Shortly after electronic trading major IG Group informed its clients based in the European Economic Area (EEA) of the changes associated with the end of the Brexit transition period, the company has provided another update to these clients.

Due to the end of the Brexit transition period, the accounts of EEA-based clients with IG UK companies were set to closings only on December 31, 2020.

IG has established a new European entity, IG Europe, to ensure traders can keep using their services after Brexit. To do so EEA-based clients will need to agree to transfer their account(s) to IG Europe by 8 January 2021.

To agree to the transfer one has to login to their account via My IG and follow the prompts.

To complete the transfer process, traders will also need to verify their identity before January 8, 2021. Simply log in to your My IG and follow the prompts to follow the verification process. Video verification can be done on any day of the week between 8am and midnight (UK time). Make sure that you have your passport on hand, and you’ll be done in just a few minutes.

The company asks traders to get started before January 8, 2021, as verification can take up to 24 hours to be processed. If you don’t verify your identity in time, IG will not be able to transfer your account(s) to IG Europe and it may need to close them.

Once a client has agreed to the transfer and followed the steps to verify the client’s ID, IG will migrate the client’s existing account(s) to IG Europe.

The platform will not be affected, so at the time of the transfer one’s login details, watchlists and trading experience will remain the same. The money in a client’s current accounts will be transferred to this client’s account(s) with IG Europe.

For Spread betting and CFD accounts, as part of the transfer process, IG will need to close clients’ open positions and then re-open them with IG Europe at the original opening levels. This will ensure that running P&L will not be affected.

The transfer will take place mid-January 2021. IG will provide the exact date and time in advance so that traders can monitor their positions. After the transfer is complete, clients should log in to their accounts at www.ig.com/ie.

IG Europe is based in Germany and is authorized and regulated by BaFin and Bundesbank. IGE offers a range of financial products, including CFDs, options and turbo warrants.

If an EEA-based client does not agree to a transfer, IG will lose its ability to service their account(s) from the UK and they will need to be closed.