CFDs Margin Requirements
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 57.9% 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.
CFDs Margin Overview
CFDs Margin Requirements
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 Margin
Retail Clients
| 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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Professional Clients
| Initial Margin | Maintenance Margin | |
|---|---|---|
| Share CFDs | 1.25 x Maintenance Margin | Risk-based calculation described below (minimum 10%) |
IBKR Maintenance and Initial Margin Requirements for Share CFDs
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:
- Large Position Charge - If a position is greater than the equivalent of 0.5% of the market capitalization of a share, a large position charge applies. The required margin grows linearly from the risk-based margin to 100% when the share of market capitalization grows from 0.5% to 2%.
- Short Cheap Stock Charge - A short cheap stock charge is applied for short CFDs on shares with market capitalizations below $500 million. The required margin grows linearly from 30% to 100% as the market capitalization decreases from $500 to $250 million. For market capitalizations between $250 and $100 million, the required margin is 100%, subject to a minimum of $2.50.
Concentration Minimum
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 Margin
Retail Clients
| 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.
Professional Clients
| 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% |
Intraday Maintenance Margin Requirements
(Professional Clients)
The maintenance margin requirement for Index CFDs is:
- The overnight maintenance margin for the related future, adjusted for size.
- Subject to an overall minimum of 5% or 5 historical standard deviations, whichever is greater.
- The resulting requirement is reduced by 50% during the liquid trading hours of the related future. Full maintenance margin-enforcement will begin 15 minutes before the end of liquid hours.
- The intraday margin reduction is not available to clients classified as Retail Clients.
| 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 CFDs Margin
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.
Retail Clients
| 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.
Professional Clients
| Initial Margin | Maintenance Margin | |
|---|---|---|
| Forex CFDs | Per table below | Per table below |
IBKR Margins
| 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 | 10% | 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 | 10% | 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% |
Additional Margin Requirements
For Residents of Europe:
Use the following links to view other margin requirements:
You can change your location setting by clicking here
Disclosures
- IBKR house margin requirements may be greater than rule-based margin.