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。
商品
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.
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*
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.
股票指數
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.
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*
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.
個別股票
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.
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*
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.
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.
債券
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.
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*
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.
交易所買賣基金
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.
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*
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.
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.
AVA OPTIONS
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。
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 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。
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。
閒置費和管理費
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。
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。