Changed to useless limited risk account

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Viewing 15 posts - 1 through 15 (of 29 total)
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  • 03/30/2018 at 4:07 PM #66813
    Vonasi

    A little while back I opened a PRT sponsored IG account to get PRT Premium. I then went through the huge job of moving all my strategies over to the new account from my old IG PRT account and I moved my funds over.  I then decided to reassess my strategies using the superior data and available before putting any of them live again. At that time the markets took a turn for the worse so I was happy to be out anyway. I placed a few manual trades and noticed that I was forced to have a guaranteed stop with every trade. I have contacted IG and they said that I am now on a limited risk account where I wasn’t before. They also say that maybe the required income and savings levels changed between me opening my original non-limited risk account and my new account. They did not say what the required levels are but did say that I could send in proof/statements. That is a lot of work to probably not meet the required levels now.

    On the IG website it is still saying that use of ProOrder and PRT on a limited risk account is impossible but I see on this forum that Nicolas says that it now is possible. I will however have to modify all my strategies as many of them do not set stops. So now I have to check the maximum stop distance allowed and hope it does not change and so stop my strategies from placing trades and pray that these stops that I do not want are not hit.

    I am very disappointed to have the restrictions and disadvantages of a limited risk account now. Trading is hard enough without having to have larger minimum stop distances and forced expensive guaranteed stops that cannot be moved away. Along with the new margins due to the ESMA decision these forced stops could make trading too expensive for small bank accounts.

    My old account may still be open and if I can remember the password(!) then I may have to fund that again and give up on the new PRT IG Premium account or just keep it and do the minimum trades required to keep it open.

    I would suggest that anyone who currently has a non-limited risk account who is thinking of opening a PRT sponsored account check whether they will be downgraded first before they do so.

    1 user thanked author for this post.
    avatar GraHal
    03/30/2018 at 4:10 PM #66814
    Vonasi

    I just had this back from IG

    ‘Thanks for your email.
    Unfortunately we are unable to provide client’s with the exact values of earnings and savings to have a non-limited risk account. From the data you provide to us, we will be able to determine if you are eligible for an upgrade of account.’

    I am hardly likely to go to all the hassle of getting statements from all my accounts and brokers just to be told that I still do not meet the criteria am I!

    03/30/2018 at 5:29 PM #66820
    Eric

    With the new rules and negative balance protection (maybe they are still on old regulations?)

    why are they interested in income and savings?

     

     

     

     

     

    03/30/2018 at 5:40 PM #66821
    Vonasi
    Eric wrote:

    why are they interested in income and savings?

    Because if I have lots of both then they will give me a non-limited risk account. How much I have to have they are not willing to say.

    Apparently they are trying to save me from myself despite the fact that I have traded with them for several years now and still have more money than I first deposited with them.

    03/30/2018 at 5:55 PM #66822
    Eric

    Yes they want to be sure that you can pay if your balance get negative and you owe them money

    but when the new regulation with negative balance protection come in play you can only lose what you already deposited

    so in July? they dont need to know income and savings?

     

     

    03/30/2018 at 9:16 PM #66832
    Vonasi
    Eric wrote:

    so in July? they dont need to know income and savings?

    So in July maybe everyone except those with huge balances will be on limited risk accounts – paying more to trade with increased possibility of going broke thanks to expensive guaranteed stops and unnecessary stops being hit all the time. If I have read the restrictions of a limited account correctly then not being able to have two strategies with trades on one instrument in opposite directions is absolutely ridiculous. It will be even harder for any small player to be profitable in what is already a quite difficult game. How can you diversify if you can’t run different strategies and have to put up so much money for each position. Risk is everything and risk just got massively increased. With the increased margins being introduced there is very little incentive to continue trading. Who wants to continue playing a game that gets harder and harder to win unless you own the bank. At some point the returns in profit to amount of effort put into creating strategies and educating oneself ratio goes the wrong way and it is time for everyone except those with big balances to give up. Those in power would rather we just put our money in the bank at 0.5% rather than do what we want with what is in fact OUR OWN MONEY!

    1 user thanked author for this post.
    avatar GraHal
    03/30/2018 at 10:29 PM #66838
    verdi55

    Ask IG what a “Trader Plus” account is. Or a “No negative balance account”. No guaranteed stops in this account type. This is different from limited risk, which is mainly for beginners.

    03/31/2018 at 10:26 AM #66857
    Vonasi

    Thanks for your reply Verdi55. I have replied to IG customer services again via email but it seems a different person deals with my email each time and as they do not attach the email history I have no idea whether they are aware of the whole conversation.

    I have pointed out to them that I am by no means a beginner and hope that they can be reasonable and adjust their policy case by case.

    03/31/2018 at 1:44 PM #66866
    Vonasi

    IG replied to my email again…. and yet again the person replying was a different person to all the others who have previously replied. It’s like our enquiries go into a bag and they get pulled out randomly and the person answering has no knowledge of any previous conversation.

    The answer this time was this very poor example of the English language:

    ‘Thanks for your email.

    I am sorry you feel disappointed with the limited risk account, with these account we prevent low capital clients to incur in negative balance. If your wealth score and your mifid points allow us to offer you a plus/trader account, we will be happy to do it. For it, when your wealth condition improve you just need to call us and we will start the process to offer you the plus/standard account. ‘

    The stupid thing is that my old IG account is still open and I can just refund that and start trading on a standard account right away –  so on one account IG think I am a beginner who needs nannying and on the other they trust me to have a standard account. Maybe they just have different policies depending on how you open the account. Via PRT = limited risk account and direct with IG = standard account?

    04/02/2018 at 3:37 PM #66931
    Vonasi

    So after yet another reply from what I have to guess is yet another IG customer service agent (I have to guess as they failed to put their name to their reply) they have finally grasped the fact that I was already trading on a standard account before they gave me a new limited-risk account. So they have now asked for details of the first account so that they can check. Now this places me in a dilemma as they could check and then downgrade my first account or check and upgrade my new account!

    I guess I could take a risk and if they downgrade my first account then just use my girlfriends standard account that she no longer uses as a back up account. It seems that with IG you might need to have multiple accounts just in case they mess up a couple of them!

     

    04/02/2018 at 4:15 PM #66932
    GraHal

    I flippin hate that ‘no trail email system’ that IG use! It has got slightly better though as now the email does have a meaningful Title / Subject and a Query ID.

    Thank you Vonasi for keeping us in the picture, I am sorry for the issues you are having and hope it gets sorted to your satisfaction.

    If you did not have the gf’s account as a fall back it sounds like it would not be  worth the risk ‘showing your hand’!

    04/02/2018 at 8:57 PM #66956
    Vonasi

    Still not sure whether to show my hand and go all in (except for the GF’s account) as when you read the IG reply it does seem to imply that they would like to downgrade rather than upgrade:

    ‘Could you please provide the account ID for the other IG account so we can check for you? The wealth requirement does apply to all accounts, kindly note that it has changes over years so if you qualified for a standard account in the past may not mean that you can qualify for a standard account now.’

    For some strange reason I cannot somehow see a positive result being the outcome. It just seems that whenever I contact IG it is easier for them to be unhelpful rather than helpful.

    04/02/2018 at 9:18 PM #66958
    verdi55

    When you confirmed your personal data last time for the old account (as I usually have to do once a year), was it not sufficient to keep the standard status ? I’d ask them this question. Limited risk is what they give people initially and standardwise now.

    04/02/2018 at 9:46 PM #66959
    verdi55

    And : talking to them on the phone is usually much more efficient than exchanging e-mails where they can use standardized answers. At least in Germany. Normally, they are very friendly and helpful when you talk to them in person and they realize that you’re a competent trader who knows what he is doing.

    04/02/2018 at 10:30 PM #66962
    Eric

    The best thing would be that they put all on standard accounts (except pro) in july or whenever the new rules will apply

    by then a standard account have negative balance protection so no need for the limited risk account of today

    but its probably whats best for IG that counts..

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