Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money. Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

Why can I sometimes not trade cryptocurrencies?

If you can’t trade cryptocurrencies, it could be due to the FCA ban for IG UK retail traders. If you’re not a UK retail trader but still can’t trade cryptocurrencies, it could be because the market has been set to ‘unlongable’.

What is the FCA ban?

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

This means that, if you’re contracting with our UK office, you’ll only be able to trade cryptocurrencies through CFDs and spread bets if you’re classified as a professional trader. Learn more about professional trading and check your eligibility on our professional account page.

How does it affect me?

  • Who is affected?

Any retail client with an IG UK account. So 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.

  • Do I have to close my existing positions on cryptocurrencies?

No, there is no obligation for retail clients to close existing positions opened prior to 6 January 2021.

  • How long can I keep my existing positions open?

There is no time limit to keep or close your existing positions on cryptocurrencies.

  • And can I still edit my existing positions?

You can continue to edit positions (adding or removing stops & limits) as long as the edit does not result in an increase in your overall crypto exposure.

  • What happens to my working orders on cryptocurrencies?

Between 10pm and midnight (UK time) on 5 January 2021 we will be cancelling any working orders to open for IG UK retail clients. From 6 of January 2021, IG UK retail clients won't be able to place new working orders to open.

  • Does this affect all cryptocurrencies?

Yes this ban affects all cryptocurrencies.

  • 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?

No, crypto shares are also covered by the ban.

  • Can margin still change after 5 January, and will there still be overnight funding on cryptocurrency positions?

Our terms and conditions remain unchanged, meaning you will still be subject to overnight funding and margin changes, as well as any other applicable fees.

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

If you’re a UK retail trader, you will be unable to open any new cryptocurrency 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 have reached our internal limits on the market. In this situation, the market is set to ‘unlongable’. This means we are unable 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 cryptocurrencies, there’s a limit to the total amount of physical cryptocurrency we can hold as a business. When this limit is reached, we are unable to purchase more cryptocurrency to hedge your position.

This is when a market will be set to unlongable. And because we don’t know when we’ll be off of 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 is via the special info area on the deal ticket.

If you are trading on one of our mobile apps, you can see this in the ‘market info’ section. In the special information at the bottom it will display whether it is possible to take long positions on the given market.

If you are using the IG Trading platform you will need to open a deal ticket and click on the ‘information’ (i) symbol. On the old platform you will need to open a deal ticket, click on the downward-facing arrow and then on ‘get info’.