Currency conversion on internal transfers

Your money is converted when the From and To sides of a transfer on the Internal Transfers page are in different currencies. This applies in every direction: wallet to account, account to wallet, wallet to wallet and account to account. For the step-by-step guide, see How to transfer funds between your wallet and trading accounts.

Your wallets and trading accounts

• Wallets: you can hold money in four wallets: USD Wallet (your primary wallet), EUR Wallet, GBP Wallet and Bitcoin Wallet. Your Dashboard shows the wallets that hold money; select Show empty wallets to see the others. The Bitcoin Wallet balance is shown in bitcoin (₿). There is no ZAR wallet.
• Deposits: a deposit lands in the wallet of the currency you chose when you deposited. The Deposit page shows which currencies your payment method allows.
• Trading accounts: each trading account has a base currency. You choose it when you open the account, from the currencies on the Open trading account form. You can pick only a currency your wallet holds money in. To open an account in another currency, deposit in that currency first.

When a transfer converts

You can transfer straight from any wallet to a trading account in another currency, for example from your Bitcoin wallet to a EUR trading account. You don't need to convert between wallets first. The money is converted once.

Rate and fee

A conversion uses the live exchange rate. A 2 % conversion fee applies. It is not built into the rate: it is shown to you separately and taken from the amount you transfer. Transfers in the same currency have no conversion fee.

Before you confirm a cross-currency transfer, the form shows a summary with:

• the exchange rate
• the 2 % conversion fee
• the Credited amount, which is what arrives in the destination currency

Select Confirm transfer only if you are happy with the credited amount.

• "Live rate unavailable right now." The portal can't get a quote at the moment. Wait a little and try again.
• "Success! Quick Exchange Completed." This message confirms that a wallet-to-wallet conversion went through.

How to avoid unnecessary conversions

Every conversion costs you money, so convert as little as you can:

• Deposit in the currency you trade in, if your payment method allows it.
• Open your trading account in the currency you already hold.
• Convert once, not twice. Transfer straight from your wallet to the trading account. Going wallet → wallet → account in different currencies means two conversions.
• Avoid moving money back and forth. Each cross-currency transfer is converted again.
• Plan for withdrawals. Withdrawals are paid only from wallets, so keep your money in the currency you plan to withdraw in.

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