Commissions & charges

Commission will be charged (in the base currency of your MT4 account) on the opening of a trade on your account. Both opening and closing commission are charged at the time you open a trade.

InstrumentTotal charge
(per lot per round trip)

USD based MT4 accounts

FX6.50 USD
Metals8.25 USD
CFDs8.00 USD
CFD minis6.40 USD
InstrumentTotal charge
(per lot per round trip)

EUR based MT4 accounts

FX5.00 EUR
Metals6.35 EUR
CFDs6.00 EUR
CFD minis4.80 EUR
InstrumentTotal charge
(per lot per round trip)

GBP based MT4 accounts

FX4.06 GBP
Metals5.16 GBP
CFDs5.00 GBP
CFD minis4.00 GBP
InstrumentTotal charge
(per lot per round trip)

HUF based MT4 accounts

FX1 820 HUF
Metals2 310 HUF
CFDs2 240 HUF
CFD minis1 792 HUF

Financial charges for overnight positions

Financing charge on Index CFDs

If you hold a position open overnight, you will be charged with a financing charge. The cumulative financing charge will be applied on the open positions on your MT4 Account each and every day that you have an open trade (including on weekends and on public holidays in England).
The financing charge is calculated as follows:
F = V × I / b where:
F = Financing charge
V = notional value of your trade (quantity × contract size × average weekly price)
I = applicable Financing Rate
b = day basis for currency (quoted as the first currency in the pair -365 for GBP, HKD, AUD and NZD, 360 for all other currencies)
The Financing Rates that are applied are outlined in the table below. The Financing Rates are, however, subject to change and changes in the Financing Rates will be notified to you.

InstrumentReference rateLong FinancingShort Financing
UK instruments1 month Libor+ 1.5%– 1.5%
Euro instrument1 month EUR Libor+ 1.5%– 1.5%
US instruments1 month US Libor+ 1.5%– 1.5%

There may be instances when a financing charge is charged on short positions, rather than paid to you. This may occur if a reference rate used to calculate the financing charge is at an exceptionally low rate.

As explained above, the notional value of your trade for the purposes of calculating the financing charge is calculated using the average weekly closing price. The closing price will be calculated on a weekly basis from the average trusted bid and ask prices on the MTF.

Example of Financing on a CFD

You are long 1 MT4 contract in UK100 CFD overnight where the closing price of the instrument is 5265.0 – 5267.0. The average weekly price is 5266.0. The LIBOR rate that day is 0.725%. Your financing charge would be:
Financing = Notional value of your trade × financing rate / day basis for currency = 52660 × (0.725% + 1.5%) / 365 = £3.21
That means that you would be charged £3.21 for holding 1 long MT4 contract overnight. If you were to hold a short position in the same instrument overnight your financing would be calculated as:
Financing = Notional value × financing rate / day basis for currency = 52660 × (0.725% – 1.5%) / 365 = £1.12
Even though you are holding a short position you will be charged £1.12 overnight as LIBOR is at a very low rate.

Financing charge on Rolling Spot FX

The financing charge for a Rolling Spot FX reflects the relative interest rates of the two currencies comprising your open trade plus a premium dependent on market conditions and including a LMAX charge. When a position is held overnight night, MT4 platform will apply a financing charge on any open positions on your MT4 account. This will be reflected as a cumulative charge on individual open trades, namely relative interest rates and LMAX Exchange premium.

Spot FX trades settle on a T+2 basis, with the exception of USD/CAD, USD/TRY, EUR/RUB and USD/RUB which settle on a T+1 basis. If a Rolling Spot FX position is held through the market roll over (17:00 NY for all FX pairs except NZD pairs which roll at 07:00 Auckland), your account will be credited or debited with a financing charge. You will be credited or debited your 3-day (weekend) roll based on your open positions at the market close on Wednesday for all T+2 pairs and based on your open positions at the market close on Thursday for all T+1 pairs. The financing will accrue on your open trade and will be shown as a cumulative amount from the time the trade was opened, and will be reflected in your account base currency. The financing will be taken off your balance at the time the trade is closed.

Swap charges are quoted in swap points. The actual charges can be seen on your MT4 Client Terminal. A negative swap charge will result in your open trade paying the charge, and will result in a debit after the position is closed. A positive swap charge will result in your open trade earning the charge, and will result in a credit after the position is closed.

How to calculate financing charge

To calculate the overnight financing event, the following equation can be used:

F = V × R × D where:

F = Financing Credit/Debit
V = Notional value of your open position in the front currency (quantity × contract size)
R = Swap Point
D = Number of days the position is rolled.

Example of financing on an FX contract

You are short 10 MT4 lots of EUR/USD overnight. The position is rolled for 1 day.
The cost of holding the position overnight is:
V = 10 × 100,000 = 1,000,000
R = 0.000003
D = 1 day
Financing event: Credit = 1,000,000 × 0.000003 × 1 = $3.00
This means that a charge of $3.00 will be reflected on your open position on your MT4 account at market close.

Expiry CFDs in Commodities

No separate financing charge is applied on CFDs based off futures prices which have a fixed expiry date.

Financing Charges on hedged positions

All open positions will incur a financing charge if held overnight. For hedged positons this means that both sides of the hedged positions will be charged financing.

Risk warning

Online trading increases the speed and efficiency of trading. But does not lower the risk. The use of higher leverage together with not knowing the specificity of certain derivatives and other instruments could lead to total loss of your investment. FX and CFDs are leveraged products that can result in losses exceeding your deposit. They are not suitable for everyone so please ensure you fully understand the risks involved.

Regulation

UltraFX is the name of the service provided by Moneywheel Research Zrt. Moneywheel Research Zrt. is a tied agent of LMAX Limited which is authorised and regulated by the Financial Conduct Authority in United Kingdom (firm registration number 509778). Moneywheel Research Zrt. is registered with the Central Bank of Hungary (identifier: 23521050) under the Act CXXXVIII of 2007 on Investment Firms and Commodity Dealers, and on the Regulations Governing their Activities with reference number 26590-2/2013.