Spread and overnight swap: the other trading costs

Besides commission, two market-based costs affect your trades:

Spread — the gap between the buy (ask) and sell (bid) price. Because a BUY is opened at the ask and closed at the bid, you start each trade slightly negative by the spread. Algora Market doesn't apply a fixed spread markup — it comes from the live market feed, and you can see the current spread (in points) in each symbol's spec sheet.

Swap (overnight/rollover) — if you hold a position past the daily rollover (00:00 UTC), a swap charge or credit is applied per lot, per night. Rates differ by asset and by direction (long vs short). As is standard in the industry, Wednesday's swap is charged at 3× to account for the weekend value date. Swap is realized as part of your net P&L when you close, and you can preview a symbol's swap rates in its spec sheet. Positions closed the same day (intraday) incur no swap.