ig markets - a criminal broker

This is a discussion on ig markets - a criminal broker within the Forex Brokers forums, part of the Commercial category; I have just had bad bad experience with ig markets trading currencies. My platform kept closing just when i was ...

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Old Nov 28, 2008, 12:09am   #1
 
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ig markets - a criminal broker

I have just had bad bad experience with ig markets trading currencies. My platform kept closing just when i was going to take my profit or change a stop - on re-opening, I either had losses or less profit or been stopped out, usually by a pip or two.
when I tried to exit trades, the close box froze. Sometimes I could buy back a sell for instance but often I had to re-start the platform.
I am talking about normal trading times, not announcements.
I rang each time, as instructed by the help desk. Offers to close my trades manually don't make much sense when the horse has already left the stable.
Ig never noticed me until I started to make real money. On complaining, I was met with 'sympathy' and 'understanding'...both of which I do not need when I have just lost a lot of money because their platform 'malfunctions'. My firefox browser was blamed, my internet connection and basically it was all my fault. After having one of their IT guys in my computer for 3 hours, nothing changed. He could not find anything wrong anyway.
One evening they crashed me out and I had -7888USD on my ac count balance, technically impossible. They froze my platform and prevented me from trading for 16 hours until accounts could work out what was going on. I was told it was an 'electronic error' and later an 'oversight in the accounts department'. I asked why I had to foot the bill. No reply. When my account was finally unfrozen, my balance was zero. I asked where my money was and they said it had been sent to my bank account back home, a transfer I never authorized verbally or in writing. I was told to write a complaint, which I did and then my 'account manager' rang me and said I was to exit my trades, I would not be allowed to place new ones and my account would be closed because 'I continued to take issue with matters considered satisfactorily resolved'. I was told my money would be returned to my account back home within 2-3 bank working days - it took 2 weeks.

I had already joined a new broker by this time but I could not fund my account until the money from ig arrived. I sat and watched the market go by without me.

I am taking this further and would be grateful for any experiences others have had with these criminals. My email address is jodycody@hotmail.com.
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Old Nov 28, 2008, 2:50am   #2
Joined Nov 2008
usually if youre serious about trading, 1st step u should do is have separate computer for trading. that means you only have the trading platform use on that computer, dont use it for surfing, chatting, skype or whatever it is except trading.

then you also need to make sure the computer has automatic updates turned on, that keeps your computer secure and getting the latest update. if your computer has virus or being hijacked all sorts of trouble can appear.
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Old Nov 28, 2008, 9:54am   #3
Joined Oct 2007
Good comments everyonerich.
However when traders make some good money from these SB firms, from expierance there business is no longer welcomed.

This is clearley obstruction on the part of IG and should be followed up with relevent complaints.

SB firms are in the business of making money from clients, when clients take regular cash from them ( as headging / of setting trades is to costly ) the traders profit comes directly from there balance.

Two weeks ago this happened to me, I was long £700 on Dow my SB platfrom froze and got disconected.
I phoned the dealer and he asked if I wanted to close my trade as the market was in my favor.
I gave him a limmit and stop order and then he informed me he could not do this at the moment as there was a fault with his own software at the SB.

Needles to say I questioned this and as we were speaking the market broken out to the upside.

I asked if this conversation was been recorded, he said yes it was, I instructed him that I demand for this to be closed NOW .....! Guess what ? the SB at the SB office was working again, and the postion was closed for a nice profit.

Indeed this is obstruction/delay tacktick to stop me from closing the postion, 0n this occassion it was the SB firm that lossed thousands as the market brokeout in my direction.

The oppersite could have happened, the point I are making is when trading with large ££££ per point with SB firms , do not be surprised if strange things happen ......
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Old Nov 28, 2008, 10:04am   #4
 
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Joined Oct 2008
...here we go again...!

when will people wake up and take responsibility for their own failings? If IG kept crashing on you why did you continue to trade it? Why not sort out your PC?
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Old Nov 28, 2008, 10:13am   #5
Joined Feb 2002
There are many spreadbetting firms in the market, and bad service does not need to be tolerated.

For serious traders, at least one secondary account with another firm is important. With this, if the platform fails on your primary or you can't reach them by phone or whatever, at least you can hedge risk by opening an opposing position in the secondary account.
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Old Nov 28, 2008, 10:17am   #6
Joined Oct 2007
Hi Tomortom, With all our advise on here most of the new traders should be of to a good start in this life, how long they survive thats another story.
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Old Nov 28, 2008, 12:13pm   #7
Joined Feb 2008
you do realise thatSB's have a net position and don't give a shiny sh1te about your position unless it is a big one.

have at least 3 accounts as a stop....
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Old Nov 28, 2008, 12:14pm   #8
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There is nothing I can see in your post that could be classed as criminal behaviour by IG. There may well have been technical and or account issues but IG do not need your authorisation to return your funds to you if they decide that they wish to close your account. However, I agree that 2 weeks is completely unacceptable and you have good cause to complain. The fact that you feel you have lost opportunity because of this is not sufficient grounds for compensation and the markets will present many more as they always do.

What outcome are you hoping to achieve ?


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