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Hi Dan, I have been using IG Spread Betting for a few years now but just opened an ISA account and while I do like and appreciate the similarity between IG's SB and ISA applications there were a couple of things that I didn't like so I wondered if it was just me or whether these niggles have been raised before.

- End of Day prices against the ISA Portfolio are set to the same values but for accuracy of portfolio valuation at end of day they should be set to the 'end of day' Sell Price, not clear what the price is but may well be a mid market price.

- Book Cost Defaults to cost of purchase of shares only, the commission / other charges are not shown in the book cost which is not the correct way to handle book costs, they should reflect the full Debit Amount applied to the ISA Account(in my view).  The edit option does allow me to create the correct book cost inclusive of commission and charges but it an unnecessary extra step, better to default to the book cost to including the commission / charges and then allow those users that don't want commission / charges included to adjust accordingly.  I am assuming that IG do not allow / support the dealing costs / charges to be applied to an account that isn't the ISA account, if they do then I would fully understand the approach to book costs?      

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Hi 

 

Thanks for your comments and questions. i'm glad to hear that overall you're a fan of the service and platform. Hopefully I can address the points you raised regarding your ISA account:

 

I can see the point regarding a settlement based on the end of day sell price. Of course, you want to see what your portfolio is worth if you were to sell. However, once the market closes, there is no longer a "two way" Buy / Sell price until the market re opens the next day. Before that point, there will be two auction periods: an end of day closing auction, and then a start of day opening auction the next day.

 

These auction periods determine what will be the official end of day settlement price and then the next days opening level. This is known as the "uncrossing price" for both the closing, and opening auction. As you mentioned, this uncrossing price could be looked at as a kind of mid price, as it does often settle off somewhere between the Buy / Sell quote. However, it can also move outside of the previously quoted spread if there are enough orders executed within the auction at a higher or lower price.

 

Effectively, the uncrossing end of day price is the latest, truest, price to which your shares could be valued. I'm sure you've already realised though, that whether it be the uncrossing price, or the last quoted sell price, any of these overnight prices are pretty much irrelevant until the market re opens and you're able to actually trade on a firm price again the next day.

 

Regarding the book cost - yes this does default to the cost of the position, and as you mention, you have the ability to adjust this to include commission and any other costs. Here there is a real split in what works for one doesn't for another. i can fully understand why you'd like to include costs, but you may be surprised at the amount of people who like to show a value purely based on position value, omitting any cost value. This is why we make the figure adjustable. 

 

You are correct in that the commission for an ISA account will need to be paid from that same account and can't be linked to a different account.

 

I hope I've been able to shed some light on things from our side. I'll pass on your opinion regarding the book cost view as feedback, as if we see a large shift in clients preferring one style over the other, we'll make adjustments to default to the most popular view. So again, thanks for the feedback - it's always useful and appreciated!

 

All the best!

 

SimonC

 

 

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Hi A newbie on here. Can anyone advise on the following. I'm selling my shares on my normal share account and then reinvesting into my Share ISA when prices are right. Once I sell the shares is there a time limit before I can transfer and or withdraw funds. Thanks TC

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  • 2 weeks later...

Hi Tony,

 

I came to this thread to see if I could establish if Dan was still the community manager but saw your question. I think the answer is "no" but by now you will know the answer. You may be wondering why the support staff has not answered by now. Well, after not having got answers to posts or answers months later I was just recently told by a member of the community support staff that unless you include an @supportmemberofstaffsname in your post it will not get picked up by them. 

 

Welcome to the community BTW :-)

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  • 2 weeks later...

Hi , thanks for this post and apologies for any delay in getting back to you.  Do note that users will not automatically receive a message notification unless you use the @name function - just something to bear in mind to avoid being ignored!

 

I just wanted to check if you had any ongoing questions regarding ETFs?  We are continuing to develop our offering, and you will hopefully find our ETF screener really helpful in identifying interesting ETFs, and obtaining the full details and cost of carry etc.  You can access this here.

 

Happy to help if needs be, and don't hesitate in creating an ETF-specific discussion board!

 

Thanks,

Hannah

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Hi , thanks for your post and welcome!

 

As an industry standard, UK shares settle on a T+2 basis, and US shares on a T+3 basis.  This means that the proceeds from any shares sold will not be available to transfer or withdraw until the settlement period has passed.

 

As you mention you are liquidating holdings in your share dealing account and then transferring them to your ISA account, I wonder if you are aware of the Bed & ISA service we offer?  This allows you to move open holdings in your portfolio across to the ISA account, so there is no need to close them.  You'd just need to call our dealing desk (0207 896 0000) to confirm details with a dealer.  There would be a flat commission charge of £40 per line of stock, plus spread capped at £30.

 

If you have any more queries, please just let us know!

 

Thanks,

Hannah

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His Dan

I am relatively new and I have been live trading for about 6 months. I have only been live Trading on my Soth African "domestic account" and allows on the "international demo account".

I would like to commence Trading on the "international live account".

I mostly trade in Mini denominations on indicies, forex, and commodities.

I days trade and would love as much guidance and info as possible on scalping strategies...

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Hi , thanks for the post and welcome!

 

If you need any help starting on your international trading account, please don't hesitate to get in touch with our helpdesk team in Johannesburg.  You can reach them on +27 10 344 0053 or helpdesk.za@ig.com.

 

Looking forward to hearing more from you on here!

 

Hannah

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Good day,

 

My name is emtv1 and live in South Africa, fairly new to trading and have not opened my first trade yet since I joined IG about three weeks ago. I have traded FX for about three months with mixed results. My objective is to make a living from what I like doing and not what I have to. I for-see trading fulfilling this and for this reason I have no feeling of giving-up despite early challenges.  

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Hi All, I am new into the market. I practised demo account for weeks. I have a doubtful here. Demo account with currency £, I can trade as low as 0.5trade size (AUD/USD) with margin GBP 18.56. However, when I opened the live account and made initial deposit AUD200. I cant trade at all. It required higher margin compare to the demo account. Same trade size 0.5 required AUD250+ margin. I opened my account in Australia. Deposited AUD. How come my currency for trade is in USD? I couldnt change the currency to AUD. Any advise?

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Hi Michaellai,

 

Note FX pairs in IG are categorized into two, the "standard" pairs and mini-FX pairs. With the capital of 200AUD or USD your option is to trade on the mini-FX pairs where a trade volume of 1-contract may require a low margin your mentioned. As for the account currency base I suggest that your send an email to the help desk for assistance.

Hope this will assist you.

 

Kind regards,

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Hi  and , thanks for the posts and welcome!

 

Michaellai - has emtv1 answered your question or do you need any more assistance?

 

Please feel free to start your own threads on FX or any other subject matter that interests you!

 

Good to have you on board,

Hannah

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Hi .  Couple of important points to consider when starting out. Firstly realise everyone is out to take your money off you and your number one goal is to protect it (learn the principles of 'risk management' real quick).

Second, you need to define and specialise.

 

Define what type of markets and time frames best suit your situation and personality. For example if you have a full time job and prefer slower markets consider larger time frame (4 hour) shares trading, or, if you prefer something full time and faster consider intraday trading the FX market.

 

Specialise. Decide on one market (FX, shares, indices, commodities), on one time frame and one entry and exit strategy and practice it over and over until you get real good at it.  Good Luck.

 

https://www.ig.com/uk/learn-to-trade#intro

 

http://www.babypips.com/school

 

https://www.tradingwithrayner.com/how-to-trade-pullbacks-and-breakouts-successfully/

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  • 2 weeks later...

Hi I,m very new to this and need to bump up my income. Just read a few books, unfortunately prone to gamble a little (must stop that)

Lost a bit day trading and now just have an isa and share account. So far so good 20-25% gain in about 8 months, but beginners luck maybe.

Where can I find help with the site in general. I get very nervous sometimes as I really don't understand the site that well.

Any pointers would be much appreciated. Thanks

 

 

 

 

 

 

 

 

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Hi , thanks for the post and welcome!

 

Are you looking for pointers on how to use the platform?  Or to trading in general?  Either way you can find a number of guides, tutorials and videos on the Education section of our website here.  You can also search this Community for key words to see if there is an existing thread discussing a subject matter of interest for you.

 

Practising with our demo platform is a really good way of familiarising yourself with the functionality and products on offer - you can either access this within the My IG dashboard if you already have an account, or by signing up for a demo account here.

 

Good luck and please do get involved in the Community!

 

Thanks,

Hannah

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  • 3 weeks later...

Hi I am Rene from Amsterdam, the Netherlands. I am new to this platform, but have been (hobby) trading on other platforms since 2012. I have decided to look into using this platform for CFD trades, while using a different platform for cash trades. I mainly trade BIOTECH stocks on the US exchanges. I do both day- and long-trading for capital gain.

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Hi  and , thanks for the posts and welcome!

 

Please do check out the Education section of our main website here which should provide you with a lot of information (guides, videos etc) to get you up and running with trading on our platform.

 

We also have a whole host of threads within this Community already with discussion and information on trading how-to and strategies - just type in a key word to get started.

 

Best of luck, and we look forward to hearing more from you on here!

 

Thanks,

Hannah

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Hi all,

From Australia, new to trading, very bad at trading. Luckily, I have a very very forgiving wife. But it would be a good idea to get a few notches on the side of the laptop. You seem to be an eclectic group with specific methods. Would anyone like to recommend a particular 'fountain of knowledge' or more realistically a first book or site etc...?

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