Really poor IG rules for modest accounts

[FM9]

There are a lot of instruments that are not available for trading unless you have a professional trader account. 

These are available for traders who have 10 yrs of Professional trading experience or if you have half a million quid! 

Anyone else find this weird????

[ArvinIG]

HI @FM9,

Here are the requirements to be eligible for a professional account :

More information on this link https://www.ig.com/uk/professional

You do not need 10 years of experience but a least a year.

These conditions are based on regulators definitions of professional clients (FCA for UK)

If you need further details please reach out to helpdesk.uk@ig.com.

All the best - Arvin

[FM9]

Why do you need professional knowledge of derivatives and / or an account of €500,000 to trade certain instruments like Bitcoin, KOLD etc? 

Your margin covers the risk and ensures that the value of the account is the max that the user can lose. 

Absolutely rubbish and discriminatory rules! Shame! 

[FM9]

Another example... I just tried to buy KWEB (KraneShares CSI China Internet ETF) and it's for "Closing Only, Market Unavailable to Open".

Do you need professional knowledge of derivatives to actually trade some of these ETFs???

WHY !?!?!?!?!?!

[Mcg]

I never get why retail traders are so entitled, they can’t be bothered to read the rules. All of these requirements are FCA ones, nothing to do with the broker. 
 

When it was left to the brokers they allowed retail to trade crypto and most indices/forex on 0.5% margin. So it’s not IG that don’t want you to do it, they don’t care if you overleverage and lose as they just make the spread and hedge the exposure.

[FM9]

So you mean to tell me that the FCA regs are selectively applicable to different instruments? 

Could you please point me to these regulations?

Joke!

[FM9]

Also, ur so clearly a shill, it's not even funny. 

[ArvinIG]

1 hour ago, Mcg said:

I never get why retail traders are so entitled, they can’t be bothered to read the rules. All of these requirements are FCA ones, nothing to do with the broker. 
 

When it was left to the brokers they allowed retail to trade crypto and most indices/forex on 0.5% margin. So it’s not IG that don’t want you to do it, they don’t care if you overleverage and lose as they just make the spread and hedge the exposure.

 

50 minutes ago, FM9 said:

Also, ur so clearly a shill, it's not even funny. 

Hi @FM9,

Please find some details on the FCA definition and criteria of professional clients :

From : https://www.handbook.fca.org.uk/handbook/COBS/3/5.html

In regards of KWEB :

It is usually caused by low liquidity.
More details here : Unborrowable stock

I hope that it helps !

All the best - Arvni

[FM9]

So please tell me, why is ProShares UltraShort S&P500 ok to trade.... But .... KOLD (ProShares UltraShort Bloomberg Natural Gas) not available for opening new positions? 

It's definitely not a temporary thing dependent on liquidity.

Are there notifications available when  so called UNBORROWABLE STOCK is reinstated as Borrowable? 

Is there a log which shows when certain stocks were classified as UNBORROWABLE? 

[ArvinIG]

On 06/10/2021 at 06:22, FM9 said:

So please tell me, why is ProShares UltraShort S&P500 ok to trade.... But .... KOLD (ProShares UltraShort Bloomberg Natural Gas) not available for opening new positions? 

It's definitely not a temporary thing dependent on liquidity.

Are there notifications available when  so called UNBORROWABLE STOCK is reinstated as Borrowable? 

Is there a log which shows when certain stocks were classified as UNBORROWABLE? 

Hi @FM9,

KOLD is only available on share dealing account only :


in February 2021 some markets were moved to Stockbroking only as the market cap/ net asset were low, it was a business decision. KOLD is one of them:

While SDS is :


I don't believe there is notifications showing a change of status from unborrowable to available.
I will forward your remark to the relevant department to make the status of a stock clearer.

All the best - Arvin