Jump to content

Trading ban


Recommended Posts

Posted

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

Posted

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

Posted
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
Posted

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
Posted
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
Posted
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 

Posted
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
Posted
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
Posted

Hi Big Tim, it will to a certain extent, however most crypto purchases are not leveraged, next year I can see demand  and price increasing . Its becoming very popular in China,  you have a billion plus people with a lot of savings. 

 

Oli

Posted

Hi, I have a question around these restrictions -- if my account gets moved to Germany for Brexit (where I currently reside), will I still fall under these restrictions or will I be able to trade these as a retail trader?

  • 3 weeks later...
Posted

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.

  • 2 weeks later...
Guest Triple02
Posted
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.

Posted

guys any update on ripple delisting on IG on the 17th of Jan? I called the customer service and they said they will force close all open ripple position on the 17th regardless if you are retail or professional trader.

Please answer

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

    • Decentralization is getting more popular and that is the real reason why the crypto and Blockchain ecosystem was developed in the first place, and we keep seeing new Dex trading project coming up with advanced features.  Decentralized trading has started gaining attention recently,and with a good reason. Decentralized exchanges are rapidly providing advantages against centralized exchanges, such as more leverage, onchain order books, tighter spreads, and a more engaging trading experience. One platform that stands out in this arena is Hyperliquid, which has caught my interest because of its unique approach to decentralized perpetual trading.   One of the most notable aspects of Hyperliquid is its focus on providing a seamless decentralized perpetual exchange service. The platform facilitates perpetual futures trading directly on its native L1 blockchain, which sets it apart from other DEXs. What makes Hyperliquid even more attractive is its elimination of gas fees for transactions. This feature drastically reduces the cost barrier for traders, making it a more accessible platform. Moreover, this gas-free model contributes to enhanced transaction speed and efficiency, delivering a smoother and faster trading experience.   Given these advantages, I’ve decided to keep a close eye on Hyperliquid’s native token, HYPE, especially as it’s now available for farming on the BingX Xpool. Participating in token farming not only supports the ecosystem but can also be a rewarding way to earn while engaging with this cutting edge DEX platform.   This is also another way of putting idle assets to work like BTC and USDT, as holders are holding BTC and waiting for it to rise to make more profits or holding USDT in preparation to buy newly found tokens, you can stake these assets on BingX XPool and share 150,000 HYPE tokens effortlessly. This is a good way to earn HYPE tokens before it hits the exchange spot market. Sign up on BingX to join the XPool Here    
    • When I first heard about $MOVE, I didn’t think much of it. Let’s face it—there’s always another “hyped” coin making the rounds. But something interesting around this token made me curious enough to take a second look. People were raving about its Ethereum Layer 2 scalability and lightning-fast 30k TPS. The technology seemed solid.   After reading more about $MOVE and its potential, I looked into Bitget pre-market. At a price of just $0.538, it seemed like a calculated risk worth taking. When the token was officially listed, the price shot up, and those early gains got a good return. That said, crypto is a risky game, and I always remind myself not to get swept up in the hype.   For every win, there’s a chance of loss, and that’s why staying informed and investing only what you can afford to lose is crucial. Still, experiences like this keep me excited about exploring new opportunities. Whether it’s $MOVE or the next big thing, doing your research, staying engaged, and being cautious can make all the difference!
    • The Usual Protocol is rewriting the rules with USD0, a stable coin powered by $USUAL a governance token that puts ownership in the hands of its community.  Revenue-tied value.  Decentralized governance.  Sustainable growth. Could this be the future of stablecoins? #CryptoCommunity #Stablecoin #DecentralizedFinance
×
×
  • Create New...
us