I just switched to IG and am very disappointed with them today.
IG's CFD system has a defect which double counts the collateral usage.
I have both CFD and share account with them, and the used collateral has been counted twice -- once in CFD account, once in share account.
If you have $500 CFD position, margin requirement is 20%, it shows you have $100 cash as used collateral in CFD account as a margin, AND also have $100 worth share as used collateral.
I plan to transfer cash from CFD to share, purchase share, use it as collateral and open CFD.
But when I tried to transfer cash from CFD to share, system told me I don't have sufficient fund in CFD account.
The system double counted the collateral so I didn't dare to buy any more. The share price dropped to a bottom and bounce back as expected . This defect costs me about $1000 in a day..
Have called their helpdesk, they sent a request to IT support and need to wait for the feedback, and the only thing they can do is to hoping IT team can fix it..
They told me if I received a margin call, but I believe that's incorrect, I can call them to investigate it.
But I still think it's dangerous and asked will the system force close my position due to the double counting collateral usage? They didn't answer this question,but said someone should review it before force close ...
Anyway.. need to monitor collateral calculation, that may go wrong.
