Stock pricing question?

[GodAtum]

From what I can read, IG charge a "setup" fee for new accounts? Say I setup a new account, make 100 US stock trades in the 1st month, I'm charged £1000. But in the next month if I make 100 US stock trades it's free?

So the best way to get around this is to take the £30 hit and only trade 3 shares in the 1st month?

Or am I wrong and it's actually £10 for the 1st 2 shares, then free thereafter in the 1st month?

Edited August 21, 2022 by GodAtum

[tradinglounge]

I'm not sure, however I've never been charge for setting up an account. what you maybe getting charged for is data as there are different types of data feeds, there is also a platform fee for using ProRealTime as its a third party App.

[AndaIG]

Hi @GodAtum

Thanks for reaching out, we wouldn't call it a setup fee for new accounts because if at any point you make less than 3 trades in a month then you will go back to paying GBP10 per trade in the next month. You would then need to place at least 3 trades in that month to qualify for free commissions in the next month. However you are correct that in your first month you will be charged GBP10 per trade on US shares and need to place at least 3 trades to qualify for free commission for the next month. See the following link for more info: https://www.ig.com/uk/investments/share-dealing/costs-fees

All the best, 

Anda

[GodAtum]

Thanks, how much are the data fees or fee for ProRealTime?

[AndaIG]

Hi @GodAtum

Thanks for reaching out, 

The fee is GBP30 per month, this can be rebated if you trade at least four times in significant value on any given month. You can find more info here: https://www.ig.com/uk/trading-platforms/prorealtime

All the best, 

Anda

[GodAtum]

Thanks for the information. When I sign up, can I choose my base currency to be USD? I live in the UK.

[AndaIG]

Hi @GodAtum

That depends on the account type, leverage yes. But for non-leverage this is not possible. You can make your share dealing a multi-currency account but in this case you lose the free commission benefit. 

All the best, 

Anda