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I've also received this email and have called IG to discuss it. My understanding now is that:
- Minimum consideration for a trade is $90.
- A trade can be either a buy or sell.
- All three trades may be on the same day. Over each quarter it's an average of one trade per month.
- IG will split the $50 fee into thirds if you haven't executed all three trades, e.g. If you've done two trades your surcharge would only be $16.67.
- An open position is when you are holding shares in your account. Not sure if this means just sitting in an account, or sitting in an account after placing a sale order which hasn't been executed.
I hope this helps.
Does seem odd, makes me wonder whether they've taken a big loss somewhere (principle trading perhaps?).Strange behaviour from IG. Great way to alienate potential customers. I've been buying some shares with them, but I can't risk not meeting the minimum trades (for whatever reason) each quarter, so I'll be cancelling my account as soon as I sell/transfer my shares.
Does seem odd, makes me wonder whether they've taken a big loss somewhere (principle trading perhaps?).
Compare this with Commsec where my accounts (options & shares) have been known to go 10 yrs between trades, and no charges
I'm planning to keep my account open for the time being. I understand there to be no quarterly charge if you are not holding any shares. i.e, If the account is inactive there is no quarterly charge. Someone else may wish to call IG to confirm this.