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Order Rejected


aoc

Question

Hi,

Whenever I try to place an order I get a popup saying 'Your order has been rejected'. Is there any way to find out the reason for this?

I have tried placing Limit orders on two different US stocks with the same issue.

I obviously have sufficient funds available.

 

Thanks

Aidan

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With US stocks make sure: 

You have the ' Dealing US shares form filled out' which can be found on the MyIG page by selecting Settings> Dealing US stocks. 

You will also see (as mentioned above) that some US stocks have 'All sessions' trading meaning you can trade in the pre and post market whereas others do not. The normal US trading hours in UK time is 13:30-21:00 UK time. Please note this can change when the clocks change and when there are bank holidays. 

All the best 

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For others who may have similar issue, I found that I needed to re-submit an online W-8BEN form through my IG account. After doing this, I was able to purchase US stocks again.

The question remains, why does the platform not inform of the reason for rejection. Missing basic features like this is particularly unacceptable considering IG's failure to provide access to proper support directly.

Aidan

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On 24/03/2020 at 23:56, aoc said:

Hi,

Whenever I try to place an order I get a popup saying 'Your order has been rejected'. Is there any way to find out the reason for this?

I have tried placing Limit orders on two different US stocks with the same issue.

I obviously have sufficient funds available.

 

Thanks

Aidan

 

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2 hours ago, belljul said:

following....

trying to do the same pre-market. but I've been blocked as I'm trying to trade out of hours on a stock that they don't allow...turns out it's only a few chosen stocks listed here:

How to Trade Stocks After Hours | IG UK

 

Thanks for your post. 

You're right we only have a small group of 'All sessions stocks'. If you wanted to trade US stocks in the pre/ post market that aren't 'all sessions' you can over the phone but you have to pay the phone dealing charge rather then the normal spread/ commission. 

All the best 

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I did same for AMC yesterday in spread betting on the buy side during the middle of the day  and it would only allow to sell my existing stock ! I wrote to help desk no answer so far..

 

Edited by Mojo
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Hi, I've got the same issue here.

I'm trying to purchase US ETF shares (Vanguard S&P 500 ETF) (that I've already purchased before) and whenever I try to place an order within trading hours and I get a popup saying 'Your order has been rejected'.

I checked my W-8BEN form status and it's active for 3 more years. 

I have also tried changing order type and still no luck.

I obviously have sufficient funds available.

What is going on and why can't we reach someone from IG?

 

Edited by Panaos
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On 11/07/2023 at 20:41, Panaos said:

Hi, I've got the same issue here.

I'm trying to purchase US ETF shares (Vanguard S&P 500 ETF) (that I've already purchased before) and whenever I try to place an order within trading hours and I get a popup saying 'Your order has been rejected'.

I checked my W-8BEN form status and it's active for 3 more years. 

I have also tried changing order type and still no luck.

I obviously have sufficient funds available.

What is going on and why can't we reach someone from IG?

 

I am having this issue. Exactly the same situation.

 

Can anyone help?

 

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FYI all. Emailed IG directly and got this back. Might be helpful for everyone.

 

'Please be advised that as per regulation (EU) No 1286/2014 (the PRIIPs) regulation, it states that all retail clients must be provided with a Key Information Document (KID) prior to the purchase on any security (PRIIP) within the scope of the regulation. The Key Information Document (KID) is a document that provides key information about investment funds, in order to help a potential investor compare different investment funds and assess which fund meets their specific needs.

We've recognized that Vanguard S&P 500 ETF is a US ETF that doesn't hold a Key Information Document (KID). As such we've removed the ability for European retail clients and UK retail clients to trade this equity.

We can only allow professional clients to trade ETFs without a KID. All retail clients may close their existing positions in the ETFs, however, no buying of the security is allowed.

Ultimately, in order to purchase security it must provide a KID. It is up to the ETF issuer to provide a KID. However, most US issuers do not.'

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On 28/09/2023 at 08:44, tebbrell said:

FYI all. Emailed IG directly and got this back. Might be helpful for everyone.

 

'Please be advised that as per regulation (EU) No 1286/2014 (the PRIIPs) regulation, it states that all retail clients must be provided with a Key Information Document (KID) prior to the purchase on any security (PRIIP) within the scope of the regulation. The Key Information Document (KID) is a document that provides key information about investment funds, in order to help a potential investor compare different investment funds and assess which fund meets their specific needs.

We've recognized that Vanguard S&P 500 ETF is a US ETF that doesn't hold a Key Information Document (KID). As such we've removed the ability for European retail clients and UK retail clients to trade this equity.

We can only allow professional clients to trade ETFs without a KID. All retail clients may close their existing positions in the ETFs, however, no buying of the security is allowed.

Ultimately, in order to purchase security it must provide a KID. It is up to the ETF issuer to provide a KID. However, most US issuers do not.'

This KiiD business is a right pain!! I left Interactive Brokers over this issue with REITs. Why can brokers not apply common sense and ignore ridiculous regulations that make no sense whatsoever? It is our money (not according to the banks I know) so as long as the share / ETF is on a regulated exchange why can we not invest in it? Is the solution to open an account somewhere like Dubai that isn't a nanny state? Has anyone done this from the UK?

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