EFI Markets

Charges and Fees Manual

Trading Costs

Accounts generally default to a pricing model where the opening and closing fees are built into the spread with no additional charge. The spread can be seen on the Trading Station platform and average spread costs are available on our website.

Accounts not subject to the default pricing model are charged in accordance with the commission pricing model outlined below. We will notify you in writing which (if any) of your accounts are approved to the receive FX commission pricing.

Our Spread

Our spread is the difference between the bid and ask prices. Spreads are subject to variation in accordance with the Terms of Business.

Formula:
Spread × pip cost × number of lots or contracts traded

Finance Charge

A Finance Charge will be applied if you hold a Trade past 5PM EST. Depending on whether you hold a long or short position and the current holding cost rate, you may receive a credit or owe a debit. Current rates can be seen in the Dealing Rates Window of the Trading Station platform.

EFI Markets charges a mark-up on some instruments. The mark-up is added for long CFD positions and deducted for short CFD positions. The mark-ups can be seen in the Appendix.

Instrument	Description
ForexForex Baskets	Formula: $(Intra Bank Swap rate \times pip cost) \times (1 \pm mark-up)$ Forex settles on a T+2 basis. There is 3 times the rollover for Forex and Forex Baskets on Wednesdays, to account for holding a position over the weekend.
Indices Index Baskets	Formula: $Closing price \times (\frac{benchmark rate}{100} \pm; mark-up) \times \frac{trade size}{days in a year}$ Days in a year: 365 days for UK100 and 360 days for all other indices. There is 3 times the rollover for Index CFDs on Fridays, to account for holding a position over the weekend.
XAU/USD XAG/USD	Formula: $(Intra Bank Swap rate \times pip cost) \times (1 \pm mark-up)$ Point cost for one Contract is 1. There is 3 times rollover for XAU/USD and XAG/USD on Wednesdays, to account for holding a position over the weekend.
Spot Oils	Formula: $Long positions: - (\frac{Far Month Futures Price - Near Month Futures Price}{Total trading days of Near Month Future} + mark-up) \times point cost$ $Long positions: (\frac{Far Month Futures Price - Near Month Futures Price}{Total trading days of Near Month Future} - mark-up) \times point cost$ Point cost for one Contract is 10. There is 3 times the rollover for Spot Oil CFDs on Wednesday, to account for holding a position over the weekend
Cryptocurrencies Cryptocurrency Baskets	Formula: $(\frac{Notional Value \times mark-up}{360})$ There is 3 times the rollover for Cryptocurrency CFDs and Cryptocurrency Baskets on Fridays, to account for holding a position over the weekend.
Shares	Formula: $\frac{Closing price \times (\frac{benchmark rate}{100}) \pm mark-up}{(days in a year)} \times (trade size × 0.1)$ Days in a year: 365 days for UK Share CFDs and 360 days for US, HK, AU and EU Share CFDs. There is 3 times the rollover for Single Share CFDs on Fridays, to account for holding a position over the weekend.
Stock Baskets	Formula: $\frac{Closing price of the Baskets \times (\frac{benchmark rate}{100}) \pm mark-up}{(days in a year)} \times trade size$ There is 3 times the rollover for Stock Baskets on Fridays, to account for holding a position over the weekend.

Dividends – Index CFD, Stock Baskets and Share CFD Specific

When a dividend is paid on a stock or share, the value of the instrument will drop. Dividends on Index CFDs, Stock Baskets and Share CFDs are applied as a credit or debit on your Account to negate the impact of the drop in the price.

Dividend amounts for Index CFD, Stock Baskets and Share CFD positions are based on the drop in the price resulting from a stock or share that has paid dividends. EFI Markets receive this value from third party providers. The adjustment of the drop in the price is passed on to you as:

A debit on your Account, if you are holding a short CFD position, or
A credit on your Account, if you are holding a long CFD position. A mark-up of 25% will be deducted from any dividend paid to you.

If a Trade is closed before 5PM EST one day prior to the ex-dividend date, no dividend will be applied.

Commission – FX Specific

Selected accounts are subject to the commission pricing model. We will notify you in writing which (if any) of your accounts are approved to pay commission pricing.

In the commission pricing model, your account is debited a fixed commission at both sides of a trade, meaning at open and close, depending on the size of your Trade.

The following commissions are applied to all transactions in FX contracts per 100,000 lot size at both sides of the trade. Any lot size smaller or greater than 100,000 will be charged on a pro rata basis.

	USD	AUD
EUR/USD	$4.00	$4.00
GBP/USD	$4.00	$4.00
USD/JPY	$4.00	$4.00
USD/CHF	$4.00	$4.00
AUD/USD	$4.00	$.00
EUR/JPY	$6.00	$4.00
GBP/JPY	$6.00	$6.00
AUD/CAD	$6.00	$6.00
AUD/CHF	$6.00	$8.00
AUD/JPY	$6.00	$8.00
AUD/NZD	$6.00	$8.00
CAD/CHF	$6.00	$8.00
CAD/JPY	$6.00	$8.00
CHF/JPY	$6.00	$8.00

	USD	AUD
EUR/AUD	$6.00	$8.00
EUR/CAD	$6.00	$8.00
EUR/CHF	$6.00	$8.00
EUR/GBP	$6.00	$8.00
EUR/HUF	$6.00	$8.00
EUR/NOK	$6.00	$8.00
EUR/NZD	$6.00	$8.00
EUR/SEK	$6.00	$8.00
EUR/TRY	$6.00	$8.00
GBP/AUD	$6.00	$8.00
GBP/CAD	$6.00	$8.00
GBP/CHF	$6.00	$8.00
GBP/NZD	$6.00	$8.00
NZD/CAD	$6.00	$8.00

	USD	AUD
NZD/CHF	$6.00	$8.00
NZD/JPY	$6.00	$8.00
NZD/USD	$6.00	$8.00
TRY/JPY	$6.00	$8.00
USD/CAD	$6.00	$8.00
USD/CNH	$6.00	$8.00
USD/HUF	$6.00	$8.00
USD/ILS	$6.00	$8.00
USD/MXN	$6.00	$8.00
USD/NOK	$6.00	$8.00
USD/SEK	$6.00	$8.00
USD/TRY	$6.00	$8.00
USD/ZAR	$6.00	$8.00
ZAR/JPY	$6.00	$8.00

Worked Examples

Please note that the below examples are indicative only.

Forex (default pricing model)/Forex Baskets

Example	Client buys 10k EUR/USD on a USD account and keeps the position open for a day.
Spread	1.3 pips
Cost of Trading	$Spread \times pip cost \times Number of lots or contracts traded$ $(1.3) \times (0.10 USD) \times (10) = 1.3 USD$
Rollover	$(Intra Bank Swap rate \times pip cost) \times (1 \pm mark-up)$ $(-0.25 \times USD 1) \times (1 + 35 %) = -USD 0.34$

Forex (commission pricing model)

Example	Client buys 10k EUR/USD on a USD account and keeps the position open for a day.
Spread	0.2 pips
Commission	USD 0.40 USD per side (USD 0.80 USD total)
Cost of Trading	$Spread \times pip cost \times Number of lots or contracts traded$ $(0.2) \times (0.10 USD) \times (10) = 0.2 USD$
Rollover	$(Intra Bank Swap rate \times pip cost) \times (1 \pm mark-up)$ $(-0.25 \times USD 1) \times (1 + 35 %) = -USD 0.34$

Commodities

Example	Client buys 10 Contracts of XAU/USD on a USD account and keeps the position open for a day.
Spread	41 pips
Cost of Trading	$Spread \times pip cost \times Number of lots or contracts traded$ $(41) \times (0.10 USD) \times (10) = 4.1USD$
Rollover	$(Intra Bank Swap rate \times pip cost) \times (1 \pm mark-up)$ $(-0.001758 \times 101) \times (1 + 35 %) = -USD 0.0237$

Indices/Index Baskets

Example	Client sells 10 Contracts of US30 on a USD account and keeps the position open for a day.
Spread	2.26 pips
Cost of Trading	$Spread \times pip cost \times Number of lots or contracts traded$ $(2.26) \times (0.10 USD) \times (10) = 2.26 USD$
Rollover	$Close price \times (\frac{benchmark rate}{100} \pm mark-up) \times (\frac{Trade Size}{Days in a Year})$ $29500 \times (\frac{0.14}{100} - 0.03) \times (\frac{10×0.1}{365}) = -USD 2.31$

Example	Client buys 10 Contracts of AAPL.us on a USD account and keeps the position open for a week.
Spread	14 pips
Cost of Trading	$Spread \times pip cost \times Number of lots or contracts traded$ $(14) \times (0.001 USD) \times (10) = 0.14USD$
Rollover	$\frac{Close price \times (\frac{benchmark rate}{100} + mark-up)}{Days in a Year} \times (Trade Size \times 0.1)$ $\frac{113.06 \times (\frac{0.14}{100} + 0.03)}{360} \times (10 \times 0.1) \times 7 \times (- 1) = - USD 0.069$
Dividend	$USD 0.04 \times 75% = USD 0.03$

Stock Baskets

Example	Client buys 1 Contract of FAANG on a USD account and keeps the position open for a day.
Spread	1.93 pips
Cost of Trading	$Spread \times pip cost \times Number of lots or contracts traded$ $(1.93) \times (1 USD) \times (1) = 1.93 USD$
Rollover	$\frac{Close price \times (\frac{benchmark rate}{100} \pm mark-up)}{Days in a Year} \times Trade Size$ $\frac{113.06 \times (\frac{0.14}{100} + 0.03)}{360} \times \times 1 \times (- 1) = - USD 0.425$
Dividend	$USD 2.00 \times 75% = USD 1.5$

Cryptocurrencies/Cryptocurrency Baskets

Example	Client buys 10 Contracts of ETH/USD on a USD account and keeps the position open for a day.
Spread	1.21 pips
Cost of Trading	$Spread \times pip cost \times Number of lots or contracts traded$ $(1.21) \times (0.10 USD) \times (10) = 1.21USD$
Rollover	$\frac{Notional Value \times mark-up}{360}$ $\frac{USD 184.70 \times 25 %}{360} = -USD 0.13$

Spot Oils

Example	Client sells 1 Contract of USOilSpot on a USD account and keeps the position open for a day.
Spread	4 pips
Cost of Trading	$Spread \times pip cost \times Number of lots or contracts traded$ $(4) \times (0.10 USD) \times (1) = 0.40 USD$
Rollover	$(\frac{Far Month Futures Price - Near Month Futures Price}{Total trading days of Near Month Future} - mark-up) \times point cost$ $(\frac{82.70 - 84.29}{23} - 0.001) \times 10 = -USD 0.7913$
Dividend	$USD 2.00 \times 75% = USD 1.5$

Other General Fees & Charges

Currency Conversion Fees

If a deposit, withdrawal or transfer requires the conversion from one currency to another, the below mark-ups will be added to the conversion rate. The rate used for the conversion is the most current buy price.

The pip mark-up is determined based on the USD equivalent amount. This means, if your initial currency in the conversion is any other than USD, EFI Markets will convert the amount based on the current rate to determine the mark-up. No actual conversion takes places on your account for the pip mark-up determination.

Amount	Mark-up
$0 – 9,999.99	Converted with a 150 pip mark-up
$10,000 – 49,999.99	Converted with a 100 pip mark-up
$50,000 – 99,999.99	Converted with a 50 pip mark-up
$100,000+	Converted with a 10 pip mark-up

Withdrawal Fees

Depending on the withdrawal method selected, you may be charged a fee. EFI Markets applies the following fees when processing wire withdrawals.

Wire	Domestic	International
USD	USD 25 – for withdrawals to accounts in the US or UK	USD 40 – for withdrawals to accounts outside the US or UK

Deposit Fees

EFI Markets does not charge fees for depositing funds under normal circumstances. Please check with your bank if any fees will be applied in regards to funds sent to us.

If you deposit funds into an incorrect bank account, you may be charged an administrative fee (the “Fee”). An incorrect bank account is any bank account of another EFI Markets entity or a non-segregated bank account while you are classified as having segregated funds and vice versa. The Fee will be equal to 50.00 units of the Base Currency. Where applicable, the Fee will be deducted from the Account within 5 business days after the deposit is received by EFI Markets.

Interest Rate Fee on Negative Balances

We reserve the right to charge accounts with negative balances an interest rate fee (the “Fee”) of 1.75% above the overnight rate, compounded and charged monthly, of the currency concerned. This Fee will apply to negative balances on a monthly basis.

Inactivity Fee

A dormant account administrative fee (the “Fee”) will be charged in relation to any Account if there is no trading activity in a 12 month period. Trading Activity for this purpose is defined as the client (or authorised party) placing a new Trade or maintaining an open Trade.

The Fee will be equal to the lesser of 50.00 units of the Base Currency or the remaining balance. In the event that your Account balance is zero (0) after the Fee is charged, your Account may be subject to closure in accordance with the Terms of Business.

Virtual Private Server (VPS) Hosting

At the beginning of the month (between the 1st and 15th), a fee equal to 30 units of the Base Currency will be debited from any of your EFI Markets Account(s) to cover the VPS cost of each subscription. Should your Account balance be below 60 units of the Base Currency at the time of the charge, your VPS will be cancelled if you do not hold any other funded accounts.

Fees Applied to Corporate and Trust Account Types Only

Account Processing Fee

Corporate and Trust Accounts will be subject to a one-time account processing fee of 300 units of the Base Currency unless there is a minimum initial deposit of 50,000 units of the Base Currency or more. You must make the minimum initial deposit in a single deposit. Where applicable, the account processing fee will be deducted from the Account within 5 business days after the initial deposit is received by EFI Markets.

Please note Accounts having open Trades at the time of charge may be at risk of a margin call in the event that the Account does not have enough usable margin after the Account Processing Fee is deducted.

Monthly Balance Requirement Fee

Corporate and Trust Accounts will be subject to a monthly fee of 25 units of the Base Currency unless a minimum balance of 50,000 units of the Base Currency or more (the “Minimum Balance”) is maintained across all Accounts in the name of the Client.

The Minimum Balance must reflect in your account at Trade Rollover (“TRO”) (the time in which the business day in New York ends, approximately 5PM EST) on the last day of each month in order to avoid being charged. Where applicable, the fee will be deducted from the Account within the first 10 business days of the following calendar month.

Please note Accounts having open Trades at the time of charge may be at risk of a margin call in the event that the Account does not have enough usable margin after the Monthly Balance Requirement Fee is deducted.

Initial Funding Requirement Fee – Worked Example 1:

You open a Corporate Account with a Base Currency of USD and you fund the account with an initial deposit of EUR 49,000.00. You will be charged a one-time account processing fee of EUR 300.00.

Monthly Balance Requirement Fee – Worked Example 1:

Your USD, Corporate Account has a balance of 47,000.00 as of TRO on 31 August 2020. A fee of USD 25.00 will be deducted from your account no later than 14 September 2020. Additionally, you will be charged a fee of USD 25.00 for each subsequent month that your account balance is below USD 50,000.00 as of TRO the final calendar day of the month.

Initial Funding Requirement Fee – Worked Example 2:

You open a Trust Account with a Base Currency of USD and you fund the account with an initial deposit of USD 51,000.00. You will not be charged an account processing fee.

Monthly Balance Requirement Fee – Worked Example 2:

Your USD, Corporate Account has a balance of 53,000.00 as of TRO on 31 August 2020. You will not be charged the monthly balance fee.

Monthly Balance Requirement Fee – Worked Example 3:

You hold three (3) Trust Accounts with EFI Markets with the following balances as of TROon 31 August 2020:

Account 1: USD 15,000
Account 2: USD 20,000
Account 3: USD 10,000
TOTAL USD 45,000

Since the aggregate balance of all accounts is USD 45,000, a fee of USD 25.00 will be deducted from the account with the largest balance (Account 2), no later than 14 September 2020. In the case that Account 2 does not have sufficient margin to cover the fee, the fee will be deducted from Account 1. The same logic will apply for each subsequent month that your account balance is below USD 50,000.00 as of TRO on the final calendar day of the month.

Monthly Balance Requirement Fee – Worked Example 4:

You hold three (3) Trust Accounts with EFI Markets with the following balances as of TROon 31 August 2020:

Account 1: USD 35,000
Account 2: USD 20,000
Account 3: USD 2,000
TOTAL USD 57,000

Since the aggregate balance of all accounts exceeds USD 50,000, you will not be charged the monthly balance fee.

Appendix 1 – EFI Markets Mark-Up on Finance Charges

EFI Markets adds a mark-up on some Finance Charges.

FX

Instrument	Mark-up
EUR/USD	35%
USD/JPY	35%
GBP/USD	35%
USD/CHF	35%
EUR/CHF	35%
AUD/USD	35%
USD/CAD	35%
NZD/USD	35%
EUR/GBP	35%
EUR/JRY	35%
GBP/JPY	35%

Instrument	Mark-up
CHF/JPY	35%
GBP/CHF	35%
EUR/AUD	35%
EUR/CAD	35%
AUD/CAD	35%
AUD/JPY	35%
CAD/JPY	35%
NZD/JPY	35%
GBP/CAD	35%
GBP/NZD	35%
GBP/AUD	35%

Instrument	Mark-up
AUD/NZD	35%
USD/SEK	35%
EUR/SEK	35%
EUR/NOK	35%
USD/NOK	35%
USD/MXN	35%
AUD/CHF	35%
EUR/NZD	35%
USD/ZAR	35%
USD/HKD	35%
ZAR/JPY	35%

Instrument	Mark-up
MXN/JPY	35%
USD/TRY	35%
EUR/TRY	35%
NZD/CHF	35%
CAD/CHF	35%
NZD/CAD	35%
EUR/HUF	35%
USD/HUF	35%
TRY/HUF	35%
USD/ILS	35%
USD/CNH	35%

Index CFDs

Instrument	Short Mark-up	Long Mark-up
US30	3%	3%
SPX500	3%	3%
NAS100	3%	3%
US2000	3%	3%
UK100	2.50%	3%
EUSTX50	2.50%	3%
FRA40	2.50%	3%

Instrument	Short Mark-up	Long Mark-up
GER30	2.50%	3%
ESP35	2.50%	3%
CHN50	2.50%	3%
JPN225	2.50%	3%
HKG33	2.50%	3%
AUS200	2.50%	3%
INDIA50	2.50%	3%

XAU/USD & XAG/USD

Instrument	Mark-up
XAU/USD	35%
XAG/USD	35%

Cryptocurrency CFDs & Cryptocurrency Baskets

Short mark-up	Long mark-up
0%	25%

Stock Baskets

Short mark-up	Long mark-up
3%	3%

Single Share CFDs

Short mark-up	Long mark-up
2.75%	5.25%

Spot Oils

Short mark-up	Long mark-up
0.01	0.01

Appendix 2 – Benchmark Rates for Finance Charge

Instrument	Benchmark Rate
US30	SOFR
SPX500	SOFR
NAS100	SOFR
US2000	SOFR
UK100	SOFR
EUSTX50	Reformed EURIBOR
FRA40	Reformed EURIBOR
GER30	Reformed EURIBOR
ESP35	Reformed EURIBOR
CHN50	SOFR
JPN225	TONA
HKG33	HONIA
AUS200	AONIA
BTC/USD	SOFR
LTC/USD	SOFR
ETH/USD	SOFR
BCH/USD	SOFR
XRP/USD	SOFR

Instrument	Benchmark Rate
EOS/USD	SOFR
XLM/USD	SOFR
DOT/USD	SOFR
DOGE/USD	SOFR
ADA/USD	SOFR
USOilSpot	SOFR
UKOilSpot	SOFR
EUR Single Shares	Reformed EURIBOR
GBP Single Shares	SOFR
US Single Shares	SOFR
US Share Baskets	SOFR
USEquities Basket	SOFR
CryptoMajor	SOFR
AU Single Share	AONIA
HK Single Share	HONIA
INDIA50	SOFR
HK Stock Baskets	SOFR

Charges and Fees Manual

Trading Costs

Our Spread

Finance Charge

Dividends – Index CFD, Stock Baskets and Share CFD Specific

Commission – FX Specific

Worked Examples

Forex (default pricing model)/Forex Baskets

Example

Spread

Cost of Trading

Rollover

Forex (commission pricing model)

Example

Spread

Commission

Cost of Trading

Rollover

Commodities

Example

Spread

Cost of Trading

Rollover

Indices/Index Baskets

Example

Spread

Cost of Trading

Rollover

Shares

Example

Spread

Cost of Trading

Rollover

Dividend

Stock Baskets

Example

Spread

Cost of Trading

Rollover

Dividend

Cryptocurrencies/Cryptocurrency Baskets

Example

Spread

Cost of Trading

Rollover

Spot Oils

Example

Spread

Cost of Trading

Rollover

Dividend

Other General Fees & Charges

Currency Conversion Fees

Withdrawal Fees

Deposit Fees

Interest Rate Fee on Negative Balances

Inactivity Fee

Virtual Private Server (VPS) Hosting

Fees Applied to Corporate and Trust Account Types Only

Account Processing Fee

Monthly Balance Requirement Fee

Initial Funding Requirement Fee – Worked Example 1:

Monthly Balance Requirement Fee – Worked Example 1:

Initial Funding Requirement Fee – Worked Example 2:

Monthly Balance Requirement Fee – Worked Example 2:

Monthly Balance Requirement Fee – Worked Example 3:

Monthly Balance Requirement Fee – Worked Example 4:

Appendix 1 – EFI Markets Mark-Up on Finance Charges

FX

Index CFDs

XAU/USD & XAG/USD

Cryptocurrency CFDs & Cryptocurrency Baskets

Stock Baskets

Single Share CFDs

Spot Oils

Appendix 2 – Benchmark Rates for Finance Charge