IG is deducting more overnight charges as it should be?

[Guest shawnIG]

 

I am confused as it seems IG is deducting more overnight charges than expected. They should take 0.0636GBP, but they actually took 0.08GBP.

 

The product I opened: ProShares VIX Short-Term Futures ETF. I shorted 0.5 size, and got about 0.08GBP overnight fee last night.

 

Close price of yesterday (2017-12-18): 2307

 

My interest charge of last night (Dec. 18th to 19th): 0.08

 

 

According to your calculation logic on your website (https://www.ig.com/uk/learn-to-trade/overnight-funding):

The overnight fee should be: 0.5 * 2307 * (2.5% - 0.49119%) / 365 = 0.0636

 

This calculation result (0.0636) is different from what IG actually deducted (0.08) as of yesterday. It is clearly that IG is taking more money from us. I will hang on any of my trades before IG can clear the explanation of this.

 

 

Thanks, 

 

 

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Update@17:22, 2017-12-19

 

I got an email, and it seems IG messed up the currency in their calculation. They calculated USD 0.0838, but they are taking GBP 0.0838 from us. 

 

This is not fair!!!

 

[JamesIG]

Hi - unfortunately I can't see the trade linked to this account or login and therefore I wouldn't be able to investigate. Please give us a call and we'll be able to go through your account on a one on one basis to talk you through any charges. If there is ever an error on our side then we'll of course look into rebating the difference. 

[Guest shawnIG]

Hi,

 

 

Your staffs who answer the call know nothing if there is a problem with the calculation or not. 

 

The position is open in my "Demo-Spread bet" account (my registered username is: shawnsuen). I had concerns about your overnight charges calculation, so I opened a test position before I open any positions in LIVE account.

 

Unfortunately, it did prove that there is a significant problem in your overnight charge calculation.

 

Please investigate, and explain how you did the calculation? If there is a problem, whether you will fix it or not?

 

Thanks,

 

[JamesIG]

Hi - so sometimes the demo spread betting account won't behave in exactly the same way as a live account should. This is because the demo is used to showcase basic functionality and the wider product offering, and is used as a non-prod environment for our developers as well as clients.

 

From a costs perspective the link you posted is accurate. If there was ever an error in overnight night funding or charges (or any charges or costs) then we would of course correct this accordingly.