IG Group

[Caseynotes]

...

''According to a post by one of the administrators on the IG Community Forum, clients have been asked to close all their open spread bet and/or CFD positions on cryptocurrencies by no later than 3 pm on Wednesday 24 March 2021. After the mentioned date, the company will close open positions based on prevailing bid/ask prices.''

IG Group to Exclude Cryptocurrencies from Offering to UK Retail Clients | Finance Magnates

 

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[David30b]

Hi Caseynotes, (I often read you posts)

Yes I did see it about this morning  or so after announcement I believe - and responded to a newbie on the subject. 

Personally it was inevitable (IMHO) cos the way trades have been going - it was and is a one way ticket to profits on a put/call. Certainly dipped from 59k (BTC) to 54k but I personally think it is responsible by IG - as potentially it could wipe them out (or am I being plain ignorant?). As they are only market makers HOWEVER they are making a fair chunk on the sell price buy prices AND interest per day. Still not complaining though!

[Caseynotes]

15 minutes ago, David30b said:

Hi Caseynotes, (I often read you posts)

Yes I did see it about this morning  or so after announcement I believe - and responded to a newbie on the subject. 

Personally it was inevitable (IMHO) cos the way trades have been going - it was and is a one way ticket to profits on a put/call. Certainly dipped from 59k (BTC) to 54k but I personally think it is responsible by IG - as potentially it could wipe them out (or am I being plain ignorant?). As they are only market makers HOWEVER they are making a fair chunk on the sell price buy prices AND interest per day. Still not complaining though!

Worth noting too that after ESMA ramped up margin on crypto they have been making a lot of noise about the need to protect retail and recently have taken a big interest in Robinhood and social media and how it all affects trading in companies such as seen in GameStop.

[David30b]

Hi,

Fortunately got to professional status now - but yes the interest charges - (I haven't calculated precisely - are extremely high). All I can say is rather than wasting time fighting  - it may be better to look elsewhere for easier trades - which I have an abundance so not a problem for me. Hope all is well with you - I also speak to many personal friends too (I seem to see that you in the past ? have been taking some trades almost personally )-  but traders are not like friends and trust has to earned and then respected  - but I am sure you know this too well.🤓