CFD costs 2026: spread, financing and fees

Important note

CFDs are complex financial instruments and carry a high risk of losing money quickly due to leverage. Norway's Financial Supervisory Authority (Finanstilsynet) advises non-professional investors against trading CFDs. Skilling states that 49% of retail investor accounts lose money when trading CFDs with this provider.

CFD brokers often advertise "from 0.1 point," "no commission," or "low spreads." Figures like these can be accurate and still give an incomplete picture. A commission-free index CFD can still carry a spread and daily financing. A stock CFD with a tight market spread can be charged commission both ways. An account in euros or dollars can also create a currency cost for a client based elsewhere.

This makes CFDs easy to open but demanding to price. A serious comparison has to calculate the entire trade from entry to exit.

CFDs are OTC products

A CFD is an agreement between the customer and the CFD provider to settle the price difference in an underlying market. You're not buying the stock, the index, the gold bar or the futures contract. The provider sets the product terms and quotes a buy and sell price based on a reference price.

That means price, spread, financing model and trading window can vary between providers even when the market name is the same. Start with our complete guide to CFD trading if you need the core mechanics.

The seven costs you need to check

Not every broker uses every fee. What matters is the net cost for your market and trading style.

Spread: the first cost

Spread is the difference between the provider's buy price and sell price. If an index is quoted with a bid of 20,000 and an ask of 20,001, the spread is one point. A long position is normally opened at the ask and can immediately be closed at the bid. The position therefore starts roughly one point in the red before any other costs.

The cost can be calculated like this:

If the spread is 1.2 points and the position has a value of €50 per point, the calculated spread cost is €60.

The minimum spread isn't the average spread

A "from" spread is usually the best available level under liquid conditions. The spread can widen:

• before and after key economic data
• at the open and close of the underlying exchange
• overnight
• during low liquidity or high volatility
• when the reference market is closed

Compare the typical spread during the hours you actually trade, not just the advertised minimum.

Commission: especially important for stock CFDs

Index, currency and commodity CFDs are often priced primarily through the spread. On stock CFDs, it's common to see a separate commission, often as a percentage of notional trade value with a minimum amount.

Example:

• notional stock position: €50,000
• commission: 0.10%
• cost at opening: €50
• cost at closing: €50

The round-trip commission is €100 before spread, financing and currency. If the minimum amount is €100 per side, the total doubles. Small stock positions can therefore carry a high cost as a percentage.

Overnight financing: the cost many underestimate

A cash CFD normally has no fixed expiry. When a leveraged position is held past the provider's daily cut-off, financing is calculated on the entire notional exposure.

A simplified long formula is:

Some products use a 360-day count, different benchmark rates, or a different day count. Short positions can have interest credited or charged depending on the rate, markup and product terms. "Short" therefore doesn't automatically mean interest income.

Example: small margin, large financing base

You control an index CFD worth €200,000. The margin requirement is 5%, so €10,000 is posted as margin. Assume a combined annualised financing rate of 6%:

Over 30 days, the cost is roughly €986, before compounding, weekend charges and any changes in the rate. Measured against the €10,000 margin, that's close to 9.9% in a single month. Financing is calculated against the position, not just the deposit.

Weekend and multi-day charges

The market can be closed on Saturday and Sunday, but financing doesn't necessarily stop. The provider can charge several days of financing on one specific weekday. Indices, stocks, currencies and commodities can have different triple-charge days.

Check:

• the exact cut-off in the platform's time zone
• whether the day is counted from the open, or only if the position is still held at the cut-off
• which day the weekend is charged on
• how public holidays are handled
• whether the rate can change while the position is open

Cash CFD vs futures CFD

Many providers offer both a rolling cash contract and a CFD priced off a listed futures month.

Cash CFD: A tighter link to the rolling spot/cash price, no ordinary expiry date, but daily financing. Futures CFD: Has an expiry or automatic rollover; financing is reflected to a greater extent in the futures price and the spread, but a rollover adjustment and a wider spread can occur.

For an intraday trade, a cash CFD can be simpler. For a position held for several weeks, a futures CFD can be cheaper — but only after a concrete calculation. See CFD vs futures for the product differences.

A rollover adjustment isn't always a fee

When an expiring futures-based CFD moves to the next contract month, the account can receive a cash adjustment for the difference between the contract prices. In contango, the next contract is more expensive; in backwardation, cheaper.

The adjustment itself is, in principle, meant to stop the account value changing just because the reference contract has switched. But spread, administration markup and the subsequent price move can still affect the net result. Don't automatically book the entire price gap as a broker fee.

Currency conversion for international clients

A European trader might have EUR as their base currency and trade a US stock CFD in dollars. The provider can convert realised gains, losses, commission, financing and dividend adjustments with a currency markup.

Currency risk and currency cost are different things:

• Currency risk: market value is affected by changes in the exchange rate, e.g. USD/EUR.
• Currency cost: the provider adds a markup on the conversion.

Find out whether conversion happens continuously, at closing, or only when money is moved between sub-accounts.

Slippage: the cost that's not on the price list

Slippage is the difference between the expected and the actual execution price. A market order prioritises execution over price. A stop order normally becomes a market order once the stop level is reached. In a gap or a fast move, it can fill far from that level.

Slippage can be positive or negative, but negative slippage is especially dangerous with high leverage. Measure it in your trading journal:

A strategy that looks profitable before slippage can be unprofitable around macro news.

Stop-loss and guaranteed stop

A regular stop-loss doesn't guarantee the execution price. Some providers offer a guaranteed stop-loss for a premium or a wider spread. The terms can require a minimum distance and may only be available on certain markets.

Compare:

• when the premium is charged
• whether it's refunded if the stop isn't triggered
• the minimum distance
• the maximum position size
• whether the feature is available during news events

Dividend adjustments and corporate actions

A stock or index CFD doesn't give ownership or an ordinary dividend. Instead, a long position can receive a cash adjustment and a short position can be charged around the ex-date. Tax, provider markup and index methodology can make the adjustment differ from the gross dividend.

Splits, rights issues, takeovers and other corporate actions are handled according to the provider's policy. These are cash flows within the product, not necessarily trading costs, but they still affect the result.

The cost of high turnover

Assume a trader makes 20 round-trip trades a month, with an average spread cost of €70 and other execution costs of €20:

With a €30,000 account, the strategy needs to earn 6% a month just to cover this friction. Leverage doesn't reduce the percentage requirement on the account — it only makes the exposure larger.

How to compare CFD brokers

Build a scenario for your actual usage, not a generic score:

Then calculate the monthly cost at each provider. Our comparison of CFD brokers also assesses regulation, product range and platform — not just price.

The cheapest offer isn't automatically the best

A low minimum spread doesn't help much if the platform is unstable, fills are weak, stop-out rules are unclear, or client funds sit under a different legal entity than you think. Investigate:

• the regulated company and country
• client fund protection
• the pricing and best-execution policy
• negative balance protection for retail clients
• margin close-out
• order history and cost reporting

Finanstilsynet emphasises that CFDs are complex, high-risk products, and that the costs of frequent trading can erode capital quickly.

Common mistakes

Comparing only the "from" spread. The typical spread can be considerably higher. Calculating financing on the margin. It's normally calculated on notional exposure. Overlooking both sides of the trade. Commission can be charged on both the buy and the sell. Calling the rollover adjustment a pure fee. Part of it can be a neutral price adjustment. Ignoring currency conversion. Small markups add up across many transactions. Leaving slippage out of a backtest. A stop isn't guaranteed to fill at the stop price.

The tightest spread isn't always the cheapest

Many CFD comparisons stop at the advertised spread. That's too thin. The actual cost is determined by the spread you get when you trade, any commission, overnight financing, currency conversion, slippage, stop premiums, and how long the position stays open. A provider can be competitive intraday but less attractive for positions held for several weeks.

That's why costs should be treated as a trading model, not a price list. Before choosing a CFD provider, you should know which markets you'll actually trade, how often you trade, whether positions are held overnight, and which currency the account is kept in. Without that, the comparison quickly becomes misleading.

Calculate on notional exposure, not margin

One of the most common cost mistakes in CFD trading is comparing fees to the margin amount. Financing is normally calculated on notional exposure. If you post €5,000 in margin to control €100,000 of exposure, it's €100,000 that's relevant for the financing cost, not €5,000.

This makes a big difference for positions held for a long time. An index CFD can look cheap at the open, but financing can eat a significant share of expected returns over time. For stock CFDs, this can combine with commission, currency costs and company-specific events.

Slippage is a cost even when it's not on the price list

Slippage happens when a trade fills at a different price than expected. It can be caused by fast moves, news, gaps, thin liquidity, or a widened spread. Many traders underestimate slippage because it doesn't arrive as a separate fee. It just shows up as a worse entry or a worse exit.

In a journal, slippage should be logged the same way as spread and commission. If a strategy earns little per trade, a handful of bad fills can be enough to make it unprofitable. This applies especially around inflation data, rate meetings, employment figures and corporate earnings.

Build a simple cost report for each strategy

A good CFD trader should be able to answer four questions: What does one typical trade cost in and out? What does one week of expected holding cost? How much slippage does the strategy actually experience? And what percentage of gross result disappears into costs?

If the answer is unknown, the strategy should be tested at smaller size before capital is increased. Costs aren't just administration. They're part of the strategy's break-even point. The shorter the time horizon and the higher the activity, the more this matters.

When the costs point toward futures

If you trade the same index many times a day, need market depth, and measure results per tick, futures can become more natural. There you get standardised tick value, exchange volume, and a different cost structure. That doesn't mean futures are always cheaper for everyone, but for active traders they can be more transparent.

For smaller, more flexible positions, CFDs can still be relevant. The point is to choose the instrument based on real total cost, not on one advertised spread.

Sources and further reading

• Finanstilsynet: warning against CFD trading
• ESMA: Product intervention measures for CFDs
• ESMA: Q&A on CFDs and speculative products

CFDs are complex instruments with a high risk of rapid losses due to leverage. This article is general information, not personal investment advice. Always check the provider's current prices and terms.

Conclusion

The cost of a CFD isn't a single number. For short-term trading, spread, commission and slippage often dominate. For longer, leveraged positions, financing and currency can become decisive. The right comparison starts from notional exposure, actual holding period, and realistic trading frequency.

Always calculate the trade before you open it. If the expected price move barely covers spread and financing, leverage hasn't created an opportunity — it's just made a weak trade bigger.

Frequently asked questions about CFD costs

Short answers on spread, commission, overnight financing, currency conversion, slippage and how to compare CFD costs.