Trade NDFs CFDs with FXCM

Zero Commissions^*

What are Non-Deliverable Forwards contracts?

NDFs are cash-settled forward contracts designed for emerging market currencies that cannot be freely delivered offshore. NDFs are a popular financial tool used to hedge against currency risks, or to speculate on market movements.
At FXCM, we offer access to the largest NDF markets, including:

USD/INR (US Dollar vs Indian Rupee)
USD/KRW (US Dollar vs South Korean Won)
USD/TWD (US Dollar vs Taiwan New Dollar)
USD/CLP (US Dollar vs Chilean Peso)
USD/COP (US Dollar vs Colombian Peso)

Why Trade NDFs with FXCM?

$0.00 commission^*

Competitive spreads

Low margin requirements

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Trading NDFs CFDs with FXCM

The underlying NDF has an expiration date, but as the NDFs we offer are CFDs, you don't need to worry about manually managing these expirations. FXCM will automatically roll over NDF contracts at the designated date, seamlessly transitioning them into new contracts.

Stay Informed

You can check the dates for when financing costs will apply using our NDF Rollover Calendar
To learn more about trading our products, such as margin requirements and trading hours, read our Product Guide.

Frequently Asked Questions

What is an NDF?

NDF, Non-Deliverable Forward, is a foreign exchange forward contract on a notional amount where no physical settlement of the two currencies takes place at maturity. Instead a net cash settlement is made by one party to another based on the difference of the two FX rates. The settlement is done using a pre-determined currency, typically USD.

Why Trade NDFs?

NDFs are widely utilized financial instruments for hedging currency risk or speculating on currency movements, particularly in emerging markets where local currencies face restrictions or are not freely traded on the global foreign exchange (forex) market. NDFs enable traders and investors to gain exposure to these currencies without the necessity of physical delivery. We offers CFDs where the underlying instrument is a Non-Deliverable Forward ("NDFs"). CFDs on NDFs allow you to speculate on price movements of the underlying NDF contracts, without physically owning the underlying asset. Hence, you gain the flexibility of being able to go long/short easily with margins.

How are NDFs priced?

The pricing methodology of the underlying NDFs contract is complex, which interest rate differentials between the two currencies involved in the contract play a crucial part.

For NDFs instrument that you trade with us, we form our prices with reference to prices we receive from our selected price sources; then we remove prices that we deem are inaccurate, outliers, or outdated prices; then we calculate a value weighted average using the available liquidity associated with each price; and then we apply our mark-up which may vary for each instrument.

What is the difference between an NDF FX Contract and a Spot FX Contract?

Although both NDFs and spot FX are important part of the currency market, an NDF is a popular product in Emerging Markets where capital controls applied and currencies cannot be delivered freely offshore.

Trading experience are similar but different. For example, Finance Charge incur every trading day if you hold open positions on Spot FX, while it only incur once periodically on NDFs.

Besides, Margins vary per each instrument and trading hours could be different. Please look into Product Guide for details.

How does the Finance Charge (rollover) work with an NDF?

Finance Charge only incur when position held past 5PM ET at the Rollover Date when we roll over a contract into the next one. There is no Finance Charge for other days. See NDF Rollover calendar for details.

Please bear in mind that large Finance Charges could incur if you hold open positions during Rollover period. To avoid Finance Charges, you can close your positions before 5PM ET and the charge would not apply.