Discrepancy of profits quoted on IG pre sale and after?

[Gold_Coast]

Hey All - new here, hope you are well. I was hoping someone could help with a question I have please..

I am from the UK and only traded US stocks on IG. I noticed that the actual profits I get from selling my shares are 50%+ less than what IG quotes just prior selling underneath all my positions. I managed to screenshot everything when I sold out all my positions on 30 Nov.

I understand there are currency charges and trade commissions, and of course trade depends on the exchange rate. However, I just can't get my head around how this is happening. Would appreciate if people could share their views and expertise please.

 

 

(1) Profit information quoted PRIOR to selling the shares on 30 Nov on IG - £1,094.96

 

(2) Based on the screenshot info above, decision was made to sell whole portfolio BUT total profits received post sale were only - £635, ALMOST 60% less

 

 

 

 

I would like to point out as well that the sale prices I got were mostly higher than on the first screenshot, yet profits received were still so much smaller.

 

 

Even JUST using Lululemon as an example here, this is just ridiculous - pre-sale profit was $288.90 USD on first screenshot (say £200 being generous with the exchange rate), and I just cannot fathom how it ended up being only £58.80 post sale, surely the currency rate, fees and commissions don't amount to the £100+ void here?

 

Thank you for your help in advance.

[CharlotteIG]

On 05/12/2020 at 18:14, Gold_Coast said:

Hey All - new here, hope you are well. I was hoping someone could help with a question I have please..

I am from the UK and only traded US stocks on IG. I noticed that the actual profits I get from selling my shares are 50%+ less than what IG quotes just prior selling underneath all my positions. I managed to screenshot everything when I sold out all my positions on 30 Nov.

I understand there are currency charges and trade commissions, and of course trade depends on the exchange rate. However, I just can't get my head around how this is happening. Would appreciate if people could share their views and expertise please.

 

 

(1) Profit information quoted PRIOR to selling the shares on 30 Nov on IG - £1,094.96

 

(2) Based on the screenshot info above, decision was made to sell whole portfolio BUT total profits received post sale were only - £635, ALMOST 60% less

 

 

 

 

I would like to point out as well that the sale prices I got were mostly higher than on the first screenshot, yet profits received were still so much smaller.

 

 

Even JUST using Lululemon as an example here, this is just ridiculous - pre-sale profit was $288.90 USD on first screenshot (say £200 being generous with the exchange rate), and I just cannot fathom how it ended up being only £58.80 post sale, surely the currency rate, fees and commissions don't amount to the £100+ void here?

 

Thank you for your help in advance.

Hey, 

With US shares if you're on our manual conversion your commission should be £10 on the open and close for this share. So £20 needs to be taken into consideration for the commission. 

With the exchange rates you can find them on your order history so you can see the rate you were converted at. 

Unfortunately I can't post data that's personal to your account. If you're struggling to work out what happened with your position you can email us asking for a breakdown and we will be able to go step by step and break down all charges relating to a line of stock you purchased and sold. 

Sorry I couldn't help more with this. 

All the best 

 

[Gold_Coast]

Thanks @CharlotteIG for your response.

I am fully aware of the commission as well as the exchange rate as posted in the screenshots above. I have gone through my statements and understand the breakdown.

My question is why my overall profits are so inflated / overstated on the IG screen? This is very mis-leading and causes clients to sell thinking they would get X amount of profit but actually they end up with only 40% of that. What is the reason behind the huge discrepancy?

I did e-mail so am waiting for a full response hopefully too.

[CharlotteIG]

On 09/12/2020 at 09:55, Gold_Coast said:

Thanks @CharlotteIG for your response.

I am fully aware of the commission as well as the exchange rate as posted in the screenshots above. I have gone through my statements and understand the breakdown.

My question is why my overall profits are so inflated / overstated on the IG screen? This is very mis-leading and causes clients to sell thinking they would get X amount of profit but actually they end up with only 40% of that. What is the reason behind the huge discrepancy?

I did e-mail so am waiting for a full response hopefully too.

Hey @Gold_Coast, 

You're right if you have instant conversion rates on your trades and the profit is 40% different then there is a problem. I will speak to our client facing team and ask them to pick the email us as soon as possible. They will be able to take a deeper dive into what has happened. 

I hope you get the outcome/ answers and it would be great if you could share them once you do. 

All the best