Hi all.
I want to place a short on IG UK with the CFD to hedge a 1 Bitcoin spot long position and have some questions in regards to fees. I am in the UK and my account currency is GBP.
- BTC Price on IG is $8000
- I play $1 per point which is equal to a $1 move up or down so will equal the 1 Bitcoin spot long position I own
- GBP USD rate is 1.27.
Im thinking my position size is $8000 so the currency conversion charge is charged on the whole amount?
Currency conversion charge:
$8000 X 1.27 = 0.5 % currency charge of $50.80
Charged for both opening and closing the position so a total currency conversion charge of $101.60.
I think I would also be charged on the overnight swap amount and any profit/loss as well?
This extract from the page where the fx charge is mentioned:
Really struggling with this, thanks for any help.