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


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Hi all 

I was looking for an alternative to eToro after all the suspicious moves they pulled throughout this GME ordeal and thought this was a better alternative but now reading this thread I guess I was wrong. I also cannot see GME listed on IG anymore so that pretty much explains it.

I was wondering what other alternatives there could be?

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Dear IG - I am assuming there have previously been very high trading volumes on other stocks and Indices (i.e. Tesla during it's recent rise, all stocks during the March 2020 sell off due to COVID19 and MANY more in the lifetime of your platform).

Why have there been no trading stops or limitations during those times, but now there are on these stocks???

What is happening with Silver? Are you also going to stop trades there? 

Also, your whole business model in spread-betting relies on volatility of stocks so this is just complete nonsense that you are not able to cope with the demands.

 

There is too much inconsistency to take you serious and for your word that you are trying to service your customers - it's not adding up.

 

I, for my conscience's sake, will not be a customer of yours anymore, once this blows over and I hope many others will do the same

Edited by Buba
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Scumbag move on their part and I will be removing all funds from them once I close my positions and finding a new broker.  I just transferred 100k into the site this week but that’s coming straight back out now.

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  • 2 weeks later...
On 14/02/2021 at 12:26, Detrimentum said:

Wow, Forum is finally back up. Still can't average down my GME position.

 

Same here, I wont be able to  average my AMC position down, even worldwide dealer has already cancel the limitation of buying GME&AMC

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Also not happy about IG restrictions on certain stocks. I'm sure they are covered via T&Cs but its market manipulation NOT to let retailers trade. In my opinion, this devalues their platform.  I hope IG have a good explanation in the coming days, for their sake, not mine...

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Still waiting on that refund for the money you stole from me by conspiring to tank the stocks IG. I've got all my GME shares in freetrade now and will certainly be looking to move to a decent broker unless you refund every last persons unrealised gains and losses on GME and AMC due to you restricting them from buying, creating a psychological trap. The only solace here is that your Google play/trustpilot rating hit will cost you far more than any of us lost combined.

From respected broker to conspirators against the general public, in 2 months. Well done.

Edited by snarge
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  • 3 weeks later...
On 02/02/2021 at 13:36, Buba said:

Dear IG - I am assuming there have previously been very high trading volumes on other stocks and Indices (i.e. Tesla during it's recent rise, all stocks during the March 2020 sell off due to COVID19 and MANY more in the lifetime of your platform).

Why have there been no trading stops or limitations during those times, but now there are on these stocks???

What is happening with Silver? Are you also going to stop trades there? 

Also, your whole business model in spread-betting relies on volatility of stocks so this is just complete nonsense that you are not able to cope with the demands.

 

There is too much inconsistency to take you serious and for your word that you are trying to service your customers - it's not adding up.

 

I, for my conscience's sake, will not be a customer of yours anymore, once this blows over and I hope many others will do the same

What's interesting is when you call support they will tell you there is no restriction, try again!!!
just withdrawing money and closing accounts will not compensate losses, we should all start an official complaint together.

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  • 2 weeks later...

Reageding “delisting” companies off spread share platform and forcing us to close our opened positions, otherwise IG would Force Close all positions, I wrote email to most UK press, contacted met.police as I believe IG is commiting Fraud, I also wrote emails to Prime Minister, and taking advixe from you guys I am going to report it to financial ombudsman., This Illegal action cannot be unpunished

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23 minutes ago, combi said:

Reageding “delisting” companies off spread share platform and forcing us to close our opened positions, otherwise IG would Force Close all positions, I wrote email to most UK press, contacted met.police as I believe IG is commiting Fraud, I also wrote emails to Prime Minister, and taking advixe from you guys I am going to report it to financial ombudsman., This Illegal action cannot be unpunished

just to save you some time, the FCA will not address any complaint before you have reached out to the broker via their complaints procedure (linked from the bottom of the IG welcome page).

Only after you have received their response and are still unsatisfied will the FCA consider your complaint.

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There’s some right muppets on here, this thread gave me a good laugh. And it explains why the percentage of retail clients losing money is so high because there are many who have no clue what they’re doing and furthermore have no interest in learning either. 
 

People saying stuff like they’re going to waste police time by reporting them for fraud.. jokers. The broker is well within its rights to change what it offers to make sure there is enough liquidity. Would be worse if they didn’t honour your profits.

For a start I’ve no idea why so many feel the need to gamble on the meme stocks, it’s not a winning long run strategy. If you all start writing to the FCA they’re going to read it, laugh at how inept you all are, then the next thing they’ll do is think that you need saving from yourself because you don’t have a clue. Which would mean more regulation on retail clients and ruin it for the rest of us.

 

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Caseynotes,,, Thanks,, Yes I know,, I exchanged emails with IG, basically I complained to them., IG replied to me with same nonsense and my last email they just ignored so I have no other option than to solve this with authorities and ombudsman.,

IG is a joke, IG is manipulating with our money and they should be prosecuted.

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MCG ,, I can see one muppet here and thats you.,

Spread bet,, if you open position contracted until September and IG decide to delist that company prior September, They should refund you with all commission you paid and also close your positions only at sp when you opened the position. It is they own negligance they made decision like this and trader should not be financially affected., Otherwise is very suspicious why they are doing those steps that are harming traders.

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@combi

no, you need to read the actual complaints procedure and navigate it properly. Once your offical complaint is received it goes to a special team to investigate and who must supply you with a written report (within time limit) of their findings and their plan going forward. If you are still not satisified it is that report that the FCA needs to see before they can do anything.

Edited by Caseynotes
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Caseynotes,, Ok, thank you., I have time so will do.,

Once IG will force close my or ours existing positions (despite there is guaranteed Expiry date/Last dealing date in my case 06/04/2029) I will just find another broker.,

No point to stay with them.,

Not giving them another chance to steal my money just because those dildos in IG changing t&c or changing their mind.

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3 hours ago, combi said:

MCG ,, I can see one muppet here and thats you.,

Spread bet,, if you open position contracted until September and IG decide to delist that company prior September, They should refund you with all commission you paid and also close your positions only at sp when you opened the position. It is they own negligance they made decision like this and trader should not be financially affected., Otherwise is very suspicious why they are doing those steps that are harming traders.

No they really shouldn’t.. IG are a broker, they aren’t supposed to take the other side of your trades. Trust me, it’s much better that way. Their process is to take trades, work out an overall client exposure and then lay that exposure off on exchanges or by buying/selling the underlying asset. If they didn’t do that, then if you win there’s a good chance they may not have the money to pay you out.

In this case, these stocks are relatively small market cap and nobody cared about them 3 months ago. Then all of a sudden there’s a wall of retail money chasing them. There’s not much liquidity in the underlying market which makes the hedging process I explained above more difficult/not possible. So IG’s options were to either take your trades and leave themselves exposed or to restrict new positions.. they chose the latter.

You still were able to close out existing positions at prevailing market prices. So they haven’t done anything wrong really other than stopping you buying more when you wanted to. The FCA aren’t going to have any interest in that because it’s not breaking any rules.

For a start, these sorts of stocks are for total amateurs, that’s why there’s no liquidity. It’s a risk of the game.. first thing you should have done is exit your positions if you were no longer happy with it. If this had happened on say a stock index where there’s lots of underlying liquidity then you might have a point, but it didn’t.. you need to understand the risks when it comes to trading these types of shares.

All this is going to achieve is regulators thinking we need to do something because there are too many people involved who clearly don’t understand the risks of what they’re investing in.

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6 minutes ago, Mcg said:

No they really shouldn’t.. IG are a broker, they aren’t supposed to take the other side of your trades. Trust me, it’s much better that way. Their process is to take trades, work out an overall client exposure and then lay that exposure off on exchanges or by buying/selling the underlying asset. If they didn’t do that, then if you win there’s a good chance they may not have the money to pay you out.

In this case, these stocks are relatively small market cap and nobody cared about them 3 months ago. Then all of a sudden there’s a wall of retail money chasing them. There’s not much liquidity in the underlying market which makes the hedging process I explained above more difficult/not possible. So IG’s options were to either take your trades and leave themselves exposed or to restrict new positions.. they chose the latter.

You still were able to close out existing positions at prevailing market prices. So they haven’t done anything wrong really other than stopping you buying more when you wanted to. The FCA aren’t going to have any interest in that because it’s not breaking any rules.

For a start, these sorts of stocks are for total amateurs, that’s why there’s no liquidity. It’s a risk of the game.. first thing you should have done is exit your positions if you were no longer happy with it. If this had happened on say a stock index where there’s lots of underlying liquidity then you might have a point, but it didn’t.. you need to understand the risks when it comes to trading these types of shares.

All this is going to achieve is regulators thinking we need to do something because there are too many people involved who clearly don’t understand the risks of what they’re investing in.

Who said I am not happy with stock?, I am and thats why I was buying in and opened many position.,

IG allowed me to do that, now they want to close my positions.

I would prefer my positions to be open until Last Dealing date 06/04/2029 and if share price is not moving up or above my average, fair enough I did take that risk and I am happy to accept the loss.,

But there was never mentioned Risk that IG can force close my positions, just because they make decision., Doing this, They causing me financial loss, and thats why they should compensate not only loss but also all commissions I paid over the years to keep my positions.,

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18 minutes ago, combi said:

Who said I am not happy with stock?, I am and thats why I was buying in and opened many position.,

IG allowed me to do that, now they want to close my positions.

I would prefer my positions to be open until Last Dealing date 06/04/2029 and if share price is not moving up or above my average, fair enough I did take that risk and I am happy to accept the loss.,

But there was never mentioned Risk that IG can force close my positions, just because they make decision., Doing this, They causing me financial loss, and thats why they should compensate not only loss but also all commissions I paid over the years to keep my positions.,

I can certainly see why you’d be frustrated, it’s always annoying if something stops you doing something and you miss out on opportunities.

But that said, spread betting is designed for short term holding of positions. It’s basically the wrong instrument to use for holding over a long period of time. You’d be better off just buying the stock using a share dealing platform. Would also say that if using leverage on a long term hold is what attracts you to spread bet on it, that sounds like it won’t end well. The stock price has seen some massive declines so anyone overleveraged on it would be crushed.

Generally with spreadbetting if you can’t exit your positions and move on to the next one you’re doing it wrong. 

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Spread betting is designed for short period?,

This is a huge lie,, I was buying and selling AMC since 2014,, then I decided not to sell just hold.,

However there are contracted positions, some until May, some until September and so on.,

My positions are contracted as DFB, deffo not short period.,

Frustration?, Not really.,

This is not about to be frustrated because something is not going as I wish.,

This is about IG forcing us to close our positions before the contracted date.,

And here, They forcing me/ us into financial loss.,

I am willing to leave my positions open until last dealing date and if until then share price doesnt move up, Ok, my fault.,

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