So at 16:22 bought 22 shares of Apple at 126.75 for $2,788.50 or £1,994.10. No commission, no charges.
Now, I could sell the 22 shares at 127.42 for $2,803 or £1,980.57.
The stock has gained 0.6% according to my P&L.
At 16:30 the GBP/USD was 1.40553 and it's now 1.40824. Difference of 0.00271 which is 0.1% higher (roughly).
HOW has the stock gone up and in dollars there's a roughly $15 profit yet in pounds there's £14 loss ??? Now I bought this in my ISA so it's a long term holding, but WHY is this discrepancy not better publicised?
Is this why IG is offering free trades for US stocks because they are making their margins on foreign exchange by offering very bad rates??