IG Group, one of the biggest broker holding companies in Europe, caught up with its users on the latest post-Brexit development. In an official statement, the broker giant asked all EEA clients to transfer their accounts to IG Europe. This is due to the fact that the IG UK branch will no longer be serving the European Economic Area (EEA) traders.
The transfer process will require users to verify their identities before 8th January. All accounts that have failed the transfer or whose verification processes have failed will be closed.
IG Group explained that users should log into their accounts and follow the verification process. Traders have the ability to verify their accounts through a video process if they prefer to do so. The time frame for this is between 8 am and midnight UK local time. Traders will need a passport, while the process itself can take up to 24 hours.
As part of the transfer, all opened positions will be closed and reopened when the user is officially a part of IG Europe. The firm wants to reassure its users that the running loss or profit of users will not be affected by the transfer process.
IG Group is not the first major broker to be facing Brexit backlash, and it won’t be the last. For now, EU’s forex brokerages should focus on protecting their clients.