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FX conversion fee rip off


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I know relative to some brokers (who are taking the absolute $%&*) IG fx conversion fee of 0.5% is okay, however its still an absolute joke that they and the industry can get away with this flagrant ripping off of customers.

I would like to know if IG have any plans to reduce their conversion fee ( trading US stocks in an ISA) to compete with others such as Trading212 who don't charge fx fees at all.... I have a moderate account with substantial turnover, like others I know, I'm now considering transferring my account to 212 as I cant see any justification for such high fx conversion fees now its been shown thats its possible to remove them al together... Perhaps 0.1% to cover costs would be understandable, but 0.5% so 1% round trip on trading any size is ridiculous. I easily give IG thousands, if not tens of thousands a yr in fx fees...

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  • 4 months later...
Guest Luca

I agree it’s a total rip off. Unfortunately if you want to trade internationally outside USA and Uk, fees are extortionate within a SS ISA. Brokers with no ISA charge zero or immaterial FX charges on overseas shares, but then you are stuck with capital gains tax...really depends what’s the best option depending on frequency of trading and holding period, size, etc. If you trade mostly Uk and USA, you can start to find more reasonable ISA brokers not charging crazy amounts.

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