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Can no longer buy shares as retails customer due to new rules!

Guest ZD

By Guest ZD,
in Shares and ETFs

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Guest ZD

Guest ZD

Posted
Posted

Greetings.

In the past year I was buying "VelocityShare 3x Long Silver ETN" shares listed in the USA.

Then a few weeks ago I tried to buy some more, but found out that I could only close my position (sell shares) and was unable to buy anymore. I called IG and they told me this was because I was a retail client, and not a professional client, and the new regulations meant that I could not purchase said shares unless I was a professional client. 

My question is, where is the sense in applying new ESMA rules to Shares? In that, I am buying the shares out right, there is no leverage or borrowing? Or am I missing something? 

Thoughts/guidance welcome! 

Thanks in advance.

 

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