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Extremely baffled on currency conversion fee


JamesBuscemi

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Hi All,

could anyone explain how, aking into account all the conversion fee, a gain of $210 becames a gain of  £47.95 on instant conversion setting (No trade fee) ????

 

Nothing is clear or transparance in here, it seems almost a scam and nobody answer the phone nor the e-mail !!


04/06/20 16:19
ProShares Trust - ProShares UltraPro QQQ - 60 @ 85.2

US$5,112.00
-
US$0.11
-£4,039.34

26/05/20 15:00
ProShares Trust - ProShares UltraPro QQQ + 60 @ 81.7
US$4,902.00
-
-£3,991.39

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22 minutes ago, JamesBuscemi said:

Hi All,

could anyone explain how, aking into account all the conversion fee, a gain of $210 becames a gain of  £47.95 on instant conversion setting (No trade fee) ????

 

Nothing is clear or transparance in here, it seems almost a scam and nobody answer the phone nor the e-mail !!


04/06/20 16:19
ProShares Trust - ProShares UltraPro QQQ - 60 @ 85.2

US$5,112.00
-
US$0.11
-£4,039.34

26/05/20 15:00
ProShares Trust - ProShares UltraPro QQQ + 60 @ 81.7
US$4,902.00
-
-£3,991.39

Hi, just a quick look but can't see what's wrong, just looking at the top conversion;

USD total is $5,112.00  

so the IG conversion fee 0.5% of the total = $25.56

$5,112.00 minus $25.56 = $5086.44.

$5086.44 at the current conversion rate (off google around 0.79) = £4034.72

 

  • Great! 1
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0.5% of value at every exchange , sell side + buy side = 1% in the meantime , currency fluctuation risks , for example buy time - sell time = 4%  loss or gain , 1% for IG + 4% exchange loss = 5% of your trade value . If your profit is 6% in USD , your profit become 1% in GBP .  

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