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Why is there an $8 charge for non auto FX conversion?

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Posted (edited)

Just did a quick scalp trade on Kodak, testing out if its possible using share dealing . <2mins 

as you can see IG always has some way of sneaking in a charge .

I gained $7590 + $7615  - $15118 = +$87 yet when I see the GBP proceeds its $5,749 + $5,766.82 - $11,568.5  = -£52

If I elect to to have the USD to USD automatically not converted they have a $8 charge, In this case it would still be a profit of $71

Under spread bet its a 9 point spread so would also have been a loss also.

My question is why is there an $8 charge, anytime  I phone and ask IG, I just get , "that's just the way the rules are" 

 

 

 

 

FX.jpg

Edited by DavyJones

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Shhhh, I was under the impression that the minimum charge for not using their automatic currency conversion was $15 - at least that's what it says on their charges and commissions page:

'*Note for multi-currency accounts: These figures apply to clients who opt for the default setting of 'instant currency conversion'. Clients who choose to convert currencies manually will pay commission of 2 cents per share with a minimum charge of $15 on US stocks.'

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1 hour ago, Fletch said:

Shhhh, I was under the impression that the minimum charge for not using their automatic currency conversion was $15 - at least that's what it says on their charges and commissions page:

'*Note for multi-currency accounts: These figures apply to clients who opt for the default setting of 'instant currency conversion'. Clients who choose to convert currencies manually will pay commission of 2 cents per share with a minimum charge of $15 on US stocks.'

oh so it is damm!

time to find another broker, Not paying  $30 round trip given I trade 4 or 5 times a day!

IG just not suited for this 

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Is CFD illegal in the U.S.?  I know you said SB is.

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12 hours ago, dmedin said:

Is CFD illegal in the U.S.?  I know you said SB is.

Spread bets are CFDs, CFDs were banned in the US in the late 70s (to protect the retail punter of course).

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