In what is akin to essentially a small rebate back on your commision each month, all active Forex traders who meet the minimum monthly Forex trading volume, will receive an additional 8.88% interest payment (calculated per annum, paid out monthly), credited to their Vantage FX trading account.
ASIC regulated forex broker Vantage FX today announced the launch of its 8.88% interest earning accounts, a forex trading account that earns an 8.88% p.a. interest rate on its free balance for active forex traders.
Vantage FX’s 8.88% p.a. interest rate is available to both existing trading accounts, as well as new accounts. Interest is calculated and paid monthly.
Mr. Jay Wang
The interest gimmick is sort of interesting for brokers as just last week Russia based retail forex broker Alpari terminated its program of paying interest on client deposits.
As with most brokers offering such promotions, it stipulates minimum account sizes along with trading volume requirements, (see the tables below).
Jay Wang, CEO of Vantage FX commented: “The current global financial conditions are continuing to force central bank interest rates down and in many economies such as Japan and Europe, into negative territory. Our 8.88% interest rate initiative can help neutralise this downward shift for our active traders and provide a benefit by creating a positive buffer and positive return on forex trading accounts”.
Conditions
- Taking part in the promotion constitutes acceptance of the Terms.
- Available for new and existing clients who register between the 01/05/2016 to 31/07/2016.
- The promotion commences on the 01/05/2016 and ends on the 31/07/2016.
- Traders must opt-in to be part of this promotion by expressly confirming his or her decision by submitting an online form.
- The monthly volume requirement will be determined by the accounts end of day equity for the last day of each month.
- If Traders meet the minimum trading requirement in a given calendar month they may receive their interest payment.
- The interest payment is calculated based on the accounts end of month Free Margin applied with the rate of 8.88% per annum.
- 10% Tax withheld will apply for overseas (non-Australian residents) which is sent to the ATO for taxation purposes.
- Payments are calculated after the end of the month and paid directly to the clients MT4 trading account by or around the 15th of the following month.
- “1 standard FX lot” means a round-turn trade of 1 standard lot on currency pairs only.
Standard STP Accounts
| EQUITY | MINIUM VOLUME (STANDARD LOTS) |
|
|---|---|---|
| Tier 1 | 5,000 – 10,000 | 15 |
| Tier 2 | 10,001 – 25,000 | 30 |
| Tier 3 | 25,001 – 50,000 | 60 |
| Tier 4 | 50,001 – 100,000 | 130 |
| Tier 5 | 100,001 – 25,000 | 300 |
| Tier 6 | 250,001 – 500,000 | 600 |
RAW ECN Accounts
| EQUITY | MINIUM VOLUME (STANDARD LOTS) |
|
|---|---|---|
| Tier 1 | 5,000 – 10,000 | 30 |
| Tier 2 | 10,001 – 25,000 | 60 |
| Tier 3 | 25,001 – 50,000 | 120 |
| Tier 4 | 50,001 – 100,000 | 250 |
| Tier 5 | 100,001 – 25,000 | 600 |
| Tier 6 | 250,001 – 500,000 | 1200 |
For further information, read full terms and conditions by clicking here.