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Trading
Spreads and margins
We offer competitive spreads across our full range of CFD markets, including indices, forex, commodities, metals and bonds. You can also take a tax-free* spread betting position across our full range of instruments.
OANDA takes a form of security (or deposit) against any losses that you may incur when you trade using leverage, this collateral is typically referred to as margin. Both margin rates and maximum leverage ratios vary depending upon the instrument traded, and whether you have been categorised as a retail or professional client.
See our Margin Rates and Leverage Ratios for Retail Clients page for margin rates and leverage ratios offered to retail clients for each of our instruments.
See our Margin Rates and Leverage Ratios for Professional Clients page for margin rates and leverage ratios offered to professional clients for each of our instruments.
Margin reflective of 30:1 max leverage
*The maximum leverage for each asset class that OANDA (Europe) Limited can offer its retail clients is governed by the requirements of the Financial Conduct Authority (FCA) and European Securities and Markets Authority (ESMA). These restrictions do not apply to clients who are categorised as Professional, where OANDA (Europe) Limited determines the leverage that applies.
Events impacting spreads
At certain times and in certain market conditions, our spreads could be wider than usual. This includes:
- Opening and closing of markets
- Major international or geopolitical events.
Margin
We offer clients the ability to trade with leverage. This means that you can enter into trades larger than your account balance and trade without depositing the full value of the trade that you wish to open. One of the benefits of trading with leverage is that you could potentially generate large profits relative to the amount invested. On the other hand, trading with leverage could also result in significant, rapid losses to your capital. You cannot, however, lose more than the funds available on your account.
We take a form of security (or deposit) against any losses that you may incur when you trade, this collateral is typically referred to as margin. The margin needed to open each trade is derived from the leverage limit associated with both your account type and the instrument you wish to trade.
Retail clients
Margin and maximum leverage for Retail Clients are governed by the Financial Conduct Authority who set the margin rates and maximum leverage for different asset classes. For more information about margin rates for Retail Clients, visit our Margin Rates and Leverage Ratios for Retail Clients page.
Professional clients
We establish margin rates and maximum leverage for clients categorised as Professional. Maximum leverage and margin rates vary between different asset classes. For more information about our margin rates for Professional Clients, visit our Margin Rates and Leverage Ratios for Professional Clients page.
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Frequently asked questions
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How do market events and weekends impact margin?
Price volatility and changes in global market liquidity can result in large spread increases around market openings and closings, following news announcements, and during times of uncertainty. At such times, our spreads usually widen to reflect market conditions. However, there may be occasions during which we opt to implement a fixed spread rather than allowing a spread to continue to widen.
If you leave trades open during the weekend or before markets close, or in the event that a particular market is suspended, you cannot close them until the markets reopen. Note that prices may change significantly or "gap" when trading resumes. If prices move against you, a margin closeout may be triggered when trading resumes if you have insufficient funds on your account to support your trading.
Spreads (the difference between the bid price and the ask price) typically widen just prior to closure of the markets and when they open, to reflect decreased liquidity in the global markets. These widened spreads could trigger stop-loss orders or margin closeouts when a position is open at this time.
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What is a margin call and margin closeout?
Margin calls are an important aspect of leveraged trading. If the balance in your account falls to a level that is close to the regulatory 50% margin close out rule, a margin call will be triggered. If this happens, you might want to consider adding more funds to your account or closing positions to make sure your account balance is greater than the margin required to maintain open positions.
If one or more of your positions is close to margin closeout, you will receive a margin call alert by email. Margin call alert emails are sent at 9pm GMT daily.
You can avoid margin closeouts by reducing the amount of margin you are using. This can be done by closing some trades.
Note: In a fast moving market, there may be little time between warnings, or there may not be sufficient time to warn you at all. Be mindful of the “margin closeout percent” field in the account summary of the OANDA Trade user interface. The closer the margin closeout percent is to 100%, the closer you are to a margin closeout.
*All profits made in spread betting are exempt from UK Capital Gains Tax and UK stamp duty. UK and Irish tax laws are subject to change and individual circumstances may vary.
Our pricing policy
Our pricing is sourced from a global network of liquidity providers. Market volatility and market liquidity are two primary factors that affect spreads.
What are financing costs?
Financing costs can affect your cost of trading, so it's important to understand how financing works.
Hours of operation
Our operation hours coincide with the global financial markets. Find out when you can trade with us.