Jump to content

Forced closing of remaining crypto balances, and margin increases to 100%


Recommended Posts

Guest Steve P

I have asked IG to explain why I have to now close my positions when they had already confirmed back in Jan if I had bets already open then they can continue to be open. 

Link to comment

I’ve seen a post on here stating that IG intend on removing around 1100 stocks from their platform. I’ve had a long position open for sometime which I suspect will be one of the stocks that is removed. I don’t understand if we make a contractual bet with the broker, how can they just close it when they lose. If we lose, we have to pay out. 
 

looking for advice and experience from people who’ve been doing this a while, whilst I do more research into how (if) I can keep my position open. Thanks..

Link to comment

Basically they reserve the right to close at the current price, if you are winning you can keep your gains but you can't gain any more. The only way to keep our positions is to go to another broker and buy the real stock, not a CFD.

Link to comment
4 hours ago, Ben1LIT said:

I’ve seen a post on here stating that IG intend on removing around 1100 stocks from their platform. I’ve had a long position open for sometime which I suspect will be one of the stocks that is removed. I don’t understand if we make a contractual bet with the broker, how can they just close it when they lose. If we lose, we have to pay out. 
 

looking for advice and experience from people who’ve been doing this a while, whilst I do more research into how (if) I can keep my position open. Thanks..

 

Hopeless

We, retails losing money on a daily basis, being always in a disadvantaged position compaired with a broker... and for once, we manage to bet on the right direction, actually getting few bucks back from all our losses, and we are all forced to close down our poor wins. So typical ''of-course-you-will-die-poor'' behavior

Could somebody PLEASE at least help, write or link the list with the 1100 assets that we're not allowed to trade anymore?

Thanks in advance

Link to comment
2 hours ago, DarielRiera said:

 

Hopeless

We, retails losing money on a daily basis, being always in a disadvantaged position compaired with a broker... and for once, we manage to bet on the right direction, actually getting few bucks back from all our losses, and we are all forced to close down our poor wins. So typical ''of-course-you-will-die-poor'' behavior

Could somebody PLEASE at least help, write or link the list with the 1100 assets that we're not allowed to trade anymore?

Thanks in advance

Hey, 

As soon as I get a full list I will post it in this forum. As mentioned I will be passing all the feedback you're giving to senior members of staff in hope that if does shape the decisions we're making. 

 

  • Like 1
Link to comment

Ianp 

I totally agree. Having just recently told us that we could keep open positions until "we are ready to close them" this is a pretty poor turnaround. Disgraceful!  I have been with IG for more than twenty years and will be looking elsewhere in future.

Link to comment
Guest Spl183

Thanks Guys.  Yes, I got the same e-mail.  Really frustrating, and out of the blue.  Poor, poor show.   Can I just asked a technical question please ?  Is it right that currently, for Crypto IG provide 50% so basically the new margin requirement will be double the existing ??  Thanks, Spl183 

Link to comment

just plain unethical, regardless of their T&Cs - if you have CFDs running at a loss you're forced to take the hit.  No different to buying a car and then 6 months down the road the seller wants the motor back.  No problem denying new entrants if IGs exposure gets too risky, but surely they should honour the existing positions.

I have very small positions but they mean a lot to me.  Will look at Saxo and IB as I don't see them do the same thing to their clients as regularly as IG.

Link to comment
Guest Outraged

I would encourage all who are dissatisfied with this issue regarding forced closure of cryptocurrency positions or similar increase in margin requirements / forced closure of certain shares to formalise complaints in writing to compliance@ig.com as clients are entitled to do, explaining what actions you propose to take if they do not reconsider E.g. switching to another company, referring to Financial Ombudsman if complaints are not satisfactorily dealt with, seeking compensation etc. 

You may wish to refer to any previous correspondence such as the email on cryptocurrency positions sent on 4th January stating that " You can continue to open cryptocurrency trades as a retail client until 5 January 2021. After this, you’ll be able to hold any existing positions until you’re ready to close them, but you won’t be able to place new crypto trades. "

 

Also worth quoting FCA guidance:

 

  1. PS20/10: Prohibiting the sale to retail clients of investment products that reference cryptoassets

1.23 Retail consumers with existing holdings can remain invested following the prohibition, until they choose to disinvest. There is no time limit on this, and we do not require or expect firms to close out retail consumers’ positions unless consumers ask for this.

 

Link to comment

Join the conversation

You are posting as a guest. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • General Statistics

    • Total Topics
      15,667
    • Total Posts
      74,922
    • Total Members
      62,988
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    Destruxia
    Joined 23/07/21 13:53
  • Posts

    • A better than expected trading statement from Vodafone is met with investor favour. Source: Bloomberg   Shares Vodafone M-Pesa Revenue Europe Money  Shaun Murison | Senior Market Analyst, Johannesburg | Publication date: Friday 23 July 2021  Vodafone Q1 2021 Trading Statement Vodafone the Europe, Africa, Middle East and Asia Pacific telecommunications provider has seen revenue rebound in quarter one (Q1) 2022, as Covid-19 restrictions ease, signaling improving economic conditions particularly in Europe. The group has also highlighted gains in its African operations, most notably from the M-Pesa mobile money offering. For Q1 (of fiscal year 2022), Vodafone has guided via a trading statement that revenue had increased by 5.7% year on year (YoY) to €11.1 billion. Service revenue for the group increased by 3.3% over the period Vodafone has also guided that for the financial year 2022 (FY22), the company expects to achieve full-year targets of €15 billion to €15.4 billion in adjusted earnings as well as a minimum of €5.2 billion in free cash flow. Find out more on how to buy, sell or short Vodafone shares. Vodafone performance across Europe mostly improved In Europe, the group has managed to achieve marginal growth of 1.4% in its operations across Germany. The UK and Spanish markets saw a quarter on quarter (q/q) return to growth, while the group’s Italian operations saw a revenue contraction of around 3.6%. Vodafone’s mobile money offering in Africa gains traction In countries Kenya, Tanzania, Mozambique, Lesotho and the Democratic Republic of Congo, the group has seen significant growth through its M-Pesa platform, which allows users to facilitate peer to peer transactions. The platform has seen a surge in usage with transactions via the platform having increased by 45% to 4.5 million from the prior year’s comparative period. This service is now looking to extend into new financial products such as loans, payrolls and savings. Vodafone share price – technical analysis Source: IG charts   The share price of Vodafone has reacted favorably to the Q1 trading statement release, rebounding off the 112.30 support level. The price reversal off support is accompanied by the Stochastic oscillator moving out of oversold territory. These are short term bullish indications suggestive of continued gains with 131.80 the next upside resistance target considered. In summary Q1 2022 revenue increased by 5.7% year on year to €11.1 billion Service revenue for the group increased by 3.3% over the period. Vodafone has seen revenue growth in across most of Europe, with the exception of Italy In the group’s African operations, the M-Pesa mobile money platform has seen a 45% increase in transactions The share price of Vodafone is currently rebounding off support and from oversold territory
    • With Q2 earnings season in full swing, Netflix, Johnson & Johnson, and Coca-Cola provide us with potential trading opportunities.                                                                                                                                             This article looks at some of the big movers off the back of recent earnings announcements to try and find stocks that seem to provide a good trading opportunity. Typically, earnings announcements and trading statements will drive a shift or enhancement of market sentiment. While many see earnings as a significant risk when holding a stock, placing trades in the wake of such events allows for greater confidence that all market knowledge has been factored into current prices. Netflix Netflix shares have been on the back foot after an earnings release that saw the firm fall short on earnings. That decline came despite the fact that the streaming service beat estimates on both revenues and paid subscriber numbers. Interestingly, this pullback brings a potential buying opportunity, with price falling into the 76.4% Fibonacci support level of $502.22. The continued creation of higher lows over the course of the past year brings a strong potential that price will rise from here. As such, a bullish view holds unless price falls back below the most recent swing-low of $482.21. Source: ProRealTime Johnson & Johnson Johnson & Johnson managed to beat estimates for their second quarter, with a massive jump in net income coming thanks to a 27.1% rise in sales. Looking at the chart, we can see that price is approaching the apex of an ascending triangle formation. The ongoing uptrend points towards a bullish breakout before long, with a fall back below $165.32 required to bring a more bearish short-term outlook. Until that happens, this gradual ascent looks likely to provide a bullish breakout through the $171.44 resistance threshold. Source: ProRealTime Coca-Cola Coca-Cola shares have pushed upwards after the firm posted better-than-expected earnings and revenues figures for the second-quarter. With revenues topping their 2019 level, investors were cheered by improved forecasts for the full-year earnings per share (EPS) and revenues. Nonetheless, the pop seen on Wednesday could represent a peak for now, with the recent trend seeing an ascending trendline limit upside moves. However, whether we see a short-term pullback or not, the uptrend and positive earnings report highlight the fact that this stock remains attractive as long as price remains above the $53.55 swing-low. Source: ProRealTime      Joshua Mahony | Senior Market Analyst, London | Publication date: Friday 23 July 2021
    • Oh, and if you haven't considered it already, Bitcoin and Crypto will completely collapse and become regulated.  It will either be driven underground resulting in a 2 tier economy with dark assets and civil terrorism to blame, or completely destroyed by the Central Banks. Retail Trading will Cease and will all private Capital siezed including property and Gold. Either way we'll know for sure where we're headed by 2023!
×
×
  • Create New...