Your Guide
to Axi Fees
and Charges

Understanding CFD Costs

The main costs associated with CFD trading may include:  

Spread Costs  

The spread is the difference between the buy (ask) and sell (bid) price of a CFD instrument. This is the primary transaction cost for many CFD products.  

The full cost of the spread is realised when you open and close a trade.  

Spread sizes vary depending on:  
• Market volatility  
• Liquidity
• Product type  
• Trading session  

Indicative spreads for each instrument are published in the Product Schedule and may change according to market conditions.  

Overnight Financing / Swap Fees 

What are Overnight Financing Fees?  
If you keep a CFD position open overnight, an overnight financing adjustment may apply. These charges may also be referred to as:  
• Swap fees  
• Funding charges  
• Holding costs  
• Financing fees  

These fees reflect the cost of maintaining leveraged exposure overnight.  Depending on the product and whether you are long or short, the financing  adjustment may either:  
• Be debited from your account, or  
• Credited to your account

The longer a position is held, the greater the cumulative financing impact  may become.  

Commodity CFDs  
Commodity CFD financing depends on whether the product is:  
• A cash CFD, or  
• A futures CFD  

Cash Commodity CFDs  
Cash commodities incur overnight financing similar to index CFDs.  

Commodity Funding Example  
Assume:
• Product: Spot Gold CFD  
• Position Value: $50,000  
• Funding Rate: 7.0% per annum  

Calculation:  
($50,000 × 7.0%) ÷ 365  = $9.59 overnight charge  

Equity CFDs  
Equity CFDs incur overnight financing based on:  

• The underlying interbank financing rate  
• Plus or minus an applicable margin  

Financing fees are annualised and charged daily.  

Equity Funding Example  
Assume:  
• Product: Apple CFD  
• Position Value: $25,550  
• Funding Rate: 9% per annum 

 
Calculation:  
($25,550 × 9%) ÷ 365  = $6.30 overnight charge  

Triple Swap / Weekend Financing  

Because financial markets are generally closed over weekends, financing for   
weekend holding periods is charged in advance on certain days.  
Typical conventions include:

This means positions held overnight on the applicable day may incur three days   
of financing.  

Triple Swap Example  
If your normal overnight swap is:  
-$12 per night  
Then on triple swap day:  
-$36 will be charged  

Futures CFD Rollover Charges  
Futures CFDs have expiry dates. If you keep a futures CFD position open beyond the rollover date, your position may be rolled into the next contract month.  
A rollover adjustment may apply to reflect:  
• The price difference between contracts  
• The spread cost to close and reopen the position  

Futures Rollover Example  
Assume:  
• Current Oil Futures Contract: 78.20  
• Next Month Contract: 79.00  
Difference:  
79.00 - 78.20 = 0.80
Your account may receive a positive or negative rollover adjustment depending on position direction.  

Commission Charges  
Certain products, particularly share CFDs, may incur commissions in addition to   
spreads.  

Share CFD Commissions  
Commission structures vary by market:  
• UK and European shares: percentage of trade value  
• US shares: cents per share  
• Minimum commission charges may apply  

Indicative commissions include:  

Dividend Adjustments  

Equity CFDs  
If you hold an equity CFD position over the ex-dividend date:  
• Long positions generally receive a dividend adjustment  
• Short positions are generally debited  

Index CFDs

Index CFDs may also receive dividend adjustments because indices contain dividend-paying shares.  
• Long cash index positions may receive credits  
• Short cash index positions may receive debits

  
Dividend Adjustment Example  
Assume:  
• Index CFD dividend adjustment = 2.5 points  
• Position size = $10 per point  
Calculation:  
2.5 × $10 = $25 adjustment  

Currency Conversion Charges  

Where your account base currency differs from the product currency:  
• Profits  
• Losses  
• Financing charges  
• Dividend adjustments  
• Commissions  
may all be converted into your account currency using prevailing exchange rates.  

Inactivity Fee  

If your account remains inactive for 12 consecutive months, an inactivity fee may apply.  
Current inactivity fee:  
• £10 (or equivalent) per month  

The fee continues until:

• Trading resumes, or  
• The account balance reaches zero  

Important Risk Information  

CFDs are leveraged products and may not be suitable for all investors.   
Financing costs can significantly impact profitability, particularly for positions  held over extended periods.  
You should carefully consider:  
• Total trading costs  
• Overnight financing exposure  
• Market volatility  
• The effect of leverage before trading CFDs.  

Further Information  

Detailed contract specifications, spreads, financing rates, trading hours, rollover dates, and commissions are available in the Product Schedule.