Jump to content

FX Gains on USD denominated Shares in a GBP Account (UK)


Recommended Posts

I don't understand how the currency gain plays out if you hold USD denominated shares since I should have a massive gain on my account given the fact it is a GBP account (and you dont allow us to hold multiple currencies like IBKR does)

Link to comment
On 02/10/2022 at 13:32, Kgrp74 said:

I don't understand how the currency gain plays out if you hold USD denominated shares since I should have a massive gain on my account given the fact it is a GBP account (and you dont allow us to hold multiple currencies like IBKR does)

Hi @Kgrp74

Thank you for reaching out. 

HMRC rules don't allow you to hold foreign currency in an ISA, but you can still buy international shares.

The gains on currency conversions are only seen and credited in the account once you sell the shares if the currency rate is favorable to you. We also have to consider the 0.5% spread added to the exchange rate and commission charges which would normally offset your profits. 

Thanks, OfentseIG

Link to comment
  • 3 weeks later...

Ahh that's interesting - I suppose right now there may be some gain USD/GBP exchange rate. Also, regarding the holding of currencies. Is it possible to hold USD and others on the standard stocks and shares account on IG. I just ask because IBKR doesnt offer ISAs but you can FX trade and hold multiple currencies to purchase stock denominated in other currencies?

Link to comment
1 hour ago, Kgrp74 said:

Ahh that's interesting - I suppose right now there may be some gain USD/GBP exchange rate. Also, regarding the holding of currencies. Is it possible to hold USD and others on the standard stocks and shares account on IG. I just ask because IBKR doesnt offer ISAs but you can FX trade and hold multiple currencies to purchase stock denominated in other currencies?

Hi @Kgrp74

Yes you can. You can hold different currencies in the Share dealing account. Note for multi-currency accounts: The commission trading fees shown on the website apply to clients who opt for the default setting of 'instant currency conversion'. Clients who choose to convert currencies manually will pay commission of 2 cents per share with a minimum charge of $15 on US stocks. Changing your currency conversion settings influences the amount of commission you pay. All the best, OfentseIG

Link to comment
  • OfentseIG changed the title to FX Gains on USD denominated Shares in a GBP Account (UK)

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

    • Recently, U.S. Senator Bill Hagerty from Tennessee spoke at the Bitcoin conference, stating his efforts to push for Bitcoin-supportive legislation to promote freedom and opportunity. This year, cryptocurrency has become a key battleground in the election campaigns. It remains to be seen whether future policies on cryptocurrency will improve.
    • The digital landscape is undergoing a profound transformation as attention, once a freely given commodity, is increasingly recognized as a valuable asset. Layer3 is at the forefront of this revolution, pioneering a new economy where attention can be owned, traded, and monetized   This innovative approach empowers individuals to monetize their engagement, providing unprecedented control over personal data. Simultaneously, advertisers benefit from transparent metrics that optimize campaign performance. Content creators are presented with diverse revenue avenues beyond traditional advertising, while the overall ecosystem experiences a more equitable distribution of value.   The implications of Layer3 extend across various sectors. Social media platforms, for instance, can leverage this technology to revolutionize user engagement and monetization strategies. Tokenomics play a crucial role in driving Layer3's economy, incentivizing participation and rewarding value creation. While challenges such as data privacy and market volatility exist, the potential benefits of Layer3 are immense   Anticipation is building as its native token $L3 is on Bitget Pre-market as users await its listing on the exchange. This milestone is expected to significantly increase the token's visibility and accessibility, potentially driving substantial growth and attracting new investors. As the countdown begins, the crypto community watches with keen interest, eager to see how Layer3 will perform in this new chapter.
    • I've been exploring the world of play-to-earn gaming recently, looking for something that's not just about endless grinding but actually offers a fun and rewarding experience. OGC really stood out to me because it combines gaming with a sense of community in a unique way. OGC isn't just a game; it's a platform where you can play, earn, and even help shape its future. You're not just a player; you're part of a community with a voice. The idea of earning crypto while playing games is exciting, but what makes OGC special is its focus on community involvement. Your feedback can directly influence the development of the game, which is a big deal. I've also heard that the OGC token is available for pre-market trading on Bitget. While I'm still getting to know the platform and its features, it's definitely something to keep an eye on. Has anyone else tried OGC? What has your experience been like? I'd love to hear your thoughts and any tips you might have.
×
×
  • Create New...
us