So the FCA has banned crypto-derivatives to retail consumers so it looks like the cryptocurrencies will have to be removed from the CFD platform. I have not seen any statement from Trading 212 on this yet. Thoughts?
so ridiculous, but if you want to walk into a betting shop and bet your house, go for it.
T212 will need to announce this and remove access but they have until 6 Jan so no panic just yet.
Would be interesting to know how many accounts this affects.
What I dont get is how you are meant to transition into being pro to able to continue trading.
Are you meant to class yourself as pro taking away your protection and giving access to higher leverage, and then use the practice account until ready?
Surely there’s a chicken / egg issue here? No we can’t give you pro status as you don’t have experience.
Are you allowed to use the practice mode still, to develop an understanding of crypto trading?
Is this just cfd’s not investing, because im holding some crypto’s on binance?
Yeah it’s just the 9 CFDs we have, basically you can’t have leveraged products and where you don’t own the underlying asset.
Owning the actual crypto bought with your own money is still absolutely fine.
@MitchB We’ll issue a statement soon.
one interesting statement I just read on this is:
“Retail consumers with existing holdings can remain invested following the prohibition, until they choose to disinvest. There is no time limit on this, and we do not require or expect firms to close out retail consumers positions unless consumers ask for this”
I assume that T212 will just close all positions and remove the cryptos to keep things simple but in theory they could leave existing positions open.
on a side note binance for instance allows futures and margins on crypto but I’m not sure if it is based in the UK so I’m not sure if the rules will apply to them. (or platforms like bitmex)
@trader787 We’ll follow the FCA’s guidance and let everyone hold their positions open for as long as they’d like.