CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
61.0% of retail investor accounts lose money when trading CFDs with IBKR.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Note
Legal residents of the US, Canada, Hong Kong, New Zealand and Israel are prohibited from trading IBKR-issued CFDs. Residents of Spain can trade CFDs issued by IBKR if they are either MiFID Professionals or clients of a Spanish Introducing Broker or Professional Financial Advisor. Residents of Australia can trade CFDs issued by Interactive Brokers Australia PTY LTD. Residents of Japan can trade CFDs issued by IBKR Securities Japan (IBSJ). Singapore residents can trade CFDs except those based on underlyings traded in Singapore.
CFDs are global products and not connected to a specific country or region. The margin requirements are outlined in the section below, but may be subject to change depending on the rules of local regulators.
| Share CFDs | Initial Margin | Maintenance Margin | ||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Standard IBKR Margin | 1.25 x Maintenance Margin | Risk-based calculation described below (minimum 10%) | ||||||||||||||||||||||||||||||
| ESMA Minimum | 20% | 50% of Initial | ||||||||||||||||||||||||||||||
| Applied Margin | Max (IBKR Initial, ESMA Initial) | Max (IBKR Maintenance, ESMA Maintenance) | ||||||||||||||||||||||||||||||
Example
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| Initial Margin | Maintenance Margin | |
|---|---|---|
| Share CFDs | 1.25 x Maintenance Margin | Risk-based calculation described below (minimum 10%) |
We establish a risk-based margin for each CFD individually based on the observed historical volatility of the underlying share. Specifically, we calculate five historical standard deviations (based on 30 days' price history) to determine the standard maintenance margin, subject to a minimum margin of 10% (without correlation-based off-sets). The resultant margin rates apply position by position. In the majority of cases the minimum margin of 10% is applied.
In certain cases IBKR may, at its discretion, establish special margin rates for individual CFDs that are higher than those indicated by our standard methodology.
The following house charges may apply in addition to standard margins:
In cases where a portfolio consists of a small number of CFD positions or if the three largest positions have a dominant weight, a concentration charge is applied instead of the standard maintenance margin described above.
We stress the portfolio by applying a 30% adverse move on the three largest positions and a 5% adverse move on the remaining positions. The total loss is applied as the maintenance margin requirement if it is greater than the standard requirement.
The initial margin is the maintenance charge + 10%.
| Index CFDs | Initial Margin | Maintenance Margin | ||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Standard IBKR Margin | 1.25 x Maintenance Margin | As for the related future (minimum 5% or 5 standard deviations). A 50% reduction applies intraday (details below) | ||||||||||||||||||||||||
| ESMA Minimum | 5% for Major Indices* 10% for Other Indices |
50% of Initial | ||||||||||||||||||||||||
| Applied Margin | Max (IBKR Initial, ESMA Initial) | Max (IBKR Maintenance, ESMA Maintenance) | ||||||||||||||||||||||||
Example
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| Metals CFDs | Initial Margin | Maintenance Margin |
|---|---|---|
| Standard IBKR Margin | Gold 6.25% Silver 14.85% |
Gold 5% Silver 9% |
| ASIC Minimum | Gold 5% Silver 10% |
50% of Initial |
| Applied Margin | Max (IBKR Initial, ESMA Initial) | Max (IBKR Maintenance, ESMA Maintenance) |
Note
* Major indices are IBUS500, IBUS30, IBUST100, IBGB100, IBEU50, IBDE30, IBFR40, IBJP225, and IBAU200.
| Initial Margin | Maintenance Margin | |
|---|---|---|
| Index CFDs | 1.25 x Maintenance Margin | As for the related future (minimum 5% or 5 standard deviations). A 50% reduction applies intraday (details below) |
| Metals CFDs | Gold 6.25% Silver 14.85% |
Gold 5% Silver 9% |
The maintenance margin requirement for Index CFDs is:
| Index CFD | Liquid Hours | Total Hours | Time Zone |
|---|---|---|---|
| IBUS500 | 09:30 - 16:00 | 03:00 - 16:00 | EST |
| IBUS30 | 09:30 - 16:00 | 03:00 - 16:00 | EST |
| IBUST100 | 09:30 - 16:00 | 03:00 - 16:00 | EST |
| IBGB100 | 08:00 - 16:30 | 08:00 - 21:00 | GMT |
| IBDE30 | 09:00 - 22:00 | 09:00 - 22:00 | CET |
| IBEU50 | 09:00 - 22:00 | 09:00 - 22:00 | CET |
| IBFR40 | 09:00 - 18:15 | 09:00 - 22:00 | CET |
| IBES35 | 09:00 - 17:35 | 09:00 - 20:00 | CET |
| IBCH20 | 09:00 - 17:27 | 09:00 - 22:00 | CET |
| IBNL25 | 09:00 - 17:30 | 09:00 - 22:00 | CET |
| IBJP225 | 09:00 - 15:00 | 09:00 - 15:00 | JST |
| IBHK50 | 09:30 - 16:00 | 09:30 - 16:00 | HKT |
| IBAU200 | 10:00 - 16:00 | 10:00 - 16:00 | EDT |
Forex CFD margins are determined for each currency pair on a per contract basis without regard to other Forex balances held in the account, including Spot FX.
| Forex CFDs | Initial Margin | Maintenance Margin |
|---|---|---|
| Standard IBKR Margin | Per table below | Per table below |
| ESMA Minimum | 3.33% for Major Currency Pairs* 5% for Other Pairs |
50% of Initial |
| Applied Margin | Max (IBKR Initial, ESMA Initial) | Max (IBKR Maintenance, ESMA Maintenance) |
Note
* Major currency pairs are any combination of USD, EUR, JPY, GBP, CAD, and CHF. Any other combination is not, e.g. AUD.USD, SGD.CNH.
| Initial Margin | Maintenance Margin | |
|---|---|---|
| Forex CFDs | Per table below | Per table below |
| Symbol | Product Description | Symbol | Currency | IBKR Initial Margin | IBKR Maintenance Margin |
|---|---|---|---|---|---|
| AUD.CAD | Australian dollar | AUD.CAD | CAD | 3% | 3% |
| AUD.CHF | Australian dollar | AUD.CHF | CHF | 3% | 3% |
| AUD.CNH | Australian dollar | AUD.CNH | CNH | 8% | 6% |
| AUD.HKD | Australian dollar | AUD.HKD | HKD | 7% | 6% |
| AUD.JPY | Australian dollar | AUD.JPY | JPY | 3% | 3% |
| AUD.NZD | Australian dollar | AUD.NZD | NZD | 3% | 3% |
| AUD.SGD | Australian dollar | AUD.SGD | SGD | 5% | 5% |
| AUD.USD | Australian dollar | AUD.USD | USD | 3% | 3% |
| AUD.ZAR | Australian dollar | AUD.ZAR | ZAR | 10% | 7% |
| GBP.AUD | British pound | GBP.AUD | AUD | 3.75% | 3% |
| GBP.CAD | British pound | GBP.CAD | CAD | 3.75% | 3% |
| GBP.CHF | British pound | GBP.CHF | CHF | 3.75% | 3% |
| GBP.CNH | British pound | GBP.CNH | CNH | 8% | 6% |
| GBP.DKK | British pound | GBP.DKK | DKK | 10% | 5% |
| GBP.HKD | British pound | GBP.HKD | HKD | 7% | 6% |
| GBP.JPY | British pound | GBP.JPY | JPY | 3.75% | 3% |
| GBP.MXN | British pound | GBP.MXN | MXN | 10% | 6% |
| GBP.NOK | British pound | GBP.NOK | NOK | 3.75% | 3% |
| GBP.NZD | British pound | GBP.NZD | NZD | 3.75% | 3% |
| GBP.SEK | British pound | GBP.SEK | SEK | 3.75% | 3% |
| GBP.USD | British pound | GBP.USD | USD | 3.75% | 3% |
| GBP.ZAR | British pound | GBP.ZAR | ZAR | 10% | 7% |
| CAD.CHF | Canadian dollar | CAD.CHF | CHF | 3% | 3% |
| CAD.CNH | Canadian dollar | CAD.CNH | CNH | 8% | 6% |
| CAD.HKD | Canadian dollar | CAD.HKD | HKD | 7% | 6% |
| CAD.JPY | Canadian dollar | CAD.JPY | JPY | 3% | 3% |
| CNH.HKD | Chinese Renminbi - Offshore | CNH.HKD | HKD | 8% | 6% |
| CNH.JPY | Chinese Renminbi - Offshore | CNH.JPY | JPY | 8% | 6% |
| DKK.JPY | Danish krone | DKK.JPY | JPY | 10% | 5% |
| DKK.NOK | Danish krone | DKK.NOK | NOK | 10% | 5% |
| DKK.SEK | Danish krone | DKK.SEK | SEK | 10% | 5% |
| EUR.AUD | European Monetary Union Euro | EUR.AUD | AUD | 3% | 3% |
| EUR.CAD | European Monetary Union Euro | EUR.CAD | CAD | 3% | 3% |
| EUR.CHF | European Monetary Union Euro | EUR.CHF | CHF | 3% | 3% |
| EUR.CNH | European Monetary Union Euro | EUR.CNH | CNH | 8% | 6% |
| EUR.CZK | European Monetary Union Euro | EUR.CZK | CZK | 5% | 5% |
| EUR.DKK | European Monetary Union Euro | EUR.DKK | DKK | 10% | 5% |
| EUR.GBP | European Monetary Union Euro | EUR.GBP | GBP | 3.75% | 3% |
| EUR.HKD | European Monetary Union Euro | EUR.HKD | HKD | 7% | 6% |
| EUR.HUF | European Monetary Union Euro | EUR.HUF | HUF | 5% | 5% |
| EUR.ILS | European Monetary Union Euro | EUR.ILS | ILS | 5% | 5% |
| EUR.JPY | European Monetary Union Euro | EUR.JPY | JPY | 3% | 3% |
| EUR.MXN | European Monetary Union Euro | EUR.MXN | MXN | 10% | 6% |
| EUR.NOK | European Monetary Union Euro | EUR.NOK | NOK | 3% | 3% |
| EUR.NZD | European Monetary Union Euro | EUR.NZD | NZD | 3% | 3% |
| EUR.PLN | European Monetary Union Euro | EUR.PLN | PLN | 5% | 5% |
| EUR.RUB | European Monetary Union Euro | EUR.RUB | RUB | 100% | 100% |
| EUR.SEK | European Monetary Union Euro | EUR.SEK | SEK | 3% | 3% |
| EUR.SGD | European Monetary Union Euro | EUR.SGD | SGD | 5% | 5% |
| EUR.USD | European Monetary Union Euro | EUR.USD | USD | 3% | 3% |
| EUR.ZAR | European Monetary Union Euro | EUR.ZAR | ZAR | 10% | 7% |
| HKD.JPY | Hong Kong dollar | HKD.JPY | JPY | 7% | 6% |
| MXN.JPY | Mexican Peso | MXN.JPY | JPY | 10% | 6% |
| NZD.CAD | New Zealand dollar | NZD.CAD | CAD | 3% | 3% |
| NZD.CHF | New Zealand dollar | NZD.CHF | CHF | 3% | 3% |
| NZD.JPY | New Zealand dollar | NZD.JPY | JPY | 3% | 3% |
| NZD.USD | New Zealand dollar | NZD.USD | USD | 3% | 3% |
| NOK.JPY | Norwegian krone | NOK.JPY | JPY | 3% | 3% |
| NOK.SEK | Norwegian krone | NOK.SEK | SEK | 3% | 3% |
| SGD.CNH | SINGAPORE DOLLAR | SGD.CNH | CNH | 8% | 6% |
| SGD.JPY | SINGAPORE DOLLAR | SGD.JPY | JPY | 5% | 5% |
| ZAR.JPY | South African Rand | ZAR.JPY | JPY | 10% | 7% |
| SEK.JPY | Swedish krona | SEK.JPY | JPY | 3% | 3% |
| CHF.CNH | Swiss franc | CHF.CNH | CNH | 8% | 6% |
| CHF.DKK | Swiss franc | CHF.DKK | DKK | 10% | 5% |
| CHF.JPY | Swiss franc | CHF.JPY | JPY | 3% | 3% |
| CHF.NOK | Swiss franc | CHF.NOK | NOK | 3% | 3% |
| CHF.SEK | Swiss franc | CHF.SEK | SEK | 3% | 3% |
| CHF.ZAR | Swiss franc | CHF.ZAR | ZAR | 10% | 7% |
| USD.CAD | United States dollar | USD.CAD | CAD | 2.5% | 2.5% |
| USD.CHF | United States dollar | USD.CHF | CHF | 3% | 3% |
| USD.CNH | United States dollar | USD.CNH | CNH | 8% | 6% |
| USD.CZK | United States dollar | USD.CZK | CZK | 5% | 5% |
| USD.DKK | United States dollar | USD.DKK | DKK | 10% | 5% |
| USD.HKD | United States dollar | USD.HKD | HKD | 7% | 6% |
| USD.HUF | United States dollar | USD.HUF | HUF | 5% | 5% |
| USD.ILS | United States dollar | USD.ILS | ILS | 5% | 5% |
| USD.JPY | United States dollar | USD.JPY | JPY | 3% | 3% |
| USD.MXN | United States dollar | USD.MXN | MXN | 10% | 6% |
| USD.NOK | United States dollar | USD.NOK | NOK | 3% | 3% |
| USD.PLN | United States dollar | USD.PLN | PLN | 5% | 5% |
| USD.RUB | United States dollar | USD.RUB | RUB | 100% | 100% |
| USD.SEK | United States dollar | USD.SEK | SEK | 3% | 3% |
| USD.SGD | United States dollar | USD.SGD | SGD | 5% | 5% |
| USD.ZAR | United States dollar | USD.ZAR | ZAR | 10% | 7% |
For Residents of Europe:
Use the following links to view other margin requirements:
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The risk of loss in online trading of stocks, options, futures, currencies, foreign equities, and fixed income can be substantial. Options are not suitable for all investors. For more information, read the "Characteristics and Risks of Standardized Options".
Your capital is at risk and your losses may exceed the value of your original investment.
Interactive Brokers (U.K.) Limited is authorised and regulated by the Financial Conduct Authority. FCA Reference Number 208159.
Interactive Brokers LLC is regulated by the US SEC and CFTC and is a member of the SIPC (www.sipc.org) compensation scheme;
products are only covered by the UK FSCS in limited circumstances.
Before trading, customers must read the relevant risk disclosure statements on our Warnings and Disclaimers page.
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