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Hi guys, I'm new to trading and have started a demo account with IG and loving the interface so far, but I'm just a bit confused over some of the prices - for spot silver, it currently says the buy and sell prices are around 2510.5 but the 10 after the 25 is in big numbers - very rookie questions, but does this mean the price is £25.103 or £2510.3 as I've had a look on other broker websites and the price is listed around £25 . Just wondering if those big numbers mean something different, as on other prices, e.g Tesla there are no big numbers and the prices between brokers are the same. However the opposite is true for gold,the big and small number don't make a difference - very confused.  Thanks in advance

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I can answer from a spread bet perspective.  CFD might be different.

The prices are expressed in "points".  Your trades are based upon a certain stake per point.  Your profit/loss is your stake multipled by the number of points moved.

For a Silver spread bet, a "point" corresponds to a US cent in the price of silver.  When you see the IG price as 2510.5, then silver is at US$25.10, but you need to think in cents.  Your profit/loss will be your stake multipled by how many cents silver moves.

A point is not necessarily the minor unit of currency.  For Gold, a "point" on the spread bet corresponds to a US dollar in the price of gold.

For Tesla, a "point" is a US cent.  The numbers are getting unwieldy, but maybe not for much longer ...

Always get a feel for your chosen market so you don't go in 100 times too large!

The enlarged part of the number (if there is one), draws attention to the tens and units of the points.  For example, If 2510.5 changes to 2515.7 you can quickly see that is a 5-point change.

 

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