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Daily FX interest for one day Litecoin

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I have an DFB on Litecoin and I’m being charged daily FX interest which is becoming too expensive week after week.

my account is in GBP. If my account was in USD, is the daily FX interest be charged as well?

thanking you in advance

 

Edited by Jambo

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Holding Cryptocurrencies overnight will incur an interest charge. Please see below for Litecoin. 

https://www.ig.com/uk/help-and-support/spread-betting-and-cfds/fees-and-charges/what-are-igs-cryptocurrencies-spread-bet-product-details

I would imagine there would still be charges regardless of what currency your account was in as the overnight charges would apply regardless. @JamesIG may be able to confirm 100% but my understanding is yes if your account was in USD then the interest charges would apply.

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hey @Jambo - if you are trading crypto assets with IG then you will incur an overnight charge, and the currency you are trading in wouldn't actually have an effect on whether or not you're charged.

There is no TomNext rate in the same way as there is for other more traditional currency pairs, so this value incorporates the primary risks for IG in offering cryptos. These include low liquidity at touch price, exchange risk, wallet risk, and the costs associated with offline cold storage and insurance. 

Check out the below snippet from the H&S portal which you may find useful.

image.png

For more information, including what these calculations mean, please check out: https://www.ig.com/uk/help-and-support/spread-betting-and-cfds/fees-and-charges/what-are-igs-cryptocurrencies-spread-bet-product-details

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