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IG

IG

1.3 from 59 reviews

Reviews

1.3

59 reviews
5
(1)
4
(1)
3
(2)
2
(4)
1
(51)
  • Transparency
    1.4 (28)
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Known frustration

Known frustrationSydney, NSW

  • 5 reviews

They were ok until 2019

published

Had IG from early 2017 until last year because they changed their policy stating that if I do not trade every quarter I will get charge 50 Dollars. Really? You have to constantly trade? My investments are supposed ot be long term and only few a year. What a joke! Switched to NAB and happy with it. Stay away from these platforms please. They will drain your money quickly

Transparency
Chris

ChrisSouth East Queensland, QLD

Limit order faults and close position faults

published

I had multiple issues using this platform over the last few months that resulting in me losing a decent chunk of capital. The final straw was this morning. I have the '1-Click' trade option selected. I clicked on close trade...doesn't close, a new pop up opens (which would be normal if 1-click was not my standard setting) Clicked close trade a second time and the trade closed. The only problem is the volatile market had shot the trade 10 points in the opposite direction, resulting in a LOSS instead of PROFIT. Pulled all of my money just now and I'm going back to Saxo. AVOID.

Transparency

Sue this illegal company, forcing the customer to lose money on purpose

published

This company will stop you from cancelling your position on purpose and force you to lose money. Don't use their products. I cancelled my position but the system didn't recognise it and continue to operate the position. Don't bother to contact them, IG support won't help you.

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Less than 1 start

published

This service is completely deceptive.
It closed for a long time when the price fluctuated sharply and you losing money.
they advertise the number of customers and the number of years on their website. Dont believe that. That's the number they cheated in those years.
Aussie dont try this.
Strongly recommend.

The reviewer stated that an incentive was offered for this review

Adam

AdamSouth Australia

I had my money back from IG palttform down!!!!!!

published
Hannes

Hannes

  • 3 reviews

Deceptive & misleading

published

When you sign up you get to a Demo account (which is a CFD account) that has a lot of functionality. When you follow their videos for training they actively encourage using the benefits of these functions, e.g. trailing stops, deals vs orders, etc.
However, when you open a trading account (non-CFD) you do not get these functions with these safety features to protect your positions.
CFD accounts also come with interest charges that is very well hidden in mentioning anywhere. No wonder they put a warning on that people lose money using this. It is NOT a good account for long trades.
Buyer beware!

Transparency
James

JamesDarwin, NT

IG are scam artists

published

I shorted Webjet (WEB) and bought back my position at a tidy profit during their capital raising recently. For some unknown reason to me they have shorted the same amount of shares at the raising price and put that on my account. I never would have done that as I saw the raising price as rock bottom for the shares. Now the shares have risen and I'm sitting on a substantial loss. Took my an hour and half to finally get service and then when I wished to escalate my complaint they simply didn't even put me through to a manager. Shocking, appalling company operating beyond decency and probably beyond the law!!!!!

Transparency
Aus001

Aus001

  • 10 reviews

Does not value customers

published

IG offers a platform for $40 or so per month called PRT. Despite so many requests they have managed to make everyone wait for over a year for software update to new version (after the platform company made new version available over a year ago). Release date is moving every month. Discussion boards are filled with complaints. Extremely unreasonable. Keeps making excuses. Not sure why we pay so much fees and charges. After new software is already available, IG has already made customers wait for more than a year for that new software. Quite disgusted. Closing account soon. Unreliable. Many traders who i know are looking to do the same for this very reason.

Transparency

Do not use IG

published

These guys are robbers ... Fees are over the top especially the overnight $20 . Too hard to make money even when you profit from trades you can still lose . Please don't do it

Transparency
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Koi

KoiSouth East Queensland, QLD

  • 2 reviews

Daily interest too huge to hold positions

published

I know it is how they make money, but when you buy a minimum size of Brent oil, it cost's $20/day to hold the position because they take $20 away from you as a daily interest!
Even holdig AUDJPY long position steals a bit of interest, too.
I was hoping to trade long term but mentally impossible to hold a position.

Just for a record, Brent oil long position used to give me a positive interest before this Corona-shock, but it was something like $5/day.

Now they calculate interest rate using AUD LIBOR, which you cannot find on website now a days.
That makes it very unclear how they come up with those numbers.

Transparency
  • Verified customer

Not suitable for long term trading

published

Took me less than 10mins to start an account. deposit is very easy and no question is asked. After i find out about their hidden fees i tried to withdraw back to the SAME bank account and that's when all the red tape suddenly appeared. Asking for numerous evidence and then declined when I provided them. Tried to call several times, no one have answered yet.
The subscription fee make it hard for long term investors, you have to trade every month. NO customer services at all.

Transparency
Peter

PeterGreater Melbourne (Inner), VIC

Never use IG! It is a disaster!

published

Hello,
I am really frustrated by IG. 2 week Ago I placed an order for Australian index 200 ending with huge losses. If I was beaten by the market, I have nothing to say. But I found IG put the trading size 15 as default. My loss was enlarged and out of my control. I am really angry with this. How is this come? This is my third trade and I only played with size 1.
Their service centre don't even want to reply my email for 2 weeks.
It seems that this trading platform is full with traps and tricks. I can’t accept it and consider to report to Australian watchdog.

Transparency
Pete C

Pete CGreater Melbourne (Metropolitan), VIC

  • Verified customer

Stay away, being investigated by regulator

published
Transparency
TraderInAus

TraderInAusGreater Melbourne (Outer), VIC

Honest long time user

published
Jon Z

Jon ZGreater Melbourne (Inner), VIC

  • 5 reviews
  • Verified customer

A terrible company

published

They cancelled my withdrawals until I provided bank statements. I submitted copies of bank statements and I got emails from payments that it's ok, only to have the withdrawal rejected again, this time by the help desk.
A very unprofessional outfit, must be very careful dealing with them.

Transparency
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Alan J

Alan JSydney, NSW

IG fee for no service after transferring shares

published

I see that many people are in the same boat as me. I used IG because they had no fees, then they introduced a $50 per quarter fee for "inactivity" which they then renamed to a "subscription fee". I was disgusted and transferred all my shares from IG only to find that IG CONTINUE TO CHARGE $50 per quarter AFTER TRANSFERING ALL SHARES. I think there must be a lot of people who are now being charged a fee for no service by IG and would welcome a group action against them.

Transparency
Sharon

SharonFar North Queensland, QLD

  • 8 reviews

Moving my shares to a platform with NO hidden fees

published

These guys were great UNTIL they introduced the fee for inactivity. I joined as they advertised NO fees then they turn around and add them. Not what I signed up for so leaving. This is not a good platform for small investors who only make a few trades per year.

Transparency
Sam C

Sam CMetropolitan Adelaide, SA

  • 3 reviews

Ok if you trade regularly

published

I don't trade much so got annoyed when they announced there will be $50 quarterly fee unless you trade 3 times in that quarter.
So only recommend to someone who's planning to trade regularly!

Transparency
Ray M

Ray M

  • 6 reviews

Demo Is Good. But People Have No Idea How Hard It Is To Make Money On The Markets. Beware!

published
Rhett

RhettSouth East Queensland, QLD

Bait & switch; signed up only to introduce excessive inactivity fees

published

This organisation cannot be trusted. When I signed up they had decent brokerage - then they get your details and change it so that you have to pay excessive inactivity fees if you do not trade. This is classic bait & switch. Avoid.

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Questions & Answers

Ben S.

Ben S.asked

What platforms are people using to open share accounts? I'm planning on buying and holding so want no hidden / subscription / dormant fees.

Coming from the UK I used hargreaves and landsown - it's great.

In Australia all the fee's (brokerage) seem very high, lots of hidden fees.

I want access to all overseas markets (mainly US and UK).

Any advice?

No answers
arthur

arthurasked

who pays the broker his fees for handling my account if i join

5 answers
Adrian
Adrian

HI Arthur,

I'm not sure I really understand your question, as the answer seems obvious, so are you being sarcastic?
I actually don't regard IG as a stock broker in the traditional sense. They are for people who ACTIVELY TRADE.
Now I don't trade share CFDs, so cannot comment on that aspect of their business, but as people have pointed out here they seem to charge $50 if you don't trade at least 3 times. Hardly a big deal in my opinion.

If you trade Forex and other non-share CFDs then there are no fees to my understanding. No commissions (on their regular account anyway). Only spreads. So the more you trade, the more times you pay the spread, and the more times IG generates revenue for themselves.

So if you are an investor into shares, I would probably suggest you look to join a regular broker. In the end its all about TOTAL costs.

Hope this helps.

Jon Z
Jon Z

YOU Arthur, or more exactly the owner of the account.

arthur
arthur

no i wasnt being sarcastic it was a genuine inquiry as i have never been involved in this type of thing before thanks anyway regards arthur

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