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We explain all our charges clearly, so you know exactly what fees to expect when you spread bet with us
If you keep a daily funded bet (DFB) position open overnight (after 10pm UK time) we will make an interest adjustment to your account, to reflect the cost of funding your position.
The interest adjustment is based on one-month interbank funding rates (eg LIBOR). We debit your account if your position is long, and credit your account if you’re short (providing the interbank funding rate exceeds 2.5%). The way we calculate the adjustment is the same for all our markets except forex, as follows.
We charge 2.5% above the relevant interbank rate.
eg If the relevant interbank one-month rate is 0.5%, you would be charged 3.00% (annualised).
You receive the relevant interbank rate, minus 2.5%.
If the interbank rate is greater than 2.5%, we credit your account; if the interbank rate is less than 2.5%, your account is debited.
eg If the relevant interbank one-month rate is 0.5%, you would be charged 2.00% (annualised).
For forex positions, we charge funding based on the current tom-next rate.
Tom-next shows, in points, the difference between the interest paid to borrow the currency that is being notionally sold, and the interest received from holding the currency.
For fixed-expiry deals on stock indices and commodities we offer futures, and for fixed-expiry shares and forex, we offer forwards
For both forwards and futures we build the overnight funding charges into the spread, so that everything is included. This makes it easier to identify the break-even level on your deal.
More forex pairs
We offer forward spread bets on shares for the upcoming three quarters.
Some of our additional services are subject to charges
When you deal on margin you only provide a deposit to open a position, and we in effect lend you the rest of the money required. If you close your position on the same day, there is no funding fee. If you keep it open overnight, we charge a small fee to cover the cost of the money you’ve effectively borrowed.
For share and stock index bets, this funding fee is the relevant interbank rate for your traded currency, plus or minus our small admin fee, depending on whether your position is long or short.
For forex and spot metals trades, it is the tom-next rate plus a small admin fee.
For commodities and other futures markets the cost of funding is built into the spread, so there is no overnight funding fee.
Share spread bets are commission free, but are subject to a spread on the opening and closing price of the bet.
Our forex spreads vary depending on underlying market liquidity. The more liquid the market, the narrower our spread – starting as low as 0.8 points. As the underlying market spread widens, so does ours – but only to our maximum cap.
Our indices spreads vary by the time of day. During the underlying market hours we offer our standard and tightest spreads, for example 1 point on the FTSE 100. When we offer an out-of-hours market and you can benefit from 24-hour dealing, we offer a wider spread.
The overnight funding fee is calculated using the relevant interbank rate for stock index and share bets. The fee for forex trades is calculated using the tom-next rate. These rates change daily, varying the funding fee each day.
There is a 0.3% conversion fee on foreign currency bets.
There is a small fee if your guaranteed stop is triggered. This takes the form of a limited risk premium, calculated as a percentage of your position's notional value for shares, and using a points system for other markets. The premium will form part of your margin when you attach the stop. As an example, for some shares the premium is 0.3% of the notional value of the position. So if the share price was 110p, you bet £10/point and attached your stop 11 points away, your limited risk premium would be £3.30, making your required margin £113.30.
These costs are listed in market bet product details, under ‘Limited risk premiums’.
The interbank rate is the interest rate charged between banks for short-term loans. It is a key indicator for other interest rate charges, which is why we use it as a basis for calculating our overnight funding fees for your share and stock index trades.
Tom-next is the rate used to calculate the funding adjustment when a forex position is held overnight. It is an industry-standard rate, derived from the interest rate differentials of the pair’s currencies and market expectations of interest rate change.