Why can’t I trade cryptocurrency sometimes?

If you can’t trade cryptocurrencies, it could be due to the FCA ban for UK retail traders. Should this not apply to you, you may be unable to trade some crypto markets because they've been set to ‘unlongable’.

What is the FCA ban?

On 6 January 2021, the FCA announced a ban on trading cryptocurrencies through derivatives like spread bets and CFDs – a change affecting all UK retail traders. You can find more information on the FCA’s website here.

This means you'll only be able to trade cryptocurrencies through CFDs and spread bets if you're classified as a professional trader and have an account with our UK office. Learn more about professional trading and check your eligibility here.

What does this mean for me?

• Who is affected?

Any retail client with an IG UK account. The ban also affects clients who don’t live in the UK, but are contracted to our UK office and therefore regulated by the FCA.

• Does this affect all cryptocurrencies?

Yes, all cryptocurrencies are affected

• Can I still trade the Crypto 10 Index?

No, the Crypto 10 Index is also covered by the FCA’s ban.

• Can I still trade crypto shares?

Crypto trackers and ETFs are covered by the ban. However, you can still trade shares in companies that invest in cryptos or the wider blockchain industry, such as Coinbase, Argo Blockchain, Marathon Digital, MicroStrategy, Riot Blockchain and more

Why can’t I open a long position on cryptocurrencies?

If you’re a UK retail trader, you won’t be able to open any new crypto positions from 6 January 2021 due to the FCA’s cryptocurrency ban

If you’re not affected by the ban (if you’re a professional, for example) and still can’t go long (open a ‘buy’ position) on a cryptocurrency, the most likely reason is we’ve reached our internal limits on the market, and it’ll be set to ‘unlongable’. This means we won’t be able to accept any new long trades, either by phone or online – but you’ll still be able to close existing positions.

Due to the risks associated with the market, there’s a limit to the total amount of physical cryptocurrency we can hold as a business. When this limit is reached, we’re unable to purchase more to hedge your positions.

Because we can’t verify when we’ll be off our limits, it’s not possible for us to estimate when the market may become available to trade again.

Where can I see if a cryptocurrency is currently ‘unlongable’?

The best way to find out if a product has any trading restrictions from our web platform is via the 'info' tab on the deal ticket. You can then click on the 'other' dropdown menu to view the market's 'special info' for more details.