Broker to Broker Transfer
IG Markets are extremely slow in performing a Broker to Broker transfer - transferring ASX shares out of IG Markets to another broker.
I was told it may take 3 weeks which is not acceptable with today's technology.
You cannot speak with the transfer team so basically left in the dark. The IG Help desk can communicate via an internal email system however without success after multiple attempts.
I suspect it may take 4-5 weeks so I think it may be be quicker to sell stock within the IG platform and transfer the cash over to another broker - this should take 2 days.
This benefits IG Markets via commissions.
Be warned - IG Markets are very slow if you require your collateral with another broker.
My hard earned money was stolen by these thieves who seem to have ties to sovereign hedge funds that run the world. Don't bother about getting your money back. You are their slave and they can get away with stealing your money by changing the Terms and Condition without your consent or permission. Don't expect regulators to come 'save you'. They are fully aware of what's going on but they won't do much about it. It's only a crime if you were to rob a bank but a bank can rob anyone because it's perfectly legal. Their platform is incredibly dodgy and full of exploits and questionable but somehow it's perfectly legal. Not sure the federal police aren't involved in this.
- Verified customer
Have cost me time and money and customer service is truly awful
So, I will start with some good, IG have one of the best trading platforms around, it’s quick, has cheap trades and is very easy to manage. Now the bad; me and my wife have always shared a trading account in the past, but we keep things under her name for tax purposes. On a morning where I needed to contact them because some positions were having IT issues, I was told that unless I provided a Power of Attorney form, they would have to suspend our account in 24hrs. We provided the form within 24hrs but the next day I am locked out of any new tra...ding. After spending over 30 mins on hold I am told that I did not fill the form out correctly and I need to set up a new account under my name just so I can trade under my wife’s account. They are unable to allow any new trading until the new forms are done. At this point we start the process of getting some money back into an old broker account just to trade, since we do this as part of our living, getting money back will take up to 5 days with a maximum of $35k a day(sigh). Just to add to the frustration I missed out on a 45% gain from a stock I had been watching for a few weeks and when my buy alert hit, I was unable to act on it. The quickest way to get trading again (we thought) was to fill these forms out again.They require a witness, so while working from home this is a massive inconvenience. The forms are sent the next day and we are still locked out 24hrs later. We call on the weekend and are told they will be processed on Monday. It’s now Friday and after 2 emails following up because I don’t have 30-60 mins to wait on hold each day, we’ve given up and are now waiting for all our money to be used on another broker. I get that IG have processes for security to allow trading under someone else’s name but there was no extension to allow us to use the account, unless the forms were processed (even after speaking to both of us). They failed to live up to their part of the agreement and I missed out on nearly a whole week of trading and this has cost me thousands. If you never plan to speak to your broker, or have any issues in the future that are not quick and easy to deal with then don’t bother using IG. Just truly awful customer service.
worst nightmare/ withdrawal seems impossible
Everything i have read below seem all legit. I wish I have read this before using this platform.
worst customer service. withdrawal seems next to impossible after supplying all the document they have asked. I still haven't been able to withdrawal after 2 weeks of attempt.
Worst of the worst / Took me 3 weeks to get my own money back
Changed my method of payment as I lost my card which was original method of deposit, they asked me so many documents like they are running a FBI. Countless emails sent but still no luck as cust service blaming credit team and credit team keep asking to send the documents again and again saying we can't read your documents, and then they said your account is fine at our end. Hopeless. Stay away, poor service. Company is not open honest and informative in regards to business practice, and quarterly charges
Do not use IG
Do not use IG unless you plan on at least 3 trades per quarter or more. Their fees are horrendous for inactivity which no other platform seems to charge. Have always traded with CBA and read that IG had lower fees, hence setup an account and did a single $500 trade about a year ago and forgot about it, logged in today to see that I owe them $200, so much for low fees. Just plain thieves, there was no transparency when setting up the account about this fee. Moving and will never be back. Thanks for nothing IG.
POOR SERVICE HIDDEN COSTS
After trading the US market with Australian dollars I found the conversion fee horendous. When I first discovered what I have been paying, nobody at IG can explain to me how they calculate the fee because the staff actually have no idea. If you are privelaged enough for them to answer the phone or respond to your email, their calculations and examples of fees actually don't add up. Even their calculators don't work. Steer clear
Worst Customer Service ever - Do not sign up!
Useless customer service! Worst service I have ever come across! Just want to steal your money! I have been trying to withdraw funds back into my account for ages now and still they keep coming up with excuses. do not trade with these people they are absolutely horrible!
Poor Customer Service and high fees
I've been trying to withdraw my funds for 2 weeks no out of IG to no avail, been on the phone to them every day and it seems that they keep no record of those conversations so it feels like I have to explain the situation everytime to a new person. The platform is buggy and the customer service is terrible at best. There are other brokers with better customer service and MUCH lower fees
Stealing money from clients with consistent system error/fail
I just started trading shares about 3 months, most of my time was wasted on either chasing why my balance did not match it supposed to or why the system was not working again
For the new starters: suggest go somewhere else rather than stuck with such a platform
I traded with IG 2 years ago and was just sent an overdue bill for $200 worth of subscription fees due to inactivity that I never signed up for or agreed to. As far as I was aware I was done trading with them 2 years ago and now they demand payment. I queried with them and they said pay it first then we'll close it. Absolute thieves!
completely and utterly USELESS....
very quick to set you account up and deposit, but the second you have an issue; you're on your own.
The worst customers service I have ever experienced in my entire life - just try and call the help number once you've signed up; i honestly don't think they actually have anyone sitting on the other end. I was "on hold" for over and hour and a half before i gave up.
I honestly cannot stress enough, how much you should avoid this absolutely useless mob.
I opened an IG account for their lower international trade fees. I had had a demo account with them and when I opened a live account something happened and I have struggled to access it. My live account isn't linked properly to my email even though my statements get sent there. Customer service is the worst! They never answer their phone and take ages to respond via email and it's never the right response so then you need to email back again and then wait days for their response. Last week I also find out I had been charged $50 for not making a...trade on 3 months which was not very obvious when signing up. I want to move my shares but still having access problems. I would really stay away from them. Wish I'd spent the extra money and used a different platform as in the end it will cost me more with all their hidden fees.
I have an IG account for stocks/shares and wanted to convey my experience and review
1- There is 20 min delay in pricing which if you want to have it live you need to pay extra, whereas other brokers provide you this for free. This delay would be huge barrier to day trading and you can not make sure whether your order is executed or not.
2-I raised an order to sell one of my shares but changed my mind when the market got closed(my order was price limit and the price has not been hit) and tried to edit the order or cancel it but no success, then...
happy to take money into the platform, almost impossible to get withdrawals!
happy to take money into the platform, almost impossible to get withdrawals! useless customer service. limited options trading and expensive. there are restrictive platforms for trading options for Australia sadly
Manifestly Inadequate Platform - Total Waste of Time
If you have any intention of day trading stay as far away from ig.com as you possibly can. Their platform is hopeless. For example, you cannot even sort the biggest gainers from the biggest losers which is a most basic sorting requirement. They have no scanner for share trading or anything like it. The platform or work space has next to no functionality. The help files do not apply to a share trading account only CFDs. Total waste of time. And forget about support. Try waiting on hold for 40 minutes at a time and then they can't answer the questions in any case.
Fees and extremely slow withdrawals
This lot are out to rip you off. $50 inactivity fee per quarter. If you are a long term investor and make less than 3 trades a quarter, you'll be hit by this fee. This is $200 per year. At no time at signing up to IG was I made specifically aware of this and had to look into this myself. Sneaky.
I deposited $1000 using a debit card and this was pretty much instant. Withdrawing the same amount using the same method has so far taken 4 days and still no sign of my money.
Yep its a pretty stinky review from me too.
IG actually have a great platform. Their web-based platform is very good and easy to use. I much prefer it over Trading View charts.
I haven't really had any issues with money other than finding out fees the hard way when they are deducted from your account and I think the spreads are quite high for a market maker.
But what's really annoyed me is that they have offer no chat service. Phone customer service is very limited - if you can get through.
The training videos that they offer, aren't always on, so that's annoying.
I would really like ...
Absolute time wasting, do not go near them. I lost 2.3btc investing and after months of trying i hired Birman law to get my money back, unfortunately that was another waste of time. I had to allow my cousin venture into the darknet and he got me a blackhathacker who helped get my money back. It was nice receiving my bitcoins back, i happily gave his cut to him as agreed. You can write him at [details removed] at hackwithme, tech. He’s extremely efficient.
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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