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The money I have paid does not relate to the amount of shares I thought I bought


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Hi I am new to IG, I have set up a live account after using the demo account. I have purchased 500 shares in IAG at the price of 139.60 GBP. According to my calculations, this should cost me £698.00 but this is not the amount of money that has been taken from my funds, in fact, it is hard for me to work out how much I paid for this as also the charge for the trade has been taken which I think is £10. I seem to have paid about £100 but nowhere near the amount of £698.00.

When I ordered the shares in the deal box I put 500 into the box named "size". When I did this it said to buy 500 shares @139.60 GBP.

Why have I not paid more money? Do I now own 500 shares in this company? Any ideas I would be grateful.

Thank you

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13 hours ago, Armelle said:

Hi I am new to IG, I have set up a live account after using the demo account. I have purchased 500 shares in IAG at the price of 139.60 GBP. According to my calculations, this should cost me £698.00 but this is not the amount of money that has been taken from my funds, in fact, it is hard for me to work out how much I paid for this as also the charge for the trade has been taken which I think is £10. I seem to have paid about £100 but nowhere near the amount of £698.00.

When I ordered the shares in the deal box I put 500 into the box named "size". When I did this it said to buy 500 shares @139.60 GBP.

Why have I not paid more money? Do I now own 500 shares in this company? Any ideas I would be grateful.

Thank you

Hi Armelle, 

If you are trading in a CFD account, you would be trading on leverage. This account is for price speculation where you do not own the underlying asset. If you would like to open a share dealing account where you would be registered as the owner of the shares and shareholder in the company, the correct account to open is a share dealing account. 

You can add a share dealing account by logging into your IG account from the desktop. On your My IG, click on 'Add an Account'. 

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All the best, OfentseIG

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Hi thank you for this information, I wonder how I got this wrong 😢. because that is what I would like, a share dealing account. I will have a look at this, although I am slightly put off because it was not clear to me that I opened the wrong account.

Thanks for the clarification, I guess now I need to figure out how to get what is left of my money out of the CDF account before I start again. At this point looking at the account I am worried I might end up owing it money!!

Thanks again

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On 24/03/2023 at 18:56, Armelle said:

Hi thank you for this information, I wonder how I got this wrong 😢. because that is what I would like, a share dealing account. I will have a look at this, although I am slightly put off because it was not clear to me that I opened the wrong account.

Thanks for the clarification, I guess now I need to figure out how to get what is left of my money out of the CDF account before I start again. At this point looking at the account I am worried I might end up owing it money!!

Thanks again

Hi @Armelle

If you close the positions, you only loose the loss made on the position. The margin invested in the position will be returned to your account. 

All the best, OfentseIG

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