What criteria do I need to open an I.G. account?

paulscotland

Junior member
13 0
Hello All,

I have been trading CFD's with Plus500 for 6 months now, and today I was denied an account with I.G. I guess, when asked, my income and savings didn't meet the bar. Does anybody here know how much One should state when asked these questions? As obviously I fell short.

Thanks for your time?
 

tomorton

Legendary member
8,058 1,180
:cheesy: The question is "What criteria do I need to open an I.G. account?.... And your answer is, the truth? Thanks. (y)


I took it you intended to 'declare' a suitable amount so that you could open an account. If your intention is actually to identify the income and savings they stipulate (other than by asking them), then get that amount of income and savings, and then declare it, please accept my apologies.

Please, no need to take offence - but it was your post's wording that led me astray.
 

paulscotland

Junior member
13 0
I took it you intended to 'declare' a suitable amount so that you could open an account. If your intention is actually to identify the income and savings they stipulate (other than by asking them), then get that amount of income and savings, and then declare it, please accept my apologies.

Please, no need to take offence - but it was your post's wording that led me astray.
I declared my income and savings and it wasn't good enough to be accepted. I simply would like to know what figures are acceptable in order to get an account. I have been trading CFD's on plus500 for 6 months now, and without blowing my own trumpet too hard, I'm doing pretty well. However, plus500 seems to have a lot of online complaints against it, so I'd like to use a trading platform with a better reputation. Hell.... a trading platform with a contact phone number would be great, as plus500 DOES NOT have a phone line to contact them in case of issues, which is quite mad (IMO). Instead you just have to wait for an email response!!
So, I'd like to jump ship, or perhaps use both platforms together.
 

highbury fx

Well-known member
338 114
I declared my income and savings and it wasn't good enough to be accepted. I simply would like to know what figures are acceptable in order to get an account. I have been trading CFD's on plus500 for 6 months now, and without blowing my own trumpet too hard, I'm doing pretty well. However, plus500 seems to have a lot of online complaints against it, so I'd like to use a trading platform with a better reputation. Hell.... a trading platform with a contact phone number would be great, as plus500 DOES NOT have a phone line to contact them in case of issues, which is quite mad (IMO). Instead you just have to wait for an email response!!
So, I'd like to jump ship, or perhaps use both platforms together.
you should be honest, obviously.

GBP15k income, 2k savings is normally enough.
 

paulscotland

Junior member
13 0
you should be honest, obviously.

GBP15k income, 2k savings is normally enough.
I understand that honesty is the best way. However, as I'm sure you'll agree, it is frustrating to be turned away from a trading platform when you have a good wage, savings and (some) experience. Thanks for your reply, but both my income and savings are larger than the two amounts that you have stated above.
 
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highbury fx

Well-known member
338 114
I understand that honesty is the best way. However, as I'm sure you'll agree, it is frustrating to be turned away from a trading platform when you have a good wage, savings and (some) experience. Thanks for your reply, but both my income and savings are larger than the two amounts that you have stated above.
then they've rejected you for something other than income/savings.

you probably know what the reason for them rejecting you is. are you a bankrupt for example? were they unable to verify your identity against your address? that would fail you instantly.

if you earn more than 15k and have more than 2k in savings you've not failed for anything to do with the affordability checks
 

paulscotland

Junior member
13 0
then they've rejected you for something other than income/savings.

you probably know what the reason for them rejecting you is. are you a bankrupt for example? were they unable to verify your identity against your address? that would fail you instantly.

if you earn more than 15k and have more than 2k in savings you've not failed for anything to do with the affordability checks
Never been bankrupted, fully employed earning £20k+, over 2k savings, good credit rating, lived at my address for over 10 years, my details match my address, the address as no black-marks against it..... As far as I can see, I'm fully legit. I have no idea why I would be rejected, and unfortunately they don't tell you why.

If you (or anybody) has any other suggestions as to why I have been denied, then that would be appreciated. Cheers.
 

Forexmospherian

Legendary member
39,928 3,299
Never been bankrupted, fully employed earning £20k+, over 2k savings, good credit rating, lived at my address for over 10 years, my details match my address, the address as no black-marks against it..... As far as I can see, I'm fully legit. I have no idea why I would be rejected, and unfortunately they don't tell you why.

If you (or anybody) has any other suggestions as to why I have been denied, then that would be appreciated. Cheers.
Do a free check on yourself at Experian or another credit agency to just check yourself out etc

Mistakes do happen etc - but you can then find out and if no problems - send it back to IG and tell them to argue against your proof - or open you an account


GL
 

tomorton

Legendary member
8,058 1,180
Never been bankrupted, fully employed earning £20k+, over 2k savings, good credit rating, lived at my address for over 10 years, my details match my address, the address as no black-marks against it..... As far as I can see, I'm fully legit. I have no idea why I would be rejected, and unfortunately they don't tell you why.

If you (or anybody) has any other suggestions as to why I have been denied, then that would be appreciated. Cheers.

This is a real mystery, as you should be an ideal client in the ways you have outlined.

Looking at this another way, is there any information that they requested which you did not provide?

Is your employer involved in the financial sector?
 

paulscotland

Junior member
13 0
This is a real mystery, as you should be an ideal client in the ways you have outlined.

Looking at this another way, is there any information that they requested which you did not provide?

Is your employer involved in the financial sector?
I filled out the I.G. online form on sunday, answered every question, including the one asking if I had experience trading. Then I recieved an email on tuesday asking me to detail annual income and savings. I replied to their missed call and spoke to one of their guys, where I stated a 20k+ annual wage (no bonus) plus 2k+ savings, and no other investments. And that's when I was told that I did not meet the criteria for an account, after I had given the last two pieces of info. I'm mystified. I get credit no problem and pay it back no problem, I also sensibly manage my credit card. Surely if I had a bad credit rating, I would not be able to get credit from stores?

No, my employer is not involved. Just me, with apparently enough salary and savings, including 6 months of successful CFD day trading on plus500. Bizarre.
 

highbury fx

Well-known member
338 114
I filled out the I.G. online form on sunday, answered every question, including the one asking if I had experience trading. Then I recieved an email on tuesday asking me to detail annual income and savings. I replied to their missed call and spoke to one of their guys, where I stated a 20k+ annual wage (no bonus) plus 2k+ savings, and no other investments. And that's when I was told that I did not meet the criteria for an account, after I had given the last two pieces of info. I'm mystified. I get credit no problem and pay it back no problem, I also sensibly manage my credit card. Surely if I had a bad credit rating, I would not be able to get credit from stores?

No, my employer is not involved. Just me, with apparently enough salary and savings, including 6 months of successful CFD day trading on plus500. Bizarre.
based on what you've said, there isn't any apparent reason why you shouldn't be able to get an account open there.

I wouldn't worry, most other spread bet firms would be happy to have you but for your own peace of mind drop a courteous email to their compliance department asking why specifically they haven't been able to authorise you.

they'll tell you and then you'll know.
 

paulscotland

Junior member
13 0
based on what you've said, there isn't any apparent reason why you shouldn't be able to get an account open there.

I wouldn't worry, most other spread bet firms would be happy to have you but for your own peace of mind drop a courteous email to their compliance department asking why specifically they haven't been able to authorise you.

they'll tell you and then you'll know.
Well, thanks for all your help. I shall email I.G. to try and find out the issue. In the meantime, could you recommend a good quality (good reputation) company to do online CFD day trading with?

Thanks again,

Paul.
 

tomorton

Legendary member
8,058 1,180
I use Capital Spreads for SB but they offer CFD also. Nothing but good service and customer service on the SB side, reputable, big, UK-regulated.
 
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