"Zero Commission" US trades

[DC79]

Hi

Can anyone explain to me the logic of having "commission free" trades on US stocks if your account is set to instant currency conversion, but having to pay 2c per share for manual currency conversion, other than to try and scam people who don't know better?

"You can have commission free trades on US stocks! (but you have to pay a conversion fee)"

"No problem, I'll just set my account to USD so there is no conversion"

"Sure, but now you need to pay commission instead of currency conversion fee"

[KoketsoIG]

43 minutes ago, DC79 said:

Hi

Can anyone explain to me the logic of having "commission free" trades on US stocks if your account is set to instant currency conversion, but having to pay 2c per share for manual currency conversion, other than to try and scam people who don't know better?

"You can have commission free trades on US stocks! (but you have to pay a conversion fee)"

"No problem, I'll just set my account to USD so there is no conversion"

"Sure, but now you need to pay commission instead of currency conversion fee"

Dear @DC79,

Thank you for the post.

Please note that you have the option to choose between two charges, based on your currency conversion settings. If your settings are set to instant, you may be charged a conversion fee, as well as a commission fee. However, I want to let you know that IG has recently removed the conversion fee for those who are subject to conversion fees.

Thanks!

KoketsoIG

[DC79]

Thank you for the reply.

Just to clarify, if my account is set to instant currency conversion I wont have to pay a 0.7% conversion fee?

[KoketsoIG]

1 hour ago, DC79 said:

Thank you for the reply.

Just to clarify, if my account is set to instant currency conversion I wont have to pay a 0.7% conversion fee?

Hi @DC79,

If you set your account to 'manual', you won't have to pay for currency conversion. This is especially helpful if you have multiple currencies in your account.

Thanks,

Koketso

[DC79]

Yes I know that. But if my account is set to manual, then for some reason I need to pay "US$10 / 2 cents per share", which I dont need to pay if my account is set to automatic. 

So you can either have no commission trades but pay a currency conversion fee, or have no currency conversion fee trades but pay commission. Is that correct?

And if that is correct, per my original question, what is the logic of having to pay commission if my account is set to manual, but not paying fees if my account is set to automatic?

[KoketsoIG]

18 minutes ago, DC79 said:

Yes I know that. But if my account is set to manual, then for some reason I need to pay "US$10 / 2 cents per share", which I dont need to pay if my account is set to automatic. 

So you can either have no commission trades but pay a currency conversion fee, or have no currency conversion fee trades but pay commission. Is that correct?

And if that is correct, per my original question, what is the logic of having to pay commission if my account is set to manual, but not paying fees if my account is set to automatic?

@DC79, 

That's correct! Our goal is to help consumers save money by eliminating fees. The commission  (on manual settings)  is charged for offering the online trading service.

If this was not in place, you would pay both the commission and conversion fees if your account was set to 'instant'.

Thanks!

KoketsoIG

[DC79]

I'm not sure if you are deliberately trying to be misleading, or if there is a misunderstanding.

What is the logic of charging commission if my account is set to manual, but no commission if my account is set to instant?

Edited January 9 by DC79

[KoketsoIG]

49 minutes ago, DC79 said:

I'm not sure if you are deliberately trying to be misleading, or if there is a misunderstanding.

What is the logic of charging commission if my account is set to manual, but no commission if my account is set to instant?

Dear @DC79,

We apologize for any dissatisfaction with the commission structure. Please note that these are set by our desk. If you have any questions or concerns about charges, please contact our helpdesk. We also welcome any feedback you may have on this.

Thanks,

KoketsoIG