Paying Daily Interest after closing positions

[Guest Tony Sindacco]

I see on my Transactions that I am paying daily interest on EUR/USD and USD/Can shares, even after closing these positions. I see interests being paid, but the only position I have open is Etherium [Which I am getting paid because its short position]. Why are daily interests being charged after closing position? And if this is a bug or something, how can I report?

[JamesIG]

Ah this is a demo account? 

This would relate to the demo issues a select number of clients have been experiencing. I'll make sure to forward on your demo account number. 

Alternatively, please feel free to open a new demo account in the 'MyIG' section. 

[JamesIG]

Thanks for your query. Please login to Community (top right) and then post again and I'll be able to link an account in the back end and assist better.

 

[TonySindacco]

1 hour ago, JamesIG said:

Thanks for your query. Please login to Community (top right) and then post again and I'll be able to link an account in the back end and assist better.

 

It's me. Btw, I closed the Etherium position, and still paid.

[muhamadto]

This is happening to my demo account too

[Caseynotes]

Hi @muhamadto, was that on a JPY trade?

[Situation]

Hi,

Can anyone tell me what is the daily overnight charge for gold and us crude for £100 per pip?

Thanks 

[Caseynotes]

Yes, it's the same as the £1 per tick/point x 100.

[Situation]

What does that mean? I meant how much actually in figures is it.

[Caseynotes]

ok, you got me there. The comms overnight funding calc is somewhat fraught with difficulties as it seems to be based on hypothetical futures factors, your best bet is to continue experimenting on demo. This thread was a recent convo on the subject.

 

[Situation]

Lol yeah it looks like they didnt get their answer either. Can anyone from ig just tell me directly what the overnight charge is for both gold and us crude at 100 per pip? That way I'll get a rough idea of how much you charge.

Or share with me the formula so I can work it out.

Thanks

[Caseynotes]

How can the demo platform not tell you exactly what you need to know?

[Situation]

Not sure. Good idea though, Il try it. Thanks

[Caseynotes]

@Situation  see pic below, this is the problematic part of the calc for comms for trying to give a definitive answer and that's why by using the demo you will get an idea as to what the charge will be.

https://www.ig.com/uk/commodities

[Situation]

They should be able to work it out and give a definitive answer for any given time and say itll change. It would give me a rough idea. Having a complex calculation is not my problem, I certainly dont sympathise with anyone. If they cant work it out, simplify it. 

[JamesIG]

On 05/05/2019 at 22:23, Situation said:

Hi,

Can anyone tell me what is the daily overnight charge for gold and us crude for £100 per pip?

Thanks 

Gold is looking like it's around 0.054 / -0.13

US Crude is around -0.11 / -0.73 

You take these values (in the form Short/ Long) and x but bet size. So £13 to Long £100 on Gold. For Gold, the majority of this is in the markets overnight TomNext rate rather than an IG charge. For the Oil the majority of this is for the movement up/down the futures curve (i.e. off set in part by the profit and loss which will impact the open position).