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Account Application Denied


LemonLime

Question

I'm confused as to why my IG application was denied. Seems no logical reason for it, I have a commsec account, no problem there. Here's the message:

"We appreciate your interest in IG. Because we provide complex financial products, we have strict wealth and experience criteria that we need to meet before we can offer you an account.

On this occasion these requirements haven’t been met, so we’re unable to open an account for you. We regularly review our acceptance criteria, so please do feel free to apply again in the future or if your circumstances change."

 Also, I noticed $10,000 was showing up as a minimum deposit requirement as I filled in the forms. What gives?

Edited by LemonLime
Adding more info.
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16 answers to this question

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On 13/02/2021 at 13:14, LemonLime said:

I'm confused as to why my IG application was denied. Seems no logical reason for it, I have a commsec account, no problem there. Here's the message:

"We appreciate your interest in IG. Because we provide complex financial products, we have strict wealth and experience criteria that we need to meet before we can offer you an account.

On this occasion these requirements haven’t been met, so we’re unable to open an account for you. We regularly review our acceptance criteria, so please do feel free to apply again in the future or if your circumstances change."

 Also, I noticed $10,000 was showing up as a minimum deposit requirement as I filled in the forms. What gives?

Hey, 

Thanks for your post. 

We're sorry your application was declined but as mentioned we do have some entrance criteria that have to be met before we can open the account. We're sorry for the inconvenience. 

The minimum deposit fee isn't $10,000 it's A$450 by card but you can make bank deposits for lower amounts. 

All the best 

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Guest IG asks 5k USD to open acc
17 hours ago, CharlotteIG said:

Hey, 

Thanks for your post. 

We're sorry your application was declined but as mentioned we do have some entrance criteria that have to be met before we can open the account. We're sorry for the inconvenience. 

The minimum deposit fee isn't $10,000 it's A$450 by card but you can make bank deposits for lower amounts. 

All the best 

Hi CharlotteIG, 

When opening a new CFD, on the top of application form, there is a note saying MINIMUM REQUIRED DEPOSIT IS 5000 USD.   Please try it yourself on ig.com/en and try to open a new CFD account.   

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11 hours ago, Guest IG asks 5k USD to open acc said:

Hi CharlotteIG, 

When opening a new CFD, on the top of application form, there is a note saying MINIMUM REQUIRED DEPOSIT IS 5000 USD.   Please try it yourself on ig.com/en and try to open a new CFD account.   

Thanks for your post and apologies for my oversite. 

I can see the minimum has changed to $5,000. I will pass on feedback that this is too high if that's what you're asking. We've had others comment on this now so I will make sure it's shown to the business. 

All the best, 

Charlotte 

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Guest Liam

Hi, this has happened to me, but I would like to know how I can re apply when my circumstances have changed if my details have already been registered?

Many thanks

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Guest Legion T

I agree with the above findings, been looking for a broker, all the reviews and comparisons say there is no minimum deposit.

Yet at the top of the sign up page it clearly states a minimum of £5000.

Cannot find any information for this on your website, now despite wanting to deposit more than this amount, I am reluctant to apply for a live account at all.

Is this going to be a constant minimum, therefore meaning I couldn't deposit monthly additional funds of only £500 for example?

Legion T

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I have the same message saying :

Thanks for your application

We appreciate your interest in IG. Because we provide complex financial products, we have strict wealth and experience criteria that we need to meet before we can offer you an account. On this occasion these requirements haven’t been met, so we’re unable to open an account for you. We regularly review our acceptance criteria, so please do feel free to apply again in the future or if your circumstances change.
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Guest Sully

Same thing happened to me. It would be good if they actually told us why it was rejected. It also doesnt help when they say apply again later but the account application still says pending.

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The criteria is unclear. The one I referred today got refused because she only has 22K AUD in saving. And the CS refused to tell her how much is the minimum. Seriously how much more you need to open an account?  This is just a strategy to avoid paying referral that ending this month or what?

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Guest RandallStephen
10 hours ago, hanatan said:

The criteria is unclear. The one I referred today got refused because she only has 22K AUD in saving. And the CS refused to tell her how much is the minimum. Seriously how much more you need to open an account?  This is just a strategy to avoid paying referral that ending this month or what?

The minimum is 10,000 AUD but they don't tell you that till your signing up. I phoned them up after them not getting back to me and they also refused to tell me the amount. All they said is there has been a huge influx in members because of Gamestop. Better brokers out there anyway.

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Guest RandallStephen
20 hours ago, Guest Sully said:

Same thing happened to me. It would be good if they actually told us why it was rejected. It also doesnt help when they say apply again later but the account application still says pending.

Alot of new people signed but because of Gamestop they told me. They were alot not straight with me as my account was also pending, so I called them up and had my account deleted. That way I could put a fresh application in the future.

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Guest Sam issues as above, is s]

Sam issues as above, is somebody going to answer this? What are the reasons for being declined and how to re-apply?

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On 18/03/2021 at 22:38, Guest reapply said:

same issue how do i reapply?

 

On 06/03/2021 at 22:35, Guest Sam issues as above, is s] said:

Sam issues as above, is somebody going to answer this? What are the reasons for being declined and how to re-apply?

I'd ring up and have your account deleted. Should be process that day.

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Guest Paul

Yes seemed dodgy that were asking, how much money had etc. and questions come after they have gathered a lot of your details including passport number etc. As un-necessary for what applying for lied on the low side of the questions, so not accepted but doesn't seem like acompany would wantn to do business anyway.

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On 05/03/2021 at 06:22, hanatan said:

The criteria is unclear. The one I referred today got refused because she only has 22K AUD in saving. And the CS refused to tell her how much is the minimum. Seriously how much more you need to open an account?  This is just a strategy to avoid paying referral that ending this month or what?

Thanks for your post. 

Having new customers come to IG is a positive thing for our business. If we didn't want to pay out referral bonuses we wouldn't offer the scheme.

On 06/03/2021 at 12:35, Guest Sam issues as above, is s] said:

Sam issues as above, is somebody going to answer this? What are the reasons for being declined and how to re-apply?

 

On 18/03/2021 at 12:38, Guest reapply said:

same issue how do i reapply?

The reason an account rejects can be different. I would advise reaching out to us to figure out why. If someone over the phone says reapply then you will need to use a different email address and email us to let us know you've reapplied. 

All the best 

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