When will Auto Conversion Occur?

Auto Conversion of non-GBP funds will occur at the point of trade and for all settled non-GBP currency. This means that when switching to Auto Conversion mode all settled non-GBP currency will be exchanged to GBP automatically.

As an example of when Auto Conversion will occur:

A buy trade of $1000 is made when the GBP:USD rate is 1.2.

In Auto Conversion Mode, if there are no unsettled $ on account, then approximately £833.34 will be automatically exchanged to $1000 when the Option is purchased.

If the purchased security is then sold for $950 then these $ will be unsettled on the account for T+1 days.

If on the settlement day the rate of USD:GBP is 0.75 then the $950 will be Auto Converted to approximately £712.50 at the start of day.

Webull UK lets clients trade with unsettled funds. If, after the sale of a security, a trade is placed to purchase a different security for $1000 then the unsettled $950 will be used before exchanging GBP to cover the remaining $50.

To summarise, GBP will be automatically converted to cover the value of non-GBP currency that is not covered by unsettled funds. On the day that non-GBP funds settle they will be automatically converted to GBP at the start of day.