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account suspended


blackjackbob

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This is unbelievable My circumstances haven't changed in all the 15 years that I've held an account and now they say I don't earn enough to qualify! When did earnings become an issue? as long as you have enough equity to cover your margin that's all that is important.

 

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Hi All, @greenscorpio1000 @blackjackbob

Thanks for reaching out. We apologize for the service you received before getting a response from IG. At IG we regularly complete account checks to ensure that our clients have the most appropriate trading account for their circumstances. To do this, there is certain information that we need to update in our system every so often. This is to make certain we remain complaint in accordance with regulations/regulators governing IG. 

If you still need more information or clarity, please reach out to helpdesk.uk@ig.com 

Thanks, 

OfentseIG 

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My Account is over 2 years old - I have completed over 1,000 trades and have made a reasonable profit- My Account has never been remotely close to getting a margin call.

Maybe IG is upset with me as 76% of retail investor accounts lose money

Yesterday 3rd April 2023 I received this.

At IG we regularly complete account checks to ensure that our clients have the most appropriate trading account for their circumstances. To do this, there is certain information that we need to update in our system every so often. Your account has been flagged as an account that we need to update details on. Thus, could I please confirm the value of your earnings as well as liquid savings (for example, cash in bank account, physical shares)?

For us to change your information, we would also require the following documents:

  • Bank statement showing your salary deposits (require 3 most recent bank statements).
  • Payslip
  • Letter from your employer confirming employment details including salary.
  • Screenshot of your savings/investment in the form of a bank statement or holdings statement from another broker.

Until we have this information, I have temporarily put your account on Closings Only. This means open positions can be closed; however, you won’t be able to open positions.

 

Once we receive the documents, we’ll be in touch with you to notify you of the outcome or if we require further supporting documents from you.

We’d like to thank you in advance for your cooperation.

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@greenscorpio1000but maybe the."client lifecycle analyst" is right here...What is he right about?

 

@OfentseIG If you still need more information or clarity, please reach out to helpdesk.uk@ig.com 

I Have reached out and reached out and reached out  for some information or any sort of clarity. Their is no response.

If you dont want to do business close my account and send me my money.

I will not send you 

  • Bank statement showing your salary deposits (require 3 most recent bank statements).
  • Payslip
  • Letter from your employer confirming employment details including salary.
  • Screenshot of your savings/investment in the form of a bank statement or holdings statement from another broker.

And nor would anyone else in their right Mind

 

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I know ,all we really want  is some transparency.

 

whether these so called random checks, is to combat problem gambler's,  or maybe  criminality ie luandering ect .I can't really  think of many other  reasons if a client is funding their accounts .for long periods of time 

Edited by greenscorpio1000
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Just now, greenscorpio1000 said:

I know ,all we really want  is some transparency.

 

whether these so called random checks, is to combat problem gambler's,  or maybe  criminality ie luandering ect .I can't really  think of many other  reasons, if a client has been  funding their accounts for a long period of time

 

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I sent them my last three bank statements but it made no difference they still closed my account. I really don't know what this is all about and will never find out. I think it's an appalling way to treat a long standing client but they obviously don't. I'll be looking at different platforms today. Good luck to all the suffer the same fate us us, I suspect there will be more but I don't understand this purge.

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I've posted about this on a private traders forum where we are all full time traders and nobody can see any sense in this, some have pro accounts and they all say there are no minimum income/savings requirements and it's none of their business anyway. I don't know what this is really about and neither does anyone else.

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None of my other Accounts come close in regards to details they require, anyway using an account my size to launder money, particularly as there as so few transfers in and out of the account (Maybe 5 small tranfers over 21/2yrs to and from the same funding a/c) would be laughable.

As for saving requirements, I dont believe my Account has reached over 25% Margin 75% Cash for even intraday Trading so thats another red herring.

Unless you guys can come up with another reason - that only leaves the culling of Accounts not deemed profitable to IG (In other words the Casino is throwing you out for wiining).

That would make sense in light of the recent battering of CMC Markets stock when they missed Profit Targets.

I have heard back from IG and expect them to eject my account and return my funds shortly.

So good luck in your trading.

 

PS I am a little sad to be departing because in many respects I have found the IG spreads and spread betting service to be among the best in the industry

 

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I've now opened an account with city index and using a platform called trading view which is very similar to IG's so quite pleased with that. They didn't ask me any financial questions at all, you only have to verify your address with a utility bill & driving license. So much for all this BS from IG.

 

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