lying about income details

• 09/11/2017 at 6:41 PM #45960
  AsgerK

  I see that most of you are using IG as your broker and i’m about to open an account. My problem is that they ask about financial details. I’m a student and therefore i neither earn, nor have a lot of money. So they wont let me open an account if i’m honest about my financial details.
  So my question is:
  Do any of you know if it’s possible to lie about this and what the consequences are if it’s discovered?

  

  AsgerK

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  09/11/2017 at 7:29 PM #45962
  Despair

  My guess it is save to lie because IG doesn’t really care. If you then blow up the account and complain they will shrug and point out you lied. But I might be wrong…

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  AsgerK

  

  Despair

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  09/11/2017 at 9:07 PM #45971
  Eric

  you could probably open a limited risk account without any problem?

   

  

  Eric

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  09/12/2017 at 7:27 AM #45983
  AsgerK

  It says that it might not be possible, and doesn’t that mean some of the strategies won’t work?

  

  AsgerK

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  09/12/2017 at 8:00 AM #45984
  juanj

  @AsgerK, I would be surprised if they turn you down. Brokers are like vultures they will take whatever they can get out of you. They should obviously be aware that as a student you have access to limited funds. What better way to haul in prospective clients than letting them in young and green 🙂

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  AsgerK

  

  juanj

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  09/12/2017 at 8:27 AM #45985
  AsgerK

  Thank you.
  The problem is just the message on the attached picture that concerns me.
  I fear that if i’m honest and they won’t open it, I can’t open a new one since they already have all the infomation about me?
  So i don’t know if i should be honest and risk not getting an account or just lie.

  

  AsgerK

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  09/12/2017 at 10:35 AM #45993
  juanj

  I would suggest you mail them and explain that you are a student with limited funds available at the moment and ask whether it would be possible to open an account. That way you get your answer and you do not have to divulge any personal information.

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  AsgerK

  

  juanj

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  09/12/2017 at 11:48 AM #46004
  Andre Vorster

  The reason IG ask is because they are in UK. As a registered broker they have to comply to tax laws and bank regulations.
  When you open an account you will need to confirm your address and bank details with ID. IG will only accept money coming from your back account your registered with them.
  Money paid back to you will only get paid in to your registered bank account with them.

  No broker will care about the amount of money you have. Statistics prove that they have a 60% chance of having your money sooner or later anyway….
  Student, professional or pensioner. Money is the same colour and smells the same $.

  TIP:
  Play on your demo account while you study the market and all about it. Read all you can.
  Technical skills is easy and can be learned.
  Personal skills and the phycology side is why people fail.
  Careful! This is not a game! If you take the time and have patience and learn you will earn the rewards.
  The market is not going away. It will still be there next month and the next and the next.

  When you open a demo account force it to lose until you have about £3000 in it. Then see how good your skills are. It’s easy to trade with £100 000 but no so easy to make huge profits with £2000 or £3000. Test yourself on your demo account and be brutally honest with yourself.!

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  AsgerK

  

  Andre Vorster

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  09/12/2017 at 1:58 PM #46027
  AsgerK

  Thank you and I totally agree with you. I have done most of what you mentioned under TIP, including the last part with account size for some months now. I have however also heard that to truly understand the phycology, you have to try it with real money. It is not hard staying in a position that’s going down if it’s paper money, but that it can be really hard with real money, and the same with taking profits.

  

  AsgerK

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  09/14/2017 at 8:03 AM #46192
  Derek

  If you can’t win on demo, starting live with real money will only make your learning experience more costly.

  

  Derek

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