Contract Details: Forex

You can find the Contract Details for all our products, including dealing spreads, contract sizes and margin rates, in the following table.

Contract Details: Table (73K)

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For all standard contracts:

One contract = 100,000 of the first-named currency

For all mini contracts:

One contract = 10,000 of the first-named currency

Notes

Our Forex Trades give you exposure to changes in exchange rates but they are cash settled and cannot result in the delivery of the underlying currencies.

Spreads are subject to variation, especially in volatile market conditions.
When you place a Guaranteed Stop on a Forex Trade, an adjustment is made to your opening level as a charge for this risk protection. This adjustment is added to your offer price if you are going long, or subtracted from your bid price if you are going short. The amount of the adjustment is 3 pips for all major forex pairs, and varies for other pairs offered. The amount of the adjustment is shown when a Guaranteed Stop is selected on the dealing platform, before a Trade is placed. No extra charge is made when the position is closed.
The minimum transaction size is one contract. Subject to this minimum size, transactions may be in fractions of a contract.
Normal dealing hours are from 17.00 (EST) on Sunday until 17.00 (EST) on Friday. Gold and Silver dealing hours are from at 18.00 EST Sunday to 16.15 EST Friday.
The normal Margin Percentage for a transaction is 2% of the position value. For Gold the normal Margin Percentage is 3%. For Silver the normal Margin Percentage is 4%.
Adjustments to reflect the relative interest rates of the currencies concerned are calculated and posted to the client's account daily. Interest adjustments are calculated as follows:

A = V x R / 365

Where:

V = the current value of the position in the second currency. This is equal to:
Number of contracts x Contract size x Spot exchange rate

R = a percentage rate which reflects the overnight interest differential between the two currencies. In each case, the individual interest rates used to calculate R will be a maximum of one percentage point above or below the central market rate for the currency concerned

A = the amount of the daily interest credit or debit

If the first currency has a higher interest rate, then you are credited interest for running a long position and debited interest for running a short position.

If the first currency has a lower interest rate, then you are debited interest for running a long position and credited interest for running a short position.

A daily interest adjustment is calculated for any position opened before 17.00 that is still open after 17.00 (EST).

Note: For any position opened before 17.00 Wednesday that is still open after 17.00 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.
Funding adjustments are similarly made for open positions on Gold and Silver, using the calculation A = V x R / 360, where V = the current value of the position in USD, and R = a percentage rate which is based on U.S. base rates.
We will not charge any additional commission unless we notify you in writing.
When you enter a Forex Trade your profit or loss will be realized in the second-named currency (i.e. for EUR/USD it will be realized in US dollars), and will be booked to your account in the second-named 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.