CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
61.0% 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.
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 | 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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| Initial Margin | Maintenance Margin | |
|---|---|---|
| Share CFDs | 1.25 x Maintenance Margin | Risk-based calculation described below (minimum 10%) |
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:
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 | 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.
| 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% |
The maintenance margin requirement for Index CFDs is:
| 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 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.
| 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.
| Initial Margin | Maintenance Margin | |
|---|---|---|
| Forex CFDs | Per table below | Per table below |
| 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 | 5% | 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 | 5% | 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% |
A risk based margin system evaluates your portfolio to set your margin requirements. The risk valuations of your positions are created using simulated market movements that anticipate possible outcomes. As a result, a more accurate margin model is created, allowing the investor to increase their leverage.
Within a group of positions with the same underlying, 100% of the gain at any one valuation point is allowed to offset another positions loss at the same valuation point.
Example: An account holds a long stock position in stock ABC and a long put option contract in ABC. If a theoretical worst case scenario causes the underlying asset to drop 15%, then the loss that on the long stock position would be offset by the gain on the long put position.
Eligibility requirements vary according to the investor's personal information, region, and exchange.
All positions in margin equity securities (including foreign equity securities and options on foreign equity securities, listed options on an equity security or index of equity securities, security futures products, unlisted derivatives on an equity security or index of equity securities, warrants on an equity security or index of equity securities, broad-based index futures, and options on broad-based index futures.
For Residents of Europe:
Use the following links to view other margin requirements:
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