Jump to content

Closing Only


Recommended Posts

On 22/02/2021 at 15:47, CharlotteIG said:

 

I'm going to pass all feedback onto our senior team regarding these changes.

Apologies again for the inconvenience but know these comments are getting pushed to senior teams so thank you for posting them. 

All the best. 

@CharlotteIG - the forced closing of positions in affected markets is completely unacceptable business behaviour; open positions should remain as is until closed by customer at whatever timescale they decide

  • Like 1
Link to comment

It has cost me several hundred pounds to swap £20k of SBs to shares. Annoyingly, because it takes time to withdraw money from IG, I have had to buy the shares in my IG account rather than elsewhere, as news is expected and I don’t want to risk missing out on any rise.  But I am really looking for answers from IG on this if I am to continue trading here. 

  • Like 1
Link to comment

And on top of the cost of several hundred pounds to close SBs and buy shares, I have had to close other positions, including forward positions that sold for less than the corresponding DFB,  and sell some shares to generate enough cash at such short notice. IG really needs to realise that they need to give a lot more notice of such actions.

  • Like 1
Link to comment
On 24/02/2021 at 16:15, ColinJ said:

@CharlotteIG - the forced closing of positions in affected markets is completely unacceptable business behaviour; open positions should remain as is until closed by customer at whatever timescale they decide

Hey, 

I completely understand your frustration and I will pass it onto our senior team as well as the exposure desk. 

The decisions has been made but I'm so sorry for how it's impacting your trading. With exceptional client demand in the equity space, we have reviewed our 12000 leveraged markets and decided to withdraw less than 1000 small cap equities, after a review of associated returns on these markets. We will continue to support these markets for Share Dealing, where that product is available.

Sorry again for this inconvenience. 

All the best 

  • Like 1
Link to comment

Charlotte, we keep seeing the message that's it's small caps that have been withdrawn. It isn't.  For example, Hikma has a market cap of £5.2bn and is in the FTSE100. How do we know which other companies IG might decide to do the same to?

We are also told that it's due to exceptional client demand. In that case, limit new opening positions (buy and sell). Why should we long-term clients suffer due to this?

  • Like 1
Link to comment
57 minutes ago, Davap said:

Charlotte, we keep seeing the message that's it's small caps that have been withdrawn. It isn't.  For example, Hikma has a market cap of £5.2bn and is in the FTSE100. How do we know which other companies IG might decide to do the same to?

We are also told that it's due to exceptional client demand. In that case, limit new opening positions (buy and sell). Why should we long-term clients suffer due to this?

Maybe IG have decided that with such exceptional demand, they don't need to worry about long term clients.  The exceptional mob will not be around for the long haul.  As a result of what IG have done, long term clients may not be around for the long haul either.

  • Like 1
Link to comment
1 hour ago, StormChaser said:

Maybe IG have decided that with such exceptional demand, they don't need to worry about long term clients.  The exceptional mob will not be around for the long haul.  As a result of what IG have done, long term clients may not be around for the long haul either.

@CharlotteIG

This is not frustration Charlotte, this is absolute anger, rage and fury; I have affected positions that are currently trading at a loss which could easily be in profit in a timescale acceptable to me - in the meantime I pay the associated costs, Saga being a prime example, yet IG are forcing me to take £000's of cash loss through no fault; IG have accepted a commercial contract on which they are now reneging at my significant cost

  • Like 2
Link to comment

if you were willing to let your clients purchase something you cant then say ohhh no we have changed our minds you have to sell it......im covering the 100% margin you requested ive serviced all charges required to maintain my possition ....there is no ethical reason that allows you to force my possition in any way... we made a deal ...... when i purchased stocks from you and they plummeted did i say ohhh no sorry i didnt really want them can i have my money back .....this is unacceptable behaviour and i will definately be pursuing it a lot further

  • Like 1
Link to comment

Dear All

simplest solutions to all this kafafo is that IG is like communist Broker , Do as we tell u. Once this matter resolves you people should be thinking about also dealing with another Broker . why stick to IG. Broking is not Monopoly Business, and let me tell you one thing . Brokers do not give Monkeys about their customer, IG is no exception. why are you all getting your Blood pressure high . Once you start giving some of your business to other broker then IG blood pressure will get high ( Loss of Income )  if you want to understand how Brokers work then please listen on YOU TUBE all free videos of Golldman sachs Broker who now has his own business, His name is Anton Kreil .His brokerage firm is called ITPM .Listen to his free videos .You will understand everything about Brokers attitue towards their customer. I have lost quite lot  of money in past with IG. After Listening to Anton I am slowly now controlling my Losses and had much success . Over a period of time I will make sure that I have very little Losses to give to IG  . Sometimes it is worth Investigating in to market to see what other Brokers are Offering and their services . It is is Competative Business and go where you get good service. From my Banking Experience I know that all Multinational Companies deal with more then One Bank , so why are Retail Traders not following the same Principal.  Good Luck Trading 

 

 

Link to comment
4 hours ago, CharlotteIG said:

Hey, 

I completely understand your frustration and I will pass it onto our senior team as well as the exposure desk. 

The decisions has been made but I'm so sorry for how it's impacting your trading. With exceptional client demand in the equity space, we have reviewed our 12000 leveraged markets and decided to withdraw less than 1000 small cap equities, after a review of associated returns on these markets. We will continue to support these markets for Share Dealing, where that product is available.

Sorry again for this inconvenience. 

All the best 

pffft inconvenience really ..... you were happy too sell these equities too us your customers in the first place ....your change of how you now view these products surely should only affect your client involvement after your view was changed .....when i purchased my products from you it was never pointed out to me that although i have paid for and fully serviced my purchase you could at any time change your mind and confiscate my products just because they are no longer profitable assets to yourselves.....when a trade is made you are obliged to fulfill it full stop....this must be illegal surely

  • Like 1
Link to comment
12 minutes ago, bapu1 said:

Dear All

simplest solutions to all this kafafo is that IG is like communist Broker , Do as we tell u. Once this matter resolves you people should be thinking about also dealing with another Broker . why stick to IG. Broking is not Monopoly Business, and let me tell you one thing . Brokers do not give Monkeys about their customer, IG is no exception. why are you all getting your Blood pressure high . Once you start giving some of your business to other broker then IG blood pressure will get high ( Loss of Income )  if you want to understand how Brokers work then please listen on YOU TUBE all free videos of Golldman sachs Broker who now has his own business, His name is Anton Kreil .His brokerage firm is called ITPM .Listen to his free videos .You will understand everything about Brokers attitue towards their customer. I have lost quite lot  of money in past with IG. After Listening to Anton I am slowly now controlling my Losses and had much success . Over a period of time I will make sure that I have very little Losses to give to IG  . Sometimes it is worth Investigating in to market to see what other Brokers are Offering and their services . It is is Competative Business and go where you get good service. From my Banking Experience I know that all Multinational Companies deal with more then One Bank , so why are Retail Traders not following the same Principal.  Good Luck Trading 

 

 

most people are fully aware that the system is against them any greed motivated bussiness has only its own self interest in mind .... they get away with it because no one stands up to them .... the appropriate channels are all biased to the money maker ,,,, there is now another route for ya plain old guy on the street,,,, social media is a powerfull tool ...... the fca and all the other **** pot organisations only pull there pants down for big companies ...ig cant do what they like when they like that bad bussiness 

Link to comment
On 26/02/2021 at 15:34, CharlotteIG said:

Hey, 

I completely understand your frustration and I will pass it onto our senior team as well as the exposure desk. 

The decisions has been made but I'm so sorry for how it's impacting your trading. With exceptional client demand in the equity space, we have reviewed our 12000 leveraged markets and decided to withdraw less than 1000 small cap equities, after a review of associated returns on these markets. We will continue to support these markets for Share Dealing, where that product is available.

Sorry again for this inconvenience. 

All the best 

@CharlotteIGIf you are sorry for the impact, please advise immediately what action you are going to take to resolve the fact you are going to remove £000's of funds from my account through no fault of mine by forced closure? And please, Charlotte, this is not an inconvenience, this is a disgraceful unacceptable business behaviour

  • Like 1
Link to comment

Forced closing for clients who came up with 100% margin is ridiculous. They will force us to take losses on positions that would turn green a couple months later. But let's not forget that IG is NOT a broker, IG is a casino, we are trading CFDs, not stocks. Once the CFD turns against IG they want out of the position and it doesn't matter who is hurting, they just want out. I guess they haven't found anyone to "buy back" the CFDs from them to let us keep our positions, there is nobody willing to take the other side of the trade on our CFDs because our win ratio is too good.

  • Like 1
Link to comment
  • 2 weeks later...

If a client buys a DFB contract dated 2029, which most of them are, how is it legal and/or FCA compliant for IG to end the contract earlier by forcing clients to close prematurely even when their accounts are not on margin call? The premise of the trade is that IG takes the equivalent underlying position and funds it with the daily interest charges so why is it not able to hold the position open indefinitely?

  • Like 1
Link to comment
  • 3 weeks later...
On 02/03/2021 at 13:21, StormChaser said:

Whatever about putting them on closing only and restricting new positions, change to 100% margin and introducing forced closure is a direct action against clients.

PPI has been paid back by banks as customers complained to the FCA.  I think all clients should make a complaint against this forced closure as IG can bankrupt anybody out of no fault on our part.  They should pay!

Link to comment

I have made an official complaint to the financial ombudsman. I suggest others do the same. IG were well within their rights to increase margins to manage "risk" although the risk is zero at 100% margin... but changing their terms and conditions and then mistreating their customers is pretty poor form. Don't take it lying down.

https://www.fca.org.uk/consumers/how-complain

https://help.financial-ombudsman.org.uk/help

Here are IGs details for the complaint:

IG (IG Index Limited and IG Markets Limited)
Cannon Bridge House
25 Dowgate Hill
London
EC4R 2YA
UNITED KINGDOM

Edited by smi1680
Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • General Statistics

    • Total Topics
      21,309
    • Total Posts
      90,973
    • Total Members
      41,442
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    TeeKay
    Joined 09/02/23 08:23
  • Posts

    • Gold on the rise, as Brent crude and natural gas show signs of impending weakness Ongoing trends look likely to continue, with gold grinding higher as Brent crude and natural gas show signs of potential impending weakness. Source: Bloomberg      Joshua Mahony | Senior Market Analyst, London | Publication date: Thursday 09 February 2023  Gold grinds higher after collapse into trendline support Gold ended last week with a bang as price collapsed into a fresh four-week low. However, despite growing calls for a reversal across a number of asset classes, this week has seen equity markets and the dollar turn back in the direction of their prevailing trend. Given the close correlation between the dollar and gold, this signals the potential for another move higher for precious metals if money does not flow into the dollar. For gold, the current grind higher looks likely to continue, with a break back below the recent low of $1861 required to create a fresh bearish outlook. Source: ProRealTime Brent crude rebound takes price back up towards descending trendline Brent crude has spent much of the week regaining lost ground following a bearish turn that saw $10 sliced off the price in the space of a fortnight. The wider trend does remain bearish, with the descending trendline and Fibonacci resistance levels bringing the potential for another bearish turn before long. With price currently at the 61.8% retracement ($85.20), there is a good chance we see the bears come into play before long. Watch for a move through 80 on the stochastic to signal a bearish turn from a momentum perspective. To the upside, we would need to see a push up through the $89.01 resistance level to bring confidence of a more protracted bullish rebound. Source: ProRealTime Natural gas turns lower from Fibonacci resistance Natural gas has turned lower once again after a rebound in the early part of the week. This is a market that has been a consistent performer for the bears, with the relatively balmy European winter ensuring that storage levels remain well topped up throughout the drawdown period of the year. While we did see a push into the 76.4% Fibonacci level on Tuesday, price has been reversing lower in line with the wider bearish trend. With a very consistent bearish trend still in play, we would need to see a push up through the $2.789 swing-high to bring about a more positive outlook. Until then, further downside looks likely. Source: ProRealTime
    • ASX 200 afternoon report: 9th of February 2023 Find out all the latest information on the ASX 200 market. Updated as of 9th February, 3.00 pm AEDT.   Source: Bloomberg   Indices ASX Coal Dividend S&P/ASX 200 Interest rate  Tony Sycamore | Market Analyst, Australia | Publication date: Thursday 09 February 2023  The ASX 200 trades 43 points (-0.57%) lower at 7487 at 3.00 pm Sydney time. The ASX 200 has slumped today, taking its lead from a fall on Wall Street, as Fed Speakers hit the wires to beat the hawkish drums and remind markets that higher rates will be required for longer to bring down inflation. IT sector The tech sector experienced losses today, led by Google. Google fell 7.44% after its new AI intelligence chatbot Bard underwhelmed Sezzle fell 8.53% ZIP fell 5.91% Megaport fell 5.65% as it elected not to pay a dividend Novonix fell 4.72% to $1.72. AGL fell 11% after reporting a loss of $ 1.1 billion for the first half of the year. It also slashed guidance and its interim dividend to 8c per share. Elsewhere, Real Estate heavyweight Mirvac slumped 5% to $2.28 as wet weather, interest rate hikes, and labour shortages limited its first-half earnings. Financial sector The pressure of this week’s RBA rate hike and intensification in the fight for new deposits has hada negative effect on all banks apart from ANZ. ANZ has added 0.23% to $23.85 after its upbeat trading update NAB fell 0.8% to $31.80 Westpac fell 0.36% to $23.82 CBA fell 0.4% to $109.89. Mining sector The 40% fall in the price of coal out of Newcastle since the start of the year continues to weigh on the coal miners. Whitehaven coal fell 5.62% to $8.06 New Hope fell 4.9% to $5.81 Yancoal fell 4.62% to $5.87 Coronado Coal fell 4.65% Fortescue Metals added 0.89% to $22.68 BHP added 0.02% to $48.13 Rio Tinto fell 0.4% to $123.65. Technical analysis We view the ASX 200 as being stretched to the upside and overbought after five straight weeks of gains. For the Elliott Wave followers, there is a five-wave advance from the October 6411 low to this week’s 7567.7 high. All of which warn that a pullback is looming. A break of support at 7460/50 (coming from recent lows) would indicate that a medium-term high is in place and that a corrective pullback is underway. We continue to favour trimming longs ahead of the bull market 7632 high and looking to either buy a sustained break of the 7632 high or a pullback into the 7200/7000 support area. ASX 200 daily chart     Source: TradingView. The figures stated are as of February 9th, 2023. Past performance is not a reliable indicator of future performance. This report does not contain and is not to be taken as containing any financial product advice or financial product recommendation.
    • FTSE 100, DAX and S&P 500 make fresh push higher Indices have had a mixed week, but are once again attempting to make upward progress. Source: Bloomberg      Chris Beauchamp | Chief Market Analyst, London | Publication date: Thursday 09 February 2023  FTSE 100 moves above 7900 again The index is making a new attempt to push on above 7900 today, having struggled around this level yesterday. The index clearly has the psychological 8000 level in focus, as it makes a move to build on the bounce from the late January support zone above 7700. So long as it holds above this level the bullish view remains in place, with sellers needing a move below 7700 to suggest a short-term pullback is in play. Source: ProRealTime DAX edges higher After the weakness on Monday and Tuesday the index has pushed back above 15,500. Additional gains continue to target 15,600, and from there the 1 February 2022 high at 15,715 comes into view. The index does remain overextended from the 50-day simple moving average (SMA), and today’s initial gains have widened the gap. But for the moment this is more of a warning to buyers not to chase this market higher, and at present there is little sign of any serious pullback developing. That would require a move below 15,000 at the least. Source: ProRealTime S&P 500 stuck in a narrow range The index has found it impossible to establish a clear direction this week, but overall the buyers still seem to have the upper hand. The consolidation for the week so far means that we await a move above 4200 to establish a fresh bullish thrust in price terms, potentially opening the way to the August highs above 4300. Meanwhile, a reversal below 4100 would provide the bears with some hope of a short-term pullback, though as long as the price holds above the 200-day SMA the outlook will continue to lean broadly bullish. Source: ProRealTime
×
×
  • Create New...