What are IG's forex MT4 product details?

Our foreign exchange transactions provide exposure to changes in exchange rates, but cannot result in the delivery of the underlying currencies.

1. Normal trading hours for all MT4 pairs are from 5:00 pm ET on Sunday until 4:59 pm ET on Friday. Please note that Daylight Savings Time in the USA may cause the times shown to be imprecise.

2. 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.

3. Margin requirements represent a percentage of the overall position value. Margins are subject to variation, especially in volatile market conditions.

4. When you trade in a currency other than your default currency, your profit or loss will be realized in that currency. As standard practice, we will then immediately convert this back to your default currency. Our standard convert-on-close charge is 0.5%.

5. For foreign exchange transactions, adjustments are made to calculate the cost of funding a position, and these are posted to your 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 0.5% per annum.

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 adjustment is calculated for any position opened before 5:00 pm ET that is still open after 5:00 pm ET.

Note: Most forex pairs trade on a T+2 basis, and therefore any position opened before 5:00 pm ET Wednesday that is still open after 5:00 pm ET 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. Some pairs trade on a T+1 basis (such as USD/CAD and USD/TRY), and these pairs have a three-day adjustment on a Thursday at 5:00 pm ET. Adjustments will also take into account any holidays applicable to each currency in a pair.