Michael 40
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Wow that is really bad
HaloTrader
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Thats quite funny.
Anyone that disagrees needs to think about how they earn their dollars trading.
You win £100,000, the guy on the other side got a divorce and commited suicide.
Anyone that disagrees needs to think about how they earn their dollars trading.
You win £100,000, the guy on the other side got a divorce and commited suicide.
As they are regulated by FSA (!), the products these brokers are offering must be suitable for the client under the FSA rules. Well, it is clear that it was not suitable for you. You can make an argument that you have involved in trading which was unsuitable for you. Good luck
advfntrader
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2 years ago when I lost £8k on an Oil short I only had £2k in the account with IG. they let my loss run to negative & I was stupid enough to think it would come back....!!! - I complained but they said I was on a full credit account and I was liable. just watch out, you have to specifically ask for limited risk account !!!
tar
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Limited risk account sucks cuz u will pay extra spread in every trade for the G stops , open normal plus account and use stoploss
montmorencyt2w
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That's rather interesting, and worrying. I had not realised that the opposite or complement to an IG limited-risk account would be a full credit account. It actually seems somewhat odd really if so. I thought credit accounts would only be given if you specifically asked for them, and if you fulfilled certain financial criteria (i.e. they believe you were good for the money).
When I first joined them, they seemed pretty conservative and I could only get a limited risk account, which was probably in my best interests. Recently they have said that (I think) they are effectively phasing out limited risk accounts. (I need to go back and check exactly what they did say).
Not meaning to doubt your word old chap, but I really hope that you are wrong in the sense that I hope there is still something in between a limited risk account and a full credit account.
B
Black Swan
I suspect you may have got the wrong end of the stick, they are busily re-assessing those with credit accounts and will/are beginning to limit their risk. They'll never shut of the tap of new punters...they'll hoover a lot up when certain SB firms finally throw in the towel/go belly up.
tar
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what is called limited risk account is not limited risk really , cuz with such a G stop u can put your whole account in one bet ( margin=your risk only for example u bet on cable with a 20 pip stop your margin is 20 times your stake ) and most of the newcomers will chase their losses at some point and will use the ultimate leverage to whip out the whole account especially when they get desperate from the widen spreads ( cable normally 2-3 pip but with a G stop they add 3 pips ) , they should better for them trade at normal account with normal stops
advfntrader
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I'm sure they perform a credit check when you join...they wouldn't let losses run unless they were sure they could recover them ! anyways, I ALWAYS use limited risk now and am much more careful these days...
montmorencyt2w
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I just looked back to an email they sent me in July. When I looked more closely, it said that I was now eligible to upgrade my Limited Risk account to a Plus account. The summary of the differences was:
Plus - Narrower Spreads, Lowest Deposit Requirements, Flexibility to have or not to have guaranteed stop.
Limited Risk: Guaranteed stop every position for a premium; Max Loss known from the outset; Peace of mind as every bet is controlled risk.
It goes on to say that:
"If you are interested in a Plus Account and would like to switch accounts, please see the ‘How to upgrade’ section at the end of this email.
How do margin requirements work on the Plus Account?
Our systems can help to protect Plus Account users from runaway losses. We monitor margin levels on Plus Accounts and may close losing bets if they have depleted your margin – to avoid this, you should cover running losses by adding funds to your account or by closing losing positions.
We will always aim to provide email alerts before closing any open positions, but you should nevertheless monitor your account at all times. This lets you decide whether you want to add funds and run a position with a view to the market bouncing back, or whether you want to cut your losses.
How to upgrade
If you do choose to move across to the Plus Account, simply log in to PureDeal, click ‘My Account’ and then the ‘Overview’ tab. When you click to upgrade, an email will be sent automatically to our Customer Service team who will notify you within 24 hours that the upgrade has been successful. "
Don't know where I got the idea that they might be phasing out Limited Risk. An assumption too far I suppose. Fortunately, I never trade like that
I am not currently actively trading at IG Index which is why I haven't taken too much notice. I have a small balance there that I am keeping in reserve. My "Black Swan" money
montmorencyt2w
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BTW, I checked my emails again, and found that it was Interactive Investors who were specifically phasing out Limited Risk accounts. I perhaps jumped to the conclusion that this was an industry trend.
N
Nan
Hi ..I have just read this thread...what was the result?
Do bear in mind that IGs rules have probably been tested numerous times, and that your lawyer is touting for business. If he tells you you hve no case, he's out of a job. Hope he's a financial services specialist.
trade321
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for what its worth i wouldnt trade with ig and i wouldnt recomend anyone to either, i have had numerous problems with there platform.
the latest and last one came last year when for some insane reason i deposited funds in there and opened a trade (few quid a point) it was a limited risk account so you had to set an initial stop upon opening the trade, which i set to 150 pips (this was not going to be my stop because i would be monitoring trade and would be closing out manually, just had to put stop in place to open trade so i put if far enough away to not problem whilst monitoring trade)
so i open trade on platform and to my surprise i can not see trade any where in platform, not in open positions or anywhere!
my balance was fluctuating and it showed my margin requirements but no where was there ANY record of my trade, not in open positions trade records blah blah anywhere
so i logged in out out several times with no joy, phoned every number there was for them, helpdesk dealing desk etc and there was no answer on any phone and i tried for over an HOUR! non stop
anyhow long story short my trade after about an hour got to my stop where surprise surprise it was triggered and i was out.
so i keep phoning ig and eventually got through to someone who was totally uninterested said that it couldnt have happened as they monitor accounts blah blah blah and it would of showed up, basically i had no come back. next day in trade logs the trade is there.
result: withdrew funds, never trade with them again. lesson learned.
the latest and last one came last year when for some insane reason i deposited funds in there and opened a trade (few quid a point) it was a limited risk account so you had to set an initial stop upon opening the trade, which i set to 150 pips (this was not going to be my stop because i would be monitoring trade and would be closing out manually, just had to put stop in place to open trade so i put if far enough away to not problem whilst monitoring trade)
so i open trade on platform and to my surprise i can not see trade any where in platform, not in open positions or anywhere!
my balance was fluctuating and it showed my margin requirements but no where was there ANY record of my trade, not in open positions trade records blah blah anywhere
so i logged in out out several times with no joy, phoned every number there was for them, helpdesk dealing desk etc and there was no answer on any phone and i tried for over an HOUR! non stop
anyhow long story short my trade after about an hour got to my stop where surprise surprise it was triggered and i was out.
so i keep phoning ig and eventually got through to someone who was totally uninterested said that it couldnt have happened as they monitor accounts blah blah blah and it would of showed up, basically i had no come back. next day in trade logs the trade is there.
result: withdrew funds, never trade with them again. lesson learned.
tar
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I trade with them never experienced something like this , i saw the platform down couple of times within the last two years but other than this it is working fine with me and when i call i get a quick answer even i call from outside the UK , sorry for your loss ....
Hoggums
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In defense of IG - I trade with them quite heavily and never had a problem with trades. I do have the occasional issue with text/email Alerts not getting triggered which I have asked them to look at but otherwise no problems with trades/access/phone.
I haven't read the whole thread so apologies for any duplication etc.
This whole case is going to revolve around wether you knew what you were doing or not.I.G. have a legal and moral obligation to " hold your hand " whilst you are in your early days of trading.This is why they have to ask you, as all equivalent firms do what your experience of trading certain instruments are e.g. options,futures,shares,indicies etc. If they deem you to be inexperienced then they should put you on a limited risk account and be seen not to be " fleecing " you.The fact that you are on a full account makes it seem that you knew what you were doing.One defense that you could use is that you were inexperienced in that type of instrument and they should have realised that.Only you know what your experience level was at that time and even then it wont be easy.
Then there is the question of why I.G. closed the trade when they did.They have traders working through the night,why wait til £90,000 + ? It could have been closed out a lot sooner.
I would fight it.I can't see anyway in which you will get off without losing your deposit and credit limit but try and get it reduced as much as possible.The amount will depend on your experience level.
Good luck.
This whole case is going to revolve around wether you knew what you were doing or not.I.G. have a legal and moral obligation to " hold your hand " whilst you are in your early days of trading.This is why they have to ask you, as all equivalent firms do what your experience of trading certain instruments are e.g. options,futures,shares,indicies etc. If they deem you to be inexperienced then they should put you on a limited risk account and be seen not to be " fleecing " you.The fact that you are on a full account makes it seem that you knew what you were doing.One defense that you could use is that you were inexperienced in that type of instrument and they should have realised that.Only you know what your experience level was at that time and even then it wont be easy.
Then there is the question of why I.G. closed the trade when they did.They have traders working through the night,why wait til £90,000 + ? It could have been closed out a lot sooner.
I would fight it.I can't see anyway in which you will get off without losing your deposit and credit limit but try and get it reduced as much as possible.The amount will depend on your experience level.
Good luck.
