Buying crypto as a retail investor

[cate]

Hi,

I was having fun trading crypto and then the regulations changed a couple of years ago and only professional clients could trade them. But I've just noticed that I can open deal tickets on Bitcoin and Litecoin and a couple of others. It looks as though the margin requirement is 100% so I'm wondering whether we're back to being able to trade as long as the positions are unleveraged. Just wanting to check, so that I don't open a position and then find it forceably closed at a loss when the system realises I'm not a professional client. 

Any other retail traders dabbling in this again?

Happy trading everyone!

Cate

[AndaIG]

Hi @cate

Thanks for reaching out, we still do not allow crypto trading to retail accounts. Your buy/sell button should be grayed out similar to the below screenshot. 

All the best,

Anda

[cate]

Hi Anda ,

Thanks very much for the reply. The grayed out button was what I remember from last time I looked at crypto, but what I'm seeing now is if I put "bitcoin" into the search box I get a lot of small contracts where the buttons aren't grayed out. For example Bitcoin ($1), Bitcoin (£1), and the same for Litecoin, Ether, Ether/Bitcoin and a few others. 

If I pull up a deal ticket for Bitcoin(£1) for example it shows me that the minimum contract size is 0.01 contracts and the margin requirement is £308.27 . I can't see anything that would stop me trading. I just don't want to enter into the trade if I'm going to be automatically closed out because I shouldn't have been able to do it in the first place!

Do you think these are new special instruments - not like the spot - that retail can use?

Thanks again,

Cate

[AndaIG]

Hi @cate

Thanks for the feedback, 

As far as I know Crypto is still restricted for retail traders. It is likely that the system would block any attempt to trade. Not sure what you see your side however the smaller contracts are also grayed out my side. You are welcome to verify this on helpdesk.uk@ig.com

All the best, 

Anda 

[cate]

Thanks, Anda. It's puzzling. I've written to the helpdesk as you suggest, just to check I haven't been moved to a professional account without realising it.

Best wishes,

Cate