Opening second IG account in another country - email discussion

[Guest Kp1]

So just got the email about opening another account in one of your global offices. Just so i have this right if i do this and say for example open another account in Australia i am then completely free of all these new ESMA rules and regulations?

What then happens to my UK account? can i transfer the balances between the 2 and can you have them both open at the same time?

 

[JamesIG]

ESMA rules and regulations are specifically for IG accounts which have been opened via the relevant European office. If you are holding an account which has been opened in say, Australia, then ESMA regulations would not apply. You would then be regulated by the relevant body in that country.

You may maintain your current UK based account at the same time if you wish. You should be able to transfer the balances between the two accounts, however you wouldn't be able to do this online as they wouldn't be linked. Please give us a call to transfer funds. 

[Guest TG12]

Bare in mind you would need to be an Australian resident to do this. 

[JamesIG]

6 minutes ago, Guest TG12 said:

Bare in mind you would need to be an Australian resident to do this. 

Please note that you would not need to be an Australian resident to have an account in Australia. For more information please check out https://www.ig.com/uk/compare-our-leveraged-trading

[Guest Em89]

Is this going to be a pain when I’m calling in and doing all that account stuff? What about depositing cash and verification... assume no issues with UK passports and banks etc. 

Do I have to deposit AUD? 

[Caseynotes]

.... and just in time the email arrives, the down side of course is no tax exempt spread betting, no esma protection from negative balance, and the fact that your money is a long way away.

[Caseynotes]

Thanks @TrendFollower, also just noticed Australia and South Africa don't have a Gov't backed money protection scheme and does Switzerland come under ESMA or not?

[Caseynotes]

To answer my own question Switzerland can't come under ESMA as there are none of the esma 'protections' post Aug 1st as per this new IG page. https://www.ig.com/uk/compare-our-leveraged-trading

 

[Guest TG12]

5 hours ago, JamesIG said:

Please note that you would not need to be an Australian resident to have an account in Australia. For more information please check out https://www.ig.com/uk/compare-our-leveraged-trading

I was told by IG that I would need to prove residency there! 

[Guest PandaFace]

It won’t be for everyone but I guess it’s good to know that different options are available and are ‘there’. 

Let’s be honest tho - how many people actually make >£10,000 in profits each year and therefore fall under that personal allowance threshold anyway... 

[JamesIG]

Hi guys. I'll answer a couple of the above questions, but please can I just remind everyone to login to community before they post? This makes it easier for me to follow up on account specific questions. 

@ Guest TG12 - Please send me a private message or login to your IG account and Community so I can double check who it was you spoke to so I can double check what was discussed. To reconfirm - you don't need to be an Aus resident to have an Australian IG Account (you can read more info about our offering at https://www.ig.com/au or compare out offices here).

@ Guest Em89 - this shouldn't have any negative effect on your client services experience. Although there are a number of important difference between the offices and IG accounts it’s important to remember that there are a few things which remain the same across the board.

• 24 hours a day English trading support. We have native English speakers in many of our offices, most notably in the UK, Australia, South Africa, Singapore and Dubai. This means that if you are a UK resident, but hold an Australian account set up though the IG.com/au website, you would still be able to call the same UK phone dealing number and speak to a UK, London based dealer or client services employee from 7am through to 9.30pm London time. You would receive the same level of service, irrespective of whether you had a UK account and/or an Australian account, and all IG dealers from all our international offices would be able to help on any account type.
• The same award winning IG platform. The IG web trading platform offers nearly the same functionalities irrespective of which account type you have opened. There are a few nuances, for example the release schedule or roll out of new features, but put simply you wouldn’t have to figure out how to use the platform again.
• The same markets across all accounts. The majority of the markets you trade will be the same irrespective of where you hold an account. If you opened an IG account in Switzerland for example, you would still be able to deal on the FTSE, UK stocks and shares, and all the same future markets which you currently have access to.

A notable difference is that the UK is the only country where we can offer spread betting, but we have this useful page which discusses the similarities and differences between the two here. If you have never trader CFD’s before you can also watch the below video which gives an overview of the trading tool, and you should see how similar it is to a spread bet.

 

 

If you have any questions on the above, please just ask and I’d be happy to discuss the differences between our offices and product offices. As always IG doesn’t provide an advisory service, but I can provide you the correct information so you can make a choice on which offering works best for you based on your trading needs.

[cate]

Hi all,

@JamesIG, I know you must be tearing your hair out with all this, but can I ask another contentious  question?

I'm a great fan of the old platform and have so far managed to avoid moving over to the new one. My plan at the moment is to hold onto my UK account but open another in one of the non-ESMA branches as well. You wouldn't happen to know if any of them still offer the old platform, would you? If I'm choosing between Switzerland, Australia or South Africa that would be an obvious reason for going for one of them.

Just want to say that I'm very relieved that we can open a second account. The email came just as I was about to sign up with a different broker in a different country, but I'd much rather have the familiarity of IG. So thanks for that!

Good luck to everyone trying to step through this minefield! 

Cate 

 

[JamesIG]

Hi @cate - unfortunately if you were to open a new account through a different office you would only have access to the new web trading platform. The classic platform isn't an available option for new accounts. 

[cate]

Ah, thanks @JamesIG. Sounds as though I'd better start getting used to it then!

[Guest abhishekpatwani]

Hello. I hold an IG CFD Trading account based out of the Dubai Office. I wish to open an IG CFD Trading Account in Switzerland. Is it possible for me to hold multiple accounts. I am a UAE resident. Please suggest.

[Caseynotes]

Hi @abhishekpatwani, the best thing to do is to ask them. All IG web pages start with ig.com/then the country code, UK is uk, Australia is au and Swiss is the link below, 

https://www.ig.com/en-ch/welcome

 

In the page at the link below click on the 'learn more' link to send you to each countries own welcome page. 

https://www.ig.com/uk/compare-our-leveraged-trading

[Guest abhishekpatwani]

11 minutes ago, Caseynotes said:

Hi @abhishekpatwani, the best thing to do is to ask them. All IG web pages start with ig.com/then the country code, UK is uk, Australia is au and Swiss is the link below, 

https://www.ig.com/en-ch/welcome

 

In the page at the link below click on the 'learn more' link to send you to each countries own welcome page. 

https://www.ig.com/uk/compare-our-leveraged-trading

I checked. it states they cannot open for a UAE resident and are referring to the UAE Weblink to open the account. But there is no clarity if I want to open a second account based out of Switzerland. I seek clarity on the same. Thanks

[Caseynotes]

Hi @abhishekpatwani, It may not be possible in some counties due to local law but IG help staff have been caught out with so many suddenly wanting new accounts in different countries, many clients have reported wrong information being given out initially, it may take a bit of time for all to become clear.

[Guest Barnry]

Does anyone know what tax treatment will apply to earnings from an Australian account? 

[JamesIG]

10 hours ago, abhishekpatwani said:

I checked. it states they cannot open for a UAE resident and are referring to the UAE Weblink to open the account. But there is no clarity if I want to open a second account based out of Switzerland. I seek clarity on the same. Thanks

I have just spoken to one of our UAE sales account managers and they have confirmed that you can open a swiss account if you wish. Please use the link previously provided. 

[JamesIG]

10 hours ago, Guest Barnry said:

Does anyone know what tax treatment will apply to earnings from an Australian account? 

Hey - you'll trade CFD's in Australia. Although this shouldn't be construed as tax advise, and I would recommend seeking independent clarification, any profits are likely to be taxed along with any other capital gains. 

https://www.gov.uk/capital-gains-tax

[Guest abhishekpatwani]

1 hour ago, JamesIG said:

I have just spoken to one of our UAE sales account managers and they have confirmed that you can open a swiss account if you wish. Please use the link previously provided. 

Hello James. May I request you to share the link for the same. Thanks

[JamesIG]

13 minutes ago, abhishekpatwani said:

Hello James. May I request you to share the link for the same. Thanks

https://www.ig.com/en-ch/logout-redirect 

Please note: if you are logged in to an existing IG account, clicking through the above link will log you out of that account. The above link is to open an account through our swiss office.

[Guest abhishekpatwani]

9 hours ago, JamesIG said:

https://www.ig.com/en-ch/logout-redirect 

Please note: if you are logged in to an existing IG account, clicking through the above link will log you out of that account. The above link is to open an account through our swiss office.

Hello James. Please find attached the screenshot of the issue that I am facing whilst trying to register to open the second account through the switzerland office. Please suggest

[JamesIG]

12 hours ago, abhishekpatwani said:

Hello James. Please find attached the screenshot of the issue that I am facing whilst trying to register to open the second account through the switzerland office. Please suggest

thanks for letting me know - I will pass this back to our UAE sales team who should be able to comment / be in contact. 

[JamesIG]

hi @abhishekpatwani - I have just been told that you can open your account by selecting 'swiss' in the drop down and then once the application has come through we'll be able to change it manually. Hope this clarifies things. 

[Guest Vonasi]

If I were to open a new account in Switzerland would that account be a 'limited risk' account or a 'standard account'?

I ask because I have had a 'standard' IG UK account for many years but when I opened a PRT sponsored IG account to gain access to more of the PRT features the new account was opened as a 'limited risk' account and was of no use to me due to the limitations of guaranteed stops that can not be moved away from price and other trade 'limiting features'.

[JamesIG]

We still offer Limited Risk accounts through our Swiss offices (and other offices outside the EMEA region) so if you made a reapplication via that office you would be likely to be in the same bracket assuming your personal circumstances haven't changed. 

[Guest KSB]

I am a Canadian resident. Am I able to open an IG Markets account? I am hearing that IG Group may not be tradable anymore by Canadians due to not being compliant with IIROC regulations. Is this true?

[ashish2112]

Hey I'm from India and looking for opening IG US account but would like to know how will verification process be like

Do I need to submit my Indian residence proof or USA? Cause I'm not a USA resident