[I keep getting told I may be subject to extra fees?]

I'm getting this in my emails.

[I keep getting told I may be subject to extra fees?]

Recently I saw I was getting:

 

Quote

Complete a form now to avoid unnecessary charges on US equities

Dear X As you haven't completed a W-8BEN or W-9 form, your current positions on US shares are still subject to withholding tax of up to 30% on any dividend adjustments, along with potential admin charges of US$50 for CFD positions. You’ll also be prevented from opening any new share trading positions on US stocks. This is because of new US regulations that came in on 1 January 2017, which treat 'dividend-equivalent payments' on US equity derivatives – such as CFDs – as US-source dividend income.

As far as I'm aware none of the companies I bought shares in are US, what do I do?

[Stocks were sold then bought on my account without my consent?]

14 hours ago, AndaIG said:

Hi @Itsbecauseofthem

Thanks for reaching out, 

ZIP company had an ISIN change, so the shares under the old ISIN were sold and bought back under the new ISIN. You can change your book cost by following the steps on the following link:

https://www.ig.com/au/help-and-support/investments/share-trading/how-do-i-edit-my-book-cost

All the best, 

Anda

Hi AndalG, does this mean I have lost money?

[Stocks were sold then bought on my account without my consent?]

I recently got an email saying 10 shares had been sold then bought back "@ 0". I am a little confused, can someone tell me what is happening? 

 

thank you.

[What do the main numbers represent?]

1 minute ago, Caseynotes said:

That's the spread, the cost of the trade, the broker's profit.

So is that $14,460?

[What do the main numbers represent?]

19 hours ago, Caseynotes said:

that's why I asked about which type of account. They are all based on the underlying market where Tesla are around $705.50 cents.

IG has them listed as points so on the SB platform they are 70550.0

While on the cfd platform they are  705.5000

not sure what the share dealing platform has.

 

The demo. For instance, in cryptocurrency, Crypto 10 Index is 14460.02 for selling and a bit higher for buying. What does that mean? 

[What do the main numbers represent?]

1 hour ago, Caseynotes said:

US stocks are in $, UK stocks are in pence. If it's on demo it must be either a spread bet or cfd account as there is no share dealing demo, SB or CFD it could either be dollars or pence or IG points. 

See video on this page.

How do I use the share dealing platform? | IG UK

Okay, but it doesn't have a $ sign there, just numbers, do the numbers represent the price? For instance Tesla is way higher than the other ones.

[What do the main numbers represent?]

10 hours ago, Caseynotes said:

what type of account do you have (spread bet, cfd or share dealing) and what is the stock?

I just have a regular share trading account. I saw this mainly on the demo account I am using. 
 

[What do the main numbers represent?]

3 hours ago, Caseynotes said:

Hi, if you are looking at the buy/sell box then the difference between the 2 prices is the spread, the cost of the trade.

So if the buy box says 1700.56, it means "$1700.56"?

[What do the main numbers represent?]

Hi, so I'm just wondering, on shares, some have a buy price of say 1967 while a sell price of 1965, is this how much each share costs, or is this number representative of something else?

[Why can’t I trade CFD’s?]

On 22/02/2021 at 22:13, CharlotteIG said:

Thanks @Caseynotes  

Hey, 

When you open a CFD account sometimes additional information is needed before we can open it. From what I can see it looks like your CFD account was declined after 45 days. Could you kindly attempt to open another CFD account from the MyIG page. I will contact someone in our AUS office to reach out to you and assist you with opening one up if you can't open it from MyIG.

All the best. 

Hi Charrlotte, for some reason my application keeps getting rejected. What is it exactly that I'm missing? Aren't there systems in place from preventing me from trading any further than what I can afford? Yet I'm still not allowed to trade with CFD's??

[Why can’t I trade CFD’s?]

12 hours ago, CharlotteIG said:

Thanks @Caseynotes  

Hey, 

When you open a CFD account sometimes additional information is needed before we can open it. From what I can see it looks like your CFD account was declined after 45 days. Could you kindly attempt to open another CFD account from the MyIG page. I will contact someone in our AUS office to reach out to you and assist you with opening one up if you can't open it from MyIG.

All the best. 

Hi, I tried to open another CFD account but it isn't there for me to select. I did try creating another account, however, it was declined and it said I already had an account and suspended the account I tried to create.

[Why can’t I trade CFD’s?]

12 hours ago, Caseynotes said:

ok, you should be able to open a cfd account as well as your share dealing account though it takes time because of the additional paper work you need to supply.

Maybe @CharlotteIG can pass a message on to IG Australia for you?

If she could do that that would be great.

[Why can’t I trade CFD’s?]

21 hours ago, Caseynotes said:

The accounts are all seperate and as said there are differing critera for leveraged and non-leveraged so you do need to create a new account.

If starting with a share account you need more personal info for a leveared account but adding a share account when you already have a cfd account there is no extra docs needed.

I've just tried opening another account, they locked it. I feel like I keep hitting a wall here, I've had to make 2 new accounts now, because support will not answer emails or the phones.

[Why can’t I trade CFD’s?]

32 minutes ago, Caseynotes said:

There are more stringent critera for opening a levearged acount as you only laying down a small portion of the full cost. If not listed in your My IG page try the web site route. (if trading in the IK check the page for difference between CFD and Spread Bet account).

Open a CFD Account | Trade with the UK's Top CFD Provider | IG UK

Arghh! This is so frustrating! I'm based in Australia by the way, it keeps trying to get me to make a new account, and support isn't answering my emails.

[Why can’t I trade CFD’s?]

2 hours ago, Caseynotes said:

Hi, you don't say what account type you have opened. In your 'My IG' page there should be a blue box 'open an account' with all the different accounts available listed, choose cdf live and follow the instuctions, you need to be accepted on proof of income and what ever. I think £250 is the min add funds but will need probably twice that for margin to trade even the cheapest markets.

Hi, this is the problem, it only allows me to choose "share trading", there's nothing else, what do I do?

[Why can’t I trade CFD’s?]

I’ve been practicing on the CFD market on the demo, since regular markets take far too long to drop or rise. 
 

however when I opened a ‘proper’ account it won’t let me buy or trade CFD’s. I heard you need 10k in order to trade? Fair enough. I also heard you need 500k, I find that ridiculous.

 

how do I open a CFD account, this is driving me nuts!

[If you have a position and it drops..?]

6 minutes ago, Karma said:

no its only when you close trade or they close as you have exceeded margin requirements

Okay, cool. Also, for some reason the wording is different on the actual account than it is for the demo account, it doesn't say Margin for me, is this normal?

[If you have a position and it drops..?]

What I mean is, say you buy 100 shares/etc, and it drops by 10 points, you decide to wait it out and it rises by 20 points. Do you have to pay for when it dropped by 10 points?

[Why can’t I trade CFD’s?]

I’ve been practicing on the CFD market on the demo, since regular markets take far too long to drop or rise. 
 

however when I opened a ‘proper’ account it won’t let me buy or trade CFD’s. I heard you need 10k in order to trade? Fair enough. I also heard you need 500k, I find that ridiculous.

 

how do I open a CFD account, this is driving me nuts!