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Share CFDs

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 59.7% of retail investor accounts lose money when trading CFDs with Valor. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Commissions Section Hero

COMMISSIONS

Contract for Differences (CFD)

  • Share CFDs use a Volume-Tiered pricing structure in which all exchange and regulatory fees are included. Commissions apply to all order types.
  • Index and Oil CFDs use a Fixed pricing structure. Commissions apply to all order types.
  • Forex CFDs use a volume tiered pricing structure. Tiers are based on the combined Monthly Trade Value of Forex CFD and Spot Forex trades.
  • Metals CFDs use a Fixed pricing structure. Commissions apply to all order types.

Americas


Brazil Share CFDs
Monthly Value (in BRL) Per Trade Fee Minimum per Order (BRL)
≤ 40,000,000 0.12% 15.00
40,000,000.01 – 400,000,000 0.10% 10.00
> 400,000,000 0.08% 5.00


United States Share CFDs
Volume (per Month) 1 Valor Commission per Share (USD) Minimum per Order (USD)
≤ 300,000 0.0050 1.00
300,001 - 3,000,000 0.0045 1.00
3,000,001 - 20,000,000 0.0040 1.00
20,000,001 - 100,000,000 0.0035 1.00
> 100,000,000 0.0030 0.65


Notes:

  1. Volume tiers are applied based on monthly cumulative trade volume summed across US Share CFDs at the time of the trade. European Share CFD trades will not count towards the monthly volume (and vice versa). The above commissions include all fees and are applied on a marginal basis for a given calendar month.
  • All exchange and regulatory fees included.
  • VAT, also referred to as consumption tax, goods and services tax, where applicable, will be separately applied for eligible services.
  • Modified orders will be treated as the cancellation and replacement of an existing order with a new order. On certain exchanges, this may have the effect of subjecting modified orders to commission minimums as if they were new orders. For example, if an order for 200 contracts is submitted and 100 contracts execute, then you modify the order and another 100 contracts execute, a commission minimum would be applied to both 100 contract orders. Orders that persist overnight will be considered a new order for the purposes of determining order minimums.
  • Valor may change these rates at any time in its sole discretion. Commission rates may also vary by program or arrangement. Restrictions apply. The published rates are for direct clients of Valor. Clients introduced through another broker or managed by an advisor may pay additional commissions set by their introducing broker or advisor. Clients should contact their introducing broker or advisor about the rates that will apply to their account.

EMEA


Europe Share CFDs
Monthly Value (in EUR) 1 Per Trade Fee Minimum per Order
GBP EUR CHF USD SEK EUR (Finland) DKK NOK RUB3
≤ 10,000,000 0.05% 3.00 3.00 3.00 3.00 39.00 4.75 39.00 39.00 N/A
10,000,000.01 – 100,000,000 0.03% 2.00 2.00 2.00 2.00 29.00 3.50 29.00 29.00 N/A
> 100,000,000 0.02% 1.00 1.00 1.00 1.00 29.00 3.50 29.00 29.00 N/A


Other Europe Share CFDs
Per Trade Fee Minimum (CZK) 2
Czech Republic 0.17% 60 per Trade + 10 per Order


South Africa Share CFDs
Monthly Value (in ZAR) Per Trade Fee Minimum (ZAR)
≤ 150,000,000 0.12% 50 per Order
150,000,000.01 - 1,500,000,000 0.10% 35 per Order
> 1,500,000,000 0.09% 15 per Order


Notes:

  1. The CFD tiers are based on the Monthly Trade Value as expressed in EUR. When calculating the Monthly Trade Value in EUR, Valor converts any non-EUR denominated CFD trade to its EUR-equivalent using the most recent exchange rate. In this way, stock trades denominated in non-EUR currencies will be counted towards the monthly value for commission breaks.
  2. The minimum fees are additive. For example, an order resulting in a single execution carries a minimum fee of CZK 70. An order executed in two tranches carries a minimum fee of CZK 130.
  3. External Fees of 0.05% are added to the IB commission.
  • Commissions apply to all order types. In addition a surcharge is applied to Valor Algo orders (VWAP, DarkIce, etc.) for CFDs on European shares as follows:
    • GBP denominated 0.015%
    • EUR denominated 0.01%
    • CHF denominated 0.025%
    • EUR (Finnish only) denominated 0.025%
    • SEK and DKK denominated 0.10%
  • All exchange and regulatory fees included.
  • VAT, also referred to as consumption tax, goods and services tax, where applicable, will be separately applied for eligible services.
  • Modified orders will be treated as the cancellation and replacement of an existing order with a new order. On certain exchanges, this may have the effect of subjecting modified orders to commission minimums as if they were new orders. For example, if an order for 200 contracts is submitted and 100 contracts execute, then you modify the order and another 100 contracts execute, a commission minimum would be applied to both 100 contract orders. Orders that persist overnight will be considered a new order for the purposes of determining order minimums.
  • Valor may change these rates at any time in its sole discretion. Commission rates may also vary by program or arrangement. Restrictions apply. The published rates are for direct clients of Valor. Clients introduced through another broker or managed by an advisor may pay additional commissions set by their introducing broker or advisor. Clients should contact their introducing broker or advisor about the rates that will apply to their account.

Asia-Pacific


Australia Share CFDs
Monthly Value (in AUD) Per Trade Fee Minimum per Order (AUD)
≤ 10,000,000 0.05% 5.00
> 10,000,000 0.03% 3.00


Hong Kong Pass-Through CFD Fees
Fee
Stamp Duty 0.13% 1
SFC Transaction Levy 0.0027%


Hong Kong Share CFDs
Monthly Value (in HKD) Per Trade Fee Minimum per Order (HKD)
≤ 300,000,000 0.05% 12.00
> 300,000,000 0.03% 8.00


Japan Pass-Through CFD Fees
Fee
Clearing JPY 2.95 + 0.0004%


Japan Share CFDs
Monthly Value (in JPY) 2 Per Trade Fee Minimum per Order (JPY)
≤ 9,000,000,000 0.03% 100
9,000,000,000.01 – 20,000,000,000 0.02% 40
> 20,000,000,000 0.015% 30


Singapore Share CFDs
Monthly Value (in SGD) Per Trade Fee Minimum per Order (SGD)
≤ 50,000,000 0.11% 2.50
50,000,000.01 – 150,000,000 0.09% 1.60
> 150,000,000 0.08% 1.20


Notes:

  1. Round up to the nearest 1.00
  2. Tiers are based on the combined Monthly Trade Value expressed in JPY of CFD and Share trades. The per trade fee is applied on a marginal basis, in the same way as for Europe and the US.
  • Commissions apply to all order types. In addition a surcharge is applied to Valor Algo orders (VWAP, DarkIce, etc.) for CFDs on Asian shares as follows:
    • AUD, HKD, and SGD denominated 0.10%
  • All exchange and regulatory fees included.
  • Value-Added Tax (VAT), Goods and Service Tax (GST) or other consumption taxes will be separately applied to commissions and services, where applicable, based on the prevailing rates.
  • Modified orders will be treated as the cancellation and replacement of an existing order with a new order. On certain exchanges, this may have the effect of subjecting modified orders to commission minimums as if they were new orders. For example, if an order for 200 contracts is submitted and 100 contracts execute, then you modify the order and another 100 contracts execute, a commission minimum would be applied to both 100 contract orders. Orders that persist overnight will be considered a new order for the purposes of determining order minimums.
  • Valor may change these rates at any time in its sole discretion. Commission rates may also vary by program or arrangement. Restrictions apply. The published rates are for direct clients of Valor. Clients introduced through another broker or managed by an advisor may pay additional commissions set by their introducing broker or advisor. Clients should contact their introducing broker or advisor about the rates that will apply to their account.