
The market hours of CFDs
The market hours of each CFD is different from Forex market’s.
As each CFD’s underlying market is based in certain market in the world, and these are not traded 24/5.
The trading hours of CFDs are also restricted within the time frame(from 00:05 on Mondays to 23:00 on Fridays), but it is even shorter than Forex market’s.
You can find the full trading schedule for each CFD instrument in the contract specification table of iForex.
You need to be aware that if there is a public holiday, the foreign exchange market would be also closed for the day in the country.
You can find the up-to dated holiday market schedules in the official website of iForex.
iForex will also notify its clients with the holidays if it affects the trading hours.
Just like the MT4 is always set to GMT+2 and GMT+3 in Daylight saving time, iForex’s FXnet Trader is also set to the same time.
This is to adjust the server time 00:00 to the NY foreign exchange market’s closing time.
Unfortunately, you can not change the GMT offset, but only the display time in the platform.
Daylight Saving Time
The changes from GMT+2 to GMT+3 is made when the time of the NYC changes to Summer time.
It is an important information especially EA traders as they will need to adjust their trading platforms to the time.
Although, iForex does not support EAs・Algorithm trading, but it is good to know the basic market hours set by each broker.
iForex may increase the required margin around weekends and holidays when there may be price gaps on charts.
This is to moderate the risks of high volatility and the price gaps for traders.
The increased leverage will be applied from 2 hours before the market close and to 15 minutes after the market opens. (approximately)
Fortunately iForex does not trigger the Stop out according to the margin level, so you may not lose all your funds by miscalculating the margins, but it is still important to monitor the account balance and margin at all times.
FYI, the stop out triggers automatically when there is no positive margin in a trading account.