Spread betting product details

Spread betting is a tax-free, leveraged way to trade on forex, and you also pay no commission. Spread bet on over 90 currency pairs – including major, exotic and emerging markets – with spreads starting from just 0.6 pips.1 

Create an account

Spreads will vary depending on the volatility of the underlying market. You’ll receive our minimum spread when the market spread is particularly narrow, but in most other conditions, you’ll find our minimum spread applies.

Major pairs

Spot forex

Our spot bets offer significantly narrower spreads than the corresponding forward forex bet, and are not subject to the premium or discount that may apply for a forward date. [6]

Notes in [square brackets] are detailed in the Notes tab.

Pair

Dealing hours [1]

One point means

Minimum bet

Minimum spread [2]

Average spread*

Guaranteed stop premium [3]

Margin required [4]

Professional margin required [9]

Spot FX EUR/CHF

24 hours

0.0001 SF/€

£1

2

2.30

n/a

3.33%

1.35%

Spot FX EUR/GBP

24 hours

0.0001 £/€

£0.50

0.9

1.17

2

3.33%

0.9%

Spot FX EUR/JPY

24 hours

0.01 ¥/€

£0.50

1.5

1.96

1.5

3.33%

0.45%

Spot FX EUR/USD

24 hours

0.0001 $/€

£0.50

0.6

0.75

1.2

3.33%

0.45%

Spot FX GBP/EUR

24 hours

0.0001 €/£

£1

2

2.60

1.5

3.33%

0.9%

Spot FX GBP/JPY

24 hours

0.01 ¥/£

£1

2.5

3.04

2

3.33%

0.9%

Spot FX GBP/USD

24 hours

0.0001 $/£

£1

0.9

1.34

2

3.33%

0.9%

Spot FX USD/CAD

24 hours

0.0001 CD/$

£0.50

1.7

2.50

1.5

3.33%

0.45%

Spot FX USD/CHF

24 hours

0.0001 SF/$

£1

1.5

2.04

2

3.33%

1.35%
Spot FX USD/JPY 24 hours 0.01 ¥/$ £0.50 0.7 0.86 1.5 3.33% 0.45%
Spot FX CAD/CHF 24 hours 0.0001 SF/CD £1 2.5 3.16 2 3.33% 1.35%
Spot FX CAD/JPY 24 hours 0.01 ¥/CD £1 2.5 3.61 1.5 3.33% 0.68%

Spot FX CHF/JPY

24 hours 0.01 ¥/SF £1 2 2.76 3 3.33% 1.35%
Spot FX EUR/CAD 24 hours 0.0001 CD/€ £1 3 4.25 3 3.33% 0.45%
Spot FX GBP/CAD 24 hours 0.0001 CD/£ £1 3.5 4.74 4 3.33% 0.9%

Spot FX GBP/CHF

24 hours

0.0001 SF/£

£1

3

3.98

4

3.33%

1.35%

 

Forward forex

Shown below are our forward forex bets for the quarterly value dates. You can place bets on forex for the next two quarters. [5]

Forward spreads are in addition to the current spot spread for each pair (shown above). [7]

Pair

Dealing hours [1]

One point means

Minimum bet

Forward spread [7]

Guaranteed stop premium [3]

Retaiil margin required [4]

Professional margin required [9]

GBP/USD

24 hours

0.0001 $/£

£1

9

3

3.33%

0.9%

EUR/USD

24 hours

0.0001 $/€

£1

10

3

3.33%

0.45%

USD/CHF

24 hours

0.0001 $/SF

£1

8

6

3.33%

1.35%

EUR/GBP

24 hours

0.0001 £/€

£1

7

2

3.33%

0.9%

USD/JPY

24 hours

0.01 ¥/$

£1

9

3

3.33%

0.45%

USD/CAD

24 hours

0.0001 CD/$

£1

6

3

3.33%

0.45%

EUR/CHF

24 hours

0.0001 SF/€

£1

8

n/a

3.33%

1.35%

EUR/JPY

24 hours

0.01 ¥/€

£1

9

3

3.33%

0.45%

GBP/EUR

24 hours

0.0001 €/£

£1

18

6

3.33%

0.9%
GBP/JPY 24 hours 0.01 ¥/£ £1 16 6 3.33% 0.9%
CAD/JPY 24 hours 0.01 ¥/CD £1 10 6 3.33% 0.45%
CHF/JPY 24 hours 0.01 ¥/SF £1 8 6 3.33% 1.35%
EUR/CAD 24 hours 0.0001 CD/€ £1 14 12 3.33% 0.45%
GBP/CAD 24 hours 0.0001 CD/£ £1 9 12 3.33% 0.9%

GBP/CHF

24 hours

0.0001 SF/£

£1

16

12

3.33%

1.35%

Non-major pairs

Spot forex

Our spot bets offer significantly narrower spreads than the corresponding forward forex bet, and are not subject to the premium or discount that may apply for a forward date. [6]

Notes in [square brackets] are detailed in the Notes tab.

Pair

Dealing hours [1]

One point means

Minimum bet

Minimum spread [2]

Average Spread* [2]

Guaranteed stop premium [3]

Retail margin required [4]

Professional margin required [9]

Spot FX AUD/USD

24 hours

0,0001 $/A$

£0.50

0.6

0.75

0.8

5%

0.45%

Spot FX EUR/SGD

24 hours

0.0001 SD/€

£1

5

6.19

8

5%

0.68%

Spot FX EUR/ZAR

24 hours

0.0001 €/£

10p

150

198.98

100

5%

2.25%

Spot FX GBP/SGD

24 hours

0.01 SG/£

£1

8

10.42

8

5%

0.9%

Spot FX GBP/ZAR

24 hours

0.01 SR/£

10p

200

256.98

150

5%

2.25%

Spot FX SGD/JPY

24 hours

0.01 ¥/SG

£1

4

5.22

3

5%

0.9%

Spot FX USD/SGD

24 hours

0.01 SD/$

£1

3

3.55

2

5%

0.68%

Spot FX USD/ZAR

24 hours

0.01 SR/$

10p

90

128.75

200

5%

2.25%

 

Forward forex

Shown below are our forward forex bets for the quarterly value dates. You can place bets on forex for the next two quarters. [5]

Forward spreads are in addition to the current spot spread for each pair (shown above). [7]

Pair

Dealing hours [1]

One point means

Minimum bet

Forward spread [7]

Guaranteed stop premium [3]

Retail margin required [4]

Professional margin required [9]

GBP/SGD

24 hours

0.01 SG/£

50p

20

20

5%

0.9%

GBP/ZAR

24 hours

0.01 SR/£

10p

200

400

5%

2.25%

USD/SGD

24 hours

0.01 SD/$

£1

22

15

5%

0.68%

USD/ZAR

24 hours

0.01 SR/$

10p

200

250

5%

2.25%

 

Australasian pairs

Spot forex

Our spot bets offer significantly narrower spreads than the corresponding forward forex bet, and are not subject to the premium or discount that may apply for a forward date. [6]

Notes in [square brackets] are detailed in the Notes tab.

Pair

Dealing hours [1]

One point means

Minimum bet

Minimum spread [2]

Average Spread* [2]

Guaranteed stop premium [3]

Retail margin required [4]

Professional margin required [9]

Spot FX AUD/CAD

24 hours

0.0001 CD/A$

£1

2

2.78

2

5%

0.45%

Spot FX AUD/CHF

24 hours

0.01 SF/A$

£1

2.5

2.95

2

5%

1.35%

Spot FX AUD/EUR

24 hours

0.01 €/A$

£1

1.5

2.83

3

5%

0.45%

Spot FX AUD/GBP

24 hours

0.0001 £/A$

£1

1.5

2.94

2

5%

0.9%

Spot FX AUD/JPY

24 hours

0.01 ¥/A$

£1

1.3

1.91

1.5

5%

0.45%

Spot FX AUD/NZD

24 hours

0.0001 NZ/A$

£1

3

3.18

3

5%

0.68%

Spot FX AUD/SGD

24 hours

0.0001 SD/A$

£1

5

6.84

4

5%

0.9%

Spot FX EUR/AUD

24 hours

0.0001 A$/€

£1

1.8

2.61

2

5%

0.45%

Spot FX EUR/NZD

24 hours

0.0001 NZ/€

£1

3

4.02

4

5%

0.68%

Spot FX GBP/AUD

24 hours

0.0001 A$/£

£1

1.9

3.64

3

5%

0.9%

Spot FX GBP/NZD

24 hours

0.0001 NZ/£

£1

5

6.87

5

5%

0.9%

Spot FX NZD/CHF

24 hours

0.0001 SF/NZ

£1

4

5.60

3

5%

1.35%

Spot FX NZD/EUR

24 hours

0.0001 €/NZ

£1

1.5

1.99

1.5

5%

0.68%

Spot FX NZD/GBP

24 hours

0.0001 £/NZ

£1

2

3.01

2

5%

0.0%

Spot FX NZD/JPY

24 hours

0.01 ¥/NZ

£1

2.5

3.21

1.5

5%

0.68%

 

Forward forex

Shown below are our forward forex bets for the quarterly value dates. You can place bets on forex for the next two quarters. [5]

Forward spreads are in addition to the current spot spread for each pair (shown above). [7]

Pair

Dealing hours [1]

One point means

Minimum bet

Forward spread [7]

Guaranteed stop premium [3]

Retail margin required [4]

Professional margin required [9]

AUD/JPY

24 hours

0.01 ¥/A$

£1

7

3

5%

0.45%

AUD/NZD

24 hours

0.01 NZ/A$

£1

10

6

5%

0.68%

AUD/USD

24 hours

0.0001 $/A$

£1

10

6

5%

0.45%

EUR/AUD

24 hours

0.0001 A$/€

£1

14

6

5%

0.45%

EUR/NZD

24 hours

0.0001 NZ/€

£1

15

10

5%

0.68%

GBP/AUD

24 hours

0.0001 A$/£

£1

15

7.5

5%

0.9%

GBP/NZD

24 hours

0.0001 NZ/£

£1

20

10

5%

0.9%

NZD/JPY

24 hours

0.01 ¥/NZ

£1

11

5

5%

0.68%

NZD/USD

24 hours

0.0001 $/NZ

£1

4

2.5

5%

0.68%

* Average spread (Monday 00:00 - Friday 22:00 GMT) for the twelve weeks ending 7 October 2016

Scandanavian pairs

Spot forex

Our spot bets offer significantly narrower spreads than the corresponding forward forex bet, and are not subject to the premium or discount that may apply for a forward date. [6]

Notes in [square brackets] are detailed in the Notes tab.

Pair

Dealing hours [1]

One point means

Minimum bet

Minimum spread [2]

Average Spread* [2]

Guaranteed stop premium [3]

Retail margin required [4]

Professional margin required [9]

Spot FX CAD/NOK

24 hours

0.0001 NK/CD

20p

25

65.94

80

5%

0.9%

Spot FX CHF/NOK

24 hours

0.0001 NK/SF

20p

40

55.77

60

5%

1.35%

Spot FX EUR/DKK

24 hours

0.0001 DK/€

20p

10

14.40

200

5%

4.5%

Spot FX EUR/NOK

24 hours

0.0001 NK/€

20p

25

34.27

40

5%

0.68%

Spot FX EUR/SEK

24 hours

0.0001 SK/€

20p

30

37.76

40

5%

0.68%

Spot FX GBP/DKK

24 hours

0.0001 DK/£

20p

30

45.36

45

5%

4.5%

Spot FX GBP/NOK

24 hours

0.0001 NK/£

20p

50

76.70

60

5%

0.9%

Spot FX GBP/SEK

24 hours

0.0001 SK/£

20p

50

78.55

100

5%

0.9%

Spot FX NOK/SEK

24 hours

0.0001 SK/NK

20p

6

12.07

12

5%

0.9%

Spot FX USD/DKK

24 hours

0.0001 $/DK

20p

15

19.80

20

5%

4.5%

Spot FX USD/NOK

24 hours

0.0001 NK/$

20p

25

35.20

40

5%

0.68%

Spot FX USD/SEK

24 hours

0.0001 SK/$

20p

25

32.73

60

5%

0.68%

 

Forward forex

Shown below are our forward forex bets for the quarterly value dates. You can place bets on forex for the next two quarters. [5]

Forward spreads are in addition to the current spot spread for each pair (shown above). [7]

Pair

Dealing hours [1]

One point means

Minimum bet

Forward spread [7]

Guaranteed stop premium [3]

Retail margin required [4]

Professional margin required [9]

GBP/NOK

24 hours

0.0001 NK/£

20p

100

100

5%

0.9%

GBP/SEK

24 hours

0.0001 SK/£

20p

100

120

5%

0.9%

USD/NOK

24 hours

0.0001 NK/$

20p

60

60

5%

0.68%

USD/SEK

24 hours

0.0001 SK/$

20p

60

80

5%

0.68%

* Average spread (Monday 00:00 - Friday 22:00 GMT) for the twelve weeks ending 7 October 2016

Exotic pairs

Spot forex

Our spot bets offer significantly narrower spreads than the corresponding forward forex bet, and are not subject to the premium or discount that may apply for a forward date. [6]

Notes in [square brackets] are detailed in the Notes tab.

Pair

Dealing hours [1]

One point means

Minimum bet

Minimum spread [2]

Average Spread* [2]

Guaranteed stop premium [3]

Retail margin required [4]

Professional margin required [9]

Spot FX CHF/HUF

24 hours

0.01 HF/SF

10p

25

39.40

50

5%

1.8%

Spot FX EUR/CZK

24 hours

0.01 CK/€

50p

25

28.04

50

5%

4.5%

Spot FX EUR/HUF

24 hours

0.01 HF/€

10p

20

42.09

50

5%

1.8%

Spot FX EUR/ILS

24 hours

0.0001 ILS/€

50p

40

83.28

80

5%

1.8%

Spot FX EUR/MXN

24 hours

0.0001 MP/€

10p

90

186.97

200

5%

2.25%

Spot FX EUR/PLN

24 hours

0.0001 PZ/€

50p

25

45.41

60

5%

1.35%

Spot FX EUR/TRY

24 hours

0.0001 CK/$

50p

15

29.44

15

5%

3.6%

Spot FX GBP/CZK

24 hours

0.01 CK/£

50p

30

34.49

50

5%

4.5%

Spot FX GBP/HUF

24 hours

0.01 HF/£

50p

25

42.33

50

5%

1.8%

Spot FX GBP/ILS

24 hours

0.0001 ILS/£

50p

50

103.49

150

5%

1.8%

Spot FX GBP/MXN

24 hours

0.0001 MP/£

10p

130

211.85

300

5%

2.25%

Spot FX GBP/PLN

24 hours

0.0001 PZ/£

50p

30

50.93

40

5%

1.35%

Spot FX GBP/TRY 24 hours 0.0001 HF/$ 50p 20 37.70 20 5% 3.6%
Spot FX MXN/JPY 24 hours 0,01 ¥/MP £3 0.6 0.84 1.5 5% 2.25%
Spot FX SEK/JPY 24 hours 0,01 ¥/SK £10 0.6 1.23 1 5% 0.9%

Spot FX TRY/JPY

24 hours

0.01 ¥/HF

£1

5

6.91

8

5%

3.6%

Spot FX USD/CZK

24 hours

0.01 CK/$

50p

25

26.29

50

5%

4.5%

Spot FX USD/HUF

24 hours

0.01 HF/$

50p

20

41.31

50

5%

1.8%

Spot FX USD/ILS

24 hours

0.0001 ILS/$

50p

30

76.43

80

5%

1.8%

Spot FX USD/MXN

24 hours

0.0001 MP/$

10p

50

80.50

 

60

5%

2.25%

Spot FX USD/PLN

24 hours

0.0001 PZ/$

50p

25

33.51

40

5%

1.35%

Spot FX USD/TRY

24 hours

0.0001 CK/$

50p

12

23.87

10

5%

3.6%

Emerging pairs

Spot forex

Our spot bets offer significantly narrower spreads than the corresponding forward forex bet, and are not subject to the premium or discount that may apply for a forward date. [6]

Notes in [square brackets] are detailed in the Notes tab.

Pair

Dealing hours [1]

One point means

Minimum bet

Minimum spread [2]

Average Spread* [2]

Retail margin required [4]

Professional margin required [9]

Spot FX AUD/CNH

24 hours

0.0001 CNH/AUD

20p

20

25.17

5%

2.25%

Spot FX CAD/CNH 24 hours 0.0001 CNH/CAD 20p 15 19.88 5% 2.25%

Spot FX CNH/JPY

24 hours

0.01 JPY/CNH

£10

0.8

1.74

5%

2.25%

Spot FX EUR/CNH

24 hours

0.0001 CNH/EUR

20p

30

44.50

5%

2.25%

Spot FX EUR/RUB

07.00-21.00

0.0001 RUB/EUR

10p

2000

2663.78

5%

4.5%

Spot FX USD/CNH

24 hours

0.0001 CNH/USD

20p

10

15.46

5%

2.25%

Spot FX USD/RUB

07.00-21.00

0.0001 RUB/USD

10p

1600

2452.15

5%

4.5%

EMFX GBP/INR

01.30-21.00

0.01 INR/GBP

£1

35

37.35

5%

4.5%

EMFX USD/BRL

13.05-22.00

0.0001 BRL/USD

£1

30

40.98

5%

4.5%

EMFX USD/INR

01.30-21.00

0.01 INR/USD

£1

20

21.22

5%

4.5%

EMFX USD/IDR

04.30-21.00

1 IDR/USD

£1

80

106.64

5%

4.5%

EMFX USD/KRW

01.00-21.00

0.01 KRW/USD

50p

100

175.15

5%

4.5%

EMFX USD/MYR

01.30-21.00

0.0001 MYR/USD

50p

100

150.23

5%

4.5%

EMFX USD/PHP

01.30-21.00

0.01 PHP/USD

50p

15

19.37

5%

4.5%

EMFX USD/TWD

01.30-21.00

0.001 TWD/USD

£1

80

147.13

5%

4.5%

NZD/CNH

24 hours

0.0001 CNH/NZD

20p

15

23.01

5%

2.25%

Spot FX GBP/CNH

24 hours

0.0001 CNH/GBP

20p

35

39.12

5%

2.25%

BRL - Brazilian real
CLP - Chilean peso
CNH - Chinese renminbi (yuan) – offshore
IDR - Indonesian Rupiah
INR - Indian rupee
KRW - South Korean won
MYR - Malaysian ringgit
PHP - Philippine peso
RUB - Russian rouble
TWD - Taiwan dollar

Cryptocurrency pairs

Spot forex

 

Pair

Dealing hours

One point means

Minimum bet 

Minimum spread

Guaranteed stop premium

Retail margin required (per contract)

Professional margin required (per contract) [9]

Spot FX Bitcoin/USD

24 hours *

$1

£0.20

70

20

50%

13.5%

Spot FX Bitcoin Cash/USD

24 hours * $1 £0.20 12 15 50% 22.5%

Spot FX Bitcoin Gold/USD

24 hours * $1 £5 4 3 50% 36%
Spot FX ether/USD 24 hours * $1 £0.50 8 4 50% 13.5%
Spot FX ripple/USD 24 hours * $0.01 £10 1 1 50% 22.5%
Spot FX litecoin/USD 24 hours * $1 £1 1.5 3 50% 22.5%

* Bitcoin markets close at 10pm on Friday night (UK time), then reopen on Saturday at 4am (UK time).

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 £1 per point on Bitcoin, which is currently trading at a price of 15000.

(1 x 15000) x 0.0548% = £8.22

Client will be charged £8.22 per day.

Short £1 per point on Bitcoin, which is currently trading at a price of 15000.

( 1 x 15000 ) x 0.0136% = £2.04

Client will receive £2.04 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 guaranteed stop bets a guaranteed stop 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.

9. Professional clients 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 professional trading page.

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

Tax laws are subject to change and depend on individual circumstances. Tax law may differ in a jurisdiction other than the UK.