StormChaser

Thanks for this.

What market does this DFB product track and where in the IG documentation is that information given. It comes up in a search for VIX but the price does not match the VIX price.

You are assuming you could precisely predict the size of a draw down or the exact timing of news. You would never actually know when the right time would be to "be back in" and therefore likely to be outside of the market when aforementioned 'event' occurs.

FFS, are they paying you? You sound like an IG lapdog.

This is complete boll1x. Some of us who have done the deep DD on these issues are far better informed. All we need is time. IG took time away. Probably for their own benefit. I would never ever ever ever work with IG again after this total ****.

Anyone who has issues getting withdrawals processed from IG please feel free to add. I am starting to suspect that IG has capital issues and despite the fact we are supposedly have segregated accounts we are are having issues having capital returned. IG has financial issues.

They can set their timelines (after they totally f--k over their clients). They cannot alter the timelines for newsflow on which we based on trades. You don't know profitable traders who hold on to spread bets for months? Do you know profitable traders, in the bagger category? If you limit your risk to 1-2% you probably limit your upside to 1-2%. At what frequency? Nothing more than threading water. Tell me how YOU make money, rather than telling me what my issues are?

This would be like Paddy Power taking a football bet and closing you out at half time because you are one-nil down.

I had an exit strategy (four positions). It required getting as far as some expected news in Q2.

You are not going to get any satisfaction out of IG's own team on this matter. If you think you have some sort of case, discuss with a solicitor and/r raise the matter with the FCA for review.

This is not correct. Stocks on AIM for example, or pharmas, can have huge volatility between news/reports and a figure like 7k is easily possible even on a modest account. That does not mean the above poster is a loser, just that he is (or was ...) probably waiting for some news or results to drive the stock forward. As for just "meme" stocks, they withdrew about 900 products. What IG have actually said is that they have lots of new clients and need to refocus their resources. So effectively, they have withdrawn products types often used by long time clients in favor of new clients. That is completely irrational. Now they are going to lose long time clients. And ... when things get back to "normal" they'll be losing a lot of those new clients also.

Probably a lot of people in the same boat Colin. I had a number of positions with running losses but with predictable news flow that would have set them right in due course. Not only that, they also withdrew the share dealing service so I couldn't buy the underlying. I am now still waiting for withdrawal processing to complete so that I can take by money elsewhere.

@CharlotteIG How long is it currently taking to process withdrawals? I requested two on Friday 26th. I received the confirmation notices but not as of 1640h today, no approval notices. I also received no reply to an enquiry on the matter sent yesterday. Have you a backlog in payment processing and/or support?

Why would this be? Cash in account and margined accounts are fully funded.

Whatever about putting them on closing only and restricting new positions, change to 100% margin and introducing forced closure is a direct action against clients.

Maybe IG have decided that with such exceptional demand, they don't need to worry about long term clients. The exceptional mob will not be around for the long haul. As a result of what IG have done, long term clients may not be around for the long haul either.

I received a notice at 1230h GMT on Monday 22nd.

I wonder is that because you don't have positions in any of the affected companies. The list is here: https://www.ig.com/content/dam/publicsites/igcom/uk/210219_IGM_UK_Affected%20Markets%20-%20Non%20TT.pdf

Surely if it was an attempt at BUY TO OPEN, that was for a net new long position, not for the closing of a short position?

Strictly speaking this is an entirely different sort of problem. There are reasons why it could happen. If you did buy, you didn't lose money on it right? Probably want a new forum topic for this.

I think it needs 3 /working/ days for the funds to clear.

I think everything about this is wrong, from 100% margin in the first place to how the 'rollout' has been timed and communicated, and then lack of acknowledgement from IG that there is serious push back.

They answer e-mail within a couple of hours usually. Also, you'll find on the platform that SA40 is still open to trade whereas all of the offending stocks are 'close only'.

The affected instruments are mainly illiquid AIM stocks. No reason for an index like SA40 to be there.

There's a link to the affected assets two posts back.