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IG doesn't allow to close BTC short position when price raising !!!

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I thought IG didn't allow to reopen long positive when price going up is bad enough.

Today they reach a new high!  Now they do not allowing to close short positions when price raising up!


Today when the BTC price reached the bottom and jumped back I wanted to close my short position, they just not allowed it !

The error message I got is:

"This order takes you over the maximum size for this market. You can deal in the same direction up to 3 contracts every 240s"


I have to count my position and close to make up 3 contracts, closed 0.2, closed 1,5, closed 1.3 then cannot close any more!

I keep trying and just doesn't allow me to close, eventually I clam down from the panic and final find one way to close them -- move the stop loss price as low as possible, which is $200 from market price !

By the time stop loss was triggered, I already lost $2,114.


After close all the positions I called IG again and again they said that due to BTC  market is volatile and not liquid.

And again they said that how their system work and they will not make any compensation for it, if I disagree, i can raise a complaint



They told me there is a rule in their system that only allow customer to close 3 BTC contracts every 4 mins.

 Why don't they let customer know that first?


IG probably is the worst Cryptocurrency market maker in the world.

Never heard any other broker do not allowed close positions.

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Did you manage to close your position? I have open position and cannot do anything as it is closed here? 


Did you received any notification about this marker closure today?

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    • not just the FCA, the US CFTC looks to be heading the same way. https://www.financemagnates.com/cryptocurrency/news/coinbase-pro-ends-margin-trading-services/?utm_content=buffer4aede&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer
    • Thanks @CharlotteIG ! That's reassuring. I'm sure IG have already seen this, but someone on twitter linked to this Policy Statement from the FCA, saying that it will come into effect on 6th January: https://www.fca.org.uk/publication/policy/ps20-10.pdf "Prohibiting the sale to retail clients of investment products that reference cryptoassets"  Incidentally the trader  on twitter who linked to that, was commenting on the recent drop in bitcoin  and said "Crypto exchanges started announcing liquidation of UK customer accounts ..not surprising BTC sold off." Best wishes, Cate