Foreign exchange transactions are a form of cash-settled CFD that provide exposure to changes in exchange rates, but cannot result in the delivery of the underlying currencies.
1. Normal dealing hours for all pairs are from 23.00 (Geneva time) on Sunday until 22.59 (Geneva time) on Friday. All dealing times listed are Geneva times.
2. The minimum transaction size is 0.1 contracts.
3. 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.
4. Margin requirements represent a percentage of the overall position value.
5. When you trade in a currency other than your default currency, your profit or loss will be realised in that currency. Our standard convert-on-close charge is 0.3%.
6. 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
A = the funding cost
V = the number of contracts x contract size
R = the current tom-next rate, including an administrative charge not exceeding 0.3% 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 charge is calculated for any position opened before 23.00 that is still open after 23.00 (CET).
7. You will not be charged any additional commission unless notified in writing.