They were ok until 2019
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
Limit order faults and close position faults
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.
Sue this illegal company, forcing the customer to lose money on purpose
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.
Less than 1 start
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.
The reviewer stated that an incentive was offered for this review
I had my money back from IG palttform down!!!!!!
IG have a lots of charges, service is very poor, call center took 1 hour to call though, all these are ok with me. I am a good man. But my experience is horrible
I was long US SP500 Indice 100 dollars/ pts on arround 11pm-12pm Thursday night 21st of MAY, then the platform down, I can not close my position, i can not even log in to my account. I was try to call IG service, but obviously i can not call though. I keep trying to login my account, and after 40-45mins, I fanally login to my account. My position was automatically clos...ed by guaranteed stop, so I end up with 1000 dollars ( I set up 10 pts lost guarantee stop) plus 40 dollars guarantee stop surcharge ( you must choose guarantee stop before open your position).
Deceptive & misleading
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.
IG are scam artists
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!!!!!
Does not value customers
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.
Daily interest too huge to hold positions
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.
- Verified customer
Not suitable for long term trading
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.
Never use IG! It is a disaster!
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.
- Verified customer
Stay away, being investigated by regulator
I have a pending case against them with ASIC. I Bought FX call options over a couple of weeks, no other transactions. Paid premiums up front as you do when buying options . They closed out all my positions after the fx rate changed the premiums of the these transactions, weeks and days after the purchases. Yes my up front premiums, were adjusted to a different/worse exchange rate after i had purchased them. This put my account into margin call and they closed out all the positions crossing a 14 point spread!
Spent more than 1.5 hours on hold, ...during euro open, to their "24 hour dealing desk", never had a call answered. No one response to email or calls over 2 days. Will update with the outcome of the ASIC investigation when complete and provide details to this site to verify.
Honest long time user
*update*** Must read before you sign up!!!
Hey Guys & Gals
I have just recently had massive troubles with IG. For a long time I thought they had exceptional customer service & slight glitches on the App. However now I believe the customer service that was once available has decreased exponentially. I have been on hold for over an hour once a week for the last 8 weeks, just trying to fix up IG trading mistakes. After all this time I finally got to the bottom of it this morning. They haven't taken any ownership of the situation and ...
- Verified customer
A terrible company
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.
IG fee for no service after transferring shares
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.
Moving my shares to a platform with NO hidden fees
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.
Demo Is Good. But People Have No Idea How Hard It Is To Make Money On The Markets. Beware!
IG has a very good CFD demo. But, the problem with attempting to make money on any CFD platform is that the markets require a great deal of expertise in order to yield profit. Most people (96%) will lose money on a live CFD account. That is the fact. If you are interested in trading on a CFD, then make sure that you do at least a minimum of 200 hours on a the demo platform. Another factor is that CFDs are not as strictly regulated as exchange traded stocks. I have found that the demo is good, but often charts do freeze as well as price updates....They recommended Google Chrome, but it still happens. When I first took an interest in online trading I called IG afterhours and spoke a man in the UK. He warned me: "On Forex, commodities, indices or anything you have to understand that you are up against the most skilled traders in the world". So basically getting into the markets without significant training is like going into a hospital expecting to make money doing elective surgery with a minimum of expertise. Studies generally confirm that people always think that they are luckier than they are. Scammers will tell you that there are "technical indicators" that can help you and such, but anything that gives you any sense of (too great a) certainty in something as random as market prices will send you to the poor house fast. Technical indicators were never made (except for pivot points) for predicting market movements - only documenting them in the past tense. The people you talk to at IG on their toll free number are pleasant guys but they don't give you any real advice that will make you profitable - unless you read between the lines. They did give me advice that made me consistently profitable but it was only after I had studied for 12 months that I started to understand it. Even if you can be profitable on a demo you may fail big time on a live account because of slippage as often the opportunity for getting out at profit can be narrow and then lost because after slippage you end up losing money - especially if you have limited time to monitor your positions. If you are a full time trader it is different. Your orders may be put in second place to those of another more influential trader (who is maybe on the other side of the Earth). Thus you lose out to him (or something else like a bank). Money is the root of all evil and the markets, like IG, are money Mecca. Beware! Prepare. A fool and his money...
Bait & switch; signed up only to introduce excessive inactivity fees
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.
Questions & Answers
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).
who pays the broker his fees for handling my account if i join
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.
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