Question about fees

[SpaceStationX]

Hi, 

I've been using the demo trader for quite some time now, I set aside money for the sole purpose of trading and would like to start soon, but I have a few questions before I actually do.

 

What kind of fees are there for trading?

Are fees dependent on the amount of shares that are bought or are they charged per transaction meaning a set fee after successfully purchasing shares and closing positions? 

Is there a specified amount for topping up an account or can it be any amount?

Is there a specified amount that I would be allowed to withdraw or can I withdraw any funds that are available? 

Can I withdraw at any time or are there periods in which I will have to withdraw the money? 

What are the ways of withdrawing money? Can it go straight into my bank account or can it be transferred for example to PayPal?

Are there any fees for withdrawing funds? 

I keep on hearing that trading on a demo account is completely different from trading on a live account, what are those differences that people usually mention? Also is there anything else that I should be aware of before I decide to invest? 

 

Thanks! 

[JamesIG]

19 hours ago, SpaceStationX said:

What kind of fees are there for trading?

Leverage fees are here (for the UK):  https://www.ig.com/uk/help-and-support/spread-betting-and-cfds/fees-and-charges

Non-leverage fees are here (for the UK): https://www.ig.com/uk/investments/share-dealing/costs-fees

19 hours ago, SpaceStationX said:

Are fees dependent on the amount of shares that are bought or are they charged per transaction meaning a set fee after successfully purchasing shares and closing positions? 

Fees are basis the notional value of your trade. They'll either be a set fee or a fixed percentage depending on your method for trading. 

19 hours ago, SpaceStationX said:

Is there a specified amount for topping up an account or can it be any amount?

Card transfers are £250 however you can send us a bank transfer for any amount.

19 hours ago, SpaceStationX said:

Is there a specified amount that I would be allowed to withdraw or can I withdraw any funds that are available? 

Can I withdraw at any time or are there periods in which I will have to withdraw the money? 

What are the ways of withdrawing money? Can it go straight into my bank account or can it be transferred for example to PayPal?

Are there any fees for withdrawing funds? 

You can withdraw any amount  You can withdraw at any time, however of course there are banking restrictions which we must abide by - for example withdrawing on a Sunday, the funds won't be processed until the Monday. You can request withdrawals to a bank, card, or Paypal if you wish. There are no fees for a withdrawal.

19 hours ago, SpaceStationX said:

I keep on hearing that trading on a demo account is completely different from trading on a live account, what are those differences that people usually mention? Also is there anything else that I should be aware of before I decide to invest? 

 There are a few differences, especially because 'demo' or synthetic paper trading is hard to replicate. For example you can't easily replicate things like liquidity or market depth for shares. We don't have a margin policy on the Demo account and no automatic close out policy. There may be some other minor differences but that's usually the main one. I'm sure others will be able to suggest others.