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IanP

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IanP last won the day on February 21

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  1. I received an email this morning saying that all remaining crypto positions will be closed in one month, and margin requirements on cryptos will be increased to 100% (!) from Monday. The excuse is, inter alia, that "We have now reached our internal product limit for exposure to cryptocurrencies, and as a result will be removing cryptocurrencies from our offering to UK retail clients". What a disgrace. If the margin is 100% there would be no funding exposure for IG. I think what this all really means is that, in a product structured and sold as a bet, they are uncomfortable with losing the bet if cryptos continue to rise significantly. In a market which is, for regulatory reasons, no longer available for new entrants it's not as if they are getting a flood of new money coming into it. So they are going to close positions which have been in place for some time. And increasing the margin with only a weekend's notice is pretty shabby too. The email went on to say "We encourage you to review your exposure and to manage your position(s) accordingly." I shall be reviewing, instead, my use of the platform.
  2. IG obviously trying to make BTC/GBP unattractive by only making it possible to close positions, not take out new trades. I understand this is an exceptional market place etc etc but either you're open for business or you're not. Also, I wouldn't mind moving some of my position over to BTC/USD but i) the spreads keep growing on the £ bet and ii) IT'S NOT POSSIBLE TO OPEN A $ POSITION. So at the time of writing I can fully close my GBP bet (with a huge spread compared to when I took it out) but I can't open another one. If the idea was to make me move my bet between currencies you've made it impossible. Such a shame as I was initially just happy that IG offered me the chance to bet on bitcoin movements. Now I'm getting annoyed.
  3. How will the upcoming hard fork be treated for IG spread bet purposes? I know there will probably be some market turmoil and, possibly, demand for the old/new bitcoins will signal an eventual "winner" which will impact pricing, but for those with positions in BTC now what exactly will happen? I understand actual owners of bitcoin will automatically receive new currency.
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