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Guest Asaph

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Recently, I encountered certain issues when trading on IG.

First of all, it is the User's nationality setting. This message prompt appears when you are trying to deal and will not be able to proceed with the dealing itself.

Checked the community forum, found no answers. Anyway, I think I just logged out of all platforms and log in again. The problem seems to have be resolved.

My personal comments is that the IG engineers may have rolled out some program patches and overlooked on the impact of this "nationality" settings that affects existing users.

I do believe this setting is a new feature.

 

Secondly on the 02 Jan 2019, when I tried to deal on Gold counter, I noticed that the margin required is no longer 20% of the list price. (In fact, I calculated out that the margin required was around 70%!) .

 

Meaning for 1 lot of Spot Gold, say we fix the price at $1300, I was only using USD 260 ( 20% x $1300 )to hold that position 

On the 02 Jan 2019, I was quoted around $900 plus. That puts the margin at 70 - 75% range.

 

Called the help desk, told me margin requirement was modified from 2% to 20% at the start of the new year. Okay, but the numbers still didn't add up correctly (see above calculations) and I did not pursue. On the 04 Jan 2019 onward, mysteriously the 20%  margin came back in force. I could use USD 260  to hold 1 lot o GOLD again.

I had to make a change of strategies on my dealings and then revert those strategies. I mean, if IG had made a mistake on the software patch, at least come "clean" over the mistake. Rather than keeping quiet....

By the way, I'm a software programmer by profession.

Asaph

 

  

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