Overnight Interest??

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Viewing 13 posts - 1 through 13 (of 13 total)
  • 05/03/2019 at 2:55 PM #97616
    GraHal

    Anybody actually double and treble checked that IG calcs work correctly re charging overnight interest if positions held beyond 22:00 hrs as they state in their Charges info??

    https://www.ig.com/usermanagement/customeragreements?igCompany=iggb&agreementType=costs_and_charges&locale=en_GB

    I closed all my Systems on 30 April 19 and did not have any open positions at 22:00 I was very surprised to see a £33 Long interest charge for 30 April 19!?

    IG don’t make it easy to double check / validate their Charges as the Report showing the Charges doesn’t state the closing time of the deal etc.  So it’s more admin faffing to check that all is cocher!?

    Any thoughts / comments appreciated?

    05/03/2019 at 3:33 PM #97621
    GraHal

    By my reckoning for the above charges of £33 to be correct I should have had 16 x  1 Lot positions open past 22:00 on the DJI … I had none!?

    Attached is a Report from the old IG Platform which does show open and close times.

    All faffing admin though and the grandkids are home from school now so I’ve lost my 2 x PCs for an hours or so! 🙂

    05/03/2019 at 5:08 PM #97625
    GraHal

    Now I know it’s deffo wrong!

    Attached is for another Account where I closed loads of orphaned trades and made non running all my Systems on 30 April.

    As you can see no positions opened or closed since 30 April and yet each day I am charged between £25 and £35 interest!!!???

    Also I thought you were supposed receive interest for Shorts anyway??

    Anybody any comments or have a look on the IG New Platform on the side Tab – History … are you also getting Overnight Interest Charges  … when you shouldn’t be ??

     

    05/03/2019 at 6:59 PM #97634
    Vonasi
    GraHal wrote:

    Also I thought you were supposed receive interest for Shorts anyway??

    Only on Forex.

    1 user thanked author for this post.
    avatar GraHal
    05/03/2019 at 8:13 PM #97637
    Juan Salas
    GraHal wrote:

    I closed all my Systems on 30 April 19 and did not have any open positions at 22:00 I was very surprised to see a £33 Long interest charge for 30 April 19!?

    Hi Grahal,

    I have been experiencing the same problem for almost two weeks. I have NO positions opened, but they are still charging me overnight interest (almost 15 € every night). Probably as a result of the zombie trades.

    I had the same problem a year ago with the DEMO account (never in REAL), and after complaining, IG Spain decided to reset my DEMO account. They never told me why, but I assumed that it was a demo problem. At that time I was concerned that I could have the same problem in real. Now, I know it is part of the neglecting DEMO service, so I am not paying attention to these charges.

    05/03/2019 at 8:44 PM #97638
    GraHal
    Juan Salas wrote:

    so I am not paying attention to these charges.

    Thanks Juan, nice to know I’m not alone! 🙂
    I don’t want to complain to IG in case they do a MaxT on me! 🙁
    But I have posted on the IG Community Board.

    Trouble is with all these anomalies affecting the final figures on the IG side and the  PRT Detail Report being next to useless at assessing how one’s overall Portfolios is progressing, it leaves us having to do a load of faffing admin to determine if we are winning or losing??

    I now think I may have about £1,000 per month (20 days x > £55) more Gain overall per month? This may have been  enough for me to go Live with my Auto-Systems, but I can’t be sure of that unless I do a load of faff and back checks etc.

    It’s all a flippin joke … is there any more skeletons in the closet that we have to do battle with!?

    05/03/2019 at 10:21 PM #97644
    Vonasi

    I feel the same at the moment. I think I want my demo accounts all reset back to zero but then the last year of forward testing is wiped out and has been a total waste of time – but as things are it is impossible to analyse any demo account results anyway and if I do get it all zeroed then based on historical performance it is unlikely that the next year of forward testing will be problem free and accurate. It feels like a choice between a rock and a hard place.

    Another glass of red wine and more boat jobs tomorrow instead of trading strategy development me thinks. Another day passes by without a strategy going live due to lack of confidence in demo.

    1 user thanked author for this post.
    avatar GraHal
    05/04/2019 at 11:45 AM #97667
    GraHal
    Vonasi wrote:

    I think I want my demo accounts all reset back to zero but then the last year of forward testing is wiped out and has been a total waste of time

    If you had a reset then you would still have the performance showing in PRT on individual Systems etc. Also if you noted the value of your Funds before reset then adjust accordingly as and when required?

    I try to make good out of bad or at least suggest a solution to a problem so I’m going to propose to IG that they have a reset back to default button on Demo Account Funds. Doubt they will implement but I’d feel like I’ve not wasted my time writing all this on this Forum and more on the IG Forum.

    Now I’ll get back on with my jobs … I’m having a clearout and selling stuff on ebay … sold attached for £38 yesterday, so … eat your heart out IG & PRT! 🙂 🙂

    05/04/2019 at 12:42 PM #97675
    Vonasi
    GraHal wrote:

    … sold attached for £38 yesterday

    So can we say that when it comes to making money by trading that you have finally seen the light?

    (Pun fully intended!)

    1 user thanked author for this post.
    avatar GraHal
    05/07/2019 at 9:43 AM #97825
    GraHal

    It looks like IG have done a flush through / delete of all erroneous ongoing Interest charges … anybody concur that their accounts are also free of rogue interest charges for last night please?

    Also I had one real stubborn orphan (been there for > 1 month) that the error message said the underlying was rolling over … well that has gone now also.

    I’d like to think that my posts on the IG Forum initiated above actions, but I doubt it!? 🙂

    05/07/2019 at 12:37 PM #97840
    Juan Salas
    GraHal wrote:

    It looks like IG have done a flush through / delete of all erroneous ongoing Interest charges … anybody concur that their accounts are also free of rogue interest charges for last night please?

    Hi Grahal,

    I am confirming with you that my night interest are gone as well. I have exactly the same amount than yesterday, considering that I was being charged around 15€ (+/-) until today. I hope they are reading some of your IG forum comments..:)

     

    1 user thanked author for this post.
    avatar GraHal
    05/07/2019 at 1:35 PM #97844
    GraHal
    Juan Salas wrote:

    I hope they are reading some of your IG forum comments..:)

    I got a reply to say that they will pass on my comments to the Techie guys … so yeah looks like the IG Forum may get results after all! 🙂

     

    05/15/2019 at 7:06 PM #98578
    GraHal

    I had 3 Longs and 1 Short running overnight, but no interest charges on my account for the last 24 hours … well weird?  Anybody else got same anomaly on their account?

    Every day for the past week or more I’ve checked my interest charges and they’ve been as I expected them to in relation to trades running overnight etc.

     

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