IG costs for PRT usage

• 10/24/2023 at 2:05 PM #222869
  phoentzs

  I just got an email from IG saying they want to block my free access to PRT to the live account. Due to too few trades this month. No wonder if you only operate long bots in the current market. However, I have had 10 trades so far this month instead of the required 4 trades. All in SP500 with Lotsize=1. Since IG 4 requires trades of a significant amount… now the question is: what does significant amount mean? I didn’t find anything about this in IG’s terms and conditions. Can one of you give me a tip about what this means and what options I have?

  

  phoentzs

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  10/24/2023 at 3:25 PM #222872
  GraHal

  I take it to mean we need to be giving IG > £30 in spread fees each month.

  Reason for above is that the charge per month for using PRT is £30 so it seems logical if we are not generating >= £30 in fees per month then IG are losing out.

  I think there may be a bit of slack in my definition … if we are generating < £30 per month on average over 2 to 3 months then we get the email advising us we will be charged this month.

  

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  10/24/2023 at 6:09 PM #222875
  phoentzs

  Is it £30 for you? For us it’s €30… But to generate €30 in spread for IG with 4 trades… I think this statement is a bit risky. What option do I have? I’ve never had any problems with it for years. But suddenly I get an email, even though I’ve had months with far fewer trades in the past.

  

  phoentzs

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  10/24/2023 at 8:33 PM #222876
  GraHal

  phoentzs wrote:

  What option do I have?

  Do nothing and see if you get charged?

  phoentzs wrote:

  I’ve had months with far fewer trades in the past.

  It could be that we get an initial grace period (12 / 24 months?) or IG are tightening procedures.

  In the past, I’ve been charged £30 per month and then the next thing is we can’t login to our Demo Accounts due to low / zero Live Account activity.  This can be lifted via an email to IG.

  

  GraHal

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  10/25/2023 at 8:16 AM #222878
  robertogozzi

  I have two real accounts with IG, but I only use one. For the one of them which I don’t use much I currently pay € 44 monthly, € 30 as platform fees + € 14 for inactivity.

   

   

  

  robertogozzi

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  10/25/2023 at 11:08 AM #222883
  phoentzs

  IG hasn’t answered me yet about which account it is. I have 3 accounts, but only one of them is active.

  

  phoentzs

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  10/25/2023 at 11:46 AM #222887
  GraHal

  It is almost certain to be the Account that is associated with the email address that IG used to notify you about charges etc.

  I say above because we register with a separate email address for each separate Live Account.

  

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  10/25/2023 at 12:17 PM #222889
  phoentzs

  Mmh, I have 3 live accounts within my IG account.

  

  phoentzs

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  10/25/2023 at 1:00 PM #222894
  GraHal

  Or is that 1 Live Account and 2 sub-accounts within the 1 Live Account?

  If they are all under 1 email address then I reckon that is 1 Live Account and 2 sub-accounts, but that may mean that IG be wanting 3 x £30 per month??

  

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  10/25/2023 at 1:27 PM #222896
  phoentzs

  Looking at it this way, it’s a live account with 2 sub-accounts… I once deactivated PRT on both sub-accounts. Let’s see what happens now. It could have been because of that. But I still don’t have any information from IG.

  

  phoentzs

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  10/25/2023 at 1:50 PM #222897
  phoentzs

  Mh, a lot of wind and then this statement from IG…

  “Thank you for your inquiry.
  It seems very much like an error message. Please ignore these.

  For further questions please do not hesitate to contact us.”

  

  phoentzs

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  10/25/2023 at 2:13 PM #222898
  Philstrading

  I’ve been charged before, quite some years back mind, but had a period where I was just opening and closing 2 trades through PRT, thats 4 from IGs perspective… so I believe the amount of trading refers to the capital exposure… but 10 trades would amount to 5 trades opened and closed… Generally speaking if trading Dax say just trading 10 trades at £0.50 the minimum trade) would not incur a charge and I know a few accounts trading £0.50 trading less that dont incur a charge.

  So may depend if your trades are opened and closed, not sure but open is one trade, closed is another they say..

  It may be your other accounts for sure, but dont know about that, I only utilise the one type of account. It may be a factor if on more than one account but u could just ring and clarify with them, support with an email first and then ring up.

  

  Philstrading

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