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Over night fee's


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Hello,

Could someone kindly explain for me,

I open a position for spot gold at price 1740 @ £10 pp BUY. No stops or limits set.

at 20:59 I log out of the platform at the position is 1720, a loss of 20 points.

what charges will I pay ?

Same scenario as above but this time a SELL 20 points in profit

Although I have been trading fro 4 years I have never left a position open over night or over a weekend.

Thank you in advance

 

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44 minutes ago, Sunny Days said:

Hello,

Could someone kindly explain for me,

I open a position for spot gold at price 1740 @ £10 pp BUY. No stops or limits set.

at 20:59 I log out of the platform at the position is 1720, a loss of 20 points.

what charges will I pay ?

Same scenario as above but this time a SELL 20 points in profit

Although I have been trading fro 4 years I have never left a position open over night or over a weekend.

Thank you in advance

 

Hi, it’s relatively simple to work out. You need to look at the KID document for the instrument you’re trading.. think it’s on the platform when you click on the ticker and then under market info, at the top.

They work it out based at 10pm everyday and it’s based on the notional exposure. So whether you’re in profit or at a loss is irrelevant.. it would just be based on £10 x 1720 = £17200 notional. 

You get charged LIBOR plus a margin (usually about 2-3% per annum) and it depends on what the instrument is as to what the reference interest rate is.

Tbh you could go to the effort of working it all out but I would say just do it and you’ll see how much it is, it’s not a material amount for one night and that will give you the answer. I trade FTSE and it costs you about half a point, so if you’re £10 a point the cost would be around a fiver. It would probably be about a quarter of that for yours given gold is (1700/6800) around a quarter the value of FTSE, so I’d guess at somewhere between £1 and £1.50 a night without going to the trouble of finding out which interest rates they use for it.

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