A Non-deliverable forward (NDF) is an outright forward contract in which counterparties settle the difference between the contracted NDF price or rate and the prevailing spot price or rate on an agreed notional amount.

NDFs are mostly offered in countries where FX trading is controlled and managed by the Government, usually through the Central Bank (as a means to prevent currency rate volatility).

IKON offers NDF’s including, but not limited to, the Indian Rupee, Brazilian Real, Russian Ruble, Chinese Yuan, Malaysian Ringgit, Vietnamese Dong, and Colombian Peso which are available on the IKON Prodigy Platform and IKON’s MT4 Platforms.


Contract Features

The Notional Amount: This is the "face value" of the NDF, which is agreed between the two counterparties.
The Fixing Date: This is the day and time whereby the comparison between the NDF rate and the prevailing spot rate is made.
The Settlement (or Value) Date: The value day is when the difference is paid or received. Depending on the currencies dealt, the fixing date is one or two good business days before the settlement date.
•IKON offers liquidity for the following three months end value dates, which is determined by the Exchange or Central Bank which determines the price of the NDF such as the DGCX.



•Contract Size: 100,000
•Margin: 1000 USD on 1:100* (*Additional instruments can be added upon request. Note that NDF spreads are not the same as major parities and may vary depending on volatility and liquidity.)
•Execution Type: Market Order (Pending Order Not Applicable)
•Trading hours are from 5 p.m. EST Sunday, until 5 p.m. EST Friday with no exception other than the official holidays when local markets are closed. •There are no transactional commission costs other than the bid and ask price. •The minimum lot size is 1,000 notional (0.01 lots) for NDFs while the maximum amount is 1m Notional (10 lots).



USDINR 2-5 4-7


USDMYR 5-7 7-9
USDTWD 3-4 5-6
USDCNY 10 12


By using our proprietary NDF RFQ system,clients are able to get streaming indications for the pairs and select a maturity and obtain a tradeable quote.


Client Commissions
There are no transactional commission costs other than the bid and ask price.

Order Types
We only accept market orders over the online system for NDFs.
Instruments and Spreads
IKON Group offers liquidity in:
Indian Rupee- USD/INR 4-6 Wide
Brazilian Real- USD/BRL 25-30 wide
Russian Ruble- USD/RUB 5-9 wide
Columbian Peso- USD/COP 4-9 wide
Malaysian Ringgit- USD/MYR 10 Wide
You can open full functional 30 day demo account here.
Minimum and Maximum Lot Size
The minimum lot size is 1,000 notional for NDFs while the maximum amount is 10m Notional.
Account Types
Client Account, Money Manager (MM), Broker Account
Introducing Broker Opportunities
Platform can be customized so that the IB can add commission and spread to the original spread; For more details send email to gst@ikonfx.com.
Account Opening Procedure
IKON Group accepts applications both via hard copy pdfs and online application. You can find all account opening related information under our Account Opening page.
Our Account Opening process takes on average 2 business days after receipt of all documents.
Support and Technical Assistance
- Email: ics@ikonfx.com
- Phone: +1 800-725-7840