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

[paulscotland]

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]

I'd stick to what's true. But that's just me.

 

[paulscotland]

I'd stick to what's true. But that's just me.

:cheesy: The question is "What criteria do I need to open an I.G. account?.... And your answer is, the truth? Thanks.

 

[tomorton]

:cheesy: The question is "What criteria do I need to open an I.G. account?.... And your answer is, the truth? Thanks.

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]

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]

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]

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.

 

[highbury fx]

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]

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]

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]

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]

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]

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]

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]

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.

 

[jamesuk]

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]

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.

Thanks for that Tomorton, I'll definitely look in to them, much appreciated.

 

[paulscotland]

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!

(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]

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]

I don't use their app, I have used desktop and laptop with no issues.