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Glad you cleared that up awg. Thanks mate. Appreciate it.
Account Knocked back
- Thread starter nev25
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No worries Trainspotter, any time cobber.
was not trying to be condescending
Waynes answer covered it, but all this talk of testicles, plumbing and newborns made my groin ache, and may have left Nev needing more specific detail.
Hey Nev...you can use your Mastercard to transfer the funds, if you have a sufficient credit limit, you will be able to find a provider to open an account.
They wont give a Rats backside, as the you will have to pay yr mastercard bill, not the provider.
IMO, this would be unwise, as I previously said, most CFD newbies fail, others can maybe provide more accurate stats, I have heard 60-90%.
Others may disagree, but IMO demo trading is a must for CFD, before risking your money.
I believe IG markets are quite properly strict in regards opening new accounts...is that who knocked you back?
was not trying to be condescending
Waynes answer covered it, but all this talk of testicles, plumbing and newborns made my groin ache, and may have left Nev needing more specific detail.
Hey Nev...you can use your Mastercard to transfer the funds, if you have a sufficient credit limit, you will be able to find a provider to open an account.
They wont give a Rats backside, as the you will have to pay yr mastercard bill, not the provider.
IMO, this would be unwise, as I previously said, most CFD newbies fail, others can maybe provide more accurate stats, I have heard 60-90%.
Others may disagree, but IMO demo trading is a must for CFD, before risking your money.
I believe IG markets are quite properly strict in regards opening new accounts...is that who knocked you back?
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Thats what I like about this forum
Its full of D-Heads and Smart-Ar*e comments
Back to my post
I do have access to many thousands of dollars
But they are not savings
I have been trading shares (small time) for many years and still have shares but that is not savings.
My bet would be Donald Trump wont have any savings
But he would have Investments And thats not savings
The Gent I spoke to on the phone (You are right awg re-IG markets)
said no has to be savings
Didn't ask Network Didnt ask assessable fund didn't ask credit card
ASKED SAVING IN BANK
So the master card thing wont work
I want to move into trading CFDs and IG Markets offer a 6 week course and I wanted to do it
But no saving no account
Incidental the account in question has a compulsory stop loss
One would assume the sensible trader is going to calculate the worse case scenario and make sure he has the funds or access to the funds to cover it??
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Just do a cash transfer from your Credit-card to your Bank account if you are that keen to get started.
However, I would not personally do that, due to high interest costs.
Equity loan of some sort would be much cheaper
I would not trade CFDs unless I had access to at least 2-3k cash minimum.
Also, unless the stop loss is a Guaranteed stop loss, means next to nothing.
Doesnt sound like you are a complete newbie.
I understand IG put in place the account restrictions for several reasons, including fiduciary duty, and also losses on small accounts
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Hey ... I resemble that remark. Why didn't you just say so? Awg is onto something here and his (advice) is sound in it's approach. Unfortunatley the "cash" component is a prerequisite for opening a CFD account. Sorry to you if the attack was similar to seagulls on a chip. Nature of the beast I am afraid. 
Timmy
white swans need love too
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Talk to someone in charge there. Tell 'em what you are trying to achieve. They probably gunna want to see some cash at least, see if you can come up with a coupla K, keep 'em happy. Gotta be around the bureaucratic stuff.
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Lets say for instance you were long on some big American Bank overnight. You have 5% stop, equating to say $2000 of your account - which is lets say $5000.
All good yes. Lets say that after trading the bank announces that they have lots of bad bad debt - just for instance.
Well the next day they open -30%.
Sounds like a $12,000 loss straight off. Your account is now in deficit.
This is where the CFD provider would like to know that you have enough cash on hand to cover this the next day. Read the small print, I'm sure it's there.
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Nah that's not true, just gotta read between the lines,
Really it's a non issue, the CFD providers require proof that you've got savings, what's the big deal, if you have access to thousands why don't you draw down on your LOC or whatever it is and pop in the savings account, problem solved.
Mind you it's not something i'd recommend or would do personally so any beginner reading this don't do the above with the intent of trading CFDs ( or any other volatile derivative ), you're better off at Crown, at least you won't lose more than your initial stake.
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If you do not have the spare cash available, don't go there
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Indeed. Buy one for next weeks Powerball.
And if you win, say...$80 million...then you can open your CFD account.
springhill
Make the drill work for YOU
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If you dont like it theres a place called HotCopper, go try your luck there
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LOL
Im a 20 year old uni student and they couldn't wait to give me an account. They called me 3-4 times just to check everything was fine and they were even prepared to show me how to place an order over the phone, just incase i didn't know how to actually get in the market.
Obviously something is not right if they'll give an account to a 20 year old uni student with no assets other than a 1992 ford falcon.
Im a 20 year old uni student and they couldn't wait to give me an account. They called me 3-4 times just to check everything was fine and they were even prepared to show me how to place an order over the phone, just incase i didn't know how to actually get in the market.
Obviously something is not right if they'll give an account to a 20 year old uni student with no assets other than a 1992 ford falcon.
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How much in savings did you tell them you have
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LOL, so who gave you this account?
Kryzz
shaun
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I was knocked back for an account from IG markets bout a year ago, same situation as beamstas, reasoing, because i was a student, even though the savings i told i them "i had" , would have been more than enough for anyone to open an account.
, would have been more than enough for anyone to open an account.I was knocked back for an account from IG markets bout a year ago, same situation as beamstas, reasoing, because i was a student, even though the savings i told i them "i had"
how did they know you were a student..
did u apply online?
Kryzz
shaun
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i think i put it in the 'occupation' field, yep was online.
When someone lend you money to play with highly leverage instruments, they want to know if they can get their money back..based on their analysis you cant pay back if you lose so they reject you simple as that.
and a wise plumber probably wont fix your plumb at all if you got no cash in the bank
They are in the business of making money not losing money
Its very simple, like most companies CFD companies are there to make a profit. There is no point in them wasting time, money, resources, data feeds for someone with $100 life savings.
Secondly in my business experience, its the tiny customers (who think they are so important) that are usually by far the worst to deal with....
Secondly in my business experience, its the tiny customers (who think they are so important) that are usually by far the worst to deal with....
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