Manual Currency Conversion

[Guest James]

Dear all,

I am a bit confused about the wording used to describe Manual Currency Conversion (My base account is in GBP but ALL my trades are in USD)

 

Quoting "Clients who choose to convert currencies manually will pay commission of 2 cents per share with a minimum charge of $15 on US stocks"

 

Does this means that for EVERY trade I will pay an extra fee of 2 cents per share with a minimum charge of 15$ per trade

OR

this means that ONLY when I will convert the money from USD to GBP I will have to pay the 2 cent per share charge, min charge 15USD?

[Ravuol]

IG make a lot of money from this fee and you'll find most will avoid the question.

[JakubIG]

On 07/05/2020 at 19:39, Guest James said:

Dear all,

I am a bit confused about the wording used to describe Manual Currency Conversion (My base account is in GBP but ALL my trades are in USD)

 

Quoting "Clients who choose to convert currencies manually will pay commission of 2 cents per share with a minimum charge of $15 on US stocks"

 

Does this means that for EVERY trade I will pay an extra fee of 2 cents per share with a minimum charge of 15$ per trade

OR

this means that ONLY when I will convert the money from USD to GBP I will have to pay the 2 cent per share charge, min charge 15USD?

Hi @Ravuol and @guest James,

Our fees are transparent and I'm more than happy to go through them. 

I'm not sure if James is talking about a Share Dealing or a CFD account as the commission structure is different however I believe he was talking about Share Dealing.

If you choose the manual conversion, this means that your account will become a multi-currency account and we won't convert other currencies into GBP automatically. You will pay $0.02 per share with a minimum commission of $15 (up to 750 shares the commission will always be $15, for more $0.02 * number of shares).

If you leave the instant conversion, we will charge you 0.05% on top of the conversion rate and £10 in the first month. If you make 3+ trades we won't charge you anything during the next month, only the 0.05% fee for converting the funds. 

All this info is available here.

Thanks,

Jakub