Trading

Spreads and margins

We offer competitive spreads across our full range of forex and CFD markets, including indices, commodities, bitcoin, metals and bonds.

See our margin table for margin rates and leverage ratios on all our currency pairs and CFD instruments for retail clients.

Spreads and Margin
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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.

Be on top of the latest market events with our Market News and Information section.

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.

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.

The Australian Securities and Investments Commission (ASIC) currently does not prescribe any margin rates and maximum leverage. OANDA Australia Pty Ltd establishes margin rates and maximum leverage at their discretion. These margin rates and maximum leverage are however subject to change with any new ASIC requirements.

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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 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 Net Asset Value (NAV) in your account falls below your margin requirements, 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.

A margin closeout occurs when your NAV falls below 50% of your margin requirement. 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.

Transparent trading costs

We are upfront about our fees so you know how much you are paying when you trade with us.

What are financing costs?

Financing costs can affect your cost of trading, so it's important to understand how financing works.

When can I trade with OANDA?

Our operation hours coincide with the global financial markets. Find out when you can trade with us.