Our latest feature, Auto Conversion will automatically convert your balances to the local currency when you’re buying your favourite stocks.
One of Lightyear’s unique features is our multi-currency accounts, which allow you to hold money in multiple currencies and use that to invest like a local in different markets.
For example, our UK customers can deposit GBP and convert into USD with no fees (they get £3,000 worth of free conversions each month). Customers can then use this USD to buy their favourite US stocks like a local without incurring conversion fees each time they buy and sell like other investment platforms.
Though we know a large number of our customers enjoy our multi-currency accounts and exchanging their currencies when it works for them, we’ve built Auto Conversion to make investing in stocks from around the world even easier.
Now, if you find yourself without enough USD in your account to purchase a US stock, or enough EUR to purchase a European stock, we’ll automatically convert your other balances at the live interbank rate, so you can still trade like a local.
We’ve made Auto Conversion available to all our customers. We’ve also made sure we’re transparent and clear when we’re converting your other balance and will always let you know if there are any fees involved.
Being transparent is incredibly important to us here because this is the type of feature where platforms can start to add in sneaky, hidden fees. Definitely not happening on our watch!
When you’re making a purchase, you’ll be able to find all the details of any auto conversions taking place: what currencies we’re converting, at what rate and if there are any fees involved.
For our UK customers, Auto Conversions takes into account the £3,000 free currency conversions per month each customer receives. So, if you’re under the limit, Auto Conversions will happen free of charge. Learn more about our fees here.
We’ve been live for a few months now, and a lot of our early customers have been great at giving us feedback on what they like, don’t like and want to see more of.
Auto Conversions was a highly requested feature to make it easier and quicker to invest, so we really hope you enjoy it!
As always, if you have ideas or feature requests we love to hear from you, so drop us an email to email@example.com and we’ll take it from there.
Remember, when investing, your capital is at risk.