Spreadbetting - IG complaint

Yes , but my question here how he managed to open a 200 pounds/point on the Ftse with a 2k balance and 5k credit limit ? the margin was back then for this bet 40k , something is missing !

You're right, it just doesn't make sense.
 
Yes , but my question here how he managed to open a 200 pounds/point on the Ftse with a 2k balance and 5k credit limit ? the margin was back then for this bet 40k , something is missing !
Yes, maybe mr_put could give us information on this. If there was a failure in IG's internal system it could be to his advantage.
 
DELAYED ORDER TICKET

Has anyone else experienced the delayed Order Ticket fiasco on IG? Today, 6 April, between about 1335 and 1340 UK time (and also on a couple of occasions last week), I tried several times to close out a small position on GBPUSD. Each time I was presented with a blank, unpopulated Order Ticket which of course prevented me from closing the position. On the last occasion I counted up to 60 seconds before it "unfroze", by which time the market had moved against me.

I can understand something like this happening in a very fast moving market, such as at Non-Farms time when IG just don't want you to trade, but at the times mentioned Cable was whiffling about doing nothing much at all.

I should add that I am a trader of many years' experience, and place about 3 or 4 trades a day.
 
DELAYED ORDER TICKET

Has anyone else experienced the delayed Order Ticket fiasco on IG? Today, 6 April, between about 1335 and 1340 UK time (and also on a couple of occasions last week), I tried several times to close out a small position on GBPUSD. Each time I was presented with a blank, unpopulated Order Ticket which of course prevented me from closing the position. On the last occasion I counted up to 60 seconds before it "unfroze", by which time the market had moved against me.

I can understand something like this happening in a very fast moving market, such as at Non-Farms time when IG just don't want you to trade, but at the times mentioned Cable was whiffling about doing nothing much at all.

I should add that I am a trader of many years' experience, and place about 3 or 4 trades a day.
Sounds like a browser issue - what did their tech support say?
 
DELAYED ORDER TICKET

Has anyone else experienced the delayed Order Ticket fiasco on IG? Today, 6 April, between about 1335 and 1340 UK time (and also on a couple of occasions last week), I tried several times to close out a small position on GBPUSD. Each time I was presented with a blank, unpopulated Order Ticket which of course prevented me from closing the position. On the last occasion I counted up to 60 seconds before it "unfroze", by which time the market had moved against me.

I can understand something like this happening in a very fast moving market, such as at Non-Farms time when IG just don't want you to trade, but at the times mentioned Cable was whiffling about doing nothing much at all.

I should add that I am a trader of many years' experience, and place about 3 or 4 trades a day.
With that kind of experience you do have an alternative exit (another SB in case you need to hedge yourself out)?
 
Do you really have the time to call them, if you need to get out immediately? Sounds a little bit risky to me, I rather give away a spread or so.

then u have to keep 2 platforms running at the same time always ...
 
DELAYED ORDER TICKET

Has anyone else experienced the delayed Order Ticket fiasco on IG? Today, 6 April, between about 1335 and 1340 UK time (and also on a couple of occasions last week), I tried several times to close out a small position on GBPUSD. Each time I was presented with a blank, unpopulated Order Ticket which of course prevented me from closing the position. On the last occasion I counted up to 60 seconds before it "unfroze", by which time the market had moved against me.

I can understand something like this happening in a very fast moving market, such as at Non-Farms time when IG just don't want you to trade, but at the times mentioned Cable was whiffling about doing nothing much at all.

I should add that I am a trader of many years' experience, and place about 3 or 4 trades a day.

Have you tried closing (or opening) using DealThru charts?
 
Right, sorry, I’m back. This is how this problem arose in the first place – I’m not a full time day trader, I can’t stay logged in to IG / forums all day, I have other work to do which is not financial services-related.

Responding to some of the last posts:

I should have been classified as a professional client if IG thought that that was what I was – I was not and so should have been treated like an inexperienced retail client – do they all get 92k credit?

In terms of how I opened these losing positions, what some of you claim is “missing” – see posts 35 and 62.

The references to “gaps” in the market – what are these? When the IG index diverges from the real index? I believe I opened these positions while the markets were open, but only checked them again after the markets had closed, found the huge losses, and closed them. Would that have allowed for “gaps”?

Tar – thanks for that credit account offering link. That could prove useful. I am not, and certainly wasn’t back then, an “experienced investor”.
 
Here is the 2 posts mentioned by mr put , seems your credit limit is not 5 k only ...

just checked my statement from that day: i had 1.8k deposited, 4.3k in running profit (i did already have 1 £100pp long on), 12.5k in waived deposit limit = 18.6k; versus the 16k deposit requirement after i put the 2nd £100pp long on, so that's how i was able to put the bets on. not that that explains why it was allowed to run so far outside the account parameters.

and in terms of "P.S It might be best to stop asking if anyone else has seen something like this - I doubt anyone on here has heard of anyone so stupid!" - you need to be aware of recent events in this game or you'll get stung worse than me. have you not heard about IG's recent £15 million bad debt allowance for the first 6 months of this year? so there are others out there, maybe with similar circumstances to me.

still some disbelief here in the facts of this case. i'll try again to convince you:

i had a full risk account, with 20k deposit limit. the deposit factor on ftse was 80 at the time this all took place, so £200pp long would require 16k of deposit limit, so i could put the bets on from a deposit limit perspective.

then i have to have funds in the account to cover the 16k in deposit limit. i had 1.8k in cash, 4.3k in running profits and ig gave me a 'waived deposit limit' (where they effectively advance you more credit under another name) of 12.5k. so i had 18.6 in 'funds' at the time, enough to put the 16k bet on.

this bet did go wrong. ig think they have the legal right to pursue this debt. as uktradergirl pointed out, betting debts are now apparently enforceable in law. i asked a solicitor who deals in litigation to look at it. they said that, according to the T&Cs and the documents i signed, ig have a legal claim, but that a barrister would be able to give me a better idea on this. the barrister's costs run into the thousands for a legal opinion, so i'm pushing that option to the back of the queue (unless i can find people in similar circumstances through forums like this to launch a class defence with).

ig have rejected my complaint on compliance grounds, so this will now go to the FOS. if they rule against me, i will have to look at the barrister option alone if necessary.
 
depends what you mean by credit. i have an idea of what credit means. so do you. IG think differently - they gave me a "credit" limit, in black and white, of 5k, nothing more.

they also then gave me a "waived deposit limit" of 12.5k. even the credit department at IG weren't sure what this was - they kept referring to it as a "wave" deposit limit when i was looking for clarification of what it was.
 
BTW u stated that the margin req was only 80 , but if u check my post # 22 u will c it was 200 not 80
 
in sept 2008 the margin requirement for the ftse was 80. it increased to 200 later that year, by the time you made post 22.
 
in sept 2008 the margin requirement for the ftse was 80. it increased to 200 later that year, by the time you made post 22.

Ok i checked the dealing book may 2008 u r right the margin for the daily ftse was 80 and for the futures it is 200 ...
 
but still u need 16 k how they let u open this bet ?
 
depends what you mean by credit. i have an idea of what credit means. so do you. IG think differently - they gave me a "credit" limit, in black and white, of 5k, nothing more.

they also then gave me a "waived deposit limit" of 12.5k. even the credit department at IG weren't sure what this was - they kept referring to it as a "wave" deposit limit when i was looking for clarification of what it was.
I have to agree with tar, it looks like you had credit much above the 5k you have mentioned. I guess, this is the reason you were able to open both these long positions. £200 per point, a lot of money if the market decides to go heavily against you. I guess you had the first long position for quite a while, and decided to bet another £100 in order to try to recover some of the losses from the first position. This have happened to the best of us, and when denial kicks in one can do awful stupid trades. The future market probably continued to go down heavily after the close of the LSE, and thus the worst case scenario from your perspective became a reality. You probably had a credit around 20k, and with a stake of £200 pp, 92k is not miles away when panic sets in and everybody starts selling. Still, they should have closed you position earlier, but I cannot imagine it should have been close to the 5k you are talking about, as you were able to open the second long position of yet another £100.
 
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