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Manual vs Instant currency conversion


Arindom

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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 

AA

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Guest Stradic

Yes i have the same problem. I have noticed a small loss of say $15 USD when converted back on execution ends up being as much as $36 loss AUD (adding on spread .7%) Very frustrating. Iam considering turning on manual conversion at least that way you can gauge what the actual fees will be given that you pay a set rate on commision.

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16 hours ago, Guest Stradic said:

Yes i have the same problem. I have noticed a small loss of say $15 USD when converted back on execution ends up being as much as $36 loss AUD (adding on spread .7%) Very frustrating. Iam considering turning on manual conversion at least that way you can gauge what the actual fees will be given that you pay a set rate on commision.

Hi Stradic,

For AUS, on a CFD account the commission will be 2 cents per share or $15 which ever is higher per side (https://www.ig.com/au/charges

For share dealing, clients who choose to convert currencies manually will pay commission of 2 cents per share with a minimum charge of $10 on US stocks. But you wont pay the Foreign exchange fee and the 0.7% spread.
(https://www.ig.com/au/share-trading/charges)

If you need further information please check the links above or reach out to helpdesk.au@ig.com.

All the best - Arvin
 

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