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

[EmilyH]

22 minutes ago, Fletch said:

I don't personally hold shares in either entity, but it does make you wonder where it will end with brokers appearing to protect their friends' by halting trading on certain stocks (or at least halting trading for the hoi polloi, but letting the trough-feeding vermin continue regardless). Let's face it, such actions benefit nobody except those making billions off of other peoples' property. It really doesn't look good IG, and I will be looking carefully if I really want to continue using you as a broker.

I was about to open a 500k account with them.

I have reversed course on the basis of this decision.

We are watching IG! Don’t be on the wrong side of history....

[markeddy]

I feel ripped off, I bought a share at a price which has a certain exposure and now after the deal has been made I am told IG are upping the exposure on the share, stopping any positions being opened. First changing exposure is breaching the contract I undertook when opening position and moving the goalposts, shameful and enough to make me close account as trust has been breached here as well as the law of a contract. I look forward to some customer feedback which has been unreliable at best to answer this rubbish issue!

 

Edited January 30, 2021 by markeddy

[FFS_Daytrader]

Whilst we have a valid argument and can continue for some recourse, the real matter in hand is making sure you have funds in your IG account by 4pm on Monday to cover the 100% margin spike  on stocks highlighted by IG.

How may us have liquidity to cover say GME 32496 @ £1pp or AMC 1324@ £5pp??!!!!

If you have these stocks on IG list - take action before 4pm or watch for huge margin calls and positions being stopped out.

[Kodiak]

" It's long past time for the SEC and other financial regulators to wake up and do their jobs - and with a new administration and Democrats running Congress, I intend to make sure they do.""

Warren

I hope this gambling with meme stocks doesent make life harder for the rest of us traders

 

Edited January 30, 2021 by Kodiak

[Guest HELP]

DOES ANYONE KNOW BROKERS OFFERING AMC

[JIT13]

Hoping to exit IG, does anyone have any good suggestions for an alternative in the UK?

I honestly thought that IG was better than this, I was so shocked. Time to move on.

[Edwki]

It's one thing restricting CFDs and spread bets but there is simply no reason why I should not be able to open a fully funded position on a listed stock. After all of the recent outages as well I will be looking for an alternative broker.

[jlz]

For those who want to trade GME stocks I can recommend DeGiro. For UK customers you will be based with an Irish account manager where the default currency is €. After changing your currency you will be able to trade in pounds. 

It is an execution-only broker that charges per operation. They don't offer CFDs/Spread-betting nor ISA accounts. 

They even have an API available for share dealing. 

[Guest RichestHobo]

46 minutes ago, FFS_Daytrader said:

Whilst we have a valid argument and can continue for some recourse, the real matter in hand is making sure you have funds in your IG account by 4pm on Monday to cover the 100% margin spike  on stocks highlighted by IG.

How may us have liquidity to cover say GME 32496 @ £1pp or AMC 1324@ £5pp??!!!!

If you have these stocks on IG list - take action before 4pm or watch for huge margin calls and positions being stopped out.

As a fairly new and very casual retail trader - can somebody please explain to me in layman's terms what this actually means for me and my current (modest) holdings in both of these affected markets? 

[Guest Johnnybollocks]

1 hour ago, markeddy said:

I feel ripped off, I bought a share at a price which has a certain exposure and now after the deal has been made I am told IG are upping the exposure on the share, stopping any positions being opened. First changing exposure is breaching the contract I undertook when opening position and moving the goalposts, shameful and enough to make me close account as trust has been breached here as well as the law of a contract. I look forward to some customer feedback which has been unreliable at best to answer this rubbish issue!

 

 

7 hours ago, ChristianMike said:

Yet they allow you to SELL and close out your positions. What will that do to the overall market price of AMC and GME? Well obviously if we can only sell the the price will go down down, allowing these greedy hedge funds to exit their short positions without taking too much of a hit.

You have 2 choices, 1. Sell your shares back to the hedges, just like they want, or 2. Hold and watch them wet the bed, eventually having to buy at the price WE SET and us little guys make some money. 

Also, leave IG they don't deserve your business after this blatant act of market manipulation. 

I already had one foot out of the door, time to transfer all my stocks out. You suck  IG. Shills.

[Guest Foltax]

I'll be closing my IG account the moment I exit my positions.

So so so disappointed. I've been hyping IG as an honest platform that would never do this. How wrong I was. I feel sick I put others onto IG.

[agentbuca]

If the trading restrictions were to protect retail investors, why is there a 100% margin CFD available? Surely this could be just as risky? Or is IG questioning their ability to fulfil trades?

[DD-71]

Unfortunately most of the other platforms are doing the same. It’s obviously not an open transparent service leaving the PI very disadvantaged. To allow the PI’s to sell only is clearly, in my opinion, market manipulation. There’s nothing illegal happening to AMC and GME stocks hence the MM and trading platforms should allow trading to continue as normal instead (IMO) assisting the big hedge funds to recoup some losses due to what is essentially a bad bet.

[Foltax]

I'll be closing my IG account the moment I exit my positions.

So so so disappointed. I've been hyping IG as an honest platform that would never do this. How wrong I was. I feel sick I put others onto IG.

[DoctorStrange]

@CharlotteIG I'm hoping for a more detailed explanation from IG.

- Is this because the clearing house are asking IG for higher margin?

- Have they tried tapping their credit lines with their IB?

- How long will restrictions on GME & AMC last?

- Given vol may increase across other shorted names in anticipation of a squeeze, what are they doing to prevent this happening on those as well?

It's frustrating how they want you to trade more frequently (i.e. charge you extra fees if you don't), but when you want to, and there are potentially opportunities to make money, they can't actually even provide the service.

I believe Revolut are still ok with those names, I've opened an account with them now today after getting this notice.

[Fletch]

4 minutes ago, DoctorStrange said:

@CharlotteIG I'm hoping for a more detailed explanation from IG.

- Is this because the clearing house are asking IG for higher margin?

- Have they tried tapping their credit lines with their IB?

- How long will restrictions on GME & AMC last?

- Given vol may increase across other shorted names in anticipation of a squeeze, what are they doing to prevent this happening on those as well?

It's frustrating how they want you to trade more frequently (i.e. charge you extra fees if you don't), but when you want to, and there are potentially opportunities to make money, they can't actually even provide the service.

I believe Revolut are still ok with those names, I've opened an account with them now today after getting this notice.

Whilst I am mindful that the situation may be slightly different for those using leverage, I believe the blocks also apply to share trading accounts that are funded entirely by the client. Whilst I personally do not hold positions in these stocks, as a share investor it concerns me that if they can so easily excuse such actions for these stocks, then they can excuse it for any stock they choose. Putting such blocks on a stock is highly damaging to the investment and will almost certainly devalue it, directly causing loss to investors holding long term positions. Rather than their claim of protecting clients, it would seem to me that this will do nothing other than cause them loss. The only benefit of these actions is to those shorting the stock who seek to get off the hook and cover their positions cheaply. I can see why people who have lost over this are so angry, and I feel they would be entirely justified in suing for the losses. Hopefully it might deter such shady dealings in the future. If I thought they were any less corrupt, I might take my concerns to the FCA or government, but I fear it would just be a waste of time.

[Guest Jack]

I've put in a complaint to ASIC here in Australia too. It's clear market manipulation. 

Cheers,

Jack

[Deathers]

We thought we lived in a capitalist society but this past week proved that's not true. This week has shone a bright light on exactly how rigged and broken the whole market system is. That's the lie they feed us to keep us subservient. "Anyone can make it! All mum and pop investors can make it, if they invest wisely!"

Rich people: "Why don't you just invest your money to make more money, like we do?"

Everyone else: "OK we will do just that! Thanks for the tip!"

Rich people: "Wait... no, not like that! We won't allow it! <commence disgraceful dodgy back room deals all over the world with all dishonorable parties whom are willing to try and prevent it>"

We live in a Plutocracy that wears the dead skin mask of Capitalism.

There is no free market, only what the wealthy desire, and the scraps they deem worth to throw to everyone else.

Burn it. Burn it all down. Make them fear the one thing that absolutely scares them, losing their money.

If nothing else, this week has shone a bright light on exactly how rigged and broken the whole market system is.

Hold.

[Guest Apes. Together. Strong]

3 hours ago, Kodiak said:

" It's long past time for the SEC and other financial regulators to wake up and do their jobs - and with a new administration and Democrats running Congress, I intend to make sure they do.""

Warren

I hope this gambling with meme stocks doesent make life harder for the rest of us traders

 

Oh gee. I hope a bunch of people throwing their own hard earned money on the bonfire to make it fairer for all traders dosen't negativly affect the ones that have adapted to a eating a diet of sh!t and lies until they are releived of their money in a criminal act. 

Does anyone have a crayon? I'm hungry.

[jkipsd]

how do you transfer your positions to another broker from IG

[Guest Retail Trader]

I don’t understand why a pause or restriction wouldn’t be applied to both buying AND selling, if there are liquidity or clearinghouse issues? IG?

 Waiting to see how this unfolds over the weekend, but will be pursuing legal action if this decision is not corrected or at least justified beyond “volatility”.

[skyscraperV]

This is such a disgraceful move.

"In order to prioritise the service we give our existing clients, IG is not currently allowing any new positions to be opened on the US stocks GameStop and AMC Entertainment. Clients are still able to close existing positions in these stocks."

I AM an existing client and this is the exact opposite of prioritising service....

Do you really expect your customers to believe this?

This is clearly not the reason at all. IGG traded below 500 in the last session despite being over 900 a week ago, so there is much more going on here. What is IG's stake in this whole situation? Some transparency would be nice but we know that's not going to happen.

Whilst it is not unreasonable to increase required margins to 100% to cater for increased volatility; to prevent purchasing of GME and AMC is only being done for one reason which is to reduce demand.

Not happy.

 

[grimpunch]

@CharlotteIG Users deserve to know the truth, please respond on @DoctorStrange's questions.

 

This is blatant market manipulation, and I'm ashamed to have supported your business considering what has happened with brokers like RobinHood, I expected better.

Needless to say after I've closed all my positions (when the market is being run FREELY) I will be moving away from IG for future business.

[NotHappy]

It's a concern beyond what's happened with these stocks. The next time a stock blows up, am I going to be punished for getting in on the ground floor? The truth is, if I call up and there's a certain amount sat in my account, you'll buy them for me anyway. Nice company.

[caneddd]

Time to transfer my funds and shares to a different broker. Congrats on losing 75% of your customers IG.

[Guest Disgruntled01]

I have reported them to ASIC.

[Guest Squirmmy]

I just opened a new account to buy AMC and GME when the market opens monday. Disappointing to see this.

[Bipin]

This is a disgusting and outrageous stunt pulled by IG Trading. From Monday I'm moving all my stocks to new broker. No matter what I trust the power of people and I'm holding the line.

[Lilith]

I have reported them to ASIC.

[Rakazool]

Where can I buy $GME? Status

Here is a great way to see who sold out and who still has integrity, IG it isn't to late to change your stance.

I personally just like the stock.

Physical games will never die.