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 and the DailyFX webinars are outstanding
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.
However, they have offer no chat service. Phone customer service is very limited - if you can get through.
I would really like to access data via an API but getting information on this topic is pretty difficult.
In another provider, I actually had my own account manager, no such luck with IG.
I would say on balance this brand is not for new retail traders.
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.
Good platform service and price.
I have found IG to be very good. Easy online registration. They have a simple platform and you can do trades from $8 saving lots on brokerage fees. They provide market graphs with a good range of technical tools for research and there are some free educational courses. Money withdrawals are quick and easy when done to the same account they came from. Can not understand the other bad reviews (maybe they are from the futures trading). They have phoned me a few times to check on my satisfaction, and see if there is anything they can do for me. ...They reply promptly to emails. When I was interested in some ASX stocks with low market cap and could not find them I sent an email and they replied they would request they be added and should be included within 2-3 days. What more could you ask for? Completely happy with IG. Have also got my son to open an account with them. Update was 5 stars now 3. They have recently added a $50 subscription fee four times a year if you trade less than three times per quarter. This is not a problem for me but is for my son. He was able to have his holdings and cash balance transferred to a CommSec account. This took a letter, a few emails and a few weeks but incurred no fees. He now has more invested and may reopen his IG account in the future. IG vs CommSec for Australian Shares IG charge $8 or 0.1% per trade which ever is higher. CommSec fees when placed through a CDIA cash settlement account are
Questions & Answers
show me a good broker in Australia,Thanks,
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.
YOU Arthur, or more exactly the owner of the account.
no i wasnt being sarcastic it was a genuine inquiry as i have never been involved in this type of thing before thanks anyway regards arthur
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