Applying fees for oil contracts for swapfree accounts
Please be aware that due to a difficult situation in the oil market the company has to apply a daily fee for holding swap-free accounts with open oil trades. This is due to a significant increase in negative swap for short and long positions on the side of our liquidity provider. As a consequence, it is unsustainable for the company to continue servicing swap-free accounts with open positions involving oil without a commission applied.
The fees for oil contracts for UKBrent and USCrude blends is set as follows:
Long position (buy): -25$ per lot;
Short position (sell): 13$ per lot.
Fees for servicing might be adjusted according to the changes made by our liquidity providers. All relevant data can be found on the oil contracts specifications page in note 3 below the table.
According to the client agreement (paragraph 6.11.1):
Islamic accounts are provided solely with the purpose of avoiding a breach of religious canons. The Company has the right to start charging a fee for servicing Islamic Accounts at any time.
Please pay special attention to these changes and consider them in your oil trading.