FCA bans the sale of crypto-derivatives to retail consumers

⚖ Active trading
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I just tweeted this:

Can anybody who feels strongly about this please like/retweet? Can you tell I don’t use Twitter much?

3 Likes
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Have retweeted.

I’m pretty annoyed about the lack of warning. Especially as only two days prior, the notification stated that open poitions would be left as per the FCAs own guidance.

Have voluntarily liquidated my crypto positions and am seriously considering moving platforms because of this behaviour from Trading 212.

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The FCA ban was announced two months ago why T212 only inform us about this liquidation 48h before ?
Seriously these last few days you can’t open long positions on many instruments, stocks with a limit of 0 ? Really ? Quantity is limited to zero ? Gold is limited to 1 … And now position liquidation within 48h.
T212 went from the best plateform I used to the worst I used. I’m considering moving to another more reliable plateform.

1 Like
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They are not required to keep them open and have decided not to. Read the terms and conditions you agreed to

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The terms and conditions say positions may be closed if you have a margin call, theres no mention of forcefully liquidating positions because they arbitrarily decide to.

I also believe that with knowledge of the FCA decision T212 should have a consumer obligation to warn customers of this potential outcome before they opened their position

If was given this infomation I would have built my position and entry on another platform

3 Likes
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It would’ve been nice if they had liquidated my position before today’s dip :smiley:

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27

Check these tweets out:

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As you know the risk of trading losses can be exacerbated by product fees such as financing costs and spreads, which we are not willing to impose on you and have decided that it would be reasonable to outstip the hard deadline with immediate effect. Hence, the market conditions have forced us to make this unwelcome decision and remove all crypto-asset derivatives from our platform on 27.11.2020 at 01:00 AM GMT, as per section 6.10 of the Client Agreement.

In other words - since the instruments in question will not be available for trading, thus why a position cannot be held further.

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So, why did you initially try to pretend that it had something to do with the FCA ruling? As the guy said on Twitter:

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This is a meaningless statement. The FCA said that positions could remain open.

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Also,

If I purchased shares in Ripple (Which is a company) and not XRP (the crypto) will my position be closed?

We need answers

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That was our initial plan, as suggested in the in-app notification. However, the market conditions & risk management are forced to take this action with an immediate effect while acting according to the client agreement (a Client agreement approved by the FCA).

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Why not simply restrict new positions from being opened.

Closing thousands of positions will bring a host of legal troubles from angry customers.

Also, as Ripple is a company and not a crypto will it also be removed?

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Bitcoin is NOT money, it’s crap, it’s been built for trends ! Avoid at ALL costs ! Great it will be removed and it should. Never ever invested in this and glad I didn’t.

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Do you work for the FCA? :wink:

1 Like
36

Does that mean the Bitcoin ETP positions are getting liquidated tomorrow?

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If I was, I would have banned BTC to be traded at all …

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I got this update earlier today:

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Thanks so what is actually getting closed tomorrow? I wasn’t aware of other bitcoin or crypto on trading 212.

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All cryptos (BTC, ETH, etc.) on the CFD platform.