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Why is IGMT4 pip values and profit and loss not the same. 

I understand how the calculation is made but not why.  My understanding of FX trading is that since I do not physically own the assets, I cannot understand why my profit and loss the pip values is not the same as REAL actual profit and loss, for example, pip value of +10, account value of +£7.12 for EURUSD TRADE.

I have tried to change this on new MT4 download by choosing fx gbp in the new setup, but the problem persists. 

This is made worse when I looked at the "fees" involved; 12%-13% on margin/spread or 24%-26% roundtrip.  Converting from sterling to USD is about 30% loss.  Therefore I am penalised by about 50% on each Opened and Closed trade.

Yet IG advertises that no commission and low spreads.

I would be grateful for an answer please before I start Live trading.

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