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Assistance with my first trade


Solarflex

Question

Hi,

 

Hoping someone can assist with my first trade.

 

I have 280 fully paid ordinary shares through an employee share scheme.

 

I am wanting to sell all 280, however want to ensure I am doing it right.

 

So, in the app, I locate the stock (in this case ORG - Origin Energy)

 

I select the stock, then select trade. I then choose my quantity.

 

I assume then that the 'order level' is what I what the shares to sell @?

 

Also, I assume that the 'order type' is just left as 'limit-day'?

 

Once the trade is done/the stock is sold, do I then need to transfer the funds from my trading account to my 'cash' account & then to my bank account?

 

Finally, can the IG fee ($8 for a single trade if I remember correctly) be taken from the trade?

 

Appreciate any assistance.

 

 

Regards.

 

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7 answers to this question

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Hi , thanks for the post and welcome!

 

To sell shares with us, you would first of all need to transfer them to us, either from an existing broker or in their paper certificate form.  You do this by completing the relevant stock transfer form (which you can find on our website here) and sending it back to us to initiate the transfer.

 

Once you have the shares in electronic format in your IG account, you can sell them.  The order level is the price at which you would like to sell.  You can choose from a number of different order types; for example, 'Limit - Day' means that the order works to sell all the shares at your specified level throughout the market day, and is deleted after this, even if only partially filled.  'Limit - GTC' means that the order carries over to the next trading day and the one after, until it is fully executed.  'Execute & Eliminate' means as much of the order is executed at your price as possible, and the remainder immediately deleted.  'Fill or Kill' means that the full order needs to be executed or the order is deleted.  You can also place a market order, which means the full quantity of shares is sold, but you have less control over the price.

 

UK stocks generally settle on a T+2 basis, and US stocks on a T+3 basis.  Once the funds have cleared, you can withdraw them from your IG account.

 

The commission is deducted from your ledger separately, so upon open and close of the trade.

 

I hope this answers your questions, but if you have any more just let the Community know!

 

Thanks,

Hannah

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Hi,

 

This is a question regarding shares dealing on international shares.

 

When placing an order with a day limit, with closed markets, if the order expires and doesn't hit the price I set, do you charge the order fee anyway?

Or does it close the postion with no order and no fee?

 

Thanks

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wrote:

 

This is a question regarding shares dealing on international shares.

 

When placing an order with a day limit, with closed markets, if the order expires and doesn't hit the price I set, do you charge the order fee anyway? Or does it close the postion with no order and no fee?

 

Hi  - you will only be charged if your order level is hit and a deal is executed. There will be no charge if this order isn't reached. 

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Thanks. More on this, I don't understand why when buying a US stock the price is in US dollars, but when I buy a UK stock it appears in GBP pence. So I'm confused by looking at the price of a stock as it doesn't reflect the same decimal. Is this an error?

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wrote:

Thanks. More on this, I don't understand why when buying a US stock the price is in US dollars, but when I buy a UK stock it appears in GBP pence. So I'm confused by looking at the price of a stock as it doesn't reflect the same decimal. Is this an error?

Hi  - in the UK stock is quote in pence, whilst in the US it is quoted in dollars and this is therefore a market convention. This will therefore be the way they are quoted on share dealing accounts and CFD accounts. On a Spread Bet account we will quote in the Pence or Cent version and one point will always be whatever is to the left of the decimal. I hope this clarifies things. 

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