At MyFundedFX, we offer traders the flexibility to hold simulated trades overnight across all simulated account types and phases. However, it's important to note that holding simulated trades overnight may incur swap fees.
1. Overnight Simulated Trade Holding: We allow traders to hold their simulated positions overnight, regardless of the demo account type or phase they are in. This means you have the freedom to keep your simulated trades open beyond the daily trading session and attempt to capitalize on potential price movements that occur outside regular trading hours.
2. Swap Fees: When holding simulated trades overnight, it's important to be aware of swap fees. Swap fees, also known as rollover or overnight financing charges, are applied to simulated positions held beyond a specific cutoff time to track equivalent fees that are imposed in actual live market trading. These fees reflect the cost of maintaining a position in the market and are primarily influenced by the interest rate differentials between the currencies involved in the trade.
3. 3-Day Swap Fee: Every Wednesday brings a unique scenario where simulated positions held overnight will be subject to a 3-day swap instead of the usual overnight rollover. This means that any simulated trades opened on Wednesday and held through Thursday will incur additional swap fees (3 times higher than usual) regardless of demo account type or phase. To avoid any surprises or unexpected costs, we strongly advise all our valued traders to review their open simulated positions and take necessary actions ahead of this
weekly occurrence.
Swap fees are charged to reflect the interest costs incurred by brokers for maintaining open positions on behalf of traders in actual live swap accounts. These fees are calculated based on the size of the simulated position, prevailing interest rates, and the specific currency pair involved. It's important to review and understand the swap fee structure applicable to your demo account before deciding to hold simulated trades overnight.
At MyFundedFX, we aim to provide transparency regarding swap fees. We encourage traders to assess their trading strategies, consider the potential impact of swap fees, and make informed decisions based on their individual trading goals.
If you have any further questions or require additional information regarding swap fees or swap-free demo accounts, please reach out to our support team. We are here to assist you and ensure that you have a clear understanding of the implications of holding simulated trades overnight at MyFundedFX.
Disclaimer:
All content published and distributed by MyFunded Solutions LLC out of Delaware, MyFundedFX, and its affiliates (collectively, the “Company”) provided for general informational and instructive purposes only. None of the information provided by the Company or contained herein is intended as investment advice, an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of, any security, investment, company, or fund. Leveraged products such as CFD’s and FX trading are complex instruments with a high risk of losing money. Please note; The information on the website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation. Copyright (c) 2023. All right Reserved. MyFunded Solutions LLC out of Delaware.