R.Charnock
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Maybe the OP could also sue for defamation?
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R.Charnock
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L
Liquid validity
I'm rather curious about the transfer method and speed TBH.
3 card payments of 20k 10k and 5k.
First trade at £500pp on their NQ offering, some 3 hrs after
a 35k transfer at 1800gmt.
Most card providers / brokers have card transfer limits, and they usually
take a while to process, assuming they don't get frozen by the card issuer
anti fraud dept. due to the amount involved.
Even a CHAPS / wire transfer would be good going to clear in 3 hrs at that time of day...
Am I the only one that thinks that is a little odd?
3 card payments of 20k 10k and 5k.
First trade at £500pp on their NQ offering, some 3 hrs after
a 35k transfer at 1800gmt.
Most card providers / brokers have card transfer limits, and they usually
take a while to process, assuming they don't get frozen by the card issuer
anti fraud dept. due to the amount involved.
Even a CHAPS / wire transfer would be good going to clear in 3 hrs at that time of day...
Am I the only one that thinks that is a little odd?
BeginnerJoe
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Doubling money in less than 24 hours with a substantial sum probably makes you the best trader around here. So people get excited.
R.Charnock
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No, there's a definite aroma of rat and fish around here.
rsh01
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thats what i thought - if the OP does have another SB account - has this been answered?
sorry to the OP for being suspicious but it wld certainly raise alarm bells for someone to double there money in less than 24hours, on a series of trades, and try to withdraw the full amount - thats not 'normal' practice. if it was one or two punts then yes thats much more plausible to be gambling. i am not saying IG are right, just saying that this wld prob set off a warning meaning they wld do additional checks to see that everything is kosher. i lean towards the side that they have found smthg additional, as i doubt (as per what others have said) they wld be concerned with a 70k hit anyway. i completely agree with pboyles point that they wld clearly not have done this if you had lost, but thats not the point, and its obvious they wldnt. not communicating that to you is out of order though, and just creates suspicion & conjecture.
apparently they only hedge when they have exposure of over a few million on markets (this is what i was told by an employee) - your trades wld clearly not have breached that. and they have ppl punting £50k a point on fx, who have to hold £10mill to trade that size.
what is the OPs trading experience? i dont expect you to answer this as its not relevant, just curious in light of the trades. where did you get this sudden urge to punt on a variety of markets over a short period of time and with pretty big stakes? does this happen often? was this a complete one off? what were your SL'son these trades?
also can you post a few live trades (ha)?
theres going to be a lot of stuff we will never know, eg we do not know you / your history / your employment etc etc, in other words we dont have the complete picture - IG apparently do. so you will have to put up with the occasional suspicious poster, which is only natural.
g/l though, and will be intrigued to see how this develops.
Lee Shepherd
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Hi adz2k11,
Firstly I don't wish to fall out with you over the following questions, statements or post, its simply my take on the situation rightly or wrongly.
Many thanks for posting up your statement around 4th October 2012.
Looking over this I can see many trades of what would easily be called 'suspicious trading' and at the least would get you on dealer referral.
Take 5 dax trades placed on the 4th October @ 08:34. 5 trades in this time is possible but would require a quick and very steady hand plus big balls or in your case something else
All 5 trades were placed within 60 seconds and were random values of £40, £20, £100, £40, and finally £150 per point totaling a margin requirement of £9,450. You made a quick profit on this of 18.88 points or £6,608 which represents over 18% of account.
THEN - there were further trades at 11:13 and 11:14 am comprising of Dax December trades all for £500 per point. 3 trades in total representing £1,500 per point and a margin requirement of £45,000 on tier 2. Again another quick profit of 18.33 points or £27,500 which is over 78% of account.
Then there were several trades on SP500 totaling £5,000 per point.
Plus random trades on other instruments plus on binary bets.
For your trading style I would expect you to be put on dealer referral at the least. You state by your own admission you are not a pro trader. So....Many would ask why so many high level extreme trades in succession. In particular being able to make 5 trades in a specific market at various levels and prices all within 60 seconds. Yes its possible but why????? Why not one ticket only.
Also, by the trading history it would appear you do not sleep.
I'm not saying the following is what you have done and it would seem that IG do not want your business due to other factors and they have not gained from you whatsoever, in fact they would be out of pocket (time and staff wise).
Over the course of 24 hours you made a profit of over 100% of account. At these levels any SB would be happy for the client to continue as they know that sooner rather than later they would blow the account and IG would pocket the whole £35k - as oppose to refunding it in full.
Also why the transactions to return your money on the 8th (4 days later) of 6 returns of £20k each and the 6th of £2,705.51 totaling £102,705.51, it looks like a hit and run.
Trading in this fashion is usually the symptom of (and I'm not saying this is you by admission of guilt of accident):
Ticket price manipulation
Program that interferes with tickets/prices
Poor connection leading to price fixing
False or inaccurate information
Other people activating account from different locations
SB being taken for a scam (innocent or not)
I'm sure you will proclaim your innocence as it's within your financial benefit to do so and you may even believe it to be so but anyone looking at this (IG included) will clearly see that something is grossly wrong. Even you should be able to see this, especially when IG have not profited a single penny from you.
Only you and ultimately IG know this for sure and unfortunately for IG, they are bound by data protection not to be able to speak about individual clients accounts. However, masked internet people can openly discredit or speak about them.
It would seem that again in this typical situation IG have lost again due to bad publicity and have not profited and yet cannot even defend themselves.
Either way if you feel you truly have the skills to make this sort of money then open another account with another SB, there are several hundreds out there and if that doesn't work then go DMA, there are several hundred of these also.
All the best,
Lee Shepherd
How come the cash product has 27th Dec next to it?
That's exactly what they'd allow her to do. This is from another company but I'm guessing IG will be around the same
Our spreads, margins and commissions | CMC Markets UK
rsh01
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they hedge it on the size of the book exposure, if its >£10mill exposure then they will hedge.....allegedly (from what i was told by an e'ee - but i took that with a big pinch of salt)
R.Charnock
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Hi adz2k11,
Firstly I don't wish to fall out with you over the following questions, statements or post, its simply my take on the situation rightly or wrongly.
Many thanks for posting up your statement around 4th October 2012.
Looking over this I can see many trades of what would easily be called 'suspicious trading' and at the least would get you on dealer referral.
Take 5 dax trades placed on the 4th October @ 08:34. 5 trades in this time is possible but would require a quick and very steady hand plus big balls or in your case something else
All 5 trades were placed within 60 seconds and were random values of £40, £20, £100, £40, and finally £150 per point totaling a margin requirement of £9,450. You made a quick profit on this of 18.88 points or £6,608 which represents over 18% of account.
THEN - there were further trades at 11:13 and 11:14 am comprising of Dax December trades all for £500 per point. 3 trades in total representing £1,500 per point and a margin requirement of £45,000 on tier 2. Again another quick profit of 18.33 points or £27,500 which is over 78% of account.
Then there were several trades on SP500 totaling £5,000 per point.
Plus random trades on other instruments plus on binary bets.
For your trading style I would expect you to be put on dealer referral at the least. You state by your own admission you are not a pro trader. So....Many would ask why so many high level extreme trades in succession. In particular being able to make 5 trades in a specific market at various levels and prices all within 60 seconds. Yes its possible but why????? Why not one ticket only.
Also, by the trading history it would appear you do not sleep.
I'm not saying the following is what you have done and it would seem that IG do not want your business due to other factors and they have not gained from you whatsoever, in fact they would be out of pocket (time and staff wise).
Over the course of 24 hours you made a profit of over 100% of account. At these levels any SB would be happy for the client to continue as they know that sooner rather than later they would blow the account and IG would pocket the whole £35k - as oppose to refunding it in full.
Also why the transactions to return your money on the 8th (4 days later) of 6 returns of £20k each and the 6th of £2,705.51 totaling £102,705.51, it looks like a hit and run.
Trading in this fashion is usually the symptom of (and I'm not saying this is you by admission of guilt of accident):
Ticket price manipulation
Program that interferes with tickets/prices
Poor connection leading to price fixing
False or inaccurate information
Other people activating account from different locations
SB being taken for a scam (innocent or not)
I'm sure you will proclaim your innocence as it's within your financial benefit to do so and you may even believe it to be so but anyone looking at this (IG included) will clearly see that something is grossly wrong. Even you should be able to see this, especially when IG have not profited a single penny from you.
Only you and ultimately IG know this for sure and unfortunately for IG, they are bound by data protection not to be able to speak about individual clients accounts. However, masked internet people can openly discredit or speak about them.
It would seem that again in this typical situation IG have lost again due to bad publicity and have not profited and yet cannot even defend themselves.
Either way if you feel you truly have the skills to make this sort of money then open another account with another SB, there are several hundreds out there and if that doesn't work then go DMA, there are several hundred of these also.
All the best,
Lee Shepherd
If that's supposed to make us feel sorry for SBs, it didn't work.
tar
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Institutional account ?
tar
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Thats correct it is stated in their annual results release ....
BeginnerJoe
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Not necessarily. My normal regular joe current account allows 25k daily limit. Other banks offer more. Here is a list of the limits:
UK Payments Administration - Which banks can send Faster Payments and what is my bank's value limit
35k is nothing for a big swinging xxxx.
tar
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It is a card payment , it should be instant with IG ...
May I ask, how many years have you been trading adz2k11?
One year on and off. All payments were made via card.
35k is not a huge amount of money, yes it was wild trades i admit I used my full margin allowance and I got lucky with the trades - i knew this and its why i tried to withdraw the funds! I do still have SB accounts with other providers and have lost a fair sum trading this way but also made a decent amount with no issues withdrawing. Don't why it was so different with IG.
tar
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His payment method is a card not faster payments , is it the same ? anyway i agree 25K-35K is within the limit , but not for withdrawals he made a 100K return to card attempt but maybe he didn't know the limits , anyway card payments can be justified , but you cant dismiss the possibility that maybe he had a corporate account/card , and IG discovered this when he made the 100K withdrawal attempt which made them to make double checks in his personal/banking details it is not that hard ...
Payments | Is there a maximum amount I can transfer back to my card?
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