Share Dealing Charges

[hamza2304]

Hi. 

On the IG website I see that charges for share dealing are nil if you make 3+ trades for US shares and £3 for UK shares in the previous month. I am not sure if "US shares" mean shares listed on a USA stock exchange like NASDAQ or shares listed anywhere in the world but denominated in USD?

I bought units of iShares ETFs last week which are listed on the London Stock Exchange, with one ETF denominated in USD and the other one in GBP. I made two transactions in USD and one in GBP and was charged a dealing fee for all three transactions. So wanted to check what does "USA shares" mean in the link below, i.e. USD denominated shares or shares listed in the USA? Any help would be much appreciated.  

Link: https://www.ig.com/uk/investments/share-dealing/costs-fees

[AndaIG]

Hi @hamza2304

Thanks for the question

US shares means shares listed on USA exchanges. Please note that the commission discount applies for the following month after you have placed 3+ trades. So if you place 3+ trades in August you would then qualify for the discounted commission on trades placed in September. All the best

Anda

[hamza2304]

Thanks for the response Anda. A couple of follow ups:

1. Is there a minimum or maximum number of trades that qualify for the discount next month? Or would I get a discount in Sep regardless of whether I place 1 trade or 100 trades? 
2. If I understand this correctly- would I be entitled to a discount every month if I place at least 3 trades every month continuously going forward now? And therefore never pay the standard fee unless I make less than 3 trades in a month?

[AndaIG]

Hi @hamza2304

1. There is no minimum or maximum to the number of trades that will qualify. The discount would be applied for the month regardless on the number of times traded that month. Take note that each trade would have to have less than GBP25000 notional value .

2. Yes you would be entitled to the discount continuously if you place 3+ trades every month going forward. 

Hope this helps

Anda  

[nit2wynit]

6 hours ago, AndaIG said:

Hi @hamza2304

1. There is no minimum or maximum to the number of trades that will qualify. The discount would be applied for the month regardless on the number of times traded that month. Take note that each trade would have to have less than GBP25000 notional value .

2. Yes you would be entitled to the discount continuously if you place 3+ trades every month going forward. 

Hope this helps

Anda  

Hi, Anda.  I wonder if I can get some advice from you.

I've been trading with Ig since March 2019.

I closed a position last week that was around 30% up.  but my account is still down.  I've placed over 20 trades this week and I am now concerned that there are hidden charges going on.  I did a test today where I bought and sold at the same price. (US) but the money back in was £10 less (estimate) than what I paid out.

This has made me realise that each time I Buy and Sell I'm losing money.  Are there hidden costs I may not be aware of?  What might I be missing?

[nit2wynit]

6 hours ago, AndaIG said:

Hi @hamza2304

1. There is no minimum or maximum to the number of trades that will qualify. The discount would be applied for the month regardless on the number of times traded that month. Take note that each trade would have to have less than GBP25000 notional value .

2. Yes you would be entitled to the discount continuously if you place 3+ trades every month going forward. 

Hope this helps

Anda  

As you can see from the Image below, Alfi was bought @ 9.45 and sold @ 9.42.  3 pts.  the difference Out then in is around £7.

But we can also see Out and in in the next Alfi trade @ 9.7 and sold at 9.68.  this time only 2 pts but I was £12 down!?

Then we can see Pinterest bought and sold at the asme price, but money back to me was down £10.

[nit2wynit]

Apologies I put up the wrong jpg. image.

 

[AndaIG]

Hi @nit2wynit

I believe that you have been answered in another forum. Be cognizant of the exchange rate and the 0.5% FX conversion admin fee. You can also convert your account into a multicurrency account as was suggested. 

Regards 

Anda

[nit2wynit]

Yes. Thanks.

 

I thought it best to start my own thread instead of hijacking this one.

 

Thanks again.

[amilio]

after reading your  notes . I had a look at my account( as I only trade USA stock ). and I realised that average £13 per trade each way was taken out of my account on charges     . my last trade  bough 500 kplt shares @6.946 for . $3473  and sold them @7.12 for $3560... the different is $87 profit .but after exchange I got.... in@ £2530.24   out@£2567.74  total £37.5... profit .  so i change my setting .. I hope this works better  

PS. BEEN TRADING FOR 4 WEEKS.