Currency conversion

[krader]

I traded a German stock and the platform automatically converted GBP to Euro in both directions. I did not want to convert back to GBP when I closed because I wanted to buy another German stock. I figured out that I had to change my settings so that it should be" manual" but I am not sure how it will work! If I close a trade will the proceeds be kept in Euros in the same GBP share dealing account? And how will I then convert it back to GBP at a time that is appropriate for me? I guess there is no such thing as a multi currency account on IG.  Thank you for any advice.

Edited July 4, 2021 by krader

[JakubIG]

Hi there, 

Our Share Dealing account is a multi currency account if you choose the manual conversion on MyIG > Live accounts > Share Dealing > Currency conversion.

This means that our system won't convert any EUR/USD/AUD amounts to GBP when you'll sell your holdings.

If you need to convert the EUR back to GBP just drop us an email to helpdesk.uk@ig.com requesting to do so.

Please note as well that the manual conversion will lead to a change in the commission structure for US stocks. For more info please click here, commission structure .

Regards,

Jakub

[krader]

Thanks for your reponse. Would have been better if we had a feature so that we could sell the currency for our local currency since by the time emails are read and the conversion finally takes place the price may have moved significantly against us. I have no idea why this feature is missing as IG would still be able to charge its commission regardless.