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Please can someone explain to me these debits from my account? Thanks


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26 minutes ago, WillProfit said:

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Dear @WillProfit,

The charges above are actually the Overnight funding fee. This fee is applied to cash CFD positions that are held past the daily cut-off time. It covers the cost of funding your position, as well as a small admin fee. For AUD-denominated contracts, the cut-off time is 4.50 pm (Sydney time). If you'd like more information on how the overnight funding fee is calculated, please check out this link: https://www.ig.com/au/charges. 

Regards,
AshishIG

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Ok great, thanks. Thought that was the case, but wasn't sure. Is this a weekend charge only, or for every work day? Can you confirm that if I have no positions open, or positions that are in the blue, overnight, no fees will be charged? Is there a corollary interest credit added when positions are positive? Finally, are there any other admin fees that are ever charged on IG accounts?

Huge thanks,

Will

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14 minutes ago, WillProfit said:

Ok great, thanks. Thought that was the case, but wasn't sure. Is this a weekend charge only, or for every work day? Can you confirm that if I have no positions open, or positions that are in the blue, overnight, no fees will be charged? Is there a corollary interest credit added when positions are positive? Finally, are there any other admin fees that are ever charged on IG accounts?

Huge thanks,

Will

@WillProfit,

The overnight fee applies to each day, not just weekends, as long as the position remains open until the cutoff time. Depending on whether you're long or short, and if the next future contract price is higher or lower, you'll either be debited or credited. 
Also, please note that this is only for Cash CFDs. For futures they don't have overnight funding charges, they do come with wider spreads. These contracts are usually utilized for longer-term trades. Regarding your account inquiry, I'll contact you privately via DM as it pertains to specific charges for your account.

Regards,
AshishIG

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