Jump to content

Manual vs Instant currency conversion


Recommended Posts

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

Link to comment
  • 2 weeks later...
  • 3 weeks later...
  • 8 months later...
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.

Link to comment
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
 

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • General Statistics

    • Total Topics
      19,524
    • Total Posts
      86,911
    • Total Members
      68,776
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    Stane
    Joined 12/08/22 08:37
  • Posts

    • KLA Corp., Elliott Wave Technical Analysis KLA Corp.,(KLAC:NASDAQ): Daily Chart, August 12, 2022,  KLACStock Market Analysis:Looking for further continuation lower into wave c) of {ii}. Wave (b) may not be finished, however I am still looking for further downside after the initial move up we had in a five wave manner. KLAC Elliott Wave count:  Wave c) of {ii}. KLACTrading Strategy: wait for the end of wave {ii} to start building long positions to target ATH. KLAC Technical Indicators:We are above all EMAs which suggests we have resumed the uptrend. We could find support off the 200 EMA. TradingLounge Analyst: Alessio Barretta       KLACorp.,KLAC: 4-hour Chart, August 12 2022,  KLA Corp., Elliott Wave Technical Analysis KLAC Stock Market Analysis: Looking for completion of wave (b) to then resume downside into wave c) which could eveb be traded on short timeframes. KLACElliott Wave count:  Wave c of (b). KLAC Technical Indicators: We are facing resistance off the 20 EMA which could be a sign wave (b) is completed or nearly completed. KLACTrading Strategy: You could either look for shorts into wave c) or/and wait for a larger swing once wave {ii} is finished and target he upside with wave {iii}.
    • Elliott Wave Analysis TradingLounge 3-Daily Chart, 12 August 2022, Monero(XMRUSD) XMRUSD Elliott Wave Technical Analysis Mode: Motive Structure: Impulse Position: Wave I Direction Next higher Degrees: Wave C of Zigzag Details: The sub-wave of the first wave is about to end. Watch out for the reverse in Wave Cancel invalid Level: Monero(XMRUSD) Trading Strategy: The entry price is entering the last wave of the first wave. And it is going up to test resistance at MA50, waiting for a reversal in the second wave to enter the trend again. Monero(XMRUSD) Indicators: MACD and MACD Histogram have a reversal signal in an uptrend. TradingLounge Analyst: Kittiampon Somboonsod Elliott Wave Analysis TradingLounge 4H Chart, 12 August 2022, Monero(XMRUSD) XMRUSD Elliott Wave Technical Analysis Mode: Motive Structure: Impulse Position: Wave ((4)) Direction Next higher Degrees: wave I of C Details: Entering the fifth wave. Watch out for the reverse Wave Cancel invalid Level: Monero(XMRUSD) Trading Strategy: The short-term rise of the fifth wave After the fourth wave The level of the end of the triangle pattern is at The end of wave D, but if the price descends below the end of wave E, it is possible that the fifth wave may end at wave B. Monero(XMRUSD) Technical Indicators: MACD and MACD Histogram continue in the same direction.
    • Hi @ArturG, I added a response on the thread you shared. Effectively, the rule apply to UK clients. You can find the relevant text here:https://www.legislation.gov.uk/eur/2014/1286/body I hope that it helps ! All the best - Arvin
×
×
  • Create New...