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We do not charge a commission on our currency pairs.
Where positions are held overnight they will be subject to financing charges. This is the difference between the interest rates of the two currency pairs traded and depending on those rates, can be either a credit entry or debit entry on your account. Overnight financing charges will generally be posted to your account overnight, when a position is held open over night.
For forex trades that are held overnight, and not closed intraday, the Daily Financing Fee is calculated by using the market rate premium or discount, together with our small overnight charge which will have a minimum or maximum amount. There may be instances where a Daily Financing Fee is charged, rather than paid, on Open Positions when you hold a Long Position in the higher yielding currency. This may occur when underlying interest rate markets exhibit exceptionally wide bid/ask spreads.
The financing posting/adjustment will be made in the second currency of the currency pair (sometimes referred to as the ‘Quote’ or ‘Counter’ currency). For example, in the case of EUR/USD, the financing posting/adjustment will initially be made in the second currency of the currency pair (sometimes referred to as the ‘Quote’ currency). For example, in the case of EUR/CAD, the financing adjustment would be made in CAD, then immediately converted back to the Base Currency for your Account. Financing calculations are on a T + 2 (working days) basis for all currency pairs except USD/CAD*. On each Wednesday we will apply a fee equivalent to the Daily Financing Fee for the period Friday - Monday.
*For USD/CAD trades, the financing calculation on a T + 1 (working days) basis and on each Thursday we will apply a fee equivalent to the Daily Financing Fee for the period Friday - Monday. For all Trades, the Daily Financing Fee will be adjusted to include non-business days which affect either currency in a Trade.