ridoba

I've just turned on "manual" currency conversion which I have only just discovered. This means for future trades I can settle in USD - and not be hit by an instant currency conversion. I can thus hold my "profit" in USD, trade again in USD and convert back to GBP when the FX rates swing back again. They hide this setting in the My IG pages. See screenshot. It still doesn't solve the problem of the incorrect P and L. But at least I now have the chance to hold USD until a more appropriate time.

Hi DoctorStrange & Susianna, I just realised this today. Came as a bit of a shock. I had some ETFS I had purchased (in USD). The "positions page" was telling me I was in profit. However I also use a tool called sharesight for tracking all my trades and positions and it was telling me I was in loss. You are right - the positions page is as good as useless for $ positions. It works out your P/L based upon the $ price you paid and the current $ price for that stock. It then calculates using today's exg rate what the P/L is. It does not take into account the exchange rate on the day of the trade. This is as good as useless. It wouldn't be too bad if I could settle in USD. But the platfrom forces me to settle in GBP. So not only do I lose on the FX conversion between my buy and sell dates, I also incur the FX exchange fee. Did anyone ask IG and get an answer??