A contract to exchange a specific amount of one currency for another on a future date, at a predetermined rate. A deposit is normally required for forward contracts. Here at World First we call this "Buy now, pay later".
This is the rate used by the banks to trade currency between themselves in large amounts. It's the rate you'll usually see quoted on online currency converters and is often used to show where the market is.
A stop loss order is a means of limiting your risk in case exchange rates get worse. A currency stop loss level is set. If that currency level is reached, the trade is automatically executed in the market to stop any further loss. The currency level used for a stop loss order is always worse than the current market price. This is a way to protect yourself from adverse changes in exchange rates without needing to constantly monitor the rate.
The spread is the profit taken by a bank or a broker between the rate they receive and the rate they pass on to clients. We take a smaller spread than most banks and other currency companies, and pass this benefit on to our clients.
Like a stop loss order, a take profit order first involves setting a currency level. Once that currency level is reached, the trade is executed in the market. The currency level used for a take profit order is always better than the current market price. This is a way to capitalise or take profit on improvements in exchange rates without needing to constantly monitor the rate.