Precious metals

BenchMark offers gold, silver, platinum, palladium and copper trading with no commissions, under the following spreads and margin requirements:

Metal Spread Margin
XAUUSD (gold) $0.30 $22 for USD accounts
€20 for EUR accounts
XAGUSD (silver) $0.04 $22 for USD accounts
€20 for EUR accounts
Copper (copper)¹ $0.003 $20 for USD accounts
€18 for EUR accounts
XPTUSD (platinum) $3.25 $80 for USD accounts
€60 for EUR accounts
XPDUSD (palladium) $3.30 $250 for USD accounts
€200 for EUR accounts

1. Important: CFD on copper is the only metal that expire.

Minimum trading size

The minimum trading size for gold, platinum and palladium is 1 oz (1 lot). The minimum trading size for copper is 100 pounds (1 lot) and 50 oz (50 lots) for silver.

Swap

The value date of spot positions in metals (two business days after the execution date), which are held open at the end of every business day (at 17:00 New York time), will be rolled over to a new Value Date which is the first business day following the previous value date. As part of the rollover operation, positions are subject to a positive or negative swap adjustment on a basis of the Tom/Next interest rates of the USD.

Value date rollover example:

You have a long position in XAUUSD as of 17:00 New York time. The value date of the position will move forward by one business day. You will not earn interest on your long position in XAU and you will pay interest on your short position in USD. Since there is no interest paid or received on both short and long positions in XAU (there is no relevant interest rate), the amout of the swap recieved or owed depends on the interbank Tom/Next interest rates of the USD.

Positions closed before 17:00 New York time are not subject to swap adjustments.

You can find the exact amount of the applicable swap in the MetaTrader 4 and 5 platforms. To do so, you have to click with the right button of the mouse on the Market Watch window. After that a context menu will appear where you can choose Symbols (for the MetaTrader 4 platform, after you select the desired metal, you have to press the Properties button). Bear in mind that the swap numbers are shown in the currency of the account for 1 lot.

CFD on copper trading rollover

CFD on copper have a monthly expiration (please see the table below). Clients that hold an open position on the "Expiry date in MetaTrader" will be closed at our bid/offer at 21:00 GMT. CFD contracts on copper are future-based instrument. Just like the futures contracts, CFD on copper expire each month and must be closed before the appropriate futures contract's expiry date. BenchMark doesn't make physical delivery at the end of the contract. Therefore, before expiry date CFD positions on copper must be rolled for the next month. Clients should close their positions before 22:00 GMT, on the expiry date.

The new contract starts trading at 23:00 GMT. After the trading starts, clients can re-open their positions again in the new contract. Please, contact us If you want BenchMark Finance to reopen your positions after the interruption.

BenchMark always reminds about the procedures and expiration dates of the contracts.

Expiry dates of CFD on copper can be found in the following table

Expiry date in MetaTrader

Contract Copper
September 2017 29 November 2017

Trading hours

Spot metals are available for live trading from 23:00 GMT on Sunday until 21:45 GMT on Friday. Every day the trade session has an interruption between 22:00 to 23:00 GMT.