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Doubt it will go bust just clearing stuff up.
O dear just seen all this i thought when i saw Castaway was in i had picked a better one .
Is it all over ?
No they said I owe them nothing as my account cannot fo to minus. So SB is a great tool where you cannot lose your total exposure. If it was shares I would have lost the lot whereas I am only losing a third!
Dogger, you would have to leave 24500 in your account then. Sorry mate, you're pretty shafted, but you might salvage the rest of your money in your account.
Kingrav is correct, since the rule change they can only take what is currently in your account, unless you are a professional client. You can refund your account and trade as if there were no excess losses going forward.
Cuulrrent margin -24500 mate so they have me by the balls really don't they?
Hereshopin,
Rules changed last year, they can only take what's in your account, there would be no further debt. They wouldn't blacklist you, as you've done nothing legally wrong.
Dogger, what is the margin on your position?
kingrav I am SB long and stood to lose 32k but as it stands I have a profit of 6k and balance of 7k. meaning they are taking the full 13k from me instead of 32k. Is there any way I can get any of the 13k back or is it lost? TIA
Kingrav I dont think itl work like that. Theyl say you owe us wherever your position is closed
I have a tip. You can only lose what's in your account.
Empty it to only leave the margin call, and that's all you can lose. Close all your other positions first. Can always reopen in a fresh account. Hope this helps someone. Done it to my account, now only stand to lose £800 , instead of £4k+