IG has shown it's true colours and is restricting BUYING of AMC and GME

[786Trader]

The principles of a free market are the same for large corporations and individuals alike. 

It would seem that GME and AMC have proved that all is not equal, after all. I understand why, in this case it is a simple liquidity problem that shuts out the " little guy" in favour of other large entities. However, the principle is the important matter here. It also seems that because of this, the government would like to start regulating the way markets work. Which rarely works out well for anyone. 

It is kind of a no brainer to short GME at its current price, even if, ironically, the price will bounce first thing Monday due to the vast amount of cover trades required from many of the hedge funds currently shorting Gamestop.. Not that traders on IG will see any of that action. Which again is somewhat remiss of IG. What is not forgivable is the app and site totally freezing and denial of service when the markets are in super casino mode. Cost me cash combined with quite a bit of angst. I am not big on losing. It's all part of trading, but when you need to trade and can't that's where the frustration and anger begins. Please improve on this IG. Or you will lose clients who will migrate to more reliable and cheaper platforms and I'm not talking Robinhood.

[786Trader]

8 minutes ago, Deathers said:

I wonder whether this person hasn't hit the nail on the head, or at least is heading in the right direction, regarding all this unprecedented trading restrictions on GME (and AMC to a lesser extent).

https://www.reddit.com/r/wallstreetbets/comments/l97ykd/the_real_reason_wall_street_is_terrified_of_the/

Worth a read for sure.

Have read this thread on reddit. It is interesting and potentially damaging, with a ring of truth to it. The idea of certain Funds counterfeiting shares for the purpose of shorting the market is pretty horrific, then punishment should be severe and swift. To suggest the DTC, Clearing and certain Hedge funds knew of this and conspired together to the same end is also of interest and warrants further investigation. The fact that all of this is over a stock that should cost no more than $30 and cost $4 at the beginning of the year is deliciously ironic. That it is called Gamestop is more so. Whether the SEC actually do anything about it is quite another matter.

[DoctorStrange]

Some of you probably already thought of this but ETFs with GME exposure are:

XRT - 19.98% GME as of Fri

GAMR - 27.02% GME as of Fri

(Checked etfdb.com)

[Vern]

Hi Guys

Somehow related to your topic of dicussion, can anyone please explain to me why IG is not accepting opening trades on some Aus companies like TMZ?

Would really appeciate an explanation!!

 

[Gaurav712]

Daylight robbery from IG, who knows they are still holding the Ripple they bought to offset our orders ... and not all portals have stopped offering ripple. coinspot in Australia still sells ripple, so does btcmarket, this is a ridiculous step from IG..  Is a class action possible against this ??  

 

We need an answer from IG as which platform were they buying our hedging ripple from ?

that needs to be audited by external auditors ? can we organise a class action against IG for this ?

[rageinducedulcer]

They deleted a buy order i placed after close on Friday. They admitted it over the phone.

 

I’ve been hung up on 7 times now. Spent 6 hours on hold so far.

 

If i was in melbourne i’d be in the **** office right now this **** is unreal.

 

How can you accept an order debt my account  and then delete it 2 days later? How is that legal? I don’t give a rats about citi refusing to execute your buy orders. You have to fulfill order’s you take.

 

Anyone else want to sue these guys?

 

I’m contacting every financial ombudsman in Australia until I get a resolution. This **** is fd in the a.

 

I’m so done with IG. Pigs get slaughtered.

[JIT13]

10 hours ago, jkipsd said:

how do you leave IG, can only see info about how to transfer holdings in, not out ?

I raised a case with their HelpDesk and asked if they had the option to transfer my shares or whether I would need to exit positions and manually move to another service. This is the reply in full:

Thanks for your email.

You will need to manually move them over.

[Deathers]

What does manually move them over mean?

Sell here and rebuy at the new broker?

[JIT13]

25 minutes ago, Deathers said:

What does manually move them over mean?

Sell here and rebuy at the new broker?

I believe I have to sell and buy, remove cash and buy with new broker. I am going to open an account with Capital and one other, not sure which yet. This has taught me that you should have an alternative account to have more options available.

[milly27]

On 30/01/2021 at 18:28, mei2020 said:

Just sent a complain to BBC too....

me too!!

[Deathers]

Thank you for the info. I appreciate it :)

[Melmoo]

When I heard about the robinhood saga I too like another poster was very proud to be with IG and perceived them to be one of the 'good guys', as an IG premium member with large sums of money in IG (not large sums to IG of course but large sums to my husband and I in terms of our savings) I will be withdrawing our money and looking for another broker or moving to our other isas where applicable and allowed. The platform issues where already a fiasco and what a coincidence that we couldn't close positions that went into large profit but when they moved to losses we where then able to close. I've become cynical about the whole thing, I will be voting with my feet and I hope others follow suit !

[Melmoo]

7 hours ago, rageinducedulcer said:

They deleted a buy order i placed after close on Friday. They admitted it over the phone.

 

I’ve been hung up on 7 times now. Spent 6 hours on hold so far.

 

If i was in melbourne i’d be in the **** office right now this **** is unreal.

 

How can you accept an order debt my account  and then delete it 2 days later? How is that legal? I don’t give a rats about citi refusing to execute your buy orders. You have to fulfill order’s you take.

 

Anyone else want to sue these guys?

 

I’m contacting every financial ombudsman in Australia until I get a resolution. This **** is fd in the a.

 

I’m so done with IG. Pigs get slaughtered.

This is awful, I'm so very disappointed with IG and will be voting with my feet. Actually thought we had found a broker that was 'different', hope you get your issue resolved I personally lost thousands when their platforms mysteriously went down!

 

 

[Caseynotes]

16 hours ago, Spireman said:

While I accept the point you are making, it is also true that IG are not Robinhood.  They are a paid for Broker who are taking Retail customers money for a service that it appears that they cannot provide. I am directly impacted by this as I own, an admittedly small, stake in AMC (<1% of my portfolio) on the IG platform  

It's quite clear that IG are not sufficiently capitalised for the services that they are offering to the public.  While that might be acceptable when the service is free, its not when you are paying good money for it.

I think I am fully justified  in very annoyed that I now cannot "catch the lift" on AMC simply because IG cannot provide the services they are advertising to the public.  

 

Hi, not sure what you mean IG are a 'paid for broker' (as opposed to Robinhood).

As per the video below posted in a different thread the problem is not IG's capitalisation, the trading kill switch was thrown by the clearing houses not the brokers.

 

[Guest AMY]

47 minutes ago, Caseynotes said:

Hi, not sure what you mean IG are a 'paid for broker' (as opposed to Robinhood).

As per the video below posted in a different thread the problem is not IG's capitalisation, the trading kill switch was thrown by the clearing houses not the brokers.

 

Who is your clearing house please?

[JIT13]

Found a good place to ask IG questions and demand answers. If you go to LinkedIn and the IG page they posted their quarterly figures last week. Great place to post questions as they would not like adverse publicity there.

 

[EtG351]

Terrible move. I joined IG to trade GME and luckily bought what I planned before the restriction. Wanted to stick around and buy some Tesla and other shares, but instead will be taking my business elsewhere once I exit GME (settle down apes not until the squeeze).

[Guest IG_scoundrels]

I'm closing down my IG account. Have been with them since last Feb and handed over a lot of cash in fees for the privilege.

Their stance on AMC is unforgivable, and I suspect, illegal.

Apart from anything else they are USELESS when it comes to customer service, they have too many outages for my liking and there's a lot of trades out there you can't access.

As for their bold pre-market claims - forget it. You don't get pre-market or anything like it, by the time the exchange opens you've missed the boat everytime.

I sincerely hope that many others have/will do the same. Show the bastards who's boss.

[FFS_Daytrader]

28 minutes ago, Guest IG_scoundrels said:

I'm closing down my IG account. Have been with them since last Feb and handed over a lot of cash in fees for the privilege.

Their stance on AMC is unforgivable, and I suspect, illegal.

Apart from anything else they are USELESS when it comes to customer service, they have too many outages for my liking and there's a lot of trades out there you can't access.

As for their bold pre-market claims - forget it. You don't get pre-market or anything like it, by the time the exchange opens you've missed the boat everytime.

I sincerely hope that many others have/will do the same. Show the bastards who's boss.

Who are you moving to? Is anybody else better..I've opened a demo account with IBKR, cant even access the platform!!! So all ****!!

[Damyanos]

Hiya. I am new to trading and have an open position on AMC as a spread bet... By the new "rules" i need to pay 100% margin? Couldn't find info what was the previous margin for it and what would that actually mean??

[Guest Guest unpopular opion]

Right, probably unpopular opinion but think IG have pobably taken the right call not allow new trades... History will tell I guess

I mean u just need to look at some of the newer trader signed up on this here forum, I mean alot of newbies who never traded before wanting to make a quick buck... Yeah yeah sure someone will say this is to "stick it to the hedge funds" but I'm sorry, thats a lot of bs, this is about making a quick buck. I mean some of the q's asked in the support forum, half these ppl have no idea what they're doing

How many experienced members here have been caught out before by the markets?  there are nuances and tricks and rules that u learn only after years sometimes of trading

All these newbies are going to get stung, IG probably knows that

Wait til the sell off of gme when these newbies can't exit because buyers don't exist... How many newbies actually understand there's no "close trade" button in the real market... You need buyers and sellers... Gonna be tears

If you're a newbie reading this, take heed... Youre being strung along for the ride and when these stocks tank, you'll be the last to get out, and you'll go running to the fca and get no sympathy... Risk warnings are there for a reason

[Caseynotes]

23 minutes ago, Damyanos said:

Hiya. I am new to trading and have an open position on AMC as a spread bet... By the new "rules" i need to pay 100% margin? Couldn't find info what was the previous margin for it and what would that actually mean??

Hi, it's bet size (£/point) x AMC price x 100% 

 ( 100% instead of the current 20%)

see below.

Margin Rates | IG UK

[BPTK]

Is it legal for IG to stop buys?

Surely that prevents share prices from rising which means they are preventing us from trading.

 

Thanks

BPCY

[BPTK]

Should we complain to the FCA and our local MP?

I can't understand how IG can stop buys. Isn't that against the principles of a Buy and Sell market?

 

I can understand for Spreadbet accounts but what if you bought AMC because they own Odeon and UCI Cinemas which post-pandemic should have people returning to watch the cinema for entertainment nights out.

Thanks

BP

[iguser3]

Does anyone know of the legal ramifications for IG?

Surely this is breaking multiple laws

[iguser3]

Anyone know which organisation in Australia is the most appropriate to file a complaint with? 

[Adam55]

Shambles of a company. I'll close out my positions and leave me thinks.

Considering the M-cap of GME I doubt this caused any genuine financial troubles. It is a blatant attempt to shield the hedge funds. I hope you get regulated out of existence.  

[Deathers]

1 hour ago, iguser3 said:

Anyone know which organisation in Australia is the most appropriate to file a complaint with? 

I would presume ASIC

https://www.asic.gov.au/about-asic/contact-us/how-to-complain/where-asic-can-help/shares-and-market-misconduct-insider-trading-etc/

[Deathers]

Ah yes, they are protecting us all from ourselves. How kind and benevolent of them! I knew there had to be a good reason!

....except of course for the millions of other times when they are happy to sit by and watch traders lose money every other single day on every other single market, because it is the traders own money that they can risk or use to invest with entirely as the trader themselves see fit.

Risk warnings are absolutely acceptable and should be encouraged.

Giving no choice in the matter by enacting server side hard walls to utterly prevent people from accepting those risks and making their own decisions regarding said risks is absolutely not.

[Deathers]

Complaint logged with ASIC