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Question about swap rate for indices

  • #1
  • First Post: May 7, 2014 8:15am May 7, 2014 8:15am
Hi. I'm new to trading indices. Last night HotForex swap rate for shorting FTSE100 changed from -0.5 to -9.
After Hotforex charged me the fee, the swap rate changed back to -0.5.

Is this thing normal?
  • #2
  • May 8, 2014 10:22pm May 8, 2014 10:22pm
They can make what they want, the swap for CFD, is honey for broker, i call them sub-Prime CFD

oanda make the same:
http://nimga.fr/m/EaGP0.jpg
  • #3
  • May 9, 2014 2:19am May 9, 2014 2:19am
Quoting ndh
Hi. I'm new to trading indices. Last night HotForex swap rate for shorting FTSE100 changed from -0.5 to -9. After Hotforex charged me the fee, the swap rate changed back to -0.5. Is this thing normal?
Have you contacted your broker about this isssue? And I remember the swap rate is increased on Weds. Please check it with your broker.
  • #4
  • May 10, 2014 1:39am May 10, 2014 1:39am
Quoting undergroundz
{quote} Have you contacted your broker about this isssue? And I remember the swap rate is increased on Weds. Please check it with your broker.
I have contacted them, details below. I think it's not fair so I check with you guys.
The fee changed 18 folds, and their website is not updated accordingly. Imagine that at 23:58 they update the swap fee on their website and charge us at 23:59 with a ridiculous amount.

Quote
Thank you for contacting us.

This change is necessary to reflect correctly the cost of carrying open positions as these are being applied by our Liquidity Providers. That means when the Liquidity Providers make a change to the swaps we have to apply that change to our clients.

This is something that you have to monitor from our website.

Unfortunately when the LP`s are charging us we have to charge the clients, this is how it works and we cannot do something for that.

Quote
Thank you for contacting us.

1) We are charging the Swaps at 23:59, at this time our Liquidity Providers are charging us.

2) We don`t have specific time, our goal is to inform our clients as fast as our Liquidity Providers inform us. ( After the Information we are confirming with the LP`s and then we are updating the website)

3) Unfortunately this is something that we cannot answer due to the fact that there is not specific number of changes in a specific period of time.

We hope that we answered your questions, please check our website in...


Quote
Dear Sir,

As we mentioned you in the previous email the swap charges maybe change when the Liquidity Providers inform us for something like that.
So...to keep it simple yes Sir it may be change at any time (intraday).

Unfortunately we cannot do something to change that, this is from our Providers.
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  • #5
  • Last Post: May 11, 2014 10:16am May 11, 2014 10:16am
That's terrible. Your broker can move the goal posts when he feels like it.

Swaps are a real pain.

Some Brokers do have swap free accounts for Muslims and I found one for non muslims.

Forex.com have the worst spreads I have ever seen. No positive swap at all on any pairs and huge negative swaps on all pairs.
I practiced my system on demo with that Broker for many months with the view that if I can be positive every month with them I should find it easier with a broker with more realistic swap rates.
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