New margin requirements :-O

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  • This topic has 56 replies, 11 voices, and was last updated 5 years ago by avatarBard.
Viewing 12 posts - 46 through 57 (of 57 total)
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  • 02/23/2019 at 11:53 PM #92158
    Juan Salas

    I see and I understand your fiscal benefits as UK citizens. For me, as Spanish fiscal resident does not make any difference in terms of CFD taxes.

    In any case, if anyone has any questions about the requirements and opening IG account process in Switzerland, please feel free to address it here.

    02/24/2019 at 9:49 AM #92170
    GraHal
    Vonasi wrote:

    I enquired but found that it was better just to find more capital rather than pay more tax.

    You could use up your £11k (for FY 19-20) Capital Gains tax allowance on a CFD Account opened in .Switzerland.

    Unless of course you are already using your £11k Cap tax allowance trading boats or beer! 🙂

    02/24/2019 at 11:27 AM #92183
    Vonasi

    The proof of i.d. methods required by IG Switzerland were also not easily achievable for a UK resident sitting on a boat in Greece! The easiest method was a FaceTime video call – well it would be easy if I knew a single person with an Apple product that I could borrow. IG really should have more than one method of doing a video call in their tool box if they want to minimize the loss of customers since the ESMA rules came in.

    02/24/2019 at 12:17 PM #92185
    Juan Salas

    That is true. IG Switzerland requires a FaceTime call to ID you. I never thought about it, but I am sure they must be aware that not everyone uses Apple. I am sure they could use an alternative if you ask them (i.e. Skype). I am guessing.

    In any case, it only requires a brief conversation, passport identification by FaceTime, fill up a form, and a minimum of 5.000 CHF to open the account. PRT is free as long as you fulfil a number of operations every month.

    2 users thanked author for this post.
    avatar Leo, avatar Bard
    02/24/2019 at 3:48 PM #92195
    Vonasi
    Juan Salas wrote:

    I am sure they could use an alternative if you ask them (i.e. Skype). I am guessing.

    Not when I asked them! It was FaceTime or use the other options to prove your i.d. The other options were not practical propositions for me at the time that I attempted to sign up due to me being out of the UK at the time. In the end I decided that the disadvantages of changing from spread betting to a Swiss CFD account out-weighed the benefits. I seem to recall something about needing to fill out a tax return in Switzerland too but my memory is a little fuzzy on the exact details now.

    02/28/2019 at 1:02 PM #92528
    Bard

    IG Switzerland have to use Facetime for legal reasons. I just did a passport scan with them this morning on my iPhone.

    Here is why I am applying to open an account in Switzerland:

    https://www.ig.com/uk/compare-our-leveraged-trading

    2 users thanked author for this post.
    avatar Leo, avatar GraHal
    03/06/2019 at 11:54 AM #92956
    Bard

    Re: Minimum Deposit Required by IG Switzerland:

    I thought this screenshot of the Swiss IG Minimum Deposit size of £250 (not 5000 CHF) might encourage fellow IG/PRT members to get better margin rates with the Swiss IG office, which I have now done thanks to this thread:

     

    03/06/2019 at 12:50 PM #92970
    GraHal
    Bard wrote:

    I thought this screenshot of the Swiss IG Minimum Deposit size of £250 (not 5000 CHF)

    You sure you put up the screenshot you intended to @Bard

    03/06/2019 at 12:56 PM #92974
    GraHal
    Vonasi wrote:

    I seem to recall something about needing to fill out a tax return in Switzerland too

    Did you come across any mention of above @Bard during your Swiss account opening?

    Maybe it’s in the small print? Be worth doing an e-search for ‘tax return’ on the Terms and Conditions?

    If you have a link(s) handy I’ll check it out if you want?

    03/07/2019 at 5:48 PM #93084
    Bard

    Hi GraHal,

    Deposits: Yes, it’s the right page after logging in to: https://www.ig.com/en-ch/welcome

    It’s simple to set up an account, also you just give them your UTR number.

    The question I am now asking both IG in London and Zurich is are the margins different because I cannot see the differences on some products I looked at (eg Silver). I’m awaiting their answer. If I’m correct (no differences) I’ll update this post.

     

    1 user thanked author for this post.
    avatar GraHal
    03/08/2019 at 6:24 PM #93221
    Bard

    I’m updating not because there are no difference in Margins between IG Zurich and IG London (as mentioned above) but because I have confirmed why I thought there were no differences:

    The Swiss IG brokers have Mini (500 Troy oz’s) and Major (5,000 Troy oz’s) Silver Contracts just as they do for Cable (£/$), the UK doesn’t do Mini contracts, so this is what the considerable differences in Margins look like: Pls see 2 x screenshots.

    03/08/2019 at 6:32 PM #93222
    Bard

    Images don’t seem to be attaching despite two attempts, try here:

    https://www.dropbox.com/s/9i52rwmapgoqeq1/%20%20Silver%20Margins.png?dl=0

    https://www.dropbox.com/s/rmhewnkcz0304d2/%20%20Cable%20Margins.png?dl=0

     

    1 user thanked author for this post.
    avatar GraHal
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