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

jamesuk

Junior member
45 2
Have you found out what was the reason paulscotland ? Which documents you have submitted and why they dont inform you the reason that they dont accept you ? It might be a mistake from your side that you didnt notice!
 

paulscotland

Junior member
13 0
Have you found out what was the reason paulscotland ? Which documents you have submitted and why they dont inform you the reason that they dont accept you ? It might be a mistake from your side that you didnt notice!
Well, it must be a mistake from my side James, either that, or a dark conspiracy to prevent my successfull (so far, so good) CFD day trading from expanding into other CFD providers?! :)

I haven't yet contacted them. As i mentioned earlier, I completed the I.G. online form, they sent me an email asking to provide details (not proof) of my income and savings. I replied to a missed called from an I.G. Rep, and simply answered 20k+ annual wage, plus 2k+ savings. THEN, they said I was not eligible for an account!

It's definitely a Scooby-doo mystery! :confused:

(p.s. The I.G. Rep said without prompting from me, that "unfortunately, they could not specify why I had failed their initial checks". And he told me to contact him personally in the future should my current circumstances change.)
 

paulscotland

Junior member
13 0
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.
Well, Tomorton, I signed up for Capital Spreads without any problems, entering the same details as my I.G. application. Obviously, I will have to research a little to see what's different to it from plus500 and what the users think of it. Just learned that folks that use their App, aren't too impressed with the App, but maybe it's improved since then. Do you use the App at all, or are you solely computer based with this company?
 

tomorton

Legendary member
8,058 1,180
I don't use their app, I have used desktop and laptop with no issues.
 

f2calv

Experienced member
1,317 277
(p.s. The I.G. Rep said without prompting from me, that "unfortunately, they could not specify why I had failed their initial checks". And he told me to contact him personally in the future should my current circumstances change.)
I'd refill out the application on Monday, use a different username and double your salary and quadruple your savings - if they query that, say you got a pay rise and a loan from your family, they won't check.

Capital Spreads spread betting platform isn't half as featured as IG imo and I would assume that their CFD platform follows along the same (feature lacking) lines.

gl :smart:
 

tomorton

Legendary member
8,058 1,180
Hi f2calv - I'm sure your advice to supply false information in support of a contract is meant as purely humourous.

On Caps' SB platform, I can only say I need only very basic TA and am an EOD trader only: not seen IG 's at all.
 

f2calv

Experienced member
1,317 277
So ok I'm in danger of turning this into a thread comparing providers/bucket shops but... imo Capital Spreads failings (when compared to IG ) off the top of my head are;

- impossible to properly hedge a position because all positions *must* have a stop, meaning you need to have huge amounts of margin if you ever wanted to hedge a position - thus defeating the point
- when using guaranteed stops, once the stop is moved to breakeven they still suck up your funds as "used margin" wtf?
- the web interface simply isn't as good, nor is the mobile platform (used on Android)
- they don't have the same variety of near/far quarter spreads available for medium to longer term investing in both currencies and indicies.
- they have no API

All above points I have raised with CS and they said they would call me back when addressed by their "new platform", and I'm still waiting.

CS is owned by London Capital Group (LCG) you only need to check out their share price vs. IG. Which one gives you more faith that the company/platform is going to have any longevity behind it?

I'm self-employed, my salary goes up and down due to the seasonal nature of the business, so I have to stick my finger in the air pretty much all the time when calculating my salary - maybe paulscotland is in the same situation? And who's to say bank of mum & dad doesn't give you a loan this very weekend which you stick under your matress...
 
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tomorton

Legendary member
8,058 1,180
Thanks to paulscotland's question, this thread has spurred me to research Caps' T&C for SB clients like me - and we're required to let them know of any material changes of financial circumstances or any change to the information given on the account Application Form (including change of employment, address, contact details and email).

I expect other firms not just in SB will have similar conditions.

To be on the safe side, I have updated my data with them.
 

abinandan

Junior member
12 1
Investors should note that government bonds, or Treasuries, are not subject to credit quality ratings.

Investors should be aware that an agency downgrade of a company's bonds from 'BBB' to 'BB' reclassifies its debt from INVESTMENT grade to "junk" status with just a one-step drop in quality. The repercussions of such an event can be highly problematic for the issuer and can also adversely affect bond prices for investors. Safety-conscious fund investors should pay attention to a bond fund's portfolio credit quality breakdown.
 

jamesuk

Junior member
45 2
It's definitely a Scooby-doo mystery! :confused:

(p.s. The I.G. Rep said without prompting from me, that "unfortunately, they could not specify why I had failed their initial checks". And he told me to contact him personally in the future should my current circumstances change.)
When Current circumstances change? It is a mystery Paul and i dont get it why the dont provide you a reason for not accepting you. I dont think that it has to do with your income or savings to be honest
 

highbury fx

Well-known member
338 114
When Current circumstances change? It is a mystery Paul and i dont get it why the dont provide you a reason for not accepting you. I dont think that it has to do with your income or savings to be honest
IG 's compliance department will tell him. They have to tell him why they have failed him. The sales trader that is talking to Paul should have the common sense to try and help his client by being pro active and giving him the information he has asked for. Instead his work ethic leaves a lot to be desired and impacts on the reputation of his employer. compliance@ig.com is where you should send them an email to ask them why they couldn't open your account.

IG don't have to open an account for anyone, it's their firm and it's their prerogative whether they authorise you to do business with them or not. Clearly they make money by doing deals, not by not doing deals so they should try and get as many applications live as possible.

There's plenty more firms to choose from. Capital Spreads are ok, they've been around for a while, got a new owner, new funds and a renewed enthusiasm. They have employed a couple of good people that I know are experienced and fair. I wont recommend them because I wont recommend anyone but they're ok.

IG has had it all their own way for years, they do what they want but they provide an unbelievable product. you don't choose IG because they treat you well, you choose IG because they do what you need them to do and have a $4bn balance sheet which gives you a great sense of security with the funds you deposit with them.
 

paulscotland

Junior member
13 0
Thanks yet again for your all your input folks. (I like this forum) Well, I emailed IG compliance department earlier concerning my issue. (Thanks for the email address)
So' I'll let you know what they said once a reply is recieved.

No doubt, it'll have been something stupid that I've done.... I just can't think what, as I was confident with the (truthful) answers I provided.

Watch this space! :confused:
 

paulscotland

Junior member
13 0
IG 's compliance department will tell him. They have to tell him why they have failed him. The sales trader that is talking to Paul should have the common sense to try and help his client by being pro active and giving him the information he has asked for. Instead his work ethic leaves a lot to be desired and impacts on the reputation of his employer. compliance@ig.com is where you should send them an email to ask them why they couldn't open your account.

IG don't have to open an account for anyone, it's their firm and it's their prerogative whether they authorise you to do business with them or not. Clearly they make money by doing deals, not by not doing deals so they should try and get as many applications live as possible.

There's plenty more firms to choose from. Capital Spreads are ok, they've been around for a while, got a new owner, new funds and a renewed enthusiasm. They have employed a couple of good people that I know are experienced and fair. I wont recommend them because I wont recommend anyone but they're ok.

IG has had it all their own way for years, they do what they want but they provide an unbelievable product. you don't choose IG because they treat you well, you choose IG because they do what you need them to do and have a $4bn balance sheet which gives you a great sense of security with the funds you deposit with them.
Ok, so here it their reply......

"Thank you for your email.



IG has a policy in place whereby it will not open accounts for individuals who are not considered to have sufficient income and/or savings. This policy is in place as many of the products offered by IG are complex, high risk financial products, that can cause clients to lose a significant amount of money.



Should you see an increase in your earnings or savings in the future, and at this time should you still wish to open an account with IG, then please contact Raju and he may be able to open the account.



I am sorry for the inconvenience caused, however I am of the opinion that this is the correct approach for IG to take, and that based on the information you have provided spread betting and CFD trading accounts are not appropriate for you and to allow you to open the account would be irresponsible of IG."

So it seems that £20,000 annual wage and £2000+ savings isn't enough.
 

jamesuk

Junior member
45 2
Ok, so here it their reply......

"Thank you for your email.



IG has a policy in place whereby it will not open accounts for individuals who are not considered to have sufficient income and/or savings. This policy is in place as many of the products offered by IG are complex, high risk financial products, that can cause clients to lose a significant amount of money.



Should you see an increase in your earnings or savings in the future, and at this time should you still wish to open an account with IG, then please contact Raju and he may be able to open the account.



I am sorry for the inconvenience caused, however I am of the opinion that this is the correct approach for IG to take, and that based on the information you have provided spread betting and CFD trading accounts are not appropriate for you and to allow you to open the account would be irresponsible of IG."

So it seems that £20,000 annual wage and £2000+ savings isn't enough.
Thanks highburyfx you got an answer which i think you should get anyway from that moment. Just a stupid question do require documentation in order to prove your income or savings ?
 
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