Limited risk account

[joshmonsy]

IG group is pretending as a reliable Forex broker but my experience with the broker proved the contrary.  I have opened an account with them and deposited some money. Only after started trading I came to know that they imposed all sort of restrictions on the trading account. I found that I could not open a trade without mentioning a Stop Loss and a Take profit. And the margin got increased each time when I increased the stop loss distance.  They are calling it a Limited account.

I contacted their help desk and explained them I am using a strategy for which I do not use STOP LOSS. They said I have to prove my financial strength by submitting my bank statement or any document which proves that you are strong enough to lose money by trading. I told them I am using my own money and they don’t have to worry about my loses. If I do not have money, I could not invest money for trading. I told them I have Forex trading account with two more major Forex brokers and by using my strategy I am winning the trades without fixing Stop Loses. It all went to dump ears and they insisted me to send them my  bank statement. I sent them the bank statement but they started insisting me to send them copies of other documents for incomes and assets. I thought why do they ask me to prove my financial strength to trade with them using their platform and also the trades are not free. They are also benefited by my trades. Even then they did not take action to remove limitations on my trading account.

In fact I am using a trading strategy in which I keep on increasing lots and trade distances by opening pending orders. When they keep on increasing margin, I am unable to open new lots and the trade is getting disturbed. Also some of the Stop loss positions get triggered and the equity get reduced unnecessarily. I explained those idiots about how I trade and how the limitations on my account act as a real hindrance for my successful trading.

I would like to ask you what right a Forex Broker got to impose unnecessary restrictions on a client’s trading account as the money he uses to trade is his own and not from their family property. I explained them my problem and asked them to free my account from all the limitations at my own risk but they are not ready to do so. I really curse the moment I decided to open an account with IG the I****s Group.

[Giddo]

Josh,

I have been trading with IG for well over 20 years. Whatever you think, they are the best of the providers.

You have to remember they themselves have to conform to the restrictions imposed on them by the Regulators (SFA

in order to protect customers from large losses. You will find that if you can prove to them that you have the money to fund worst case scenario losses, you will be able to do pretty much what you want. Trading strategies can work well in orderly markets, but very badly in disorderly markets as we saw last week. IG have to know that you can look after yourself in disorderly markets as well as orderly.  It is their duty imposed  (rightly) by Government regulators.

[Guest Clive]

Why dont  you leave them

[Guest Eight Thirty Three]

On 29/02/2020 at 07:55, joshmonsy said:

I would like to ask you what right a Forex Broker got to impose unnecessary restrictions on a client’s trading account as the money he uses to trade is his own and not from their family property.

I think if you need to ask that question, you shouldn't be trading. 

[CharlotteIG]

On 29/02/2020 at 07:55, joshmonsy said:

IG group is pretending as a reliable Forex broker but my experience with the broker proved the contrary.  I have opened an account with them and deposited some money. Only after started trading I came to know that they imposed all sort of restrictions on the trading account. I found that I could not open a trade without mentioning a Stop Loss and a Take profit. And the margin got increased each time when I increased the stop loss distance.  They are calling it a Limited account.

This account is something we will offer traders depending on the information they provided when opening an account. We have these accounts in place to protect clients. We do understand that some clients have different strategies but this was the best way to protect clients. 

 

On 29/02/2020 at 07:55, joshmonsy said:

They said I have to prove my financial strength by submitting my bank statement or any document which proves that you are strong enough to lose money by trading. I told them I am using my own money and they don’t have to worry about my loses. If I do not have money, I could not invest money for trading. I told them I have Forex trading account with two more major Forex brokers and by using my strategy I am winning the trades without fixing Stop Loses. It all went to dump ears and they insisted me to send them my  bank statement. I sent them the bank statement but they started insisting me to send them copies of other documents for incomes and assets. I thought why do they ask me to prove my financial strength to trade with them using their platform and also the trades are not free. They are also benefited by my trades. Even then they did not take action to remove limitations on my trading account.

In fact I am using a trading strategy in which I keep on increasing lots and trade distances by opening pending orders. When they keep on increasing margin, I am unable to open new lots and the trade is getting disturbed. Also some of the Stop loss positions get triggered and the equity get reduced unnecessarily. I explained those idiots about how I trade and how the limitations on my account act as a real hindrance for my successful trading.

I completely understand where you're coming from here, however, it could only take one trade to move against you quickly for you to go onto a margin call. The limited risk account allows your risk to be the money you deposited. Our credit team do ask for documentation when changing wealth/ experience because we try to do every check to make sure we're offering the appropriate account to a trader. We do make money from spread so want clients to be trading as much as possible but we choose to protect the client first. 

Unfortunately, I can see the account can't support your strategy. As mentioned, please do see that we're having to lose business from traders to try and keep them protected. 

I hope you understand. All the best.