Question on "WITH" type in statement history

[Shermz]

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

[ArvinIG]

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


I hope that it helps !

All the best - Arvin

[Shermz]

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


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!

[ArvinIG]

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