Jump to content

Base currency to use


Recommended Posts

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

Link to post

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. 

Link to post
  • 1 year later...

Join the conversation

You are posting as a guest. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • General Statistics

    • Total Topics
      15,389
    • Total Posts
      73,867
    • Total Members
      62,269
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    prospector
    Joined 13/06/21 20:30
  • Posts

    • Russel Brand tears into MSM and Social Media's dishonesty and censorship of truth over Covid. (20 min) “They’re Lying To You”: If Science CAUSED COVID - what’s next? - YouTube    
    • Fraud, corruption, censorship and the Covidian Cult.   ''The Wuhan/Covid fraud and corruption goes to the very top of the mainstream media establishment. Just in case that wasn't already obvious.''  zerohedge @zerohedge 'The @pulitzercenter is covering up its ties to @PeterDaszak and @EcoHealthNYC! They have removed him from the page of the 2016 conference on future pandemics, where Daszak revealed how his Chinese friends are building killer viruses.'   YouTube censorship ...   The rules are for Thee not for We.   And the 'We' are all in this together.   .
    • 10 years old and still just as relevant.  
×
×
  • Create New...