I've just got an email from IG saying that...
The FCA has ruled that cryptocurrencies are ill-suited for retail traders, due to the possibility of sudden and unexpected losses.
Therefore, as of 6 January 2021, you will no longer be able to trade cryptocurrencies using derivatives like spread bets and CFDs if you’re classified as a retail trader.
Professional traders can continue trading cryptocurrencies as usual. They are also eligible for lower margin rates, monthly rebates and credit facilities, amongst other features. However, professionals forgo many of the protections automatically given to retail traders – like leverage limits and negative balance protect ion.
Anyone else had this?
Yes, just had the same.
I’m not in crypto anymore so irrelevant to me anyway, reluctant to join in when it’s this high.