Oil Charges

[GTS15]

Hope all is well and safe , 

 

Had a strange charge appear on my statement and must be wrong but IG usual arrogant self to small traders just ignored my messages. I opened a oil trade at £1 a point around 8.10pm and closed at 11.15pm same day for a small profit of £11.20 and the next day I get hit with a daily charge of £22.21 surely that cannot be right for a trade of 3 hours. 

However IG wont explain why the charge , hope some can shed some light on this as I am under the impression we pay the spread not a commission

Kind Regards 

[dmedin]

Ouch.  That isn't good.

[Caseynotes]

43 minutes ago, GTS15 said:

Hope all is well and safe , 

 

Had a strange charge appear on my statement and must be wrong but IG usual arrogant self to small traders just ignored my messages. I opened a oil trade at £1 a point around 8.10pm and closed at 11.15pm same day for a small profit of £11.20 and the next day I get hit with a daily charge of £22.21 surely that cannot be right for a trade of 3 hours. 

However IG wont explain why the charge , hope some can shed some light on this as I am under the impression we pay the spread not a commission

Kind Regards 

Hi, if you hold any spot (cash) leveraged position through 10pm you will automatically be credited or debited the overnight funding fee. As has been discussed on the forum over the last few days the fee for oil is currently very high due to the large difference between the first and second futures contract prices which is central to the nightly calculation.

see more here.

https://www.ig.com/uk/help-and-support/spread-betting-and-cfds/fees-and-charges/why-is-overnight-funding-charged-and-how-is-it-calculated-

[ItsAlex]

1 hour ago, GTS15 said:

Had a strange charge appear on my statement and must be wrong but IG usual arrogant self to small traders just ignored my messages. 

Hi GTS, this is explained in details in the contract you signed when you joined IG.

[dmedin]

Caveat emptor.  IG is just another greedy company that will screw you over with non-transparent charges.  Disappointing.

[GTS15]

I see the armchair legal eagles chimed with about as much help as a chocolate fire guard, just as well there are good guys here to help cheers to Caseynotes as that makes sense , I thought the roll over was midnight but felt the charge excessive as the FX & gold trades are pennies to hold.  

[dmedin]

Retail traders are just collateral damage ...