Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money. Professional clients can lose more than they deposit. All trading involves risk.
The value of shares, ETFs and ETCs bought through a share dealing account, a stocks and shares ISA or a SIPP can fall as well as rise, which could mean getting back less than you originally put in. Past performance is no guarantee of future results.
CFD, share dealing and stocks and shares ISA accounts provided by IG Markets Ltd, spread betting provided by IG Index Ltd. IG is a trading name of IG Markets Ltd (a company registered in England and Wales under number 04008957) and IG Index Ltd (a company registered in England and Wales under number 01190902). Registered address at Cannon Bridge House, 25 Dowgate Hill, London EC4R 2YA. Both IG Markets Ltd (Register number 195355) and IG Index Ltd (Register number 114059) are authorised and regulated by the Financial Conduct Authority.
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I have been doing some spread betting over the last few years but don't have a professional investors account. Ups and downs however made some good profits over the last 12 months. I've made one risky investment recently and it went wrong. I had some guarantees (about £6k) on the account which were not enough to cover the losses on that day (about £7k) and I had no stop loss in place. I've requested the available funds to be withdrawn before market opened to limit exposure and potentially trigger the margin calls a bit earlier on the day when I lost the money. I was also hoping that as a non-professional account I would get negative balance protection. However that wasn't the case. IG cancelled the withdrawal request and used the money to offset the losses and had no explanation fo what happened on that day. My spread betting account is now having 0 balance as of today.
I am not moaning about the losses or decisions made. I like making risks every now and then. Just want to make sure if what IG did was legitimate. Never had a call or an email from them to explain what happened on that day. And also no explanations on the negative balance protections.
Please advise if anyone had a similar experience.
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