Minimum consideration when buying shares at quote

[Guest Matthew_123]

Hi, 

This is a very basic question for nearly all of you, I am sure.

I am attempting to buy shares 'at quote'. The shares' total value is approx. £2k. The consideration is approx. £30. 

However, the trade is rejected on the following basis:

"Minimum Consideration - the consideration of your order is below the minimum allowed (£90)"

Please advise if the only basis on which I can buy these same shares is by buying 3x the value (£6k), therefore resulting in the minimum £90 consideration requirement being met?

 

Alternatively, should I consider buying 'on exchange' to avoid this?

 

Thank you

 

Matthew

[JamesIG]

Hi - the consideration of the shares purchase is the value of all shares as a net value, i.e. if you are buying 100 shares and each on is worth 200p (£2) then the consideration would be £200.

I suspect you are purchasing UK listed equities? Please note that these are quoted in pence, so a share price for Lloyds bank quote of 57 is 57p, not £57. Was this your issue? 

What stock are you trying to purchase? I can tell you the minimum number of shares required to buy to hit the £2k total value you are looking to get. 

[knicol46]

Its possible you have entered to purchase the wrong quantity (amount of shares) and the quote is stating it only comes to £30 cost (£90 being the minimum IG require).  What was the stock you purchasing?

[trade247]

yeh lets take Lloyds as @JamesIG said - if you're quoted at 57p then you're £2000 trade (which is 200,000p) is simply 200,000 / 57 = 3508 rounded down. You should be able to purchase 3508 shares which has a consideration of around £2000 and will cost £8 commission