How do I convert currency?
Currency Conversions can be made at the point of trading by changing the Settlement Currency drop down on the place a trade screen.
You can convert money from one currency to another by clicking Place a Trade and then Foreign Exchange (FX).
You can then choose which currency you wish to convert from and too.
Currency conversions are made on a T+2 settlement.
Remember you will need available funds in the currency you wish to convert from.
Funds must be settled before they can be converted. Please note that debit card payments take 5 days to settle and therefore cannot be converted until 5 days after the payment is made.
Here is a step by step guide to placing a currency trade. This information is also available on the HELP link on the Foreign Exchange (FX) page of our site.
Step 1
Ensure that you have enough funds in your account in the currency you wish to exchange to cover the transaction.
Choose the currency that you wish to convert from and to, for example from GBP to USD. You can then choose either the amount of GBP you would like to exchange or the amount of USD you would like to receive.
Step 2
All foreign exchanges have a standard settlement period - T2 therefore you must wait until settlement date before you can use the currency.
Once we have received a live real time exchange rate from the market you will have 15 seconds to confirm the conversion. If the time elapses a new rate will be generated.
The inverse rate may be shown, please see example below;
The exchange rate for GBP to USD is;
£1.00 - $2.00
The inverse of this is;
$1.00 - £0.50
Step 3
This is the confirmation of the exchange that you have placed. The exchange rate shown is live from the market and includes our spread.
Please Note:
The FX markets are open from midnight Sunday to midnight Friday. You will receive a live quote from our provider during this period, that will vary as the FX markets move.
You will still be able to trade between these times (midnight Fri to Midnight Sun - weekend), or on US Public holidays (i.e Independence Day or Presidents Day), but will receive a static rate through our website (the same rate all week end).
As our provider is an American based company, and ALL FX transactions are routed through the same provider, FX orders cannot trade on a US holiday. Consequently, any FX trades executed either on, or within 2 business days prior to a US holiday, will settle T+3 rather than T+2.