When you open a position using leverage, you are effectively borrowing money required to open your position. If you want to keep it open overnight, you will be charged a small fee to cover the cost of the money you’ve effectively borrowed.
The charge will be triggered once you pass the daily cut-off time (typically 10pm GMT, although this may vary for international markets). If you close your position on the same day before this time, there is no overnight-fee.
The overnight-fee rate we charge is 0.015%. So, if you borrow $10,000 for one day, you need to pay $1.5 interest.
Please note that on the Forex market, when a position is held open overnight from Wednesday to Thursday, storage is tripled. This is because a swap involves pushing back the value date on the underlying futures contract. For a position opened on Wednesday, the value date is Friday. When a position is kept open overnight from Wednesday to Thursday, the value date will be moved forward 3 days, to Monday (skipping over the weekend). Storage is tripled because you are being paid or charged interest for 3 days instead of just one.