Moving to Another Platform

[SpreadBetter729]

Hello all,

Never have I been so angered by a trading platform as I was by IG’s decision to give one weeks notice of a margin increase to 100% and a month to close position on around 1000 stocks.

This will cost me and I’m sure thousands of other clients thousands of pounds and has massively decreased my trust in the platform. In my case this impacts Petrofac, a fairly well known and quite large UK company. Hardly an AMC or GME. Why on Earth are stocks like that being removed?

I understand the need for risk management on IGs side, of course I do, however this could easily be carried out by stopping the opening of new positions and an an unlimited closing time with the margin requirements kept the same as upon creation.

Instead I am being forced to close my position only a few days after I opened it! 

I call for IG to reverse this decision immediately or I will be withdrawing my funds to another platform. I would call upon you to do the same, even if this does not impact upon you this time, does not mean it won’t be next time.

My faith in IG has sadly gone.

[coop123]

Hi spreadbetter729

i also would like to move away from IG  to another platform but struggling to find an equivalent, do you have a platform you can suggest or are  considering?

😄 

[Joo]

We all have the same issue, they removed a lot of good stocks, not just meme stocks. This is going to be very costly. And the worst thing you can't even know until it's too late if you can trade or not some stocks. The other day I tried to buy CCIV which was NOT in the list and my order was refused, which cost me a ton of money in gains I would have made. IG thinks only of their own bottom line, not ours. 

[Trend1UP]

6 hours ago, Joo said:

We all have the same issue, they removed a lot of good stocks, not just meme stocks. This is going to be very costly. And the worst thing you can't even know until it's too late if you can trade or not some stocks. The other day I tried to buy CCIV which was NOT in the list and my order was refused, which cost me a ton of money in gains I would have made. IG thinks only of their own bottom line, not ours. 

How can it cost you money in gains if you wasn't in a position ? Remember after all you haven't lost anything. Missed opportunity isn't the same as "costing you money". 

[Joo]

On 28/02/2021 at 22:27, Trend1UP said:

How can it cost you money in gains if you wasn't in a position ? Remember after all you haven't lost anything. Missed opportunity isn't the same as "costing you money". 

I clicked buy at 32, 3 min later it was at 42 and my target was around 40. So for me it's lost money as that trade was going to be a really big win. I consider it a lost. You consider it whatever you want, for me if I clicked the trade was made, it was refused by IG but I did the trade, it wasn't just an idea.

[ColinJ]

On 23/02/2021 at 18:05, SpreadBetter729 said:

Hello all,

Never have I been so angered by a trading platform as I was by IG’s decision to give one weeks notice of a margin increase to 100% and a month to close position on around 1000 stocks.

This will cost me and I’m sure thousands of other clients thousands of pounds and has massively decreased my trust in the platform. In my case this impacts Petrofac, a fairly well known and quite large UK company. Hardly an AMC or GME. Why on Earth are stocks like that being removed?

I understand the need for risk management on IGs side, of course I do, however this could easily be carried out by stopping the opening of new positions and an an unlimited closing time with the margin requirements kept the same as upon creation.

Instead I am being forced to close my position only a few days after I opened it! 

I call for IG to reverse this decision immediately or I will be withdrawing my funds to another platform. I would call upon you to do the same, even if this does not impact upon you this time, does not mean it won’t be next time.

My faith in IG has sadly gone.

As you rightly say, based on their decision making affect on existing customer positions, faith in IG being a decent ethical organisation is shattered - I would never have thought a company who had such a good reputation and project such s customer inclusive approach could **** its loyal customers on this manner; please email their Compliance department if not already done in case of future litigation