IG Index users - signing up query
Discussion
It's very important. When you sign up, they will credit check you, but part of their compliance bit is KYC (know your client). Basically, it's a suitability check - are you suitable to trade potentially heavily leveraged products.
If you put unemployed (they'll ask your salary at some point), the answer to that will most likely be no, unless you have net assets of a certain amount (I don't know what the threshold is, but it'll be tens of thousands at a guess).
I wouldn't encourage you to lie, because they may ask for various forms of proof (bank statements etc).
Chances are, you'll get a limited account of some sort (provided you have some assets), meaning you pay a much wider spread, but get guaranteed stops. (I'm not 100% on this for IG as I have a full account - maybe someone else could confirm that?). If that's the case, you'll be getting rinsed on every trade you make - so you may want to consider that before continuing.
If you put unemployed (they'll ask your salary at some point), the answer to that will most likely be no, unless you have net assets of a certain amount (I don't know what the threshold is, but it'll be tens of thousands at a guess).
I wouldn't encourage you to lie, because they may ask for various forms of proof (bank statements etc).
Chances are, you'll get a limited account of some sort (provided you have some assets), meaning you pay a much wider spread, but get guaranteed stops. (I'm not 100% on this for IG as I have a full account - maybe someone else could confirm that?). If that's the case, you'll be getting rinsed on every trade you make - so you may want to consider that before continuing.
ingelow said:
It's very important. When you sign up, they will credit check you, but part of their compliance bit is KYC (know your client). Basically, it's a suitability check - are you suitable to trade potentially heavily leveraged products.
If you put unemployed (they'll ask your salary at some point), the answer to that will most likely be no, unless you have net assets of a certain amount (I don't know what the threshold is, but it'll be tens of thousands at a guess).
I wouldn't encourage you to lie, because they may ask for various forms of proof (bank statements etc).
Chances are, you'll get a limited account of some sort (provided you have some assets), meaning you pay a much wider spread, but get guaranteed stops. (I'm not 100% on this for IG as I have a full account - maybe someone else could confirm that?). If that's the case, you'll be getting rinsed on every trade you make - so you may want to consider that before continuing.
Yup. To lend unsecured and to be suitable you'll need a certain level of official income and also savings.If you put unemployed (they'll ask your salary at some point), the answer to that will most likely be no, unless you have net assets of a certain amount (I don't know what the threshold is, but it'll be tens of thousands at a guess).
I wouldn't encourage you to lie, because they may ask for various forms of proof (bank statements etc).
Chances are, you'll get a limited account of some sort (provided you have some assets), meaning you pay a much wider spread, but get guaranteed stops. (I'm not 100% on this for IG as I have a full account - maybe someone else could confirm that?). If that's the case, you'll be getting rinsed on every trade you make - so you may want to consider that before continuing.
This is a standard industry wide criteria.
If you do not meet these requirements the only option would be a limited risk account which guarantees that only the cash on account is at risk and as such reduces you to being a negligiable credit risk to IG while also preventing you from ending up in a situation of owing more money than you can earn or pay out of savings.
The best thing to do is to make an honest application and then you will get an email letting you know if there are any problems then just call the New Business desk (number on email) to discuss what your options are.
I wouldn't advise telling porkies, especially as you are being watched
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