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Manual vs Instant currency conversion


Arindom

Question

Hello

I hold cash in GBP but as deal US ETFs , I was using instant currency conversion.

In one of my recent trade it came to my notice that though there was a $36 profit on the trade , my account had a £67 loss.

On enquiring realised it was due to conversion rate which during sell was not in my favour and so incurred a loss.

Given that I will always deal in Dollars, also considering there is a $15 charge per trade as minimum ( 2 cents per share but my share quantity at this stage will not go over that 15) 

Q1. Has anyone here noticed that they are at a profit by doing manual conversion and staying in dollars?

Q2. If my cash stays in dollars and I trade in dollars, will I get rid of the 0.5% Fx conversion fee? 

Kind regards 

Arindom

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 I discovered that IG does charge for currency conversion. To be honest never heard of it before with other brokers.

Can anyone reply from IG to clarify how this currency conversion can be disabled?.

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On 30/05/2021 at 06:24, jt_1 said:

 I discovered that IG does charge for currency conversion. To be honest never heard of it before with other brokers.

Can anyone reply from IG to clarify how this currency conversion can be disabled?.

Hi @jt_1,

This answer might help you 


This is only applicable for Share dealing. For leverage dealing you can change your account currency or open another account with a different currency.

I hope that it helps !

All the best - Arvin

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