Our foreign exchange transactions are a special form of cash-settled CFD that provide exposure to changes in exchange rates, but cannot result in the delivery of the underlying currencies.
Products, Spreads and Margins
AUD/JPY
Value per point: Y100
Minimum spread: 1.3
Average spread (00:00–21:00): 1.79
Average spread: 2.17
Limited risk premium: 2.5
Margin required: 5%
AUD/USD
Value per point: $1
Minimum spread: 0.6
Average spread (00:00–21:00): 0.82
Average spread: 1.03
Limited risk premium: 0.8
Margin required: 5%
EUR/JPY
Value per point: Y100
Minimum spread: 1.5
Average spread (00:00–21:00): 1.97
Average spread: 2.43
Limited risk premium: 1.5
Margin required: 5%
EUR/USD
Value per point: $1
Minimum spread: 0.6
Average spread (00:00–21:00): 0.85
Average spread: 1.04
Limited risk premium: 1.2
Margin required: 5%
GBP/JPY
Value per point: Y100
Minimum spread: 2.5
Average spread (00:00–21:00): 3.17
Average spread: 3.86
Limited risk premium: 2
Margin required: 5%
GBP/USD
Value per point: $1
Minimum spread: 0.9
Average spread (00:00–21:00): 1.40
Average spread: 1.83
Limited risk premium: 2
Margin required: 5%
USD/CAD
Value per point: CAD1
Minimum spread: 1.3
Average spread (00:00–21:00): 1.77
Average spread: 2.06
Limited risk premium: 1.5
Margin required: 5%
USD/JPY
Value per point: Y100
Minimum spread: 0.7
Average spread (00:00–21:00): 0.94
Average spread: 1.18
Limited risk premium: 1.8
Margin required: 5%
USD/SGD
Value per point: SGD1
Minimum spread: 2
Average spread (00:00–21:00): 3.05
Average spread: 3.85
Limited risk premium: 1
Margin required: 5%
EUR/GBP
Value per point: £1
Minimum spread: 0.9
Average spread (00:00–21:00): 1.40
Average spread: 1.89
Limited risk premium: 2
Margin required: 5%
Table Notes
Normal dealing hours for all pairs are from 21.00 (London time) on Sunday until 21.59 (London time) on Friday, with the exception of emerging-market pairs, which operate on different schedules. All dealing times listed are London times. Please note that Daylight Savings Time in the UK or the country of origin may cause the times shown to be imprecise.
Spreads are subject to variation, especially in volatile market conditions. Our quotations are derived from quotes in the underlying market available to us from the banks and liquidity providers with which we trade. We monitor the liquidity available in the underlying market, offering our minimum spread when the market spread is particularly small. In most other conditions, our typical spread applies. If spreads move wider in the underlying market, we may match this. We do not apply any weighting or biases to our pricing sources.
For limited risk transactions, a premium is charged only if your stop is triggered.
When you trade in a currency other than your base currency, margin requirements and any profit or loss will be booked to your account in that currency. As a default, we will automatically convert any profit or loss you realise on closing a position to your base currency, including a charge of no more than 0.5% of the current spot rate.
For foreign exchange transactions, adjustments are made to calculate the cost of funding a position, and these are posted to the client's account daily. The adjustments are calculated as follows:
A = V x R
Where:
A = the funding cost
V = the number of contracts x contract size
R = the current Tom-Next rate, including an administrative charge not exceeding 0.8% per annum. This maximum charge applies to both standard contracts and mini contracts.
If the Tom-Next rate is less than zero, you will be debited for running a short position and credited for running a long position. If the tom-next rate is greater than zero, you will be credited for running a short position and debited for running a long position.
The funding charge is calculated for any position opened before 22.00 that is still open after 22.00 (London time).
Note: For any position opened before 22.00 Wednesday that is still open after 22.00 Wednesday, the daily interest credit or debit will be made for three days as opposed to one. This three-day adjustment covers settlement of trades over the weekend period.
In the event where there is a bank holiday, the interest will be adjusted on the following working day if it is a U.S. bank holiday and will be adjusted prior to the bank holiday if it is a bank holiday outside of the U.S.
6. Swap rates shown on our platform for all contracts are indicative of the next day's adjustment and are subject to change. These adjustments are applied for positions you hold as at 10 pm London time.