April 26, 2016

Question:Is there swaps(Overnight financing) for Stock Index CFDs in XTrade online trading platform?

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Yes, there is.

Unless you have a Islamic swap-free account with XTrade, all kinds of open positions will be subject to swap charges(overnight financing) at the server time 00:00.

Dividend Payment for Stocks

As XTrade offers largest number of CFDs, you may be trading CFDs mainly with the broker.

In case you are trading Stock CFDs, you can get many benefits of the instrument and only demerit of trading Stock CFDs would be that fact that you will not be given any ownership of actual underlying financial instruments.

So you will not have the vote right by owning Stock CFDs.

But other conditions are same as the real Stock CFDs including dividend payment, or in another word, bonus payment for shareholders.

If you have a long(buy) positions of a stock CFDs overnight in server time, you will be credited for the dividend payment according to the real dividend payment in underlying markets.

Wednesdays Swaps

Please note that swaps are tripled on Wednesdays as the swaps which are not processed on Saturday and Sunday will be processed on Wednesdays into each trading account.

This is the same condition for Forex and CFDs.

The process of swaps will be done at 00:00 server time, so if you have an open position with high swap charges when the dates change from Wednesday to Thursday, you will get tripled charges even if you only have the positions just a moment.

So this is one thing you will need to be careful in order to avoid extra costs for your tradings.

Swap takes for a few minutes

Although, XTrade does not allow swap arbitrage in its trading platform, you can still earn profits with swaps by holding open positions overnight depending on the symbols and directions(sell or buy).

The swap charge/credit process may take a few minutes around 00:00 server time.

So it is not exactly precise down to one second in terms of the process.

Swap Arbitrage is now allowed by XTrade

XTrade does not authorize Swap arbitrage trading in its trading platform.

Well, XTrade has mentioned that the broker does not allow arbitrage trading in general.

There are some certain trading methods prohibited by XTrade including scalping(pip-hunting), arbitrage, price manipulation etc.

CFD tradings are provided as OTC derivatives. The market maker in this case is the broker, and there are always trading methods that can be categorized abusive for CFD tradings.

If you are not sure whether your main trading method will be categorized as abusive or not, please contact XTrade directly and find out more details of conditions.

Swap Free Account

If you are an Islamic trader, you may be entitled to have a swap-free account with XTrade.

With Swap-free account, there will be no premiums(swap charges) in your account, and you can trade in an  interest free trading environment.

But there will be some extra restrictions in terms of trading methods in this case, for example:

  • You can not have a open position over weekend, but will be closed automatically one hour before the market close on Fridays
  • No hedging is allowed at all in swap-free account

If you must have a swap free account due to your religion related motive, please contact XTrade support team for further information.

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