Foreign Exchange Contract Details

There is no commission to pay on our Foreign Exchange contracts; the only charge is our dealing spread.

Note: For all other mini-forex contracts offered, the size of one contract equals 10,000 of the first-named currency. For all other standard contracts offered, the size of one contract equals 100,000 of the first-named currency.

Notes to table

Our Foreign Exchange transactions are a special form of CFD and give you exposure to changes in exchange rates but they are cash settled and cannot result in the delivery of the underlying currencies.

1. Spreads are subject to variation, especially in volatile market conditions. Please see our Dealing Spreads for more information.
2. For Limited Risk transactions, a Limited Risk premium is charged on the opening.
3. The minimum transaction size is one contract. Subject to this minimum size, transactions may be in fractions of a contract.
4. Normal dealing hours are from 21.00 (London time) on Sunday until 22.00 (London time) on Friday.
5. If you are using a Trader Account, the margin requirement for the following markets is 1% of the overall position value: EUR/USD, GBP/USD, USD/JPY, USD/CHF, EUR/GBP, AUD/USD and EUR/YEN. All other forex pairs typically require margin of 2%. For Select Account users, the typical margin requirement is 2% of the overall position value for all forex pairs. Please note that Tiered Margining applies; this means that higher margins may be required for large positions. Please see our Tiered Margining page for details.
6. 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:
   
   V = Number of contracts x Contract size
   
   R = the current Tom/Next rate (the difference in pips between the interest rate paid to borrow the currency that is being notionally sold overnight, and that received from holding the currency being notionally bought), including an administrative charge not exceeding 0.3% per annum. This maximum charge will apply to both regular and mini-contracts.
   
   A = the funding cost
   
   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.
7. We will not charge any additional commission unless we notify you in writing.
8. When you trade in a currency other than your base currency your profit or loss will be realised in that currency and will be booked to your account in that currency. As a default, we will automatically, and on a daily basis, convert any positive or negative balance on your account in a currency other than your base currency to your base currency. You may change this default at any time by calling us or via our PureDeal platform.