Stocks

Trading Conditions & Charges

術語解釋

金融工具 – 用於交易的貨幣對或差價合約產品的標的資產。
國家 – 發行股票或債券的總部所在國。
手量 – 在每個平台上進行買賣的每手買賣單位（注意：Ava Trade的每手買賣數量指的是可進行交易的最低數量。MT4代表標準手）。
標準點差– T在正常的市場條件下，每種金融工具的標準點差報價。
槓桿 – 請參看前文解釋。
每手保證金– 在任意商品中開一手所需要的保證金（注意：使用槓桿後的交易價值）。
增量 – 每種金融工具價格變動的最小增量。
隔夜利息買入/賣出 – 每種商品每晚每手收取或支付的隔夜利息。
交易時間– 請參看前文解釋。
報價月份– Ava Trade 在我們的平台上對期貨合同報價的月份。
交換 – 標的資產的交換。
單位 – 每手買賣量的報價單位。

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商品

商品點差計算

The Commodities Trading Conditions display the Standard Bid-Ask Spread OR ‘Spread Over Market’ for Commodity Instruments unless otherwise stated. Standard Spreads are as stated under Normal Market Conditions while the ‘Spread Over Market’ is the Mark-up AVATRADE adds to the Current Market Spread.

Spread Cost Formula: Spread x Trade Size = Spread Charge in Currency Instrument is denominated in.

Example

For a 10 barrel Crude Oil Trade, with a Spread of 4 pips ($0.04), the calculation is as follows:

0.04 X 10 = $0.40*

AvaTrade is compensated through the Bid-Ask spread, except when otherwise stated.

AvaTrade does not charge commissions on any trade.

商品保證金計算

All Instruments are traded on Margin allowing you to Leverage your positions. The Commodities Trading Conditions display Margin Amounts as a Percentage (%).

Percentage Margin Formula: Position Size x Current Price x Margin (%) = Margin Required*

* Margin Required is calculated in the Currency the Instrument is Denominated in.

Example

For a 10 barrel Crude Oil Trade, with a Market Price of $98.00 and a Margin Requirement of 1.00%, the calculation is as follows:

Percentage Margin Requirement: 10 x 98 x 0.01 = $9.80*

買/賣商品隔夜利息計算

The Commodities Trading Conditions display the Over-Night (O/N) Interest Rates Charged/Paid on a daily basis for holding a position open past the End of Day time. These are displayed in the “Overnight Interest – Buy” and “Overnight Interest – Sell” columns. End of Day is 22:00 GMT except during Daylight Savings when it changes to 21:00 GMT.

You can use the following formula to calculate your Overnight Interest amount:

Trade Size x End of Day Market Price x Daily Overnight Interest = Daily Overnight Interest Charged/Paid*

*Overnight Interest Charged/Paid is calculated in the Currency the Instrument is Denominated in.

Example

For a 10 barrel Crude Oil Trade, with an End of Day Market Price of $50.00 and a Daily Overnight Interest Buy (or Sell) rate of -0.0028%, and subject to a charge for 1 day, the calculation is as follows:

10 x 50.00 x -0.000028 = -0.014 = -$0.01* rounded.

Note: Ava Trade platforms display overnight interest (swaps) in annualised terms.

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股票指數

股票指數點差計算

The Stock Indices Trading Conditions display the ‘Spread Over Market’ for Stock Index Instruments unless otherwise stated. The ‘Spread Over Market’ is the Mark-up AVATRADE adds to the Current Market Spread.

Spread Cost Formula: Spread x Trade Size = Spread Charge in Currency Instrument is denominated in.

Example 1

For a 1 index S&P500 Trade, with a Spread of 75 Pips ($0.75), the calculation is as follows:

0.75 X 1 = $0.75*

AvaTrade is compensated through the Bid-Ask spread, except when otherwise stated.

AvaTrade does not charge commissions on any trade.

股票指數保證金計算

All Instruments are traded on Margin allowing you to Leverage your positions. The Stock Indices Trading Conditions display Margin Amounts as a Percentage (%).

Percentage Margin Formula: Position Size x Current Price x Margin (%) = Margin Required*

* Margin Required is calculated in the Currency the Instrument is Denominated in.

Example

For a 1 Index S&P500 Trade, with a Market Price of $1400 and a Margin Requirement of 0.50%, the calculation is as follows:

Percentage Margin Requirement: 1 x 1, 400 x 0.005 = $7.00*

買入/賣出股票指數隔夜利息計算

The Stock Indices Trading Conditions display the Over-Night (O/N) Interest Rates Charged/Paid on a daily basis for holding a position open past the End of Day time. These are displayed in the “Overnight Interest – Buy” and “Overnight Interest – Sell” columns. End of Day is 22:00 GMT except during Daylight Savings when it changes to 21:00 GMT.

You can use the following formula to calculate your Overnight Interest amount:

Trade Size x End of Day Market Price x Daily Overnight Interest = Daily Overnight Interest Charged/Paid*

*Overnight Interest Charged/Paid is calculated in the Currency the Instrument is Denominated in.

Example

For a 1 Index S&P500 Trade, with an End of Day Market Price of $2000 and a Daily Overnight Interest Buy (or Sell) rate of -0.0028%, and subject to a charge for 1 day, the calculation is as follows:

1 x 2,000 x -0.000028 = -0.056 = -$0.06* rounded.

Note: Ava Trade platforms display overnight interest (swaps) in annualised terms.

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個別股票

個別股票的點差計算

The Individual Equities Trading Conditions display the ‘Spread Over Market’ for Individual Equity Instruments unless otherwise stated. The ‘Spread Over Market’ is the Mark-up AVATRADE adds to the Current Market Spread.

Spread Cost Formula: Spread x Trade Size = Spread Charge in Currency Instrument is denominated in.

Example

For a trade of 1 APPLE share, with a Spread of 12 pips (0.12), the calculation is as follows:

0.12 X 1 = $0.12*

AvaTrade is compensated through the Bid-Ask spread, except when otherwise stated.

AvaTrade does not charge commissions on any trade.

個別股票的保證金計算

All Instruments are traded on Margin allowing you to Leverage your positions. The Individual Equities Trading Conditions display Margin Amounts as a Percentage (%).

Percentage Margin Formula: Position Size x Current Price x Margin (%) = Margin Required*

*Margin Required is calculated in the Currency the Instrument is Denominated in.

AVA may double margin requirements on specific stocks prior to earnings release. This is a preventative measure to avoid clients with large exposures in the said equity, falling into negative equity.

Example 1

For a trade of 1 APPLE share with a Market Price of $500 and a Margin Requirement of 5.00%, the calculation is as follows:

Percentage Margin Requirement: 1 x 500 x 0.05 = $25.00*

個別股票買/賣隔夜利息計算

The Individual Equities Trading Conditions display the Over-Night Interest Rates Charged/Paid on a daily basis for holding a position open past the End of Day time. These are displayed in the “Overnight Interest – Buy” and “Overnight Interest – Sell” columns. End of Day is 22:00 GMT except during Daylight Savings when it changes to 21:00 GMT.

You can use the following formula to calculate your Overnight Interest amount:

Trade Size x End of Day Market Price x Daily Overnight Interest = Daily Overnight Interest Charged/Paid*

* Overnight Interest Charged/Paid is calculated in the Currency the Instrument is Denominated in.

Example 2

For a trade of 1 APPLE share, with an End of Day Market Price of $140 and a Daily Overnight Interest Buy (or Sell) rate of -0.0083%, and subject to a charge for 1 day, the calculation is as follows:

1 x 140 x -0.000083 = -0.012 = -$0.01* rounded.

Note: Ava Trade platforms display overnight interest (swaps) in annualised terms.

個別股票的法人行為與計算

Individual Equities may at some stage partake in a Corporate Action; these can include Dividends, Rights Issues, Stock/Reverse Splits, Mergers, Acquisitions, Takeovers etc.

Dividends: For any individual equity on the AVATRADE trading platforms that declares a dividend, AVATRADE will make an Adjustment to every account that holds said equity, at the end of the cum-dividend day. This will be one day before the ex-dividend day.

The adjustment made to accounts will be:

1. Long Positions will be Credited with 90% of the Gross dividend.

(Amount of Shares x Gross Dividend) x 0.90

2. Short Positions will be Debited with 100% of the Gross dividend.

(Amount of Shares x Gross Dividend) x -1

Note: There are no other costs to clients in relation to Dividends.

Example 3

For a trade of 1 APPLE share, with a GROSS Div. of $1.00, the calculation is as follows:

Long Position: (1 x 1.00) x 0.90 = 1.00 x 0.90 = +$0.90

Short Position: (1 x 1.00) x -1 = 1.00 x -1 = -$1.00

For ALL other Corporate Actions: Rights Issue, Stock/Reverse Splits, Mergers, Acquisitions, Takeovers etc, and as these actions can happen suddenly and without prior knowledge, Open Positions and Orders will be Closed/Removed at the end of the cum-action day at market price on the particular equity.

Note: There are no costs to clients in relation to these other Corporate Actions.

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債券

債券點差計算

The Bonds Trading Conditions display the ‘Spread Over Market’ for Bond Instruments unless otherwise stated. The ‘Spread Over Market’ is the Mark-up AVATRADE adds to the Current Market Spread.

Spread Cost Formula: Spread x Trade Size = Spread Charge in Currency Instrument is denominated in.

Example

For a trade of 10 Bonds on the 5 Year US T-NOTE, with a Spread of 5 pips (0.05), the calculation is as follows:

0.05 X 10 = $0.50*

AvaTrade is compensated through the Bid-Ask spread, except when otherwise stated.

AvaTrade does not charge commissions on any trade.

債券保證金計算

All Instruments are traded on Margin allowing you to Leverage your positions. The Bonds Trading Conditions display Margin Amounts as a Percentage (%).

Percentage Margin Formula: Position Size x Current Price x Margin (%) = Margin Required*

* Margin Required is calculated in the Currency the Instrument is Denominated in.

Example

For a trade of 10 Bonds on the 5 Year US T-NOTE, with a Market Price of $124.50 and a Margin Requirement of 1.00%, the calculation is as follows:

Percentage Margin Requirement: 10 x 124.50 x 0.01 = $12.45*

債券買入/賣出隔夜利息計算

The Bonds Trading Conditions display the Over-Night (O/N) Interest Rates Charged/Paid on a daily basis for holding a position open past the End of Day time. These are displayed in the “Overnight Interest – Buy “and “Overnight Interest – Sell” columns. End of Day is 22:00 GMT except during Daylight Savings when it changes to 21:00 GMT.

You can use the following formula to calculate your Overnight Interest amount:

Trade Size x End of Day Market Price x Daily Overnight Interest = Daily Overnight Interest Charged/Paid*

*Overnight Interest Charged/Paid is calculated in the Currency the Instrument is Denominated in.

Example

For a 10 Bond 5 Year US T-NOTES Trade, with an End of Day Market Price of $150 and a Daily Overnight Interest Buy (or Sell) rate of -0.0028%, and subject to a charge for 1 day, the calculation is as follows:

10 x 150 x -0.000028 = -0.042 = -$0.04* rounded.

Note: Ava Trade platforms display overnight interest (swaps) in annualised terms.

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交易所買賣基金

交易所買賣基金點差計算

The Exchange Traded Funds Trading Conditions display the ‘Spread Over Market’ for Bond Instruments unless otherwise stated. The ‘Spread Over Market’ is the Mark-up AVATRADE adds to the Current Market Spread.

Spread Cost Formula: Spread x Trade Size = Spread Charge in Currency Instrument is denominated in.

Example

For a trade of 10 Financial Select Sector SPDR shares, with a Spread of 6 pips (0.06), the calculation is as follows:

0.06 X 10 = $0.60*

AvaTrade is compensated through the Bid-Ask spread, except when otherwise stated.

AvaTrade does not charge commissions on any trade.

交易所買賣基金保證金計算

All Instruments are traded on Margin allowing you to Leverage your positions. The Exchange Traded Funds Trading Conditions display Margin Amounts as a Percentage (%).

Percentage Margin Formula: Position Size x Current Price x Margin (%) = Margin Required*

* Margin Required is calculated in the Currency the Instrument is Denominated in.

Example

For a trade of 10 Financial Select Sector SPDR shares, with a Market Price of $18.50 and a Margin Requirement of 5.00%, the calculation is as follows:

Percentage Margin Requirement: 10 x 18.50 x 0.05 = $9.25*

交易所買賣基金買入/賣出隔夜利息計算

The Exchange Traded Funds Trading Conditions display the Over-Night (O/N) Interest Rates Charged/Paid on a daily basis for holding a position open past the End of Day time. These are displayed in the “Overnight Interest – Buy” and “Overnight Interest – Sell” columns. End of Day is 22:00 GMT except during Daylight Savings when it changes to 21:00 GMT.

You can use the following formula to calculate your Overnight Interest amount:

Trade Size x End of Day Market Price x Daily Overnight Interest = Daily Overnight Interest Charged/Paid*

*Overnight Interest Charged/Paid is calculated in the Currency the Instrument is Denominated in.

Example

For a trade of 10 Financial Select Sector SPDR shares, with an End of Day Market Price of $24.00 and a Daily Overnight Interest Buy (or Sell) rate of -0.0083%, and subject to a charge for 1 day, the calculation is as follows:

10 x 24.00 x -0.000083 = -0.019 = -$0.02* rounded.

Note: Ava Trade platforms display overnight interest (swaps) in annualised terms.

交易所買賣基金展期信息與計算

Exchange Traded Funds (ETF’s) may at some stage partake in a Corporate Action; these can include Dividends, Rights Issues, Stock/Reverse Splits, etc.

Dividends: For any ETF on the AVATRADE trading platforms that declares a dividend, AVATRADE will make an Adjustment to every account that holds said equity, at the end of the cum-dividend day. This will be one day before the ex-dividend day.

The adjustment made to accounts will be:

1. Long Positions will be Credited with 90% of the Gross dividend.

(Amount of Shares x Gross Dividend) x 0.90

2. Short Positions will be Debited with 100% of the Gross dividend.

(Amount of Shares x Gross Dividend) x -1

Note: There are no other costs to clients in relation to Dividends.

Example

For a trade of 10 Financial Select Sector SPDR shares, with a GROSS Div. of $1.00, the calculation is as follows:

Long Position: (1 x 1.00) x 0.90 = 1.00 x 0.90 = +$0.90

Short Position: (1 x 1.00) x -1 = 1.00 x -1 = -$1.00

For ALL other Corporate Actions: Rights Issue, Stock/Reverse Splits, etc. and as these actions can happen suddenly and without prior knowledge, Open Positions and Orders will be Closed/Removed at the end of the cum-action day at market price on the particular equity.

Note: There are no costs to clients in relation to these other Corporate Actions.

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AVA OPTIONS

外匯點差計算

AVAOPTIONS 交易條件顯示出金融商品（如即期價差）以及商品選擇權（如選擇權價差）等一般的買賣價差（Pips）。標準價差就如同一般市場條件底下所載。選擇權價差是以一個月期平價選擇權為基礎。

價差成本計算公式：價差 x 交易規模 = 以計價貨幣*計算的價差費用

*計價貨幣為外匯貨幣對中後方的貨幣（CUR1/CUR2：USD/JPY、EUR/USD等）。

範例

10,000 EUR/USD的即期交易，點差2.1pips（0.00021），其計算如下：

0.00021 X 10,000 = $2.10*

除非另有說明，AVATRADE身為做市商將通過買賣價差獲取報酬。AVATRADE不就任何交易收取佣金。

選擇權權利金的計算

AVAOPTIONS 的交易平台讓交易人可以就商品的選擇權進行買賣，最典型的就是交易條件中所顯示的外匯貨幣對。

當購買選擇權時，選擇權的成本（也稱為選擇權權利金）會自帳戶中的自由現金扣除。自由現金即保證金以外額外的現金餘額。

當賣出選擇權時，交易的現金會立即記入帳戶現金結餘中。若是放空選擇權（賣空），任何保證金都必須與自由現金相等才行。

若帳戶中沒有足夠的自由現金做為保證金，交易不得進行。

選擇權權利金以計價貨幣計算。

選擇權權利金計算公式：價格 x 交易規模　= 以計價貨幣*計算的價差費用

*計價貨幣為外匯貨幣對中後方的貨幣（CUR1/CUR2：USD/JPY、EUR/USD等）。

範例

10,000 EUR/USD的買入選擇權，價格為0.00560，其計算如下：

0.00560 X 10,000 = USD 56.00

若帳戶的貨幣與計價貨幣不同，選擇權權利金將立即以現行即期匯率轉換成帳戶貨幣，該匯率可以在未結頭寸的視窗中找到。

除非另有說明，AVATRADE身為做市商將通過買賣價差獲取報酬。AVATRADE不就任何交易收取佣金。

AVAOPTIONS保證金計算

AVAOPTIONS 的交易平台讓交易人能就外匯和其他商品的即期或選擇權進行保證金買賣，以進行槓桿交易。AVAOPTIONS交易條件顯示出保證金和槓桿的部分；保證金以百分比表示，槓桿的部分則以比例表示。

選擇權是種槓桿性商品，不能以保證金購買。購買選擇權的成本必須符合對自由現金的要求，即帳戶中現金餘額超出保證金的部分。同樣的，選擇權賣出（放空）的保證金也必須符合對自由現金的要求。

就各種商品來說（如貨幣對），保證金是用來應付多種情境中最惡劣的結果。特別是標的金融商品是就其保證金比例（如0.50%）而上下震動。選擇權和即期頭寸的價值會重新計算，依據的就這些點數和隱含波動率兩個端點的中間五點：增加30%和0%。投資組合最糟的結果就做為該金融商品的保證金。

其他金融商品也是一樣的。每一項商品所必要的保證金總金額即為總保證金，在AVAOPTIONS平台上，這總金額是隨時顯示在帳戶和所有報告中。在進行任何交易的訂單視窗中也可以見到保證金的金額。

外匯買賣隔夜利息計算

AVAOPTIONS 的交易條件顯示出所持頭寸或在我們盤後時間所開的其他商品，所收取／支付之360天為基礎的隔夜（O/N）利率。這些利率顯示在“隔夜利息 – 買”和“隔夜利息 – 賣”的欄位中。盤後時間為22:00 GMT（格林威治標準時間），日光節約時間期間則改為21:00 GMT。

選擇權的頭寸不收取隔夜利息。

您可使用下列公式，以公布的利率來計算您的隔夜利息：

交易量 x 隔夜利率 x 天數 = 所收取／支付*的利息

360 天

*所收取／支付的利息是以原貨幣計算；原貨幣即為外匯貨幣對中在前的貨幣（CUR1/CUR2：USD/JPY、EUR/USD等）。

範例

在10,000 EUR/USD的交易中，買（或賣）的隔夜利率為-1.00%，且須支付一天的金額，其計算如下：

(10,000 x -0.0100 x 1)/360 = -100/360 = -0.2778 = -€0.28*（進位後）

AVATRADE在隔夜市場放款利率上有一標準的加價，用來計算其買賣的隔夜利率，在買入上含有-30基準點的加價，而在賣出上含有+30基準點的加價；這些利率經常更新。請注意，有些隔夜利息的計算含有較高的加價。

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閒置費和管理費

閒置費

客戶需要知道客戶的交易帳戶可能會被收取一筆閒置費，除非法律禁止。連續3個月沒有使用（閒置期），並且在每一個連續的不使用期間，閒置費將會從客戶的交易帳戶中扣除。此費用概述如下：

閒置費:

美金帳戶：$50
歐元帳戶：€50
英鎊帳戶：£50

此費用會定期更改。

管理費

客戶需要知道客戶的交易帳戶可能會被收取一年的管理費，除非法律禁止。連續12個月沒有使用（年度閒置期），一筆管理費將會從客戶的交易帳戶中扣除。此費用概述如下：此費用是為了抵消服務時所產生的費用，即使它沒有被使用。

管理費:

美金帳戶：$100
歐元帳戶：€100
英鎊帳戶：£100

此費用會定期更改。

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Trading Conditions:

Spread

All Spreads are Over Market.
FX Standard Spreads are as stated under Normal Market Conditions.
FX Pairs may not be tradable shortly before and after End-of-Day (22:00 GMT or 21:00 GMT during US DST) – due to liquidity constraints during the Interbank settlement period
Gold & Silver spreads may be wider than stated from approx 22:00 – 02:00 GMT.
Crude & Brent Oil spreads may be wider than stated from approx 22:00 – 05:00 GMT.
Crude Oil & Natural Gas spreads may be wider during Weekly Inventories.
PIP FX Pairs = 0.0001; 1 PIP JPY FX Pairs = 0.01.
Typical Spreads are an indication only and may widen due to volatile market conditions
Typical Spreads are derived from the median value of the respective spreads during trading hours (07.00-18.00 GMT) from a previous quarter.
FX Option Spreads show typical bid-offer spreads for 1-month at-the-money options under normal market conditions.
FX Options can be traded online up to 24 hours prior to their expiration.
FX Options expire at the times indicated in the platform, which correspond to 10:00am New York time.
All FX Options are European style vanilla options. At expiration, all in-the-money options will be automatically closed at intrinsic value.
Crude Oil Monthly Futures positions are closed at expiry – they are not rolled onto the next contract
Crude Oil Monthly Futures may be set to ‘Close-Only’ in advance of expiry

Overnight Interest Rates:

All Overnight Interest Rates are indicative and subject to change.
MT4 FX, Gold & Silver Positions: Saturday/Sunday Overnight Interest will be Debited/Credited on the Wednesday before.
MT4 Non-FX (excl. Gold & Silver) Positions: Saturday/Sunday Overnight Interest will be Debited/Credited on the Friday before.

Margin:

Margin requirements can increase based on position size, news release and/or volatility.
If an Options account has open positions in both the underlying instrument (e.g. Spot EUR/USD) and Options on the instrument (e.g. Short Call on EUR/USD), the lower leverage (higher margin rate) will apply to all spot and option positions in that instrument.

Maximum Trades/Orders:

MetaTrader Minimum Nominal Trade Size = 0.01
Trading Hours may change due to Daylight Savings Time.

Crypto Currencies:

BTCUSD, BTCEUR, BTCJPY, BCHUSD, ETHEREUM, XRP(RIPPLE), LITECOIN Mini, BTGUSD, DASH, Stellar (XLMUSD) – Trading is 24/7 for MetaTrader accounts.
Cryptocurrency spreads can be volatile and depend on current market conditions.
Margin Requirements on Crypto pairs may increase during periods of volatility.
Crypto Currency trading is not available on Islamic accounts.

Max Positions Limits

BTC Pairs = $600K Max*
ETH = $400K Max*
XRP = $250K Max*
BCH, LTC = $200K Max*
BTGUSD, Stellar (XLMUSD), EOS, NEO, MIOTA = $50K Max*
DASH = $10K Max*
Palladium = $400K Max*
CRYPTO10, CANNABIS_IN = $100K Max*

* Maximum Position Limits may be reduced during periods of volatility.
* Position Limits may be introduced on any security during periods of volatility.

* Margins may be increased on any instrument, without prior notice, outside normal market conditions

AvaTrade reserves the right to cancel any excess trades or exposures that exceed the outlined threshold limits, all cancelled trades will be closed at their opening rates.

AvaTrade reserves the right to modify its threshold limits, affected clients will be notified in advance and may be required to reduce their exposure.

Your access to and use of the website and/or platform constitutes your acceptance of these Trading Conditions and any other legal notices and statements contained on same. Ava may modify these Trading Conditions at any time and without prior notice. Your continued access to and use of the website and/or platform constitutes your acceptance of these Trading Conditions as modified.

	High	Low
S&P500	3305.00	2987.00
Nasdaq100	11131.00	10047.50
DJ30	27271	24665
Russell2000	1470.10	1327.90

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