Our charges

We are clear about our charges, so you always know what fees you will incur when you trade with us.

How we make our money

We profit primarily from commission, spreads and funding, and hedge the majority of net client exposure.

We accept a low level of market risk, from which we can make a small profit or loss. The outcome of a client’s DMA trade never has an impact on our profit or loss.

What you get for free

  • Open and maintain your account
  • Real-time prices for most markets, including global indices
  • 15 min-delayed CFD shares data
  • View and edit IG charts 
  • Trade with us over the phone
  • Download our apps for mobile and tablet
  • Use our expert market analysis tools
  • Access forex DMA

Daily spreads and commissions

You pay a spread on every non-share CFD and pay commission on every share CFD.

Non-share markets

For all non-share markets, we charge the same spread for standard CFD contracts.

Stock index

Best available spread

Forex pair

Best available spread

Commodity

Best available spreads

Singapore Blue Chip 0.2 Spot FX AUD/USD 0.8 Spot Gold 0.5
Wall Street 1.8 Spot FX EUR/USD 0.8 Spot Silver (5000oz) 3
FTSE 100 1 Spot FX USD/JPY 0.8 US Light Crude 6
More indices   More forex pairs   More commodities  

 

The spread is the difference between our Sell and Buy prices. We derive these prices based on the underlying market’s value.

Learn more about our pricing and execution

Share markets

With share CFDs we take a small commission when you open the position, and again when you close it. In each instance, a minimum charge applies. This means you trade on guaranteed market prices – ie our prices are the same as the underlying markets

See our shares page for the commissions on shares.

Market

Commission

per side

Minimum charge (online)

Minimum charge (phone)

Singapore shares
0.10%
$15^ $15^
US shares
2 cents per share
US$15 US$25
UK shares
0.10%
GBP10 GBP15
Hong Kong shares 0.25% HKD100 HKD100
Euro shares
0.10%
€10 €35

 

More shares

 

 

 

Funding and interest

Overnight funding

If you keep a position open overnight we make an interest adjustment to your account, including our fee of 2.5%.1 We debit your account if your position is long, and credit your account for a short position – if the interbank rate is greater than 2.5%1.

When trading forex, the funding cost is calculated differently. See the table below.

Long positions

Short positions

Forex positions

We charge 2.5%1 above the relevant interbank rate, eg LIBOR.
We charge 2.5%1 on top of the relevant interbank rate.
 
The interest adjustment on short positions can result in a debit or credit to your account. 
 
If the interbank rate is greater than 2.5%,1 we credit your account; if the interbank rate is less than 2.5%1, your account is debited.
For forex positions, we charge funding based on the current tom-next rate. 
 
Tom-next shows, in pips, the difference between the interest paid to borrow the currency that is being notionally sold, and the interest received from holding the currency.
 

1 3% on mini and micro CFD contracts.

Futures

We offer futures for fixed-expiry trades on stock indices and commodities. We build the overnight funding charges into the spread, so that everything is included. This makes it easier to identify your break-even level on your trade.

Non-share markets

Stock index

Futures spread

Commodity

Futures spread

Australia 200 3 Spot Gold 0.6
Wall Street 6 Spot Silver 3
Germany 30 6 Light Crude Oil 6
More indices   More commodities  

 

Extra services

There are some extra services that we do charge for.

Direct market access (DMA)
There is no fee to use our DMA technology to trade CFDs on forex and shares. However, for share CFDs there is a refundable exchange fee for full access to DMA prices.

Guaranteed stops (optional)
There is a small, one-off fee when you choose to attach a guaranteed stop. For shares, for example, this is 0.3% of the underlying transaction value.

Inactivity fee 
We charge a $25 fee on the first of every month, if no trading activity has occurred for two years or more. Find out more about funding your account. 

Live prices
Obtaining live share prices from an exchange to trade share CFDs incurs a monthly fee. This is refunded if you place a minimum number of trades a month.

Pro-RealTime charts
Subscribing to real-time charts costs $60 per month. This is refunded if you place four or more trades a month.

Currency conversion
CFDs traded in a currency other than your account’s base currency may incur a currency conversion charge. Our default setting is instant conversion, where foreign-currency profit is converted to your base currency and funding, commission and dividend charges are taken into account before your account is credited. We also offer daily, weekly and monthly conversion settings. Our standard charge is 0.3%.

Other charges

There are some charges that we pass on from third parties.

  • For credit and debit cards, 2.3% of the transaction amount is levied by the card processor. We recommend also checking with the merchant bank/card issuer, who may levy further charges
  • We will charge exchange fees if you view live data feeds without placing any trades. However, if you conduct the required number of trade (at least four trades per month on Singapore shares), this fee will be waived. We do not charge for delayed data.

Create an account

You can open an account online. It’s quick and free to set up, no minimum deposit is required and you are under no obligation to trade.

Create an account

Shares funding

Shares funding

Size for CFDs means number of shares.

Closing price means underlying market price when the market closes.

If your trade is in GBP

Size × closing price × LIBOR +/- 2.5% ÷ 365

Based on LIBOR one month overnight rate

If your trade is in USD

Size × closing price × US LIBOR +/–2.5% ÷ 360   

If your trade is in EUR

Size × closing price × EURIBOR +/–2.5% ÷ 360   

The formula uses a 365-day divisor for UK, Singapore and South African shares, and a 360-day divisor for shares in other markets.

 

FX and spot metals funding

FX and spot metals funding

A tom-next rather than an interbank rate is used in the calculation of funding costs for forex and spot metals.

Tom-next is the day’s market swap rate for that pair or metal.

Example tom-next rate: -1.39/-0.39.

-0.39 would be used to calculate the funding cost on a long position.

-1.39 would be used to calculate the funding cost on a short position.

Size x (tom-next rate + admin fee) 

CFD

Size means total value of lots (number of lots x value per lot)

Tom-next is the day’s market swap rate for that pair or metal

Admin fee is no more than 0.3% per annum (0.8% for mini contracts)

Three-day funding is charged on a Wednesday. 

Other markets

Other markets

Size for CFDs means total contract value (number of contracts x value per contract).

Closing price means underlying market price when the market closes.

If your trade is in GBP

Size × closing price × LIBOR +/- 2.5% ÷ 365 Based on LIBOR one month overnight rate

If your trade is in USD

Size × closing price × US LIBOR +/–2.5% ÷ 360

If your trade is in EUR

Size × closing price × EURIBOR +/–2.5% ÷ 365

Please note: when trading a non-standard GBP-denominated index CFD, or a mini contract on any asset class, the funding rate is +/-3% rather than +/-2.5%

faqone

Why do I pay overnight funding when I trade CFDs?

When you trade with us, you trade on margin. This means you provide only a deposit to open a position, and we in effect lend you the rest of the money required. If you close your position on the same day, there is no funding fee. If you keep it open overnight, we charge a small fee to cover the cost of the money you’ve effectively borrowed.

For share and stock index trades, this funding fee is the relevant interbank rate for your traded currency, plus or minus our small admin fee, depending on if your position is long or short.

For forex and spot metals trades, it is the tom-next rate plus a small admin fee.

For commodities and other futures markets there is no overnight funding fee because the cost of funding is built into the spread. 

faqtwo

What are interbank and tom-next rates?

The interbank rate is the interest rate charged between banks for short-term loans. It is a key indicator for other interest rate charges, which is why we use it as a basis for calculating our overnight funding fees for your share and stock index trades.

Tom-next is the rate used to calculate the opening price of a currency pair when it is rolled over from the previous day.  It is an industry-standard rate, derived from the interest rate differentials of the pair’s currencies and market expectations of interest rate change. 

faqthree

Are charges fixed or do they vary?

Spreads

Share CFDs directly reflect the underlying market price, and are subject to commission. CFD traders should remember we offer our tightest spreads on our standard contracts, with wider spreads on some mini and micro contracts.

Our forex spreads vary depending on underlying market liquidity. The more liquid the market, the narrower our spread – as low as 0.8 pips. As the underlying market spread widens, so does ours – but only to our maximum cap.

Our stock index spreads vary by the time of day. During the underlying market hours we offer our standard and tightest spreads eg 1 point on the FTSE 100. When we offer an out-of-hours market, so you can benefit from 24-hour trading, we offer a wider spread.

Commission

Our commission varies depending on the host country for your stock. All Australian shares are subject to a flat 0.10% commission, while all US stocks are subject to a commission of 2 cents per share, for example. See our contract details for all our share CFD commissions.

Overnight funding

The overnight funding fee is calculated using the relevant interbank rate for stock index and share trades. The fee for forex trades is calculated using the tom next rate. These rates change daily, varying the funding fee each day. Mini and micro CFD contracts are subject to a higher funding rate.

faqfive

When should I use a forward instead of keeping a position open overnight?

Before you place your trade, you should have in mind how long you expect to keep your position open. If you intend hold a position for weeks or months, a forward contract could be suitable.

This is because there is no overnight funding fee for forward trades – the funding cost is built into a wider spread. This makes forwards less attractive for short-term trading. But for long-term trading, a forward helps you know from the outset your real cost of placing the trade, because there are no incremental funding charges to account for. 

Example: buying Spot Gold

Buying Spot Gold: detailed

  CFD
Market and price Spot Gold 1447.96/1448.46
Trade

Buy at 1448.46

Deal size Buy 1 lot (1 lot = $100 per point)
Margin required

Margin required is 20% of total exposure = $28,969.20

What happens next? Gold rallies $10 over the day. At 10pm, the cut-off time for funding, the market is at 1458.46
Funding

0.048 x $100 = $4.80*

(tom-next rate + 0.3% pa admin fee) x deal size

Close

The market continues to rally and you sell your position to close at 1463.46

Gross profit

$1500

1463.46 – 1448.46 = 15

Value per point = $100

15 x $100 = $1500
Costs

0.5 point IG spread (included)

Funding cost = $4.80
Net profit

$1495.20

What if...

If the market dropped 15 points instead ($15):

$1500 + $4.80

Net loss = $1504.80

 

Buying Barclays plc detailed

Buying Barclays: detailed

  CFD
Underlying market/value Barclays Plc 289.85/290
Our price 289.56/290.29
Trade

Buy at 290

Deal size 2000 shares
Margin required

£580

Number of shares x price x margin rate (10%)

What happens next? By 4.35 the market has risen to 291.95: this is the price our funding is calculated at. It rises steadily the next day, reaching 295.05
Funding

Overnight funding charge of £0.48

(One-month Libor + 2.5% eg 0.49% + 2.5%) x number of shares x price)/365

(2.99 % x 2000 x 2.9195)/365

Underlying market

294.85/295.05

Close

Sell at 294.85

Gross profit

£97

294.85 – 290 = 4.85p

4.85p x 2000 shares = £97

Costs

Commission £ 20

Value of position x 0.10% (Minimum £10)

(2000 x 2.90) x 0.10% = £5.8

(2000 x 2.9485) x 0.10% = £5.90

Funding: £0.48
Net profit

£76.52 profit subject to tax

What if...

If the underlying market fell to 282.25 instead:

282.25 – 290 = -7.75p

-(7.75p x 2000 shares + £0.48 + £20) 

£175.48 net loss

 

Selling the FTSE 100 Cash CFD

Selling the FTSE 100: detailed

  Cash CFD
Underlying market/value FTSE 100 JUN13 Future 6400
Our price

FTSE 100 Cash

6441.05/6442.5
Trade

Sell at 6441.05

Deal size

1 contract

£10 per contract
Margin required

£3220.53

Notional value (index price x contract value per point) x margin rate (5%)

What happens next? The market drops dramatically, reaching 6300 at 10pm, when funding is calculated. It rises a little overnight, to 6310
Funding

Funding = £3.47

(One-month LIBOR eg 0.49% minus 2.5% x £10 x 6300)/365

Close

Buy at 6310.5

Overall market movement & profit/loss

Gross profit = £1305.50

6441.05 – 6310.5 = 130.55

Each contract is worth £10 per point

Costs

1-point IG spread (included)

Funding cost: £3.47

Net profit

£1302.03 net profit subject to tax

What if...

If the market rose 130.5 points instead:

130.5 x £10 + £3.40

£1308.40 net loss

 

Selling the FTSE 100 CFD (Cash v Future)

Cash CFD vs CFD Future: FTSE 100

  CFD Future Cash CFD
Underlying market/value

FTSE 100 JUN13 Future 6400

Our market/spread

FTSE 100 Jun13

6398/6402

FTSE 100 Cash

6401.5/6402.5
Trade

Sell at 6398

Sell at 6401.5

Deal size

3 contracts

£10 per contract

3 contracts

£10 per contract
Margin required

£9597

Margin x Notional value

 6398 x £30 x 5%

£9602.25
Margin x Notional value

 6401.5 x £30 x 5%

What happens next? The market falls during the next 30 days and the FTSE 100 June Future reaches 6310
Funding Included in the spread on the opening of the future

30-day funding charge: £ 104.90

Assuming a 30-day average price of 6350

([one month LIBOR eg 0.49% minus 2.5% x value of underlying value at 10pm]/ 365) x number of days

(-2.01% x [6350 x £10] /365) x 30
Close

Buy at 6312

Buy at 6310.5

Gross profit

Gross profit = £2580

6398 – 6312 = 86

£30 per point

Gross profit = £2730

6401.5 – 6310.5 = 91

£30 per point

Costs

4-points IG spread (included)

Funding included in spread

1-point IG spread (included)

Funding cost: £104.90

Net profit

Net profit = £2580

Net profit = £2625.10

What if...

If the market rose 86 points instead

-(86 x £30)

£2580 net loss

If the market rose 91 points instead

-(91 x £30 + £104.90)

£2834.90 net loss

 

Buying GBP/USD detailed

Buying GBP/USD: detailed

  CFD
Market Spot GBP/USD
Price 1.55797/1.55805
Trade

Buy 1 contract at 1.55805 (1 contract = £100,000)

Margin required

One contract is £100,000 and the margin rate is 2% = £2000

What happens next? GBP/USD climbs one hundred points into the next day. 
Funding

Funding = size x (tom-next rate + admin fee of 0.3% pa)

£10 x 0.25 = £2.50

Price

1.5695 - 1.56958

Close

You sell at 1.5695

Gross profit

£1145

1.5695 – 1.55805 = 0.01145

Number of contracts = 1

Value per contract £100,000

0.01145 x £100,000 = £1145
Costs

0.8 point IG spread (included)

Funding cost = £2.50
Net profit

£1142.50

What if...

If the market dropped 114.5 points instead:

£1145 + £2.50

Net loss = £1147