Jump to content

Trading ban


Recommended Posts

Hi,

I was wondering how the ban the FCA are planning on crypto trading from the beginning of 2021 will affect IG? Specifically will we be forced to close our CFD crypto positions at the end of this year? Given how volatile they are, I don't want to find my positions being closed out at some arbitrary date. 😟

I haven't seen anything from IG about this, but maybe I've missed it.

Hope everyone's having a good trading day.

Cate

Link to comment

Hi @CharlotteIG

I wonder if you could give some guidance on this? At the moment I have some limit orders in my account to buy various crypto instruments (like ETH) but I'm worried that any positions I take may be forcibly closed out at some random point when the ban on crypto trading comes into effect. I don't want to find I've closed (well, been closed) at the low of the year...

I haven't seen anything from IG about the rules changing, so maybe it's just a rumour that the FCA are banning crypto trading, or for some reason it doesn't apply to our CFDs on IG... (I hate the way the regulators get heavy handed with this stuff!)

Best wishes,

Cate

Link to comment
23 hours ago, cate said:

Hi @CharlotteIG

I wonder if you could give some guidance on this? At the moment I have some limit orders in my account to buy various crypto instruments (like ETH) but I'm worried that any positions I take may be forcibly closed out at some random point when the ban on crypto trading comes into effect. I don't want to find I've closed (well, been closed) at the low of the year...

I haven't seen anything from IG about the rules changing, so maybe it's just a rumour that the FCA are banning crypto trading, or for some reason it doesn't apply to our CFDs on IG... (I hate the way the regulators get heavy handed with this stuff!)

Best wishes,

Cate

Hey Cate, 

It is true that the regulators are looking to put a ban on Cryptos however there hasn't been enough information yet for us to take action. When we have more information we will reach out to client regarding their positions. 

I completely understand and closing positions isn't something we want to do but we will have to stay inline with regulator guidelines.

Please know, we will keep you updated. 

All the best. 

  • Like 1
Link to comment

Thanks @CharlotteIG ! That's reassuring.

I'm sure IG have already seen this, but someone on twitter linked to this Policy Statement from the FCA, saying that it will come into effect on 6th January:

https://www.fca.org.uk/publication/policy/ps20-10.pdf

"Prohibiting the sale to retail clients of investment products that reference cryptoassets" 

Incidentally the trader  on twitter who linked to that, was commenting on the recent drop in bitcoin  and said "Crypto exchanges started announcing liquidation of UK customer accounts ..not surprising BTC sold off."

Best wishes,

Cate

  • Like 1
Link to comment
41 minutes ago, cate said:

Thanks @CharlotteIG ! That's reassuring.

I'm sure IG have already seen this, but someone on twitter linked to this Policy Statement from the FCA, saying that it will come into effect on 6th January:

https://www.fca.org.uk/publication/policy/ps20-10.pdf

"Prohibiting the sale to retail clients of investment products that reference cryptoassets" 

Incidentally the trader  on twitter who linked to that, was commenting on the recent drop in bitcoin  and said "Crypto exchanges started announcing liquidation of UK customer accounts ..not surprising BTC sold off."

Best wishes,

Cate

not just the FCA, the US CFTC looks to be heading the same way.

https://www.financemagnates.com/cryptocurrency/news/coinbase-pro-ends-margin-trading-services/?utm_content=buffer4aede&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

  • Like 2
Link to comment
On 27/11/2020 at 11:41, cate said:

Thanks @CharlotteIG ! That's reassuring.

I'm sure IG have already seen this, but someone on twitter linked to this Policy Statement from the FCA, saying that it will come into effect on 6th January:

https://www.fca.org.uk/publication/policy/ps20-10.pdf

"Prohibiting the sale to retail clients of investment products that reference cryptoassets" 

Incidentally the trader  on twitter who linked to that, was commenting on the recent drop in bitcoin  and said "Crypto exchanges started announcing liquidation of UK customer accounts ..not surprising BTC sold off."

Best wishes,

Cate

This is something we have seen and are preparing for the steps we may have to take. Please note, as mentioned before we will reach out to any clients holding positions about the options they have when we have more information :)

All the best 

Link to comment
Just now, CharlotteIG said:

This is something we have seen and are preparing for the steps we may have to take. Please note, as mentioned before we will reach out to any clients holding positions about the options they have when we have more information :)

All the best 

Thanks, @CharlotteIG.  And I'm hoping that will include those of us who have limit orders set even if they haven't been triggered into actual positions yet. (Actually for now I've deleted my order, until the position is clearer.) 

Have a good day!

Cate

 

  • Like 1
Link to comment
On 03/12/2020 at 10:32, cate said:

Thanks, @CharlotteIG.  And I'm hoping that will include those of us who have limit orders set even if they haven't been triggered into actual positions yet. (Actually for now I've deleted my order, until the position is clearer.) 

Have a good day!

Cate

 

This has just been posted to run through the changes. Any chatter I have directed this way :) 

 

  • Like 2
Link to comment
  • 3 weeks later...

So does anyone know if I will I be closed out of my terrible ripple trade, I have been paying to keep it open for years in the hope that it will one day moon as the world reserve digital currency or something along those lines. I got in on day one and am sitting on a largish negative position. The trade expiry date is 2029 that’s why I kept it open. Do I get a full refund if forced to close plus compensation for opportunity cost. I have called IG helpline and three occasions and can’t get through 20plus minutes each time. Sorry for the rant.

Link to comment
  • 2 weeks later...
Guest Triple02
On 29/12/2020 at 15:03, Guest TTT said:

So does anyone know if I will I be closed out of my terrible ripple trade, I have been paying to keep it open for years in the hope that it will one day moon as the world reserve digital currency or something along those lines. I got in on day one and am sitting on a largish negative position. The trade expiry date is 2029 that’s why I kept it open. Do I get a full refund if forced to close plus compensation for opportunity cost. I have called IG helpline and three occasions and can’t get through 20plus minutes each time. Sorry for the rant.

All positions are being force closed on Friday next week. Pretty rubbish timing tbh, and illogical as it's the result of the SEC filing. There's no logic besides IG force closing positions because they're profitable (98% of IG ripple traders are long anyway, right?). 

IG has a trading license for securities, so regardless of the outcome of the SEC filing, IG should be unaffected.

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • As the cryptocurrency space evolves, Bitget keeps bringing up worthwhile initiatives to make crypto trading interesting and easy for its users as well as helping them maximise profit.  Gleaning from the likes of Candybomb to PoolX and the likes, the CEX has been seen to steadily provide these services. The PRE MARKET trade seems to be the newest product on the block right now. It is an over the counter trading platform that specialises in providing a pre-traded marketplace for new coins before official listing.  Simply put, it is a p2p framework of some sort that facilitates trading between buyers and sellers enabling them to acquire coins at optimal price thus enhancing advance liquidity and complete delivery at a mutually agreed upon time.  The interesting thing about the Pre Market is that; it allows the advocates or supporters of newly launched projects to trade through a contract before the token goes mainstream or before being airdropped.  This framework is very good for projects that have very high speculation, speculative traders should check out this product.  Good thing is the Pre trade is already live, you can leverage on it to purchase $MERL before its official listing, you could get to earn massive ROI. Here's the link; https://www.bitget.com/pre-market/MERLUSDT
    • Atomic Wallet is experiencing issues with their staking and rewards, so I would like to transfer my ATOMs to another crypto wallet. I contacted Atomic Wallet Support and they recommended Cosmostation Wallet and gave me instructions on how to do this. I followed the links they sent me, which required me to fill in my seed phrase. My ATOMs transferred to Cosmostation Wallet but were immediately transferred out. I never made that transaction. I contacted Cosmostation Wallet Support and asked them what happened. They informed me that I must have been talking to a scammer posing as support from Atomic Wallet. I contacted Atomic Wallet and they said I wasn't talking to a scammer and those links are legit. I lost my funds because my PC must be infected. Atomic Wallet wouldn't outright scam me would they?  
    • With the recent surge in "Cat Coins," a wave of playfulness and intrigue is sweeping the crypto community. KHAI, a meme token built on the Solana blockchain, is at the forefront of this movement. Fueled by a bullish community sentiment, KHAI has experienced a staggering 15.27% price increase in the past 24 hours, pushing its market cap to a noteworthy 24.4 million dollars. This impressive growth comes on top of a remarkable 94.3% price jump over the past week, significantly outperforming both the global market and other Solana-based cryptocurrencies. Could KHAI be the next big memecoin to reach unprecedented heights? Its recent listing on the Bitget exchange, accompanied by a giveaway event, certainly adds fuel to the fire. However, the question remains: will this newfound attention propel KHAI to even greater heights, or will it succumb to the volatility often associated with memecoins? Only time will tell.
×
×
  • Create New...
us