How pricing works
Trading CFDs has costs. This page explains spread, commission, swaps and margin in plain words, and the exact figures for each account are shown in the client portal.
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Spread
The spread is the difference between the buy price and the sell price of an instrument.
- What it is
- Every instrument has two prices. You buy at the higher one and sell at the lower one. The gap between them is the spread. It can change from one moment to the next, and it can be wider when markets are volatile or quiet.
- Standard accounts
- Standard accounts are priced through the spread. Other costs, such as swaps, can also apply.
- Example in words
- You buy and then close the position straight away. You lose the spread, because you bought at the higher price and sold at the lower one. The price must move in your favour by at least that gap before the position is in profit.
Commission on Raw accounts
Raw accounts pair the spread with a commission for each lot you trade.
- Lot
- A lot is a standard trade size. The size of one lot depends on the instrument.
- How Raw is priced
- Spread plus a commission per lot. The total cost is the spread and the commission together, and a larger trade carries a larger commission.
- Who it suits
- Traders who prefer to see the spread and the commission as two separate costs.
Swaps
A swap is a charge or a credit for a position you keep open overnight.
Whether you pay or receive, and how much, depends on the instrument and on whether you bought or sold. A swap can reduce your balance, so check it before you hold a position for more than one day.
You can check the swap for an instrument in its specification in MetaTrader. Your account conditions are shown in the client portal.
Margin, margin call and stop-out
These are not trading costs, but they decide how long you can keep a trade open.
- Leverage
- Leverage lets you open a position larger than the money you set aside. It can increase your gains, and it can increase your losses just as fast. You can lose all the money in your account.
- Margin
- Margin is the amount your account sets aside to hold a leveraged position.
- Margin call
- A margin call is a warning that your equity is getting low compared with the margin your positions use.
- Stop-out
- A stop-out closes positions when your equity falls too far. It can happen quickly, and positions can close at a loss.
The levels are set for each account and shown in the client portal. Read how CFDs work and understanding the risks before you trade.
Where to find your conditions
Ready to open an account?
Sign up, verify your identity and review your account conditions in the portal before you trade.
Questions before you start? Visit the help centre