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


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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....

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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 thes

It's pretty obvious who they are looking out for and it's not their customers. Time to shop around.

Would love to hear from IG on this. If it's a clearing house issue why not restrict BOTH BUYING AND SELLING, wait for the clearing house to catch up, tap credit whatever needs to be done. But only all

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" 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 by Kodiak
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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.

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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? 

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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.

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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.

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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.

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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.

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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.

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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.

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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”.

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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.

 

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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.

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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.

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