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?
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.