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Base currency to use


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Hello

I just opened an account and my trading will consist of Forex (majors/minors) and US stocks (CFD) so my thinking is if i should change the base currency of my account from my current local currency to USD instead to eliminate the conversion fee of 0.3% when trading CFDs and some of the FX pairs. 

My question is then when i fund my account what will the charges be converting from my local currency to USD, IG states there are no fees using debit cards but does that include the conversion fee or is that charged by my bank?

I suppose even if there is a conversion fee on my fund deposits that depending on the amount of trades being done it would still be beneficial to use USD as the base currency of the account.

Am i correct in my thinking here?

 

Best Regards

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If you would like your account in a different base currency then it currently is in, please let us know via email along with your name, date of birth and address, and the account number you would like to change. 

Any conversion will have the 0.3% FX conversion charge applied. The debit card deposit isn't charge, however if there is an FX conversion (say you are depositing GBP from your bank into your USD IG account) then there will be the FX charge. 

You can always send us USD if you prefer, however I can imagine the bank will be far more expensive if you do the USD >> GBP conversion on their end. 

You are correct in your thinking that you won't have continued FX conversions though, and therefore it is probably easier and cheaper to just convert once when you make the deposit. 

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  • 1 year later...

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