Changed to useless limited risk account
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I sent an email to PRT asking if they could assist in any way with getting my account changed from the useless limited risk beginners account to a standard account. I wasn’t hopeful but an email costs nothing. I was pleasantly surprised to just receive a phone call from PRT’s Ulrike – but unfortunately as I expected PRT have no power of persuasion over IG. Once again 10/10 for PRT’s customer service and 0/10 for IG’s customer service.
So at the moment it seems that my PRT sponsored IG account with access to PRT Premium is to remain useless to me for trading and I will have to go back to trading on my standard IG account. I may try to maintain the minimum trades required on the PRT sponsored account to maintain access to Premium but I do not imagine it will be long before PRT get upset with this situation and downgrade the accounts PRT access. Also I will have to split funds between two accounts which will reduce my ability to trade as much on my main account so I guess IG putting me on limited risk will reduce the amount IG make from me in the long run.
Now I just have to hope that IG are not stupid enough to downgrade my first account…..
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Well it seems that there is no way to change my account from a useless limited risk account for newbies to a standard account like my other IG account other than by waving sheaths of paperwork at IG proving my worth (or lack of it as they will not say what levels are required). So I will just have to let my new PRT sponsored IG account wither away and die through lack of use. This is very sad as the benefits of PRT Premium that come with it are well worth having and the platform customer support without IG in the equation is much improved – but what is the point of these benefits if my trading is so severely restricted by IG that I cannot trade with their account.
R.I.P. PRT sponsored IG account with Premium PRT. You were killed by IG for no good reason.
Well that didn’t last very long….. having gone through all the hassle of opening the PRT sponsored IG account to get PRT Premium and then moving all my indicators and strategies over and losing all the demo forward test data accumulated and then waiting for IG to slowly give me my money back so that I can straight away deposit it back with them and then finding that the IG account opened was a useless limited risk account that was no use to me – I have now just received an email from IG saying that I will lose free access to PRT at the end of the month due to lack of activity despite doing the four required trades a month (admittedly very small trades).
So now I will have to move everything back to my original IG standard account without PRT Premium and start all over again….. bloody hell – IG do really seem to try to make trading with PRT as difficult as is humanly possible.
The text of their email was as follows and I note that IG do not even bother to put the account number in the email that their actions relate to so if you have more than one account with PRT access then you would be left guessing which one would suddenly stop at the end of the month and leave your auto strategies stranded.
A change to your ProRealTime access Dear Mr ———-
We have reviewed your account activity, and unfortunately we are no longer able to provide our third-party charting package ProRealTime to you for free. However, your free access to IG charts will continue as normal.
We will turn off your access to ProRealTime at the end of the month. If you turn it back on, you will be charged £30 per month – the four-trade monthly minimum for free access will not apply to you.
If your trading size and frequency increase significantly, we will be happy to reassess your eligibility. We will do this automatically after three months, and let you know if you qualify for free ProRealTime once again.
Please note that although ProRealTime will be turned off, any automated strategies will keep on running. If you don’t want these to continue, please remember to turn them off before the end of the month. You can do this by giving us a call, if you prefer.
All other aspects of your IG account will continue to work as they do today.
We’re here to help
If you have any questions about this or need assistance with your account, you can find answers in our help and support area or IG Community. Alternatively, our highly trained client services team is available by phone or email 24 hours a day from 8am Saturday to 10pm Friday.
Kind regards IG
T 0800 409 6789
T 020 7896 0079
E helpdesk.uk@ig.com
community.ig.com1 user thanked author for this post.
I’ve been thinking about how the PRT/IG relationship works after IG sent me that email saying that my account was no longer eligible for free PRT. PRT make money from either selling their platform directly to us or from a percentage of all trading done by us with IG using PRT or if not that then IG pay them a set amount for every platform user. Which is most probably why IG are keen to ditch people who do not trade very much as idle accounts cost them money. It seems to me that IG make this decision far too early. I have been testing new strategies on PRT Premium for just over three months (having spent a lot more time prior to this learning to code and developing ideas) and I have just reached the point where I am happy to put some of the strategies live when IG pulled the plug. Surely IG want people to trade as they make money whether we win or lose so pulling the plug so early in a traders development is surely detrimental to their profits and a very negative impact on their image in their customers eyes? If I were PRT then I’m not sure that I would be very happy about my users being dumped so early. Most people have barely got to grips with PRT in three months let alone learn’t how to code their own strategies/indicators.
IF IG’s platform was better and allowed users to create indicators and strategies then I would understand the need for them to ditch the competition as soon as possible but IG need PRT as they are providing a service that IG do not currently have the capability to provide.
Just my thoughts. If it was my business I think I would run it a little differently but I guess IG’s profits are so big that whether they run a shoddy business with poor customer satisfaction or not matters little to them.
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I once had an IG account that I left unfunded and dormant for a while (I was trading a second account) and IG just shut the whole IG account down after a certain period. So we might be able to run a demo only option for a while but I guess not forever. At the moment I will continue to use it as demo only as that way at least I get another 25 possibilities to test strategies – until they pull the plug that is.
The loss of the live account access to PRT is no big deal except for the loss of Premium access as the IG account was a hopelessly restricted limited risk account anyway that in my opinion increases the chances of a trader losing money – but I guess IG are quite happy with that scenario. Plenty of other idiots to come along and fill the gap.
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