16 May, 2013
We are happy to announce that our clients will now be earning interest on their deposits as of Wednesday the 15th of May 2013. That’s right, we are now offering you a LIBOR proxy interest rate on your cash deposit and day-to-day volume regardless of margin usage. In fact, we are the only FX broker providing this service – we’ve checked!
We use internationally recognized benchmarks (LIBOR) on daily deposits as a basis for determining interest rates. We then apply a volume based “reward” rate in addition to the benchmark interest rate, where larger volume makers receive increasingly better rates to determine an effective rate. Any account trading 5 to 50 times its deposit balance qualifies for a hefty interest modifier ranging from 1% to 5%!
The formula we use is:
Effective Interest Rate = End-of-Day Free Cash Equity * (Account Base Currency Benchmark Rate + Reward Rate) / 360 day year (standard day-count convention).
Example of USD Base Currency:
An investor has a 100,000 USD cash equity available in his USD denominated trading account and the benchmark rate on USD is currently at 0.12%.
At end-of-day, 5,300,000 USD or equivalent has been traded through the account, which generates a daily volume ratio of 53 (5,300,000/100,000=53). This daily volume ratio offers a 5% reward rate to the investor.
Daily Effective Interest Rate = 100,000 * (0.0012+0.05)/360 = 14.22 USD
Let your money work for you with these unique interest-bearing daily deposit rates. For a more detailed account of our exclusive service, please visit our new Interest Rate on Deposits page.
Open an account today to take advantage of our daily deposit rates.
This offer is completely different and complementary to overnight swaps on open positions.
Please note: Interest on deposit payments is not available on Islamic accounts.
We are pleased to announce that we are now offering you more CFD trading instruments, including CFDs on stock indices, bond and commodity futures using our friendly, innovative MT4 trading platform...
We are proud to announce the official opening of its new offices in Portugal, which have been opened in response to the company
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