Costs and charges

Our offices are normally open 24 hours a day between 11pm on Sunday (9pm for forex) and 10.15pm on Friday night (London time).

Dealing hours vary between markets, but standard UK market hours are 08.00-16.30 (London time).

How overnight funding works depends on the product that you’re using to trade.

Turbo24s

When you trade turbo24s with us, we’ll make a small adjustment to your knock-out level to reflect the cost of holding your position open overnight. On a long turbo24 the knock-out adjustment will result in your knock-out level moving upwards over time, and on a short turbo24 it will move downwards.

Barriers and CFDs

For share and index trades, our funding fee is comprised of our admin fee plus or minus the relevant interbank rate for the currency in which the underlying instrument of your trade is denominated (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 CFD trades on futures markets there is no overnight funding fee because the cost of funding is built into the spread.

Spreads

Spreads vary depending on the product you’re trading. Turbo24 spreads are set by the market maker, and you can sometimes trade inside the spread. Barrier spreads tend to be slightly narrower than CFD spreads, because you also pay a small commission on barrier trade. The narrower spread is to compensate for this.

In terms of markets, our forex spreads vary depending on underlying market liquidity. The more liquid the market, the narrower our spread – as low as 0.8 points. As the underlying market spread widens, so does ours – but only to our maximum cap.

Our stock index spreads vary by the time of day. During the underlying market hours we offer our standard and tightest spreads eg 1 point on the FTSE 100. When we offer an out-of-hours market, so you can benefit from 24-hour dealing, we offer a wider spread.

CFD traders should remember we offer our tightest spreads on our standard contracts, with wider spreads on some mini and micro contracts.

Commission

How you pay commission depends on the product you’re using to trade. Turbo24s incur no commission, and neither do non-share CFD trades.

Barriers and vanilla options are subject to a small commission, 0.1 unit of contract currency per lot, on open and close.

Share CFD commission varies depending on the host country for your stock, and the account you are using. See our product details for all our share CFD commissions.

Share dealing

All UK shares are subject to commission from £5, while all US stocks are subject to commission of 2 cents per share, for example. See our share dealing charges for full shares commissions.

Overnight funding

The overnight funding fee is calculated using the relevant interbank rate for index and share trades. The fee for forex trades is calculated using the tom-next rate. These rates change daily, varying the funding fee each day. Mini and micro CFD contracts are subject to a higher funding rate.

There is no overnight funding fee for forward trades, the funding cost is built into a wider spread. This makes forwards less attractive for short-term trading but more so for long-term trades because you know your real cost from the outset.

CFDs and options traded in a currency other than your account’s base currency may incur a currency conversion charge. However, all our turbo24 markets are offered in euros, so if your account is euro-based you won’t need to convert any profits you make from turbo trades.

Our default setting is instant conversion, where foreign-currency profit is converted to your base currency and funding, commission and dividend charges are taken into account before your account is credited. We also offer daily, weekly and monthly conversion settings. Our standard charge is 0.5.

For relevant share dealing transactions on share dealing accounts, we will convert currencies at the time of execution based on the best available bid / offer exchange rates, plus our spread of 0.5.

Yes, we offer guaranteed stops on CFDs so that you can put an absolute cap on your risk. Our turbo24s and barriers have guaranteed stops built in, in the form of the knock-out level.

We apply a small fee if your guaranteed stop or knock-out level is triggered. For shares, for example, this is 0.3% of the underlying transaction value.

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.

The actual costs of trading with us via a turbo24, option or CFD vary from market to market.

For turbos, you choose your knock-out level, also known as the strike price, before you open the trade. Your initial outlay is the most you’ll need to pay, and we don’t charge commission on turbos.¹

For barrier and vanilla options, there is a spread charge and commission payment applicable on all trades.

For CFD trading there may be just a spread charge or just a commission charge. You can compare options and CFDs on our comparison page.

There is no fee to use our platform for turbos, options or CFDs, but there is a charge for some live data feeds. This also applies to our DMA-specific platforms which require live data feeds. The fee is refunded to active traders.

For all options and CFDs, the spread is the difference between our sell and buy prices. We derive these prices based on the underlying market's value for CFDs and barrier options, and from a range of sources – including the underlying value, time to expiry and volatility – for vanilla options.

For turbo24s, the sell and buy prices are taken from the multi-lateral trading facility on which the securities are listed, Spectrum. However, you can view full market depth and choose to place orders inside the spread.

No, we won't charge you any fees to maintain your account.