Professional Account

[HIlldogFX]

With the three criteria for a professional account some of them are slightly vague. Can somebody please clarify the below:

• Has your trading averaged 10 significantly sized leverage transactions per quarter over the last 4 quarters

           What amount is deemed as being significant?

• Do you have a financial instrument portfolio, including cash deposits, exceeding €500,000?

           This one is pretty clear 😂

• Have you worked in the financial sector in a professional position, requiring knowledge of derivatives trading, for at least a year?

           Would trading your own money full time in an IG account for 12 months as your main source of income  count as a professional position?

Thanks

[CharlotteIG]

Hey @HIlldogFX, 

- We only consider leveraged trades with a notional value of £10,000 for equities and £50,000 for forex, indices and commodities a trade of significant size. Options trades, whilst they will not automatically calculate in the GUI, can be accepted and notional can be calculated by the equivalent underlying notional (Size per point * underlying price).

- With 'worked in the financial sector in a professional position' you have to have worked in a company for at least one year where you required a knowledge of derivatives trading. Unfortunately managing your own portfolio does not count.

All the best 

[HeOfMuchDisgrunt]

@CharlotteIG

"With 'worked in the financial sector in a professional position' you have to have worked in a company for at least one year where you required a knowledge of derivatives trading. Unfortunately managing your own portfolio does not count."

Does the company you worked for have to be a recognised financial institution of some sort itself? What if, say, a small company involved in the oil business employed a trader to manage their inventories using futures and options as part of their job? Or say they traded derivatives for a company that dealt in gold and silver for the retail market?

[CharlotteIG]

On 02/12/2020 at 12:11, HeOfMuchDisgrunt said:

Does the company you worked for have to be a recognised financial institution of some sort itself? What if, say, a small company involved in the oil business employed a trader to manage their inventories using futures and options as part of their job? Or say they traded derivatives for a company that dealt in gold and silver for the retail market?

I've spoken to our credit team and they said: 

It's easier when the company is a financial company but the trader can send this in but will need to support it with documentation and proper explanation what they did day to day. 

I hope this helps  

[HIlldogFX]

Looks like I've a bit of work to do to get my account to €500,000 then I'm golden. . . 

[THT]

Get your account to £500k then transfer it to another provider who uses a bit more common sense

[Guest what a crime scene, and no]

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