IG

IG have failed to take accountability for, nor rectify, multiple defects reported with their app. They have failed to offer adequate compensation for losses arising from these defects, and attempted to silence regulatory reporting. All these issues indicate they are acting unconscionably and may be a scam operator. While the parent company might… Read more

be respected due to longevity, it may have been compromised via a hostile takeover or rogue developers.

Most concerning is an inexplicable algorthym that surruptitiously steals funds from your available balance by subtly increasing the margin used by a trade, even in scenarios where IG's own staff repeatedly confirmed it should not be occurring and was definitely a defect. In addition to stealing money from your fund, this margin encroachment also increases the risk of all open positions by reducing balance available to cover movement in positions - above and beyond the documented costs including the profit/loss of the position.

As the algorythm has no defined nor documented cause (IG's legal team fabricated a reason for it after their own staff confirmed it was a defect in breach of the expected behaviour of their products, but further testing by ruling out their supposed cause again surfaced the same incidents of margin-encroachment), it can't be predicted or managed when forecasting movement and risk of open positions. It amplifies risk without any calculable quotient, manipulating trader calculations of safe position sizes, scaling up to potentially bring margin calls in more quickly than they would logically occur at, and potentially providing IG with a gear they can pull to orchestrate stop-hunting.

Worse than this already very concerning issue, was the response of IG's legal team when I forced it to be escalated to an effective level of management.

This is only one of many issues I have uncovered with IG.

A full explanation for this rating can be found here:

https://licensd.com/b/rnV4W

I have been using IG for the past 5 years. Though the platform is not top notch in all aspects and has glitches. It works just fine allowing me to trade for the past several years with out any downtimes. The review ratings do not reflect the actual performance of the platform.

When dealing with IG markets, you are treated as another number even if you trade as a professional client. There was a glitch of the system where candlesticks would overlap each other and you couldn't see whether it was bullish or bearish, that caused me to lose over $1000. While they agreed that it was a system error, they didn't refund any of my money. Stay away from them, they have very poor customer service.

Per all the other reviews (and thank you to those reviewers!), 100% correct with all the issues and problems with IG! For such a large company, they fail miserably at getting anything right, are clueless and have no idea how 'cross their t's and dot… Read more

their i's' in getting anything right without creating a diabolical mess! I have encountered continuous incompetency and mistakes by multiple IG teams and staff, which - as other reviewers have stated - has cost me dearly!

* Website is poorly designed and disfunctional * App and mobile site is dreadful and does not have all functions available (such as depositing/withdrawing funds); both are disfunctional and look like an amateur designed them! * Stop limits (as previous reviewer stated) don't close out at the locked in limit pricing - many other trading platforms have this process completed by the system, and not manually completed * Order buys and sells also don't go through at the locked in price - discovered they are manually being processed; meaning you are dealing with incompetent id*ot IG staff who have 'fallen asleep at the wheel' and have failed to execute trades at the given price and the given time! I too watched the price go past the locked in price I set, and missed both opportunities and took losses! Excuses were given and nothing short of blame by IG trying to put it back on me. * Trading platform doesn't start when the ASX opens: it takes about 50-60 seconds to start up, each and every time. Therefore you do not have the ability to mitagate any losses, or take immediate profit. * Constant issues with site not operating and functionally well: consistant "freezes" and delays with correct pricing per stock, making it impossible to buy or sell at the correct price! * Support: none existent! Continual delays with calls being answered. And when they do, you discover the call has been routed to someone in India, finding they are completely clueless hard to understand, cant understand what you're saying, only then to tell you in their broken pigeon English "You will need to speak to someone in Australia"! Compared to so many other trading companies, there is so many better options with much better platforms and systems in place! Even the newer companies are better organised and provide better platforms! Avoid IG, you will be thankful you went with another trading platform!

I've been using IG on and off over the past eight years, and I'm glad they've been reducing fees over time. Earlier today, I received an email informing me of IG's new $0 commission structure on Australian shares, down from $5 per trade. The customer service is also good, including receiving a near-instant email reply from its bot, which… Read more ·  1

answered my question. Even when I've waited for a human response, it has always been within a day, usually 12 hours.

The primary thing I hope to see moving forward is a two-factor authentication (2FA) option using a security key. The authenticator app is a good start, but I would like more robust options, ideally MFA when executing large trades or in the event of suspicious account activity, as a precaution.

Best Company and Team – I have used a number platforms to trade and invest IG is best one!!! Their customer service is A+, Especially my account manager, Conor Mottram, questions are answered with detail and actionable items are done extremely quickly

IG platform – I have been using IG platform for quite some and platform itself is excellent and of a very high standard.. Tony Kwok at IG Australia, manager helped with all our queries and provided an exceptional service. Thank you Tony!

My current brokerage is in total disarray after implementing a new security sign in which i know has blown up in their face and virtually hamstrung them, go yo their chat service and you are somewhere around number 650 to 1058 in the queue, ring them and you are on hold for 2 hours begore you give up!! Came here looking for some professionalism… Read more

and cannot find a contact number or email for these scammers!!! Its amazing, an account worth millions and cant find a professional organization.

Just opened a new IG account. Had an account about 8 years ago. Company was fine back then, but not now. I put $5,000 in my account. after 10 days I tried to withdraw the lot, to see what would happen. Couldn't withdraw it! Message: upload a bank statement. But I had already uploaded my bank statement in my application process. Rang accounts: they… Read more

acknowledged I'd already uploaded a bank statement! Then they said they would "escalate" the withdrawal application! Another two days have passed, no change! Seriously questioning this company now, and whether I will get my $5,000 back! Just seen all the recent reviews; they don't look good!

IG stack the cards in their favour. You can buy ETF positions and hold them and if the ETF provider consolidates holdings and you don’t have enough to cover the consolidation - say a 10 to 1 conversion etc, and you hold 6 or 8 or 9, IG will close and take your funds as they will not do fractional reserve splits, yet the etf company gives IG the… Read more

fractional reserve. Be extremely wary of investing in ETF’s with this company because IG will not advise you of any impending share splits or reverse share splits because this is obviously where they make a lot of money. Do not enter trades in ETF CFD’s in many positions to average into it. You WILL LOSE TO IG as they will take the position and fractional reserves. All stacked in their favour!

Awful experience. Wish I had seen this review page first. 9 out of 10 successful cfd trades then they screwed me right over. Set a stop limit on a short sell at 4.03 Watched in horror as the stock price rose and fell past 4.03 numerous times. Tried to manually close, no luck. Error message saying another transaction may be happening at the same… Read more

time. Rang them up. They said the brokerage team was working on my position. WTH? No automated closing of a position? The position ended up closing at 4.11, costing me $2.4k. To rub salt into the wound I was watching the stock on commsec. My position was only 10,000 shares. The sell volumes available at 4.03 and just above were way more than 10,000 shares. Sheer incompetence or scamming in my opinion, especially since for an additional "fee" you can set a guaranteed stop position. Dealing with market volatility when trading CFD's is one thing. Dealing with ineffectual stop positions or paying a hefty guarantee fee is a whole new level of no thanks. Am closing my account.

I lost opportunity cause their system was not working monday 15/9, service outage, either lack of expertise, care, or resource, just not good and disappointing they should know this is the core of their business. The best you can get from them is an apology. It s a bad idea to rely on one platform to do your asx trading

does it take anyone else 5 business days to receive your bpay reference number – does it take anyone else 5 business days to receive their bpay account reference number? down right, one of the worst brokers.

Horrible broker used to be very reputable – IG used to be a reliable and respected broker, but recent experiences have been unacceptable and need immediate attention. 1. Withdrawal Process and Verification Requirements The withdrawal process has become unnecessarily complicated and inefficient. Your verification requirements are far too rigid, leading to delays if documents aren’t… Read more

provided in the exact format you demand. Many banks don’t produce statements in the format you require, making it incredibly frustrating to access my own funds.

2. Absurd Commission Charges and Lack of Transparency

And then to see $25 commission fees for opening and $25 for closing a trade. These charges are beyond unreasonable and completely out of line with industry standards.

When I contacted customer service about this, I received conflicting answers—some representatives claimed it was normal, while others seemed completely unaware of the charges. To make matters worse, the commission charges have now disappeared from my transaction history without any explanation. This lack of transparency is unacceptable, and I’m sure are violating financial regulations and record keeping obligations

3. Account Closure Mistake and App Access Issues

I requested to close my MT4 account, but instead, my CFD account was closed. This mistake has caused unnecessary disruption to my trading activities. On top of that, I’m now unable to access the app on my phone, even though I can still log in through the web version.

4. Poor Customer Service

Customer service has been completely ineffective throughout these issues. Representatives seem poorly trained and unable to provide clear or helpful solutions. The overall experience has been frustrating and unprofessional.

Non existent support – Support is pretty much non existent if it's not related to adding funds or transferring stocks into IG. So good luck getting help with anything that isn't going to benefit them immediately.

IG Systematic Robbery – Avoid opening an account or working with so-called trading brokers. I transferred money from my IG account to my bank, but I never received it. Both the bank and IG keep passing responsibility to each other without resolution. I tend to trust the bank more, as they claim they never received the money. In another case, while monitoring my IG… Read more

transaction history, I noticed a withdrawal of approximately $160; I can't remember the exact amount. This withdrawal occurred six weeks ago, and just a few days after I checked, IG reversed the money back into my account and sent an email regarding this issue or mistake. I believe they conduct systematic robbery targeting those who do not regularly check and inspect their account transaction history.

NEVER EVER USE THEM – THEY WONT RETURN YOUR MONEY! They will give you a run around when you want to withdraw your funds. They will make it extremely hard and come up with all types of excuses. Borderline FRAUD

They stack the cards in their own favour - invest with caution hope the ETF you in doesn’t consolidate their holdings – Be careful when investing in ETF’s with this company. When the ETF’s do consolidations they will not tell you or advise you what the conditions are. If your individual holdings don’t meet the set amounts, despite holding numerous positions to dollar cost average, they will not combine all of your holdings for the consolidation. You WILL LOSE… Read more

your investment to IG. They stack the cards in their own favour, invest with caution, these rogues favour themselves at your expense.

Trustworthy trading of complex financial instruments – I originally gave this a positive review but am downgrading due to a severe drop in the service, to the extent I suspect IG is a scam.

Can't get your money back – Similar to other recent reviews, I can't get my investments back out of IG. Have been stuck for over 6 months waiting for the investment manager to provide a valuation. They don't respond to emails and if rang just say it is being ´escalated'.

Poor Offering – I was going to join but then found out they don't trade small caps and there is a 20 minute delay for trading some stocks. Disappointing. Thanks

Never use IG – So terrible experience. 1.Every time I lose point when I close positions . Why closing price is so different with the chart price.???2 Every time I practice my demo account , I will end up switching to real account. So weard design! 3. Money transfer out is big issues. They set too many obstacles there! I don’t want you follow my mistakes again.… Read more

I agree that ASIC shall investigate this company seriously!!!! Even the user shall take class action to it. Disaster!

scammers – This people are scammers, when you deposit money its instant, good luck when trying to withdraw they make you jump through hoops. trying to justify it with " it because of our money laundering policies" basically rubbish. if you want to loose all your money IG is the place to go. Asic should investigate this company.

Horrible experience – They asked for banks statements showing the deposited funds into the IG account every time before I could move money out even though I had always maintained the same bank account linked to my IG account. Additionally, even when the statement was provided both via email and through their system several times, they would ask for it again and again… Read more

and again. So, it was stressful, time-consuming, and not possible to move my money quickly across different dealers accounts to grasp opportunities. When I decided to move the balances to my Super Hero account, they delayed it so much in order for it not to be done within that trimester. The reason for that was to get another $50 fee. Only when I threatened to report them to ASIC, they finalised the request.

AVOID, endless harassment – Scammers, non-stopping harassing emails, closed my account in 2018 and still receiving marketing emails after contacting them several times by phone and by enabling them asking to STOP, UNSUBSCRIBE, DELETE ACCOUNT, and still keep the nonsense. Not a serious group at all, AVOID...