Jump to content

Question on "WITH" type in statement history


Recommended Posts

Hi guys, I just joined IG and I created a demo account to try things out. I bought Tesla stocks and sold it at a loss. But in my statement history, there are 2 statements which has a type "WITH". I bought just 1 stock of tesla and was supposed to incur a loss of $3.23. But these 2 "WITH" statements deducted $21.22 both at a total of $42.44 total. I couldn't find any topic with this WITH type hence I created a new topic for this! I was wondering if this was because I wasn't using USD currency and it was converted from my currency?

13/07/22
WITH
Tesla Motors Inc (All Sessions) COMM DIAAAAJ2K6DH2AW Converted at 1.4149
 
Link to comment
3 hours ago, Shermz said:

Hi guys, I just joined IG and I created a demo account to try things out. I bought Tesla stocks and sold it at a loss. But in my statement history, there are 2 statements which has a type "WITH". I bought just 1 stock of tesla and was supposed to incur a loss of $3.23. But these 2 "WITH" statements deducted $21.22 both at a total of $42.44 total. I couldn't find any topic with this WITH type hence I created a new topic for this! I was wondering if this was because I wasn't using USD currency and it was converted from my currency?

13/07/22
WITH
Tesla Motors Inc (All Sessions) COMM DIAAAAJ2K6DH2AW Converted at 1.4149
 

Hi @Shermz,

Thank you for your post. 
The 21.22$ is the commission while the 3.23$ is the conversation back to your base currency.
The system will automatically convert back to your base currency. You can open a CFD account and change the base currency and have a USD account for example, in this case you won't incur conversion fee unless you are depositing and withdrawing in another currency than USD.
https://www.ig.com/sg/charges
image.png

I hope that it helps !

All the best - Arvin

Link to comment
4 hours ago, ArvinIG said:

Hi @Shermz,

Thank you for your post. 
The 21.22$ is the commission while the 3.23$ is the conversation back to your base currency.
The system will automatically convert back to your base currency. You can open a CFD account and change the base currency and have a USD account for example, in this case you won't incur conversion fee unless you are depositing and withdrawing in another currency than USD.
https://www.ig.com/sg/charges
image.png

I hope that it helps !

All the best - Arvin

Hi! Could you explain how does the commission work? Doesn't seem to make sense to me on how I lost $3 but the commission is more then 10x the amount I lost. Thanks!

Link to comment
7 minutes ago, Shermz said:

Hi! Could you explain how does the commission work? Doesn't seem to make sense to me on how I lost $3 but the commission is more then 10x the amount I lost. Thanks!

Hi @Shermz,

Your loss on the deal it self is not reflecting on Ledger but directly on your balance.

The commission is deducted per side, meaning if you buy and sell that equals to two sides. Hence the $21.22 x 2 roughly. Then the conversion as mentioned would be deducted twice, once from account currency to USD and once for USD back to account currency.
Your P/L is not reflecting on the Ledger.

I hope that it helps - Arvin

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • As crypto adoption explodes in the EU, Bitget is fueling the flames with Builders Meetups – engaging events designed for both crypto veterans and newbies. Imagine learning from the Bitget EU COO Apprentice and crypto bigwigs, then building your network with fellow enthusiasts (potential friends or collaborators!). Plus, expert talks will boost your crypto IQ and there might even be free swag! Bitget goes beyond exchange, fostering the community through educational resources on Bitget Academy and a user-friendly platform that welcomes newcomers to the exciting world of crypto. The "Meet Bitget: Your Gateway to Crypto Trading" event in Bucharest, Romania on July 18th is your chance to dive in – registration is free! Don't miss out and spread the word.
    • Zero gas fees, a massive prize pool, and the potential to bridge the gap between Web2 and Web3? I'm all in. This is exactly what the TON ecosystem needs to thrive. Can't wait to dive into all the activities and explore the potential of TON. Bitget Wallet is truly leading the way
    • It's great to see them expanding their reach and engaging with the crypto community in the Balkans. Networking with other crypto enthusiasts, learning about the latest trends, and potentially meeting the cex's EU COO Apprentice, it's a no-brainer. I'll be spreading the word to my crypto buddies in the region. Can't wait to see what insights and connections will come out of this.
×
×
  • Create New...
us