Rollover interest rates apply to positions held overnight and may result in interest being earned or paid. If you hold a position past 5pm New York time, an interest adjustment will be applied to reflect the cost of funding your position(s).

The specific calculation varies depending on the instrument being traded. If you trade forex or CFDs on a spot basis, most trades settle two business days after they are opened (T+2). However, some currency pairs, such as USDCAD and USDTRY, settle on a one-business-day basis (T+1).

Any positions that remain open at 5pm NY will be rolled over to a new value date and will therefore be subject to the swap adjustments outlined below. This timeline is impacted by both weekends and public holidays.

When an open position is rolled from Wednesday to Thursday for T+2 pairs on a trade-date basis, the new value date becomes the following Monday rather than Saturday. As a result, the swap/rollover applied on Wednesday evening will be three times the amount shown in the table. The same principle applies to T+1 pairs on a Thursday. This adjustment reflects how FX value dates roll over in the underlying market. Indices and stocks typically factor in weekend financing on a Friday.

When a holiday occurs, value dates roll forward following standard market conventions. A settlement date is valid for an FX transaction only if the central banks of both currencies are open. If either currency has a holiday on the intended settlement date, settlement is postponed to the next day when both central banks are open.

For example, if today is Wednesday and the GBPUSD value date would normally be Friday, but there is a USD holiday on the following Monday, then at 5pm New York time on Wednesday, the value date will roll from Friday to Tuesday (instead of Monday). It cannot roll to Monday because Monday is a holiday and no USD settlements will take place on that day. This results in a four-calendar-day rollover (4-day roll).

If the position remains open on Monday, that day counts as a 0-day roll. So the swap rate will be 0, meaning the position will neither earn nor incur a swap. The 0 day roll is variable and it may not always fall on the day of the bank holiday.

Daily swap charge / credit = one point x (trade size [or notional amount] x tom-next)

We source our tom-next rates from tier-one global investment banks. These are updated daily to reflect the interest differential between the two currencies involved. 

Note: Our commodities metal swaps are also calculated in the same way. 

Daily swap charge / credit = (market closing price x trade size x (our charge* +/- ARR) / 3600

*Our charge is 2.5%. If you’re long, you pay ARR. If you’re short, you receive it.

For more information on ARR or other inter-bank reference rates, please see this link. 

Daily swap charge / credit = (trade size x (basis*+/- our charge**))

*Formula for the basis = (P3 – P2) / (T2 – T1), where: P2 = price of front-month future P3 = price of next-month future T1 = expiry date of the previous front-month future T2 = expiry date of the front-month future

**Our charge = CFD mid-price (the midpoint between the bid and ask prices of the CFD) x 2.5% / 365. If you pay the basis on your trade, our charge is added; if you receive the basis, the charge is deducted. 

Metal commodity CFDs and spread bets*

Daily swap charge / credit = one point x (trade size [or notional amount] x tom-next)

*Metal swaps are calculated in the same way as FX swaps.

Daily swap charge / credit = (market closing price x trade size x (our charge* +/- ARR) / 360

*Our charge is 2.5%. If you’re long, you pay ARR. If you’re short, you receive it.

For more information on ARR or other inter-bank reference rates.

You can find our latest swap rates on our trading platforms. These are indicative rates and are subject to change based upon market volatility. Swaps are updated daily and the exact rate will depend on your trading platform.  

TradingView will only show the swap charge after it has been applied. 

If you hold a position on one of our index or share CFDs past the ex-dividend date, we will make a cash adjustment to your trading account to reflect the dividend payment. This means you’ll neither be advantaged or disadvantaged by the dividend.

We do not charge additional fees for deposits or withdrawals unless you withdraw funds using a bank wire transaction to an international bank account. In this case, we’ll deduct 15 GBP from your trading account balance – so you must have more than 15 GBP in your account to proceed.  

Swap charges (or credits) are rollover interest rates that are earned or paid for holding positions overnight. We apply them on positions held past 5pm New York time (server time). The exact calculation depends on the instrument you are trading. 

On both our account types, you’ll pay commission when trading CFDs on shares, ranging from 0.07% to 0.20% per side. On a Razor account, you’ll also pay fixed, transparent commission from £2.25 per lot, per side when trading Forex and Spot Gold (XAU/USD) CFDs.

If you hold a position on an ex-dividend date, your account will be adjusted to reflect the dividend amount.

Yes, negative balance protection is a regulatory protection for retail traders. If your account falls into a negative balance, we will return it to zero as soon as possible.