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What is happening with Crypto in IG


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I got a notification about 2 months ago from IG saying the regulator is clamping down.

 

Can someone let me know why I could sell my position  in Ether but a few days later i couldn't buy it back

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1 hour ago, wmorrogh said:

I got a notification about 2 months ago from IG saying the regulator is clamping down.

 

Can someone let me know why I could sell my position  in Ether but a few days later i couldn't buy it back

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

 

Sorry for the inconvenience. I will pass on feedback regarding this change to our senior team. All the best

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On 22/02/2021 at 08:24, Toppie_Australia said:

But, what is the alternative for "us" as traders? if we want to trade in Bitcoin, where can we do this? Should we go to a different broker ? 

 

14 hours ago, Guest Christy said:

Let me know which broker app you use as replacement, I'd like to switch as well 

 

The two best crypto exchanges out there are FTX and Binance. I prefer FTX, as the fees are slightly better and interface is more professional. You can try out FTX here:

USA: https://ftx.us/#a=demo
or outside US: https://ftx.com/#a=demo

and Binance is here  https://www.binance.com/en/register?ref=10782829

Binance has the advantage of having more cryptocurrencies listed, but if you are only trading BTC, ETH or other more popular currencies then FTX is the one! Unfortunately the law will not change anytime soon, so I don't see IG allowing crypto trading again, but will leave the instruments on their platform until all remaining client positions have been closed.

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For those of us NOT in the UK can someone from IG please advise us better as to what is happening with crypto, (im in Australia) the generic answer regarding UK is very confusing if we are not UK clients, please format your responses to apply to everyone affected please so we know what is actually happening, that way we can alter our strategy either through new markets or different providers. But so far I cannot find a single response regarding Crypto and non UK clients.

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unable to speak to IG at all and have been and still waiting on the line for some time now -

- high time for just retribution -

- IG takes your money and process deposit in 2 seconds and if you want your money back they'll make you wait 3 days -

- my main beef is this:

i know positions are unlongable for bitcoin that is i cannot enter into a buy contact or close an existing sell contract as that would have a net long position which at present you IG do not allow however i just now added two ( 2 ) completely new short position that i now cannot close either which means that your platform cannot be used at all at present and you did not make that clear at all and this is not something you can hide in your small print so I ll be seeing you soon in the law courts in a concerted class action

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Just called IG re block on Cryptos "unlongable" . In the UK it appears to be in line with their need to conform to regulation and remove cryptos as a leveraged product, so I personally dont think you will see it again as a CFD. Not sure re unleveraged? Im in Australia, we have new regulation coming in at the end if march, it will still allow 2.1 leverage on retail client and any open positions will not need to be closed or adjusted. So when I enquired re why cryptos are "unlongable" in Aus they said it has nothing to do with regulations ( weird it happened at same time as UK block) and just IG has maxed out its wanted exposure to crpytos and until there is a notable reduction or a change in their internal level you can only short and not long the asset. The adviser said in his opinion it may be weeks or even months away from a change back to normal rather than days.. So yes I think if you want to trade long at cryptos ( I did like the crytpo10) wherever you are, in the recent and ongoing correction you should unfortunately look at another platform. I really like IG markets, but appears that are not the go for cryptos any time soon. Ps Ig markets, I think for non UK client you could have given warning on the change to stop long positions, maybe like an amber alert " this asset class you are trading may go unlongable in the imenent future" for makes trading with you precarious when you suddenly change, you must know its coming close, so why not notify clients (Im not talking about the regulation stuff). Thanks

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@Toppie_Australia If you want to trade crypto use a crypto broker such as FTX and Binance their quite reputable and their margins are hugely smaller than IG. Personally I don't like the Binance platform it's just too confusing to navigate around and their id verification is a nightmare (just don't even go there).  I prefer using the 3commas platform and use the API interface to connect my brokerage accounts. 

 

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  • 2 weeks later...

hi. I am based in the UK so gets it that this platform will not offer Crypto anymore even if I am not a retail investor. I sent them messages in this regard but no reply.

any suggestion for the UK on safe platform to trade Crypto ?

 

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