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  1. #1
    Solid Member ionone's Avatar

    IG refused to create a live account !!!

    Hello

    I tried to create a live account with IG and they denied the access because i don't have enough earnings or enough savings.

    What are my options?

    is it legal for my parents to open an account and that i trade for them? (no capital at risk because i would trade only BO with MY money)

    i think i earn enough money right now to be able to open an account in 20 years lol

    that's bad because i was hoping to put on a strategy that seems to work , im so disapointed i could cry :'(

    Jeff

  2. #2
    Master Member SeasaltMcFish's Avatar
    I would suggest to look for a broker that wants new customers :P

    Take a look at our reviews. There are some good opportunities there (hope you're not in the US).

  3. #3
    Solid Member ionone's Avatar
    I understand

    the only thing is that the algorithm i use works only in IG type of BO. I'm trying the strategy with Nadex but i'm not sure it will work (and i have virtually no way of backtesting the strategy because of their weird opening and closing hours (i have only the Exchanges hours data of course)

    Is it legal to trade for my parents for example if they open the account themselves?

    thanks a lot

    Jeff

  4. #4
    Master Member SeasaltMcFish's Avatar
    I assume it's not allowed, although hard to prove.

    It's taking the risk of being banned from their platform.

    Of course you could teach your parents how to trade your system

  5. #5
    Administrator Martin Kay's Avatar
    Quote Originally Posted by ionone View Post
    Hello

    I tried to create a live account with IG and they denied the access because i don't have enough earnings or enough savings.

    What are my options?

    is it legal for my parents to open an account and that i trade for them? (no capital at risk because i would trade only BO with MY money)

    i think i earn enough money right now to be able to open an account in 20 years lol

    that's bad because i was hoping to put on a strategy that seems to work , im so disapointed i could cry :'(

    Jeff
    Wow, didn't know IG are so responsible! I think you can do it, wouldn't say it's exactly "legal" but it falls in grey area, no harm done.
    “Don't believe anything you read on the net. Except this. Well, including this, I suppose.” ― Douglas Adams

  6. #6
    Moderator Kolyo's Avatar
    Quote Originally Posted by ionone View Post
    Hello

    I tried to create a live account with IG and they denied the access because i don't have enough earnings or enough savings.

    What are my options?

    is it legal for my parents to open an account and that i trade for them? (no capital at risk because i would trade only BO with MY money)

    i think i earn enough money right now to be able to open an account in 20 years lol

    that's bad because i was hoping to put on a strategy that seems to work , im so disapointed i could cry :'(

    Jeff
    Haha.. realy strange, but what did you tell them to receive such an answer? I had experience with talking to many brokers but in case they asked me for my income, they just want a number, never asked me for a proof that I have a job or something like this. Maybe you told them you are unemployed or student? Your parents can open account if they want, but if it is your business better to have it on your name.
    Last edited by Kolyo; 01-21-2016 at 04:04 PM.
    "The goal of a successful trader is to make the best trades. Money is secondary." - Alexander Elder

  7. #7
    Solid Member ionone's Avatar
    Quote Originally Posted by Kolyo View Post
    Haha.. realy strange, but what did you tell them to receive such an answer? I had experience with talking to many brokers but in case they asked me for my income, they just want a number, never asked me for a proof that I have a job or something like this. Maybe you told them you are unemployed or student? Your parents can open account if they want, but if it is your business better to have it on your name.
    i am disabled, so i have just a small income and no savings, that's why they refused me the account opening

    thanks for your answers i think i'll ask them directly if it is legal or not and will post the answer here so you know

    also i just realized Nadex hours are US based so i think i could try the strategy with US Indexes and it could work...

    thanks

    Jeff

  8. #8
    Solid Member ionone's Avatar
    ok they called me (that's what i like about IG, you send an email and 1 hour latr the same person calls back and explains to you)

    so it's apparently illegal to trade on someone else account

    :'(

    Jeff

  9. #9
    Moderator Kolyo's Avatar
    Quote Originally Posted by ionone View Post
    ok they called me (that's what i like about IG, you send an email and 1 hour latr the same person calls back and explains to you)

    so it's apparently illegal to trade on someone else account

    :'(

    Jeff
    Than you can connect with other broker! Check the list of recommended brokers on BOTS site. There are some pretty respectable and good brokers. I am using StockPair mostly. You can ask support too if they offer expiries and instruments that will fit to your strategy.
    "The goal of a successful trader is to make the best trades. Money is secondary." - Alexander Elder

  10. #10
    Solid Member ionone's Avatar
    Quote Originally Posted by Kolyo View Post
    Than you can connect with other broker! Check the list of recommended brokers on BOTS site. There are some pretty respectable and good brokers. I am using StockPair mostly. You can ask support too if they offer expiries and instruments that will fit to your strategy.
    as i stated before i need a system where i can trade at the closing time for the next closing time. Only Nadex and IG allows that AFAIK

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