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Duna

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Hello Guys!

My identity and address was verified weeks ago but my account still pending. I had a conversation about my savings in e-mail and I don't meet the minimum wealth requirements. I would like to deposit 2000 and I can't see what's the problem with this. I know it's not a big amount of money but if it's impossible to deposit because my savings or earnings below €15.000 then why £250 is the minimum deposit? I would like to trade with IG because the traders who start teaching me recommend the best trading platform. Can you help me in this situation?

Thank you in advance,

Daniel

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8 answers to this question

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Hi @Duna, agree, this would seem odd on the face of it but much would depend on the type of account you are looking to open and where. You quote in Euros so presumably you are trying to trade through an EU regulated broker and with the new margin/leverage rules a small account would limit trade possibilities but as the new EU rules also provide negative account protection your total savings should be irrelevant.

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Hi @Caseynotes! Thank you for your comment! Im from Hungary and try to open a simply CFD account for indices. I have ETX Capital account but the traders I know trading with IG. I have difficulties when I try to copy their moves in a market like ASX. The spread is totally different and I can't enter & exit in the same time with the same prices. It's very annoying.

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Hi @Duna,  you mentioned in the first post ' minimum wealth requirements', I have only heard that term used in relation to professional account applications. It might be worth checking which type of account you are applying for, either a professional account or a standard retail account and check the requirements for both.

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Thank you @PandaFace& @Caseynotes! This was in the last e-mail:

In order to have an account with IG each one of our clients needs to pass certain financial thresholds (earnings and savings) due to our internal regulations. Unfortunately as of the moment you are slightly below those thresholds, thus your account had to be declined. However, you are welcome to reapply any time once your figures rise.

When I try to create an account and choose Hungary for country of residence the only available account type is the CFD. Im just created one and ended up in this situation.

 

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Hi @Duna - because we offer a leverage trading platform there are a number of minimum financial requirements which are needed when it comes to earnings and savings. This is a regulatory requirement (to make sure the accounts we offer are appropriate for the audience we are providing them to) and there is therefore a base level. For whatever reason if a client's specifics is below this then unfortunately we are unable to provide an account. I hope this clarifies things. 

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On 29/10/2018 at 09:52, JamesIG said:

Hi @Duna - because we offer a leverage trading platform there are a number of minimum financial requirements which are needed when it comes to earnings and savings. This is a regulatory requirement (to make sure the accounts we offer are appropriate for the audience we are providing them to) and there is therefore a base level. For whatever reason if a client's specifics is below this then unfortunately we are unable to provide an account. I hope this clarifies things. 

Hi @JamesIG, whilst I understand the reasoning you were very vague about the actual requirements. Could you please elaborate as to what the "base level" is. I have also had an account turned down for the exact same reason and would like to know when to apply for a new account. However, given I have not been told what the criteria is, I have absolutely no idea when to do this. 

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On 24/09/2020 at 13:04, Guest Vinny said:

Hi @JamesIG, whilst I understand the reasoning you were very vague about the actual requirements. Could you please elaborate as to what the "base level" is. I have also had an account turned down for the exact same reason and would like to know when to apply for a new account. However, given I have not been told what the criteria is, I have absolutely no idea when to do this. 

Hey Vinny, 

Unfortunately we cannot disclose the earnings, savings or experience requirements to traders as that may sway the amounts they put down on the sign up form. 

Apologies for the inconvenience but this is something we cannot tell clients. 

All the best 

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