Cheap currency conversion inside IC Markets client area!​

By | July 6, 2019

Cheap currency conversion inside IC Markets client area!

I’ve been wanting to share this tip for awhile now. Did you know you can convert your money at spot rate (i.e. better than most rates out there) inside IC Markets?

Normally, when you perform an internal transfer of your funds between two accounts denominated in different currencies, you will get a rate that is about 200pips away from the spot rate, and that is roughly 1.5 to 2% of cost. (i.e. 1.3355(quoted rate)/1.3555(spot) = 98.5%)

However, when you transfer exactly 1000 units of one currency to another, you will be quoted a spot rate for conversion for internal transfer by IC Markets. This is an extremely cheap rate!

Below is an example of converting USD to SGD inside the IC Markets client area.

ic markets cheap fx conversion rates for internal transfers
If you convert 1000 units at a time, you get a very good exchange rate
ic markets cheap fx conversion rates for internal transfers
this is the USD/SGD spot rate at the time of transfer from XE.com
ic markets cheap fx conversion rates for internal transfers
Notice when you convert 500 units, the exchange rate is poorer

To conclude, remember to convert in 1000 units when doing currency conversion via internal transfer in IC Markets client area!

Feel free to leave your questions below!

We are having a commission discount offer with IC Markets. You can get up to a 21.5% commission discount on MT4 or cTrader when you sign up through our link! More details on the offer here!

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