Hey guys,
I have been doing some spread betting over the last few years but don't have a professional investors account. Ups and downs however made some good profits over the last 12 months. I've made one risky investment recently and it went wrong. I had some guarantees (about £6k) on the account which were not enough to cover the losses on that day (about £7k) and I had no stop loss in place. I've requested the available funds to be withdrawn before market opened to limit exposure and potentially trigger the margin calls a bit earlier on the day when I lost the money. I was also hoping that as a non-professional account I would get negative balance protection. However that wasn't the case. IG cancelled the withdrawal request and used the money to offset the losses and had no explanation fo what happened on that day. My spread betting account is now having 0 balance as of today.
I am not moaning about the losses or decisions made. I like making risks every now and then. Just want to make sure if what IG did was legitimate. Never had a call or an email from them to explain what happened on that day. And also no explanations on the negative balance protections.
Please advise if anyone had a similar experience.
Thanks!
