IG index application cancelled due to income

tomorton

Legendary member
8,239 1,267
They probably don't hedge their spread bet and CFD poisons. If I was not able to benefit or cut my loss on time due to their fault I do have a case. They did not answer their call.
The entire business model of a SB or CFD provider depends on continuously and accurately hedging their risk exposure, and I am sure the regulator demands they keep this working. I would be more than surprised to hear that they had suddenly failed to do this and effectively had to close their doors to existing clients.

What else was going on with your account at the time?
 

AC007

Active member
125 1
The entire business model of a SB or CFD provider depends on continuously and accurately hedging their risk exposure, and I am sure the regulator demands they keep this working. I would be more than surprised to hear that they had suddenly failed to do this and effectively had to close their doors to existing clients.

What else was going on with your account at the time?
I was long sundial went up to 1.40 could not close. I was up about 150%.
 

AC007

Active member
125 1
I am not going to name the firm, they settled out of court in 2012. I have had my membership revoked from many sites and I may be banned from here if gurus with swimming pool and fast cars have a good connection with trade2win. I have many losing trades but always end up hitting the bucket shops. I trade dow and US stocks. I use spread bet so I pay no CGT. For us stocks, I use tastytrade because IG does not allow me to trade small US stocks.
 
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tomorton

Legendary member
8,239 1,267
I was long sundial went up to 1.40 could not close. I was up about 150%.

The firm wouldn't get the backing of the regulator for closing you down simply because you were in a winning position. Also, hope you don't mind me saying I wouldn't have expected your position could ever have got so potent it might have bust the firm's bank account.

So how else have you been trading through your account? Have the firm given you any requests or warnings to refrain from any particular practices in the past?
 

AC007

Active member
125 1
The firm wouldn't get the backing of the regulator for closing you down simply because you were in a winning position. Also, hope you don't mind me saying I wouldn't have expected your position could ever have got so potent it might have bust the firm's bank account.

So how else have you been trading through your account? Have the firm given you any requests or warnings to refrain from any particular practices in the past?
Do you work for IG or some other bucket shop?
 

tomorton

Legendary member
8,239 1,267
Do you work for IG or some other bucket shop?
I don't work for them or any other company in the same line and never have. But I've been trading via spreadbetting for a long time so your experience is of serious interest. Its possible the firm are cheating you. Its more likely they have made a c0ck-up and just don't want to admit it. Its possible you have breached the terms of your client agreement. Either way I would like to know what happened.

I assume that when you started posting about this, you wanted the same thing - that people using this firm and others like it should know what is happening. If you have something to say you must be ready to be asked to back it up.
 
 
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