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IG professional account


spiderman

Question

Hello

 

I am noticing a prompt when I login which is offering the option to change to the professional account from my retail account.

This is to do with the ESMA thing which is going on at the moment.

If I changed to a pro account and I decided it wasn't for me, could I change back to a retail account somewhere down the line?

 

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Thanks  - I did this but all it does is explain the benefits of being a professional client; it does not specify the criteria.

 

Could someone from IG (possibly  ?) explain in detail what criteria have to be met to become a professional client with IG?  Any information or advice would be most welcome.

 

....and to reiterate, the 'learn more' tab on My IG does not specify the criteria for professional client status, only the benefits, so please don't direct me there. 

 

Many thanks  

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Trades: easy

Lump cash requirement: difficult

Recognised qualification or industry: difficult

 

Ironically imagine this. You are a trader at a big firm dealing day in day out at say Citi or Deutche and through PA dealing rules you haven’t been able to trade your personal account for say 5 years. You don’t have 500k in an investment portfolio but you do have a qualification. You WOULDNT be aloud a professional account under the esma regulations....

 

Just think about that a moment ‍♂️

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Just some info about applying for a professional account.

 

My father's a city trader and naturally applied to be classed as a professional trader for the new rules, I only use this account for messing around, we both use other brokers for our main share dealing.

 

When I told him IG had asked for proof, a screenshot of his last statement from his broker, he literally laughed in my face and said some very bad words. Who in their right mind is going to share the details of their trading account and trade history with a competitor ? He suggested just to go with his US broker so I will.

 

I know IG is just performing due diligence but they're going to lose all the retail traders overnight, and none of the bigger traders that have accounts with other brokers are ever in a million years going to share their other financial dealings with IG, so they'll be gone too. Such a shame as I really like IG. Not their fault though, blame the EU.

 

I hear some other brokers just have a declaration check box to be treated as a professional, that's it...

 

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Hello , thanks for your post and apologies for the delay in responding.

 

Thanks to  for providing the criteria required to become an elective professional with us.

 

I would like to reassure you (  ) that we are not looking to obtain details of your trading accounts elsewhere for any insalubrious reasons, but rather just to confirm that your previous trading volume and sizes meet the required criteria.  Any evidence you provide us will be used purely to verify this, and not stored for other reasons.

 

We appreciate that the professional account type will not be accessible to all clients, however we are doing our best to be flexible where possible whilst adhering to the new ESMA regulations.

 

Any further questions please do ask.

 

Thanks,

Hannah

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you mean the same way that Facebook keeps all your data confidential ? :-)

 

lets be honest, the info you're asking for would be a goldmine, knowing the net worth of your clients and how much they hold with you're competitors ? If I show you a $1M trading summary I'll be getting phone calls every day from IG asking if I'd like a cup of coffee and perhaps would I be interested in this or that product ?... My **** bank does it all the time lol.

 

How are you expecting to attract professional clients in the future if you ask them to provide details of their previous trading history ? I can't think of a single person who would ever do that, for very good reasons, it's just bizarre that IG even considers it a reasonable thing to ask.

 

It should purely be up to the client, yes, I want to be classed as a pro and therefore waive all my FCA rights or, no,class me as a retail trader with the full protections. A single check box.

 

Sorry, not having a dig at you, just the ridiculous situation. I bet all the non-EU brokers are loving this, it's like a dream come true for them as all the new clients pore in.

 

 

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It seems to be the standard procedure - IG aren't acting out of the norm.  For whatever reasons, it seems to be what's done.

 

Whether it is right or not is another question.  Perhaps if you fit the criteria of having a massive bank then they don't care.  Otherwise they want to see a trading history.  

 

I agree - all non-EU brokers would be loving this.  I would want more than three months of uncertainty before making such decisions too.  The whole thing is a mess. 

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The requirements come straight from the FCA. IG is bound to the FCA, the FCA are bound to ESMA. IG can't leave the FCA and the UK can't seem to leave the EU. 

 

All FCA regulated brokers must (presumably) adhere to FCA regulations, I wonder if other firms are seeking the same types of 'proof' (actual account statements)? But what else can there be?

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I just think it's just as ridiculous as Natwest stating you can't keep your account with them unless you send them a copy of your Barclays statement. Just unprofessional and insane, no-one would stand for it.

 

tbh it doesn't really matter for me, my account is tiny here like $100 or something, only used for system testing so no great loss. I'll just use the demo account instead.

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