Overnight charges - can ANYONE explain them?

[RobJ]

I am perplexed by the charges IG seem to conjure.

On one overnight trade I get a .70p interest charge....... and yet on another identical trade (i.e. Same quantity and just one overnight held position) I get a £9.87p interest charge.

IG chat help just tells me overnight charges are not fixed charges (interesting use of words!).

When pressed on this matter, the chat is cut off telling me "I am unable to provide you the information/assistance right now. However, I will get back to you with an email at the earliest".

All I need is a clear and reasonable explanation.

All answers gratefully received.

[ArvinIG]

7 hours ago, RobJ said:

I am perplexed by the charges IG seem to conjure.

On one overnight trade I get a .70p interest charge....... and yet on another identical trade (i.e. Same quantity and just one overnight held position) I get a £9.87p interest charge.

IG chat help just tells me overnight charges are not fixed charges (interesting use of words!).

When pressed on this matter, the chat is cut off telling me "I am unable to provide you the information/assistance right now. However, I will get back to you with an email at the earliest".

All I need is a clear and reasonable explanation.

All answers gratefully received.

Hi @RobJ,

Thank you for your post.

It is likely that you were charged for the weekend if you are trading FX.

Spot FX in the underlying market usually works on a T+2 basis, meaning settlement/delivery 2 working days after the trade takes place. Because of this, the weekend interest (3-day charge) is charged if you held a position through 10pm on a Wednesday rather than through market close on Friday.

I hope that it helps !

All the best - Arvin