overnight fees

[greenscorpio1000]

having carried euro /nzd over 10 pm GMT tuesday  28 th ,i have been charged 4 days interest, i thought this occurred weds 10 pm GMT

[Caseynotes]

19 minutes ago, greenscorpio1000 said:

having carried euro /nzd over 10 pm GMT tuesday  28 th ,i have been charged 4 days interest, i thought this occurred weds 10 pm GMT

should be overnight but why 4 days?

[greenscorpio1000]

I Don't  Know im sick of constantly  been exploited  by these people, i query  the large adjustments  fees the other day on the Australian 200, it was much greater than they published,  i contacted them twice and they failed to respond. Not to mention much wider spreads so they can fleece as much as possible off the newbies during the lockdown

[Caseynotes]

2 minutes ago, greenscorpio1000 said:

I Don't  Know im sick of constantly  been exploited  by these people, i query  the large adjustments  fees the other day on the Australian 200, it was much greater than they published,  i contacted them twice and they failed to respond. Not to mention much wider spreads so they can fleece as much as possible off the newbies during the lockdown

The wider spreads are due to the high volatility, the overnight fees when published are only a guide as the calc needs the close figure so if price changes late it will be wrong.

For the overnight fees the broker makes an admin fee and debits the longs and credits the shorts so there's not much in it for them.

But the only reason to charge more than 1 night is if it's just before the weekend and/or a bank holiday. So for example Yen long holders on Friday night will be charged 5 days because of the weekend and then the 3 day Japan bank holiday starting Monday.

 

[greenscorpio1000]

is that forex pairs too when carried over 10 pm weds and obvious  weekend  as ,always paid more than one day when this applies,this was explained too by a IG representative when query  it on another occasion  

[Caseynotes]

3 minutes ago, greenscorpio1000 said:

is that forex pairs too when carried over 10 pm weds and obvious  weekend  as ,always paid more than one day when this applies,this was explained too by a IG representative when query  it on another occasion  

For FX that is correct because FX settles T+2 and so Wed incurs 3 days but then you are not charged for the weekend.

See below;

https://www.ig.com/uk/help-and-support/spread-betting-and-cfds/fees-and-charges/why-is-overnight-funding-charged-and-how-is-it-calculated-

 

[greenscorpio1000]

ok fair enough thanks for your feedback and time

[Caseynotes]

6 minutes ago, greenscorpio1000 said:

ok fair enough thanks for your feedback and time

you're welcome, i had forgotten about the FX T+2 as not traded FX for years so useful for me as well.

[greenscorpio1000]

is there a particular reason you dont trade forex now. I understand if you dont wish to disclose why 

[Caseynotes]

16 minutes ago, greenscorpio1000 said:

is there a particular reason you dont trade forex now. I understand if you dont wish to disclose why 

the reason being that around 2017 overall FX volatility was dropping steadily which meant smaller swings which made things increasingly difficult intraday while indices volatility was increasing so I switched. FX vol has been increasing ok for the last 8 months or so though.

Also indices priced against the national currency are not so back and forth like 2 FX pairs are constantly fighting it out, indices are more singularly directional. 

[greenscorpio1000]

Yes i see your point 

[greenscorpio1000]

14 minutes ago, Caseynotes said:

the reason being that around 2017 overall FX volatility was dropping steadily which meant smaller swings which made things increasingly difficult intraday while indices volatility was increasing so I switched. FX vol has been increasing ok for the last 8 months or so though.

Also indices priced against the national currency are not so back and forth like 2 FX pairs are constantly fighting it out, indices are more singularly directional. 

how about GBP/JPY, NZD/JPY or some of  the CHEF pair they quite volatile usually 

[Caseynotes]

5 minutes ago, greenscorpio1000 said:

how about GBP/JPY, NZD/JPY or some of  the CHEF pair they quite volatile usually 

yes, gbpjpy was good though the spread was always quite high, used to be around 4 points min. didn't like chf so much because the SNB could and regularly did step in at any time and turn everything upside down, and of course for for a very long time in 2014 had pegged the chf to the euro and caused the famous black swan event when they suddenly removed it, ended up costing IG 10s of millions when clients couldn't pay up their losses. .

[greenscorpio1000]

1 minute ago, Caseynotes said:

yes, gbpjpy was good though the spread was always quite high, used to be around 4 points min. didn't like chf so much because the SNB could and regularly did step in at any time and turn everything upside down, and of course for for a very long time in 2014 had pegged the chf to the euro and caused the famous black swan event when they suddenly removed it, ended up costing IG 10s of millions when clients couldn't pay up their losses. .

yes i saw that highlighted on youtube [unfortunately ] gb/jpy not bad for short term especially  during issues  around brexit, as high volatility .i find chf pairs are the most quirky the way they move, but they can also be one of the more predictable  around support  and resistance i feel,  but that was obviously  an exception

[lgstubbings]

Hi I hope someone can help.

In the past if i was short the EURGBP overnight my account received a positive overnight charge, this is not the case now. Is there a list or can someone point me in the right direction for thosetrades when held overnight receive a credit rather than a debit

Many Thanks

Liam

 

[Caseynotes]

49 minutes ago, lgstubbings said:

Hi I hope someone can help.

In the past if i was short the EURGBP overnight my account received a positive overnight charge, this is not the case now. Is there a list or can someone point me in the right direction for thosetrades when held overnight receive a credit rather than a debit

Many Thanks

Liam

 

Hi see here how to add the expected overnight swaps charge or credit to FX pairs in your watchlist.

https://community.ig.com/blogs/entry/235-where-to-find-overnight-funding-charges-on-fx-pairs/

 

[lgstubbings]

Thank you!!