Interests for short CFD positions on indices suddenly changed their number prefix

Hi every,

am I the only one who thinks it’s extremely impertinent to simply change the number prefix of CFD instrument - overnight and without announcement?

Until now short positions on indices actually gained you some interests - in contrast to long positions. Since yesterday they simply changed that - so now you have to pay for both directions.

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I’ve started a thread on this also.

No reply so far, doubt they’ll will give one, perhaps just tell us their rates are “dynamic” and “react to the market” which seems to be their get out for everything.

Strange that the dynamic rates only seem to move in one direction.

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I have asked them via mail as well. But I don’t expect a better answer than what you just suggested.

I mean I’ve observed the rates for a while and I’ve seen they usually tend to increase. But there’s a difference between “only” changing the number and changing the entire prefix. For me personally that resulted in triple fees for my current positions.
I’ve been generally happy with the service of this platform - even when I made losses. But this goes a bit far.

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Indeed I have been holding a number of short positions. The interest received means that I wasn’t too worried about holding them in the red.

However, now I’m paying interest? When did this happen? What did I miss? I’ve seen many e-mails about stock CFDs but I don’t hold any stock CFDs, so… just what? The daily interest charged makes the positions unbearable. I’m even more annoyed by the fact I could have taken a small loss only a few days ago had I known the interest rate had flipped on me.

Really not happy about this. I’m hoping someone can explain this to me or I guess I’ll have to e-mail support and use lots of sad faces. :frowning_face: :frowning_face: :frowning_face: :frowning_face: :frowning_face: :frowning_face: :frowning_face: :frowning_face: :frowning_face: :frowning_face: :frowning_face: :frowning_face:

Just have a look at your interest report in your account. For me Monday 1st was the last time I GOT money for index short CFDs. From Tuesday on I paid.

I mean it is probably buried somewhere in their terms of conditions, but I find that behavior impertinent. And quite frankly I could imagine - even considering this could be seen as high risk stuff in general - that’s illegal. I mean you can’t simply change prices from one day to another without any announcements, especially for positions that had been open.

The same for me. I’m in kind of a deadlock right now. Can’t close the stuff without losses, but don’t want to keep it open for much longer with these prices.

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E-mail sent. I won’t hold my breath. No response here from staff AT ALL.

the forums aren’t the place to get answers from staff to begin with.

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I never assumed I’d get an answer from staff here. My intention was to discuss this with other users.

Nevertheless I had also made an inquriy to the staff. I basically got the response @Lewdy and I had already been expecting:

I do understand your frustration on the matter. However, the SWAP charges applied for keeping positions open overnight is static.

Like any other aspect of our platform, it adapts and is lowered or decreased based on the underlying market conditions upholding the relevant instrument.

A fixed-rate would not provide the realistic market conditions that one should expect when trading on our platform.

I guess he meant “dynamic” or “not static” in the first paragraph.

Nevertheless I guess we have all learned a bit in the past weeks that all those modern day brokers don’t offer realiable or constant conditions as some of us had assumed they did.
The recent block of creating new long positions is just another example. Don’t want to speak about GME, etc.

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