IG Group (LON: IGG) is closing down its local South African business, FinanceMagnates.com has learned. However, the broker will allow South Africans to maintain accounts under the group’s offshore entities.
A “Difficult Decision”
“We regret to inform you that IG Markets South Africa has made the difficult decision to discontinue our domestic (onshore) trading accounts denominated in South African Rands (ZAR),” an email sent to all South African clients of IG (seen by FinanceMagnates.com) noted.
“We are hereby providing notice of termination of the contract between us. This change does not affect any international (offshore) accounts you may hold with IG based in the UK or elsewhere – all positions in your offshore accounts will continue unaffected.”
However, the reason behind the sudden closure of IG’s South African operations remains unknown.
The broker stated it will stop the opening of new positions from tomorrow, and existing clients will have until 28 July 2025 (4 p.m. CAT) to close all open positions.
“This decision wasn’t made lightly, and our priority is supporting you through a smooth transition,” the email added. “We have decided to offer an extended notice period of 60 days to provide you with additional flexibility in determining when you want to close out your open positions.”
You may also like: Google Lifts IG France’s Ads Restriction after 7 Years, Account Openings Double
IG Exits, While Others Enter
IG is one of the largest retail brokers offering contracts for difference (CFD) instruments. Apart from South Africa, the brand operates under licences in the United Kingdom, Germany, Australia, and Bermuda. It also offers derivatives in the United States through its subsidiary tastyfx.
Recently, IG revealed that it expects to close the ongoing fiscal year 2025 with revenue and adjusted profit that “meet or slightly exceed the upper end of the current range” of market expectations due to strong demand in April induced by tariff-related volatility.
While IG exits South Africa, several other CFD brokers, including CFI and XS, obtained operational licences in the country last year.
IG Group (LON: IGG) is closing down its local South African business, FinanceMagnates.com has learned. However, the broker will allow South Africans to maintain accounts under the group’s offshore entities.
A “Difficult Decision”
“We regret to inform you that IG Markets South Africa has made the difficult decision to discontinue our domestic (onshore) trading accounts denominated in South African Rands (ZAR),” an email sent to all South African clients of IG (seen by FinanceMagnates.com) noted.
“We are hereby providing notice of termination of the contract between us. This change does not affect any international (offshore) accounts you may hold with IG based in the UK or elsewhere – all positions in your offshore accounts will continue unaffected.”
However, the reason behind the sudden closure of IG’s South African operations remains unknown.
The broker stated it will stop the opening of new positions from tomorrow, and existing clients will have until 28 July 2025 (4 p.m. CAT) to close all open positions.
“This decision wasn’t made lightly, and our priority is supporting you through a smooth transition,” the email added. “We have decided to offer an extended notice period of 60 days to provide you with additional flexibility in determining when you want to close out your open positions.”
You may also like: Google Lifts IG France’s Ads Restriction after 7 Years, Account Openings Double
IG Exits, While Others Enter
IG is one of the largest retail brokers offering contracts for difference (CFD) instruments. Apart from South Africa, the brand operates under licences in the United Kingdom, Germany, Australia, and Bermuda. It also offers derivatives in the United States through its subsidiary tastyfx.
Recently, IG revealed that it expects to close the ongoing fiscal year 2025 with revenue and adjusted profit that “meet or slightly exceed the upper end of the current range” of market expectations due to strong demand in April induced by tariff-related volatility.
While IG exits South Africa, several other CFD brokers, including CFI and XS, obtained operational licences in the country last year.
This post is originally published on FINANCEMAGNATES.
