There is a limit of £1,000,000 notional value per client across all cryptocurrencies.

[123abc]

"There is a limit of £1,000,000 notional value per client across all cryptocurrencies.

Any client with a notional size above this limit is at risk of having their cryptocurrency positions reduced."

 

Dear IG,

Q1. At the current price of Bitcoin prevailing around $64,000 approx, does this mean I can only open a position of size around $1.5 per point? As the price of Bitcoin rises, and the notational becomes larger, will IG force close my position? 

Q2. I would like to open a position at $5 per point in Bitcoin, will I be restricted even though if my account is sufficiency funded? 

Q3. What is required to overcome any notional value limits, and how can I prevent my position from being force-closed ? 

[KoketsoIG]

6 hours ago, 123abc said:

"There is a limit of £1,000,000 notional value per client across all cryptocurrencies.

Any client with a notional size above this limit is at risk of having their cryptocurrency positions reduced."

 

Dear IG,

Q1. At the current price of Bitcoin prevailing around $64,000 approx, does this mean I can only open a position of size around $1.5 per point? As the price of Bitcoin rises, and the notational becomes larger, will IG force close my position? 

Q2. I would like to open a position at $5 per point in Bitcoin, will I be restricted even though if my account is sufficiency funded? 

Q3. What is required to overcome any notional value limits, and how can I prevent my position from being force-closed ? 

Dear @123abc,

Thank you for reaching out. Here are some important points to consider:

1. The maximum notional for long positions is GBP 500,000 across all crypto positions. To calculate the size, you can use the formula 500,000 = 63,920.20x. Approximately, x = GBP 7.8 per point (based on the price at the time of calculation).

2. Please be aware that GBP 5 per point is below the calculated amount mentioned above.

3. If you would like to increase your maximum exposure, please contact us so we can check with the desk.

Thanks,

KoketsoIG

 

[123abc]

When I logon to the platform, it says the notional is £1,000,000, not £500,000 see screenshot below.

Can you confirm the maximum notional is £1,000,000 ?

Edited March 4 by 123abc

[KoketsoIG]

1 hour ago, 123abc said:

When I logon to the platform, it says the notional is £1,000,000, not £500,000 see screenshot below.

Can you confirm the maximum notional is £1,000,000 ?

Dear @123abc,

Thank you for your response. We apologize for any inconvenience caused. The desk has confirmed that the limit for long positions is 2M. Please be aware that these limits are subject to change. Feel free to contact us for updates on limits or any questions about limit increases.

Thanks,

KoketsoIG

[123abc]

Q1.So does this mean IG will be updating the platform to say £2,000,000 instead of £1,000,000 (see screenshot below) ?

Q2. So if the notional is actually £2,000,000, then does mean at the current prevailing price of Bitcoin of $65,000 approx, the max deal size is around $30 per point (i.e. 2,000,000 / 65,000) ?

 

Edited March 4 by 123abc

[KoketsoIG]

16 minutes ago, 123abc said:

Q1.So does this mean IG will be updating the platform to say £2,000,000 instead of £1,000,000 (see screenshot below) ?

Q2. So if the notional is actually £2,000,000, then does mean at the current prevailing price of Bitcoin of $65,000 approx, the max deal size is around $30 per point (i.e. 2,000,000 / 65,000) ?

 

Dear @123abc,

Thank you for your patience. Yes, the desk will ensure that these are changed to correctly reflect the updated limits.

Please also note that the limit is in GBP so it would be GBP30 pp for spread betting or the $ equivalent.

Thanks,

KoketsoIG