Long or short
Buy (go long) if you expect the price to rise, or sell (go short) if you expect it to fall. You never own the underlying currency, metal, share or coin.
Your result is the difference between the opening and closing price, multiplied by the size of your position, less the spread and any commission.
Margin and leverage
You put up a deposit, called margin, rather than the full value of the trade. With leverage of 1:[XXX], the margin is the position value divided by [XXX].
Profits and losses are calculated on the full position value, so a small price move can mean a large change to your balance. If your equity falls below the margin needed to keep positions open, they may be closed automatically.
Overnight financing
Positions still open at the daily rollover (00:00 server time) are charged or credited a swap. The rate depends on the instrument, the direction of your trade and current interest rates.
Swaps on Wednesday night are charged at three times the usual rate to cover the weekend. Swap-free accounts are available on request.