Jump to content

0.7% hidden charge on every sale transaction


Recommended Posts

Just lost £40 buying and then selling £4000 worth of US shares at the same price. I only noticed this because the share prices and exchange rate hadn't moved and I looked at 'my account' straight after. It may be harsh to describe this as a 'scam' as IG needs to make its profit somehow and a lot of its services are free. I thought IG took its profit purely from the trading margin between currencies USD/GBP which is an amazing deal for me as I invest lots of small amounts for fun, so a transaction fee is a killer. In fact there is a default setting tucked away somewhere which instantly converts any shares sold back to your base currency at a 0.7% mark up on the margin that already exists. I would be more than happy to pay 0.7% when withdrawing money from IG as a fee for using their services, but to pay it every time I sell a share is a complete sting, especially as this is a pretty well hidden charge. I would urge everyone to find the setting and switch to manual!

Edited by David88
punctuation
Link to comment

Just realised from another poster they get you both ways!  I changed to 'manual' when I realised the above.  But now I see that incurs me a $15 charge on every transaction.  Putting the two together,   you should consider any purchase of shares up to about £4000 to incur an effective 1% transaction charge,  realisable on sale of your shares.  This means there is about a 1% bias against any transaction you do (you are starting 1% down),  so there is an advantage in looking for medium to longer term investments rather than attempting to make small gains of one percent here or there.  I am going to change back to automatic,  as I tend to invest small amounts,  and reconsider my whole approach.

 

Edited by David88
Link to comment
  • 10 months later...

yeah and in the positions tab it says you are in profit in $ and converts it to a £ profit  when your actually making a loss in £ when you check the £ paid for the shares.

 

ON US shares from UK they basically calculate the book value  in $ and show you a dollar profit converted to £. the book value isn't based on what you actually spent. I think this is very misleading. 

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • General Statistics

    • Total Topics
      21,658
    • Total Posts
      91,969
    • Total Members
      41,942
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    Ciko
    Joined 29/03/23 01:09
  • Posts

    • Discover profitable European stock market opportunities using Elliott Wave theory. Our investing and trading strategies cover popular indices such as DAX 40, FTSE 100, and DXY, as well as currency pairs like GBPUSD and EURUSD. Our latest market analysis cannot confirm a bearish count for DAX, GBP, and EURUSD, indicating potential further upside. Our Elliott Wave analysis suggests day traders should go long, while position traders should wait for better opportunities. Take advantage of our insights to maximize your profits in the European stock market. European Stock Market Elliott Wave Investing / Trading Strategies Content DAX 40 - FTSE 100 - DXY - GBPUSD - EURUSD Market Summary Cannot confirm the bearish count for the DAX GBP EURUSD Elliott Wave Analysis Indices, day traders long, position traders wait. Trading Strategies Further upside for DAX FTSE GBP and EURUSD Video Chapters 00:00 DAX 40 (GDAXI)  03:10 UKX / FTSE 100 10:05 Forex GBPUSD / EURUSD / DXY  24:43 Thanks for watching! Analyst Peter Mathers TradingLounge™ Australian Financial Services Licence - AFSL 317817 Source: tradinglounge com  Level Up - Test the Trial Service!    
    • Hi, is anyone else missing Monday's gold data? 27.03.2023.   I messaged IG and the "help"desk guy said 'try reinstalling the app. I did. That did not work.  I have no gold data for Monday 27.03.2023. Not on my phone app, not on my MacBook IG webpage and not on pro realtime. Prorealtime is not even loading up for me on the MacBook Pro. 
    • Stock Market Content ASX200 CBA BHP RIO FMG NCM Gold Lithium Nickel Copper DXY AUDUSD Elliott Wave Analysis Summary ASX200 Corrective rally for banks and resources. Gold, Copper and Lithium are bullish Elliott Wave: ASX200 Wave (v) of c) of 2  Strategy ASX200 A move towards 7080 - 7100 Video Chapters 00:00  S&P/ASX 200 (XJO) 08:00 Commonwealth Bank CBA / Bank Sector XXJ 10:35 IRON ORE BHP Group (BHP), Rio Tinto (RIO), Fortescue Metals Group (FMG) 20:37 Newcrest Mining NCM / GOLD XAUUSD. Silver 26:23 AUDUSD / US Dollar DXY 27:46 copper stocks 31:11 Nickel stocks 36:15 Lithium Stocks 41:11 Thanks for supporting Analyst Peter Mathers TradingLounge™ Australian Financial Services Licence - AFSL 317817 Source: tradinglounge com  Level Up - Test the Trial Service!    
×
×
  • Create New...