Losses can exceed deposits

MT4 product details

With our MT4 platform, you’ll experience ultra-fast execution on a wide range of FX pairs – including major, exotic and emerging markets. 

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Spreads vary depending on the volatility of the underlying market. We quote our minimum spread whenever possible, when the market is narrow. At other times you’ll generally find our typical spread applies.

 

 Major pairs

Currency Pair [1] Minimum bet size (spread betting) Value per point [2] (CFDs) Minimum spread Average spread*[3] Minimum requirement [4]
Spot FX AUD/USD 10p $10 0.6 0.75 0.5%
Spot FX EUR/CHF 10p CHF10 2 2.30 1.5%
Spot FX EUR/GBP 10p £10 0.9 1.17 1%
Spot FX EUR/JPY 10p Y1000 1.5 1.96 0.5%
Spot FX EUR/USD 10p $10 0.6 0.75 0.5%
Spot FX GBP/JPY 10p Y1000 2.5 2.96 1%
Spot FX GBP/USD 10p $10 0.9 1.34 1%
Spot FX USD/CAD 10p C$10 1.7 2.50 0.5%
Spot FX USD/CHF 10p CHF10 1.5 2.04 1.5%
Spot FX USD/JPY 10p Y1000 0.7 0.86 0.5%

Minor pairs 

Currency Pair [1] Minimum bet size Value per point [2] Minimum spread Average spread* [3] Minimum requirement [4]
Spot FX CAD/CHF 10p CHF10 2.5 3.16 1.5%
Spot FX CAD/JPY 10p Y1000 2.5 3.61 0.75%
Spot FX CHF/JPY 10p Y1000 2 2.76 1.5%
Spot FX EUR/CAD 10p C$10 3 4.25 0.5%
Spot FX EUR/SGD 10p SGD10 5 6.19 0.75%
Spot FX EUR/ZAR 5p ZAR10 150 198.98 2.5%
Spot FX GBP/CAD 10p C$10 3.5 4.74 1%
Spot FX GBP/CHF 10p CHF10 3 3.98 1.5%
Spot FX GBP/SGD 10p SGD10 8 10.42 1%
Spot FX GBP/ZAR 5p ZAR10 200 256.98 2.5%
Spot FX SGD/JPY 10p Y1000 4 5.22 1%
Spot FX USD/SGD 10p SGD10 3 3.55 0.75%
Spot FX USD/ZAR 5p ZAR10 90 128.75 2.5%

 Australasian pairs

Currency Pair [1] Minimum bet size Value per point [2] Minimum spread Average spread* [3] Minimum requirement [4]
Spot FX AUD/CAD 10p CAD10 2 2.78 0.5%
Spot FX AUD/CHF 10p CHF10 2.5 2.95 1.5%
Spot FX AUD/JPY 10p Y1000 1.3 1.91 0.5%
Spot FX AUD/NZD 10p NZD10 3 3.18 0.75%
Spot FX AUD/SGD 10p SGD10 5 6.84 1%
Spot FX EUR/AUD 10p AUD10 1.8 2.61 0.5%
Spot FX EUR/NZD 10p NZD10 3 4.02 0.75%
Spot FX GBP/AUD 10p AUD10 1.9 3.64 1%
Spot FX GBP/NZD 10p NZD10 5 6.87 1%
Spot FX NZD/CHF 10p CHF10 4 5.60 1.5%
Spot FX NZD/JPY 10p Y1000 2.5 3.21 0.75%
Spot FX NZD/USD 10p $10 2 2.13 0.75%

 Exotic pairs

Currency Pair [1] Minimum bet size (spread betting) Value per point [2] (CFDs) Minimum spread Average spread* [3] Minimum requirement [4]
Spot FX CHF/HUF 5p HUF1000 30 39.40 2%
Spot FX EUR/HUF 5p HUF1000 20 42.09 2%
Spot FX EUR/MXN 5p MXN10 90 186.97 2.5%
Spot FX EUR/PLN 5p PLN10 25 45.41 1.5%
Spot FX EUR/TRY 10p TRY10 15 29.44 2.5%
Spot FX GBP/HUF 5p HUF1000 25 42.33 2%
Spot FX GBP/MXN 5p MXN10 130 211.85 2.5%
Spot FX GBP/PLN 5p PLN10 30 50.93 1.5%
Spot FX GBP/TRY 10p TRY10 20 37.70 2.5%
Spot FX USD/HUF 5p HUF1000 20 41.31 2%
Spot FX USD/MXN 5p MXN10 50 80.50

2.5%

Spot FX USD/PLN 5p PLN10 25 33.51 1.5%
Spot FX USD/TRY 10p TRY10 12 23.87 2.5%

 Scandanavian pairs

Currency Pair [1] Minimum bet size (spread betting) Value per point [2] (CFDs) Minimum spread Average spread* [3] Minimum requirement [4]
Spot FX CAD/NOK 5p NOK10 25 65.94 1%
Spot FX CHF/NOK 5p NOK10 40 55.77 1.5%
Spot FX EUR/NOK 5p NOK10 25 34.27 0.75%
Spot FX EUR/SEK 5p SEK10 30 37.76 0.75%
Spot FX GBP/NOK 5p NOK10 50 76.70 1%
Spot FX GBP/SEK 5p SEK10 50 78.55 1%
Spot FX NOK/SEK 5p SEK10 6 12.07 1%
Spot FX USD/DKK 10p DKK10 15 19.80 5%
Spot FX USD/NOK 5p NOK10 25 35.20 0.75%
Spot FX USD/SEK 5p SEK10 25 32.73 0.75%

Virtual pairs

Contract

MT4 symbol

One contract means

Value of one full point (CFDs)

Minimum bet (spread betting)

Margin required [4]

XBT/USD

BTCUSD

1 BTC

$1

£0.01

40%

XBCH/USD BCHUSD 1 BCH $1 £0.01 50%
XBTG/USD BTGUSD 1 BTG $1 £0.01 50%

Please note that in times of high volatility, our minimum spreads can increase significantly.

Overnight funding charges

Our annualised overnight funding rate is currently 0.034% for bitcoin (12.5% per annum), and 0.055% for all other cryptocurrency markets (20% per annum). At present, clients with a long position will pay this overnight funding rate, while clients with a short position will receive on the overnight funding rate. In addition, a 7.5% per-annum IG admin fee will also apply.

What will this mean for my positions?

  • If you are long bitcoin, you will pay an overnight funding charge of 0.0548% a day (20% per-annum) for any position that is open at 10pm (UK time)
  • If you are short bitcoin, you will receive an overnight funding adjustment of 0.0136% a day (5% per-annum) for any position that is open at 10pm (UK time)

Holding a position in our other cryptocurrency pairs would result in you paying an overnight funding charge of 0.0764% when long (27.5% per annum), and receiving an adjustment of 0.0347% when short (20% per annum)

We will review our overnight funding charges frequently, and update our website and contract details with the latest rates.
Please note that for any position opened before 10pm (London time) Wednesday that is still open after 10pm (London time) 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. Adjustments will also be made in advance of Christmas and New Year holidays.

Overnight funding for long bitcoin position  Overnight funding for short bitcoin position 

Long 2 lots on Bitcoin USD ($1), which is currently trading at a price of 15000.

( 2 x 15000 ) x 0.0548% = $16.44

Client will be charged $16.44 per day.

Short 2 lots on Bitcoin USD ($1), which is currently trading at a price of 15000.

( 2 x 15000 ) x 0.0136% = $4.08

Client will receive $4.08 per day.

Why can I sometimes not trade bitcoin?

Given the high demand and price increases, we may restrict any new orders to buy or sell cryptocurrency, both online and over the telephone.

As we hedge client exposure in the underlying market, our interests are aligned with yours. However, due to the various risks and complexity involved in trading underlying cryptocurrencies, there's a limit to the total amount of physical cryptocurrency we can hold as a business. We therefore need to reflect this by limiting the exposure that each client is allowed to maintain through CFDs and spread bets. This limit is currently £250,000 notional (or equivalent) per client across all cryptocurrency holdings. Any client with a notional size above this limit is at risk of having their cryptocurrency positions reduced.

Sometimes our platform won't allow you to open a new long position on bitcoin. This happens when we reach our maximum exposure in the market. You'll be able to open a position when our trading volume changes. 

Please note this should not affect your ability to close any existing open positions, provided this does not increase or create net long exposure.

You can check whether or not our bitcoin markets are 'unlongable' in the platform. In IG Trading, click the 'information' icon in the deal ticket, then select 'other'. In the classic platform, click on your market's dropdown and select 'get info'. Please refresh your browser for the latest updates.

IG policy on blockchain forks

We base the price of our cryptocurrency products on the underlying market, made available to us by the exchanges and market-makers with which we trade.

There is currently one accepted decentralised ledger which records all bitcoin transactions – as well as an equivalent for ether – called the blockchain. When the software of different miners becomes misaligned, a split – or 'fork' – in the blockchain may occur. This results in the existence of two different blockchains. 

Generally, cryptocurrency users quickly agree which version to continue to use, causing minimal disruption. The old version of the blockchain is then discontinued.

In the event that one version isn't discontinued – known as a hard fork – we will generally follow the blockchain that has the majority consensus of cryptocurrency users, and will therefore use this as the basis for our prices. We reserve the right to determine which blockchain and cryptocurrency unit have the majority consensus behind them. 

If the hard fork results in a viable second cryptocurrency, we may create an equivalent position on client accounts to reflect this. However this action is at our absolute discretion, and we will have no obligation to do so. If, and when, the second cryptocurrency is tradeable on a major exchange, we will endeavour to represent that value. We’ll do this either by making the product available to close based on the valuation on that venue, or by booking a cash adjustment on client accounts.  If, within a reasonable timeframe, the second currency does not become tradeable on major exchanges or is otherwise deemed not to be viable as a currency (for example, it is not mined), we may delete any positions that had previously been created at no value on client accounts. We will take steps to notify you when we have taken this action.

When a hard fork occurs, there may be substantial price volatility around the event, and we may suspend trading throughout if we do not have reliable prices from the underlying market.

We will endeavour to notify you of potential blockchain forks, however it is your responsibility to make yourself aware of the forks that could occur.

Notes to tables

The following notes apply to all of the preceding forex tables, wherever the corresponding number is found.

1. Normal dealing hours for all pairs are from 21.00 (London time) on Sunday until 22.00 (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. 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.

3. For limited-risk bets a limited-risk premium is charged if your guaranteed stop is triggered. The potential premium is displayed on the deal ticket, and can form part of your margin when you attach the stop. Please note that premiums are subject to change, especially going into weekends and during volatile market conditions.

4. Margin requirements represent a percentage of the overall position value. You can find the tiered margins from the Get Info dropdown section within each market in our trading platform. Please note that higher margins may be required for large positions. Please see our tiered margining page for more details.

5. When forward forex bets are rolled over, the initial bet is closed at the mid-price for the contract month, plus or minus half of our normal spread. The new bet is then opened at the mid-price of our current quote for the next contract month. If the initial bet was controlled risk, the full controlled risk premium is either added to the offer price or subtracted from the bid price depending on the direction of the bet.

6. Each day your DFB bet remains open, we make a cash adjustment to your account to reflect the funding costs of your bet. The funding adjustment is based on the tom-next spread for the currency pair (excluding bitcoin) involved including an admin fee of 0.0022% per day. 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. This will not always apply to emerging-market pairs. Emerging pairs are priced using one-month pricing, so the funding charge for these will depend on the three-day adjustment that is made in the underlying market.

7. Forward spread is added to the current spot spread for each pair to produce our forward prices. This means that dealing spreads available will be variable, depending upon market conditions.

8. Bitcoin funding will be 0.0438% daily for short positions and 0.0274% for long positions.

 

Notes to tables

Foreign exchange CFDs and spread bets are a form of cash-settled trades 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 22.00 (London time) on Sunday until 22.00 (London time) on Friday. All dealing times listed are London times.

2. The minimum transaction size is 0.1 contracts. For every pair, one contract = 100,000 of the first-named currency.

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.

4. Margin requirements represent a percentage of the overall position value.

5. When you trade in a currency other than your default currency, your profit or loss will be realised in that currency. As standard practice, we will then immediately convert this back to your default currency. Our standard convert-on-close charge is 0.3%. 

6. For foreign exchange transactions, adjustments are made to calculate the cost of funding a position, and these are posted to your 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 0.3% per annum.

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).

7. You will not be charged any additional commission unless notified in writing

*Average spread (Monday 00:00 - Friday 22:00 GMT) for the twelve weeks ending 26 June 2017.