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Overnight Financing

Swaps

What is a swap in trading?

A swap (or overnight financing) is an interest amount that is either added to or subtracted from your account whenever a CFD trading position is left open after a certain cut-off time (the “overnight financing time” which is 17:00 New York time).

The formula used to calculate the daily swap amount of a position is:

Trade Size * Opening Rate * Daily Swap %

Key points about swaps:

  • Swaps are only charged if positions are kept open past 17:00 New York time
  • Swaps can be both positive and negative
  • To take account for weekends, triple swaps are charged on Wednesday for FX and metals, and on Friday for oil instruments and indices.
  • The overnight financing time and the daily swap percentage can be found in the “contract specifications” table for each instrument available on the trading platform.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 58% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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