Cryptocurrency restrictions
Entry posted by CharlotteIG
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Retail traders:
As of 6 January 2021, new FCA rules mean that you will no longer be to trade cryptocurrencies using derivatives like spread bets and CFDs if you’re classified as a retail trader. Professional traders, however, can continue trading cryptocurrencies as usual.
You can find out whether you’re eligible to be classified as a professional using our criteria. Professionals are also eligible for lower margin rates, monthly rebates and credit facilities, amongst other features.
What happens now?
You will be able to open cryptocurrency trades as a retail client with us until 5 January 2021. After this, your positions will be set to ‘closings only’, with no deadline to close.
Professional traders:
As of 6 January 2021, new FCA rules mean that only professional traders will be able to trade cryptocurrencies using derivatives like spread bets and CFDs.
We want to let you know that pro clients are can continue trading cryptocurrencies as usual – your positions won’t be impacted. This means you’ll still be able to trade eight major cryptocurrencies plus our Crypto 10 index, magnify your exposure with leverage and go long or short – all without a wallet.
Find out more about cryptocurrency trading with IG.
If you have any questions, comment below or join the following chat:
You can also get in touch with our team 24 hours a day from 8am Saturday to 10pm Friday (UK time).
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