Electronic trading major IG no longer supports PayPal as a payment option, according to IG’s Community forum.
An IG representative has confirmed that PayPal payment options will no longer be available with the broker in the UK.
“This decision follows discussions with the FCA and has led us to adjust our payment methods. Rest assured, we have alternative options in place for funding and withdrawing from your account”.
The IG representative explains that the decision was made after recent discussions with the FCA regarding consumer duty and their concerns about the use of E-Wallets not being in the client’s best interest.
“While the FCA’s comments were the primary reason for this change, the high costs and chargeback risks associated with PayPal were also contributing factors,” the IG representative adds.
