What are IG's forex CFD product details?

Our foreign exchange transactions are a special form of cash-settled CFD that provide exposure to changes in exchange rates, but cannot result in the delivery of the underlying currencies.

1. Normal dealing hours for all pairs are from 21.00 (London time) on Sunday until 21.59 (London time) on Friday, with the exception of emerging-market pairs, which operate on different schedules. All dealing times listed are London times. Please note that Daylight Savings Time in the UK or the country of origin may cause the times shown to be imprecise.

2. The minimum transaction size is one contract. Transactions above this minimum size, can be in fractions of a contract.

3. Spreads are subject to variation, especially in volatile market conditions. Our quotations are derived from quotes in the underlying market available to us from the banks and liquidity providers with which we trade. We monitor the liquidity available in the underlying market, offering our minimum spread when the market spread is particularly small. In most other conditions, our typical spread applies. If spreads move wider in the underlying market, we may match this. We do not apply any weighting or biases to our pricing sources. Large trades may be subject to wider spreads which is known as tiered pricing. Learn more here. Please note that tiered pricing is only available on the IG platform.

4. For limited risk transactions, a premium is charged only if your stop is triggered.

5. Please note that tiered margining applies; this means that higher margins may be required for large positions.

6. Accredited Investors are exempt from regulatory limits on leverage in place for retail clients, and are able to trade on lower margins as a result. You can find out more, and check your eligibility, on our Accredited Investors page.

7. When you trade in a currency other than your base currency, margin requirements and any profit or loss will be booked to your account in that currency. As a default, we will automatically convert any profit or loss you realise on closing a position to your base currency, including a charge of no more than 0.5% of the current spot rate. You may change this default to a daily conversion any time via our online dealing platform. For daily conversions, our system will convert the currency automatically. However, you may experience currency fluctuations on your account prior to the conversion.

8. For foreign exchange transactions, adjustments are made to calculate the cost of funding a position, and these are posted to the client's account daily. The adjustments are calculated as follows:

A = V x R

Where:
A = the funding cost
V = the number of contracts x contract size
R = the current Tom-Next rate, including an administrative charge not exceeding 0.5% (0.8% for mini contracts) per annum. This maximum charge applies to both standard contracts and mini contracts.

If the Tom-Next rate is less than zero, you will be debited for running a short position and credited for running a long position. If the tom-next rate is greater than zero, you will be credited for running a short position and debited for running a long position.

The funding charge is calculated for any position opened before 22.00 that is still open after 22.00 (London time).

Note: For any position opened before 22.00 Wednesday that is still open after 22.00 Wednesday, the daily interest credit or debit will be made for three days as opposed to one. This three-day adjustment covers settlement of trades over the weekend period.

In the event where there is a bank holiday, the interest will be adjusted on the following working day if it is a U.S. bank holiday and will be adjusted prior to the bank holiday if it is a bank holiday outside of the U.S..

9. We will not charge any additional commission unless we notify you in writing.

10. Swap rates shown on our platform for all contracts are indicative of the next day’s adjustment and are subject to change. These adjustments are applied for positions you hold as at 10 pm London time. For queries, please call our helpdesk on 6390 5118.