Cryptos removed from offering on IG UK website
In line with previously announced plans, IG UK appears to have removed cryptocurrencies from its offering to retail clients.
A check by FX News Group has shown that cryptocurrencies are no longer on the list of markets available to trade for UK retail clients of IG Group. If one tries to find Bitcoin or Ripple, a message that says “we cannot find the market you’re looking for” appears.
Let’s recall that, on January 6, 2021, IG restricted UK retail clients from increasing their exposure to cryptocurrencies, in accordance with the ban imposed by the Financial Conduct Authority (FCA) on the sale of crypto derivatives.
In February this year, IG said it had reached its internal product limit for exposure to cryptocurrencies, and as a result will be removing cryptocurrencies from its offering to UK retail clients. Ahead of this, it will also be increasing margin requirements.
Clients are asked to ensure that they close all their open spread bet and/or CFD positions on cryptocurrencies by no later than 3pm on Wednesday 24 March 2021, from which point IG will start to close any positions still open based on its prevailing bid/ask prices.
In addition, from 3pm on Monday 22 February, the company increased margin requirements for existing positions on cryptocurrencies to 100%.