Bought and sold shares a thte same price but money back to me was £10 less.

[nit2wynit]

Hi, I've been Trading every day for a while now.  Several Buy and Sell activity within a day using my Share Dealing Account.  From what I understand there are No Charges if i traded 3 times the previous month.  I do this daily!

I notice a lot of issues and my account is failing fast.  I recently bought Pinterest at a certain price.  The price is clear on my statement. As time passed I decided to get out and my Sell price was exactly the asme as by Buy price, but money back to me was short £10.

Can anyone explain what is happening?  I'm down over £200 this week getting in and out of trades.  For all I know it's been happening since I started trading.

I recently received a Statement from IG suggesting they have acrued over £1200 from me last year.  I'd like to know how.

Thanks.

Edited August 25, 2021 by nit2wynit

[nit2wynit]

OH DEAR GOD.

Is it the exchange rate conversion and/or 0.5% spread?

I had NO IDEA........I've lost thousands Trading like a Maniac every day!

Still learning.

Can this be confirmed please?  Thanks.

[Thinker]

If you don't know what you are doing stop....

It's like continually touching a hot stove & wondering why you burn yourself...

 

[ArvinIG]

7 hours ago, nit2wynit said:

OH DEAR GOD.

Is it the exchange rate conversion and/or 0.5% spread?

I had NO IDEA........I've lost thousands Trading like a Maniac every day!

Still learning.

Can this be confirmed please?  Thanks.

Hi @nit2wynit,

There is effectively a 0.5% Foreign exchange fee :


The 3+ trades rebate is on commission, more details here.

 

You can change you Currency conversion settings in My IG > Live accounts > Currency conversion
If you change to manual conversion you will be able to hold foreign currencies to then buy other stock or convert when you want to withdraw funds. But the commission rebate won't apply as mentioned above.

 

I hope that it helps !

All the best - Arvin
 

 

[nit2wynit]

6 hours ago, Thinker said:

If you don't know what you are doing stop....

It's like continually touching a hot stove & wondering why you burn yourself...

 

...but now I know 😉👍

[nit2wynit]

Thanks @ArvinIG

Looks like I figured it all out in the end.  Now I know why my account hasn't grown since I started Day Trading instead of Swing Trading.

Given all my profits from last week away.

They say it takes 3 years to learn to trade Effectively.  I should have it nailed by the end of 21

Edited August 26, 2021 by nit2wynit

[amilio]

is that mean no more exchange fee?

[ArvinIG]

3 hours ago, amilio said:

is that mean no more exchange fee?

Hi @amilio,

As mentioned above, on a share dealing account if you switch to manual conversion your commission will change but you will be holding USD, therefore you won't have exchange fee until you decide to convert back to GBP to withdraw for example.

Please refer to the link on the post above.

All the best - Arvin