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20 hours ago, minercracker said:

Why can't I close my positions in cryptos? Explain me....where is the support?

On 6 January we restricted UK retail clients from increasing their exposure to cryptocurrencies, in accordance with the ban imposed by the Financial Conduct Authority (FCA) on the sale of crypto derivatives. We have now reached our internal product limit for exposure to cryptocurrencies, and as a result will be removing cryptocurrencies from our offering to UK retail clients. Ahead of this, we will also be increasing margin requirements.

Please ensure that you close all your open spread bet and/or CFD positions on cryptocurrencies by no later than 3pm on Wednesday 24 March 2021, from which point we will start to close any positions still open based on our prevailing bid/ask prices. This action is taken in accordance with Term 28(3) of the latest version of the applicable customer agreement governing your account(s) with IG.

In addition, from 3pm on Monday 22 February we will be increasing margin requirements for existing positions on cryptocurrencies to 100%. Markets affected are as follows:
Bitcoin
Bitcoin cash
Bitcoin cash/Bitcoin
Crypto 10 index
EOS
Ether
Ether/bitcoin
Litecoin
NEO

Stellar

Please note this is a business decision but all feedback regarding cryptos is being noted by myself and passed to our senior team. 

All the best. 

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6 hours ago, lilyblk said:

And why can't I close my shorts when they are in profit?!

IG this is looking highly suspicious, and "copy and paste" support responses  regarding UK retail client legislation isn't helpful.

Please do better.

My short positions are in-the-money and I am being prevented from closing them. 

I am not able to place bets if I don't have margin...why are IG taking my bets if they don't have the margin?

 

IMG_8859.jpeg

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  • Posts

    • @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
    • 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.
    • 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?
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