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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.
IG is a cheater
They advertise $8 trading fee but have hidden fees - up to $200 per year if you do not frequently trade. Withdrawing cash has restrictions and can take several days. Platform is not user-friendly.
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....
Cheap means poor service
My 18yo son had saved up money in his bank account ready to buy some shares. IG will not approve his account and despite calling IG, they never called back or activate his account. Commsec approved it and he bought AND paid for his shares within 24 hours.
Not for long term investments
I am a long term investor. So IG is hammering me with fees for not doing enough transactions. I won't dare to recommend this company to any friends because of it.
IG is scam. New users don't use it. Just google it and you will see how they are reaping other's money
For existing user we should take legal action, report to media, report Australian Financial Complaints Authority etc.
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.
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.
Terrible costumer service.
Always a drama when you need to call them or request anything.
They have blocked my account with any reason and have requested to withdraw my money, based in absolutely nothing. Very disrespectful.
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!
there service is terrible and they just hung up on the customer when it gets to hard for them
they dont answer the phone and when it gets to hard they just leave
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.
They have introduced 50 dollar subscription fee recently! To escape that we are supposed to trade three times in three months!!. Not a good website anyway. So, Bye Bye IG
Sneaky fees - trying to rip you off
They will sneakily introduce fees that weren't agreed on at the time of signing up. The platform itself is horrible as well. Don't sign up, there are better options out there that won't try to rip you off.
A Myriad of IT Problems and IG Just Don't Care
They keep getting worse and worse and do absolutely nothing when IT issues are reported to them. 3 different platforms to trade on:
2 Web Based platforms, one old and one new.
1 Mobile Based platform.
If the new platform was so good, why is the old one still active? Because the new platform is terrible! Viewing trades on the old platform is not as good and it's less user friendly. But the old platform has it's own issues, the charts don't work because it uses Flash player (which is a real pain to use on Chrome) and there are many peculiar pro...
Trap you and then ring you dry
Had a small account (<$100) that I forgot about, opened up to -$100 due to fees that they added without notice, I can't even close my account now! They were charging me 150% the value of my account every quarter without notice! AVOID!! Go and use Bell Direct or anywhere else if you value your money!
50 dollar a quarter fees no thank you! also i shouldn't have to send more than 10 emails to withdraw my money from the account terrible customer support with extremely bad english obviously overseas customer service 0/10
Scam platform - avoid at all costs.
This platform runs on scam advertising - they advertise as having 0 subscription fees, then once you've joined and have holdings with them they will charge you a $200 annual subscription fee.
IG is a SCAM - DO NOT USE THEM !!!
I thoroughly agree with other reviewers. I have been trying to close my account for several months now and IG refuse to give me my money. IG state they rely on European Regulations which state I must prove whom I am. NOTE: European Regulations have no validity or jurisdiction in Australia. I believe IG has a BREXIT Headache. I have sent in three different bank statements and IG deem to find fault with all of them. I have been dealing with IG for some time and I have provided IG with details of my Australian Passport and Australian bank accounts.... BEWARE - IG take opposite positions to those of their 'Clients'. Due to high risks with derivatives I believe IG has a liquidity problem and cannot service obligation when they come due. If you purchase IG records from ASIC, IG does not have a CEO in Australia. Two of the nominated directors for Australia live overseas (UK and South Africa), where the Company Secretary [name removed] lives at [details removed]. IG is very cheap and this is reflected in their poor customer service and refusal to provide profit on trades. SAVE YOURSELF MUCH TIME<,TROUBLE AND MONEY and use another broker. IG is a scam. IG also appears to be illiquid and may be placed in liquidation by Australian courts.
Snake Oil Salesman
They lured me into going with them for their respectable brokerage fees, and inactivity policy. Within a few weeks I get hit with a $50 a quarter fee!!! So annoyed right now, because in the process of transferring my meagre few thousand dollars in shares I'll be losing more money. Get a grip IG!
I had an open position which was in profit and when I tried to close it I couldn't due to a "market closed" message even though it was during an open trading session. What a surprise that I could then close it some time later when my profits were eaten up. Damn criminals, absolute criminals. Do not use this company to trade!!!
Beware of $50 Subscription Fee!
One thing that they failed to informed us on the website is $50 subscription fee that is charged quarterly! Yes it's $8 broker fee, but you have to transact at least 3 times in a quarter. Beware! Especially if you don't plan to continuously transact for the whole year!
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