How P/L calculated by IG with BTC/GBP

[HLau]

If open call for BTC/GBP at 35000. 1 pt means 1 GBP.  Now GBP/USD is at 1.235.

So, open price is BTC/GBP @ 35000 and in which GBP/USD @ 1.235.

If settle contract at BTC/GBP @ 38000, and at that time GBP/USD will be at 1.25.
 

Then, the bet on BTC/GBP gains 3000 pts.  Gain will be GBP3000.  But what will be the exchange rate when IG converts the gain back to USD?  Will it take the exchange rate at the time of closing? i.e. gain will be 3000x1.25.  Or it converts gain in USD using the exchange rate at opening?  i.e. 3000x1.235?  

[AndaIG]

Hi @HLau

Thanks for reaching out, 

The conversion will be done when you close the position. i.e. the exchange rate at the time the position is closed. 

All the best, 

Anda