Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd. You should consider whether you understand how CFDs or our other products work and whether you can afford to take the high risk of losing your money.

The industry’s
most important terms explained.

Discover a wealth of financial terms and definitions that every trader should know.

Forex Glossary



An instruction to execute a trade at a specified rate.

Overnight Position

A trade that remains open until the next business day.

Over the Counter (OTC)

Used to describe any transaction that is not conducted over an exchange.

Open position

An active trade with corresponding unrealised P&L, which has not been offset by an equal and opposite deal.

Open order

An order that will be executed when a market moves to its designated price. Normally associated with Good ’til Cancelled Orders.

One Cancels the Other Order (OCO)

A designation for two orders whereby one part of the two orders is executed the other is automatically cancelled.

Offsetting transaction

A trade with which serves to cancel or offset some or all of the market risk of an open position.

Offer (ask)

The rate at which a dealer is willing to sell a currency. See Ask (offer) price