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Posted (edited)

Hi 

I have posted a screenshot. Can someone please explain to me why there is a £12.93 charge? What does this relate to please? I thought the charge was £3 per share trade.

Also when are the charges made? Immediately or the following months? So lets say if I make 3 trades on US stocks this month am I charged for them? I am finding the whole topic around charges a bit confusing so will appreciate any clarification.

I have searched around but I have not found a satisfactory explanation yet.

I thank you in advance.

Screenshot 2020-04-21 at 14.16.39.png

Edited by jasear
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Thanks for your reply. I attach another screenshot:

This is for Tesla shares. If its 0.5% for conversion it doesnt add up to $12 even if I take into account the £3 charge.

The charges seem to be at the same kind of rate regardless of whether I buy UK or USA share. It seems to be a fixed %535308586_Screenshot2020-04-21at17_53_04.png.60b7fd3d4645369a4ec703a547538f8a.png

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Can someone clarify please. I want to buy some more stocks but need to understand the costs.

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I had the same issue when I joined. The pricing is not clear. I will attempt explaining it. You are required to pay a premium trading charge for the first month after joining. So, if this is your first month the charges are normal.

 Subsequent months will be £3 for dealing UK shares and $0 for US shares if you meet the set requirements. You have to at least place 3 trades monthly. If you don’t achieve this requirement you will pay more.

 You also have to bear in mind; the pricing model is different if you have a multi currency account. The requirement stated above is not applicable and you will pay more. To trade instruments across multiple exchanges, do the maths and subscribe to the cheapest option. Options for currency conversions are manual and instant. 
 

To ensure your qualify for the discounted rate, you must have your current conversion set to instant. With regards to your calculation, convert the total cost to dollars to identify the 0.5%.

 For more details read this link https://www.ig.com/uk/investments/share-dealing/costs-fees

 

 

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Thanks for the explanation. I saw that link you posted before I joined. I have gone through that page again and I dont see where it states that in the first month of joining I am required to pay a premium trading charge. Maybe I am missing it can you please clarify where exactly does it state this?

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It’s stated as a column in the table. It’s not explicitly stated as text. Search for this string on the page “

Number of trades (in previous month)

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Sorry @Bpcue, I am confused. That states that there is no £3 charge per trade if you have made 3 trades in the previous month. Ah ok are you saying that in the first month that you joined as there is no previous month therefore you end up paying the £3 per trade charge?

I can understand that but the issue I have is the charges are much higher than that. If you look at the screenshots I posted the charge comes up to about $12 on a $1000 trade. So even if I factor in the $3 charge + 0.5 for the currency conversion it adds up to $8 but the charge it shows in the screenshots is over $12.

Same for the UK shares even if I add the 0.5% for stamp duty + £3 share trade it adds up to £8.

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Posted (edited)

Ok I just rang them and actually the page @Bpcue sent makes sense I need to look at the second row i.e. if I make less than 3 trades the charges are £8 for UK shares and £10 for USA shares. Then in the following month (provided I have made 3 trades in the previous month) the charge is £3 per trade UK and 0 for USA.

I dont really like this pricing model but thats a separate issue but at least I understand it now.

Edited by jasear
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It is not clear and I made a complaint and requested the wording to be much clearer. You just need to know that there's no way you would have made 3 trades in the first month. Hence the cost. I also took a screenshot for you as an example for the charges I pay. This charge should be zero, but it is showing up as $15. This is a glitch within their application as I get refunded.

 

image.thumb.png.fc444c0cc0b38499c079d91f12a0e62e.png

image.png

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Posted (edited)

The charges are a bit ridiculous. Really puts me off the platform. Not really sure why I should be punished for being a new member. And like you say the order tool is just confusing and can be made clearer.

I have made 5 trades (US shares) already and if I make another I will still get charged £10. Makes no sense to me. Now I have to wait a month to make my next transaction even though I have money in the account and i want to make a trade.

Its really a badly thought out pricing model. As a customer I am now considering to not make any trades this month and to move that money out and use it on another platform to make the trades. Which might mean I dont ever come back to IG. In fact I am considering moving my shares to another platform.

Edited by jasear
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IG does come with it’s benefits. As you stated be careful in the first month. After that all falls into place.

 You also have to be aware they have a quarterly maintenance fee if you don’t make enough trades. Just bear that in mind. 

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Hi, I literally just opened an account and logged in for first time.  I'm trying to make sense of the fees before I start trading, and before that I have a question about depositing funds.  I had assumed I could have a multiple currency account so that I can trade US stocks with US dollars I have rather than having to convert the US dollars into pounds first, and then be exposed to currency volatility.  Are you above trading US stocks from GBP accounts?

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How come I get charged 100 rand when opening and 100 rand when closing a cfd trade of  300 rand?

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Another thing that is unclear on their charges is regarding whether I can make 3 UK trades in one month, and then qualify for the $0 commission on US trades in the following month? 

@CharlotteIG replied to one of my posts on this but I still don't see where this is stated explicitly in any of IG's terms and conditions. Perhaps you can confirm? 

I believe Charlotte stated that you must make 3 UK trades the month prior to qualify for the £3 commission on UK shares and 3 US trades to qualify for the $0 commission. 

Can anyone please confirm whether this is the case? 

 

Thanks

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3 hours ago, HJackson said:

Another thing that is unclear on their charges is regarding whether I can make 3 UK trades in one month, and then qualify for the $0 commission on US trades in the following month? 

@CharlotteIG replied to one of my posts on this but I still don't see where this is stated explicitly in any of IG's terms and conditions. Perhaps you can confirm? 

I believe Charlotte stated that you must make 3 UK trades the month prior to qualify for the £3 commission on UK shares and 3 US trades to qualify for the $0 commission. 

Can anyone please confirm whether this is the case? 

 

Thanks

@TrendFollower Hi, are you able to help with the above please?

Thanks!

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Well said, just for your feedback (IG). I have now gone and loaded my money on another platform that does not charge me to invest. I had to do this reluctantly and purely to avoid these charges. £10 a trade is a bit ridiculous especially if you dont want to do just one trade. I would have invested this money in shares on the IG platform but I just could not mentally justify these charges to myself.

I am sure there are many people in the same position as me. Here is what I propose as a better pricing plan that I am sure will attract more customers.

You pay £3 per trade for UK or USA shares. These charges are refunded if you make 3 or more trades (UK or USA) in the same calendar month. This assumes that for USA shares you use the IG currency conversion otherwise you pay the standard £3 per trade.

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I would agree with Trendfollower. The US and UK trading deals are separate entities, and three UK shares would not give zero commission on US share deals (not that it's actually 'zero' as there is a 0.5% FEX fee. Saying that, I had a look around the various brokers before I joined, and whilst IG wasn't the cheapest, it is at the cheaper end of the scale (at least of the brokers I looked at.)

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On 21/04/2020 at 18:00, jasear said:

Thanks for your reply. I attach another screenshot:

This is for Tesla shares. If its 0.5% for conversion it doesnt add up to $12 even if I take into account the £3 charge.

The charges seem to be at the same kind of rate regardless of whether I buy UK or USA share. It seems to be a fixed %535308586_Screenshot2020-04-21at17_53_04.png.60b7fd3d4645369a4ec703a547538f8a.png

Thanks for @ me in @TrendFollower

This is very strange as we now take our US commission in sterling for non-leveraged accounts. You can find the link below that states it's £10 for a US share dealing/ ISA position: 

https://www.ig.com/uk/investments/share-dealing/costs-fees

Can you check your ledger for me as that may have been the exchange rate changing it to dollars at the time. You should be able to see that £10 was taken not the dollar amount on the ticket. 

What do you think it easier, the £10 that will be taken from the ledger or would you prefer seeing it as the same currency as the base currency of the exchange you're trading in? Let me know because I can let our developers know. 

All the best 

 

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5 hours ago, HJackson said:

Another thing that is unclear on their charges is regarding whether I can make 3 UK trades in one month, and then qualify for the $0 commission on US trades in the following month? 

@CharlotteIG replied to one of my posts on this but I still don't see where this is stated explicitly in any of IG's terms and conditions. Perhaps you can confirm? 

I believe Charlotte stated that you must make 3 UK trades the month prior to qualify for the £3 commission on UK shares and 3 US trades to qualify for the $0 commission. 

Can anyone please confirm whether this is the case? 

 

Thanks

What you mentioned above is correct. The three trades need to be placed in the previous calendar month. 

Then from the 1st of the next month to the last day you will have the reduced commissions :) 

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5 hours ago, HJackson said:

Another thing that is unclear on their charges is regarding whether I can make 3 UK trades in one month, and then qualify for the $0 commission on US trades in the following month? 

@CharlotteIG replied to one of my posts on this but I still don't see where this is stated explicitly in any of IG's terms and conditions. Perhaps you can confirm? 

I believe Charlotte stated that you must make 3 UK trades the month prior to qualify for the £3 commission on UK shares and 3 US trades to qualify for the $0 commission. 

Can anyone please confirm whether this is the case? 

 

Thanks

Do note, buying shares counts as one trade and selling shares counts as another. So if you bought then sold that would count as 2 trades. 

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17 hours ago, TrendFollower said:

Surely this is more favourable for a trader than an investor? A long term investor is less likely to buy and sell shares in the same month than say a trader. 

Agreed! I was considering on purchasing all of my shares on trading 212 going forward as they do not charge commission, and considering that I care only for investing as opposed to trading, the functionality of the platform is less important to me.

I'm not sure if anyone has any bad experiences on Trading 212 which would make me reconsider?

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Posted (edited)
On 23/04/2020 at 16:33, CharlotteIG said:

Thanks for @ me in @TrendFollower

This is very strange as we now take our US commission in sterling for non-leveraged accounts. You can find the link below that states it's £10 for a US share dealing/ ISA position: 

https://www.ig.com/uk/investments/share-dealing/costs-fees

Can you check your ledger for me as that may have been the exchange rate changing it to dollars at the time. You should be able to see that £10 was taken not the dollar amount on the ticket. 

What do you think it easier, the £10 that will be taken from the ledger or would you prefer seeing it as the same currency as the base currency of the exchange you're trading in? Let me know because I can let our developers know. 

All the best 

 

Thanks for responding. When I check the transaction history it seems to have deducted £10. However, I am still seeing these charges. Its the next month (May) I bought 5 USA stocks last month (April) but I still see this charge quoted when I try to purchase.

I think I read somewhere this is a bug and you do actually get the £10 refunded but want to confirm this is the case before I make any further stock transactions.2051687981_Screenshot2020-05-01at00_55_44.png.be73c613d521c78131f5cc14efb83a26.png

Screenshot 2020-04-29 at 15.32.58.png

Please ignore the second screenshot (vodafone) I dont know why I cant remove it.

Edited by jasear
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Hi

Have had a look around the forum for this but now cant find it so maybe someone could explain please. I made 3 UK trades in my first month aware that I would be paying the £8 fee per trade. Logged in today thinking great £3 per trade and it still wants to charge me £8. Any ideas anyone? Thanks in advance.

 

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I called IG today. It seems they are experiencing issues with regards to commissions. They advised it will be fixed soon and all commissions collected returned.

I tend to call them for refunds, and they always did.

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New to IG here and I am having the same issue. I have been charged £8 per trade today even though I have made 3+ trades in April...

I hope IG can resolve this issue ASAP.

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Update: I rang them and they acknowledged there is a glitch in their system. They said they will refund. Now when I check I correctly get no commission / charges applied.

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That's good news, as I am getting tired of calling them.

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One thing that has come to light for me is that regardless of how many trades you did in the previous month, CFD Share trades are not at the discounted rate, they are always charged at the higher rate. That is what has put me off, tbh. I am interested in making high volume/low value trades, and £10 on the way in and £10 on the way out as well as the spread kills that idea.

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