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.
High Account Maintenance Fee and Less trade buy option
Please do not trust finder.com.au or ratecity.com.au, as they are marketing IG as low fee and zero account maintenance fees.
High Account Maintenance fee on quarterly basis $50. For example if you buy 5 shares in 1st quarter and no purchase in other 3 quater you will pay (5*8 +50*3=$190) compare to any other trade platforms. Commsec and other platforms is much better witj lot options and cheap than IG.
IG trades against you!!
I have traded currencies and index markets with IG for more than 12 months. Intially my contracts kept being hit by the bearest of margins immediately before reversing back into substantial profits. I thought I just had my stops to tight. Over time my stops kept being hit on the point or just one over before reversing. It is now clear to me that IG are trading against their clients and it doesn't matter if you are safely clear from the real price of the index/market you are trading. My experience leads me to believe IG are trading against accou...nts at an individual leve.They know you are watching a individual or just one sole device and thus the chart on that device. Don't touch them. My experience has lead me to believe IG's behaviour borders on being fraudulent. Ask them from what place they set their prices for their currencies and stock market prices. They won't tell you the base of how they set their exchange rates!!! Therefore you are small bait swimming in their shark tank. If you win they will throw you out, but the odds are you will get eaten time and time again....
Perks of iG trading.... And some annoying things
If u are signing up feel free to use this referral (obviously you don't have to but it's $100 for free) I actually like them unlike alot of people posting on here. Just watch out for fees if u don't trade at least once a quarter u may have to pay a fee =)
That referral is below, happy trading!
The reviewer stated that an incentive was offered for this review
Suspend profitable traders
IG Markets in Australia are criminal. I was a premium client with them until in 2016 they suspended my trading purely because I was profitable. I was profitable trading CFD's and Binaries. They take the other side of clients so if a client is profitable they aren't making money (don't give me the nonsense they make the spread).
I have since traded profitably for a friend and my mother, but they quickly restricted that trading then suspended it.
They are a scam if they only take clients who lose money, which is what they do. They are hap...
login in account at multi devices at the same time, no security issue
you can login IG account using a few different devices without warning or kick out other device. like you can use mobile phone login then use laptop login, then you can login another mobile. etc, it is unable to kick out other devices. there is not security issue.
The reviewer stated that an incentive was offered for this review
IG Criminal Broker DO NOT USE
IG is a criminal broker that will resort to all means to take your money. I have used them for CFD trading. They are always trying to make you fail from interfering with the platform so you can't open and close positions, log you out of the platform, cause spikes, take positions against you, and alter their data feeds to name a few. They have clearly influenced their reviews on Trustpilot which was around 2 and now over 7 this year. Why ASIC allows such a company to operate in Australia in light of their ongoing criminal behaviour I don't know.
Terrible company and terrible service
Lured me in with cheap brokerage some time later slammed me with $50 "non use fees". Service department is a joke and is either incompetent or just not willing to discuss issues.
Website is poorly designed. You don't even have direct ownership of the shares.
You could overlook a few of these issues for the cheap brokerage. But I wouldn't recommend IG to anyone after my experience and introduction of these fees.
Nonexistent Customer Service
Steer VERY clear of IG, their support over online chat is totally unhelpful and over the phone pretty much inexistent as they place you on hold forever. I have called them 3 times in the past 7 days and could literally not get through to ANYONE after waiting 40 minutes each time. Do yourself a favor, save yourself from the stress and take your money elsewhere. Seriously!
It is a scam!!
Has anyone tried to move their portfolio of shares from IG to another platform? It is the most difficult thing in the world! I am trying to do this and they are making it as difficult as possible. If anyone (probably not from IG) can tell me how I do this, please help!
My reason for leaving - the same sneaky $50 quarterly charge that increased from zero to NOW $50 in the last couple of months.
3 significant negatives to consider!
1) You do not own the shares! - Go to the Share Trading terms and agreements. The shares are held by IG and you nominate them as the trustee to manage the shares and securities on our behalf. Payment is made after their settlement process terms are fulfilled.
2) 50$ per quarter fees unless certain conditions are met.
3) No dividend reinvestment despite it being promised last year.
I am in the process of choosing a better agent, with better terms and cost structure.
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