IG is a global leader in online trading, providing fast and flexible access to over 10,000 financial markets – including shares, indices, forex, commodities and binaries.
Established in 1974 as the world’s first financial spread betting firm, its aim is to become the default choice for active traders globally. It is already an award-winning multi-platform trading company, the world’s No.1 provider of CFDs* and a global leader in forex, and will be launching its new execution-only stockbroking service in late 2014.
It is a member of the FTSE 250, with offices across Europe, Africa, Asia-Pacific and the US, where it offers limited risk derivatives contracts via the Nadex brand.
*Based on revenue excluding FX, published financial statements, August 2013.
Country: United Kingdom
Terrible customer service
how terrible is their customer service when you need to do something more serious, like withdraw funds for example...
Avoid using for Binaries its a bucket shop more you win the more they want you to go away!!!
Your losing trades will nearly always without fail get accepted. But when it comes time to Close the trade to take your profits this is where it becomes obvious they are tampering. You either get a long delay where you cannot do anything while they manually examine the price to see if its moving in their favour or you get a rejection then the market has moved away so you either lose money or by the time you try again the binary has expired or got within 30 secs of the expiry so you cannot do anything.
This has been going on for well over a decade now but as Binaries are not a regulated financial instrument there is nothing you can do except avoid using IG Index. Shame the FCA do not force them to state the timestamp accepted/rejected & delay time in a loggable format so the customer has absolute proof. This would then make the underhand practise go away as you can prove it so they would not bother trying that anymore!!
Shame as everything else on their trading platform is superior to the other offerings I do not even think they would lose much if they did allow instant execution as it would be made up for by the volume of customers they would attract & someone will always lose to guarantee their profits when they get overconfident & or the tight spread causes a misjudgement on the price action required!
I have used them on/off for well over a decade nothing ever changes either. Also like others have said in their reviews here they tamper with large winning positions so you appear to either lose it all & or they somehow change your pricing data so you see on their trading platform such a drastic price movement you close either with a loss or greatly reduced profit!
I am not talking small amounts of money either I have been up over £14K on a single trade then due to them manipulating my price data its dropped to £1.4K in the blink of an eye & lurched into negative a few times but as soon as I closed the position their underlying shot back up to the true price on the open market costing me well over £12K!!
You see underhand tactics they have the playbook as they wrote it you cannot possibly beat them over time they will wipe you out & put you into serious debt if you let them!
If you are wise Stay Away!
It seem widely recommended, from my experience instead I could say there are a lot of suspicious behaviour around it.
Spreads widen disproportionately on occasion (as much as 3%), slippage is another huge component (I have been closing positions when showing an amount but when cash out the value was a little lower, always) and finally position closed microscopically with loss several times, when the price of other providers did not go there either in buy or sell.
I have the feeling your battle is not ’just’ against the market but against the broker too.
Account application refused - lack of any logic.
To add: they then rang me a week later to ask me to complete my application - they had no record of themselves turning down my application. When the issue of not sufficient credit was explained I told them other brokers were not stipulating a liquid asset level as high as theirs but I was told this was not true. Sorry, but I have had accounts with Go Markets, FXCM and Dukascopy in the last year and always gave the same details - they were happy with the asset level and deposit level. I understand prorealtime is available with Interactive Brokers and a 5,000 Euro deposit. This would definitely be my preferred option to IG in this scenario. Failing that, I will happily continue with Dukascopy for execution.
IG, uses false advertisements to mislead customers, because they can refuse/void any trade. This alleged company is illegal to trade in the US as they class it as a "Bucketshop"
https://www.youtube.com/watch?v=VAVPQEASnkA&app=desktop Hitler used IG Index for his Euro/CHF Stop loss. https://www.youtube.com/watch?v=X3pcYcSawws&feature=youtu.be -IG Markets CEO Tim Howkins who lies that their clients are making money on live TV Squawkbox CNBC!. http://video.cnbc.com/gallery/?video=3000185051 SQUAWK box link to CNBC website showing TV interview with IG CEO Tim Howkins, details about dishonest behaviour and client losses at 1 minute 8 seconds, note towards the end he talks about the company name change to IG. http://uk.reuters.com/article/2015/03/05/markets-franc-ig-idUKL5N0W63U120150305 (Ig got it wrong read comments). http://www.reuters.com/article/2015/03/17/iggroup-forex-idUSL6N0WJ2KZ20150317 (17.3.2015 IG being investigated by FCA and ombudsman). http://moneyweek.com/ig-index-50-percent-profit-margins/ IG profit from customers up to 65%. http://www.abc.net.au/news/2015-02-12/foreign-exchange-traders-fight-to-save-millions/6087976 IG Markets named here in Australia. http://www.forexpeacearmy.com/community/threads/ig-index-fraud-by-failing-to-disclose-information-spread-betting-company.17940/ (90% Cfd traders loose money, must read this persons experience with IG) . http://www.forexfactory.com/showthread.php?p=8047127 (Many brokers forgave accounts in minus but not IG). http://www.forexfactory.com/showthread.php?t=522242&page=34 ( IG gave the worst fill in the world against the swiss/euro 0.9250 to it's customers . http://www.smh.com.au/business/when-brokers-are-the-enemy-20100827-13w40.html ( About CFD providers like IG and how they cheat people out of there money, ASIC does nothing again) http://www.forexpeacearmy.com/public/review/www.ig.com (Great forum about traders opinions about IG). http://www.iggroup.com/corporate/fair-client-treatment.html . IG even is dishonest on there own website in my opinion.
False and misleading advertisements from IG, Ig Markets.
http://docdro.id/WGE1Zzo - PDF of Financial Review Smartinvestor magazine on sale 21st April 2011 showing the false advertisement that IG, Ig, Markets, IG Index use to deceive customers in to trading with an alleged " Bucket Shop". Quote" Trade Anytime, anywhere". http://postimg.org/image/gj2fj6hsj/ - This link below is IG Markets Cell, cell, cell. False and misleading advertisement that claims " React instantly" and "Take a position wherever you are". This add was placed in Financial Review Smart Investor on sale 18th March 2011, April issue.( Note: Australian Magazine).
http://postimg.org/image/n10y7avev/ -Another false advertisement taken on 18th AUG 2011 from IG Markets own website, quote" you will always receive guaranteed market prices whether you you are trading on puredeal, always deal at market prices . http://postimg.org/image/687p5f2zd/ . Old IG markets false advertisement from Sep 2009 Financial Review Smartinvestor magazine once again "Trade anytime, anywhere . But in there legalese product disclosure statement they can at will refuse or void any of your trades at will. ASIC, ACCC, Ombusdman will do nothing because they are protected!.
(note:ACCC link below, it is illegal to false/mislead customers and I did complain and they did nothing)
https://www.accc.gov.au/business/anti-competitive-behaviour/unconscionable-conduct ( When you call ACCC they don't even listen, or let you send a copy of the advertisement and do nothing)
6 Nov 2015 To ASIC, ACCC, Financial Ombudsman Service.
ASIC http://postimg.org/image/4438tlu2f/ - Finanical Review Smartinvestor on sale 20th August 2010. Please read 3rd column about ASIC's "surveillance" but ASIC has done nothing until over 5 years later! . And is in my opinion a protector of all CFD providers . I complained twice and they did nothing, note this link to Australian law COMPETITION AND CONSUMER ACT 2010 ACT 29 False or misleading representations about goods and servicesNo 29 1 (g) make a false or misleading representation that goods or services have sponsorship, approval, performance characteristics, accessories, uses or benefits; or . https://www.comlaw.gov.au/Details/C2015C00019 . ACCC does not do anything against CFD providers https://www.accc.gov.au/business/business-rights-protections/fines-penalties look at all the false and misleading advertisements above and for how many years this has continued (The maximum penalty for false or misleading and unconscionable conduct, pyramid selling and breaches of relevant product safety provisions is: $1.1million for corporations $220 000 for individuals) Ig has never been fined in Australia to my knowledge as they are untouchable. Ig are protected by many goverment departments in Australia and whats worse they are an UK owned and based company. We the tax payers of Australia want to be protected thats why we pay your wages!. FOS well I am still waiting for the list of trades that IG Markets sent to you. Also will you use the law against IG Markets And its amazing that none these named powers will not stop CFD providers OTC products being sold to retail clients. And do there duty to protect all Australian investors. Stuart Washington Keep up the good work and BAN the CFD "Bucketshop" . http://www.smh.com.au/business/ban-the-cfd-casino--true-brokers-dont-bet-against-clients-20111002-1l3p5.html
ASIC update 12 Feb 2016
Does this mean ASIC will finally protect Australian investors!. Someone once said ASIC is a regulator. But where have they been for all these years?. Thanks to the media there day will come and let's hope the truth will come out about how IG Markets now IG, and how they got away with cheating there customers for so many years.
(The Australian Securities and Investments Commission (ASIC) has released rules that apply Australia's compulsory central clearing regime for over the counter (OTC) derivatives of financial institutions, which starts in April 2016. Not good enough in my opinion. To little and ASIC your still protecting what IG and other CFd providors have been doing for many years cheating and stealing from Australian investor's . ASIC must to ban all CFD providors " Ban the bucketshop". And launch a inquiry into Cfd providors behaviour and scams.
Join the fight like me sign up to these two petitions against IG links: https://www.change.org/p/tracey-mcdermott-uk-financial-conduct-authority-we-urge-the-fca-to-investigate-the-misleading-advertising-and-unfair-business-practices-of-spread-betting-companies . https://secure.avaaz.org/en/petition/IG_Markets_Ltd_Call_for_compensation_a_fair_and_transparent_trading_system_and_practices/?nLPupib - Please join this petition about IG, markets
Media links about the mistreatment from IG Group over the Swiss cap removal.
http://www.independent.co.uk/news/business/analysis-and-features/how-could-a-teacher-on-18000pa-lose-280000-spread-betting-10115157.html . http://www.fxweek.com/fx-week/news/2400581/ig-under-fire-from-clients-with-huge-negative-balances (Note fxweek reporter quote: Call the Dealer if you have any problems). http://www.reuters.com/article/2015/01/29/retail-forex-ig-idUSL6N0V74D720150129 (German engineer with debt of 280,000 euros after betting just 8,300 on the euro against the Swiss franc). http://uk.reuters.com/article/2015/03/05/markets-franc-ig-idUKL5N0W63U120150305 . https://uk.finance.yahoo.com/news/370-investors-lost-18m-minutes-090123643.html . http://www.forextradingweek.com/ig-group-accused-of-prioritizing-own-trades-during-swiss-franc-turmoil/ - IG clients alleged letter from IG’s compliance department may prove corrupt and dishonest behaviour. https://twitter.com/igeurchfloss - Most important that you must read his links especially "Will FCA save IG clients? FCA orders fresh scrutiny of spread betting - ". So you understand why the FCA is asking traders for there experience about CFD and spreadbetters to be provided as evidence. http://on.ft.com/1LlHWWi . http://negativebalancewithigindexoneurchf.yolasite.com/Links.php - So many links to media articles regarding IG .
16th Oct 2015 lastest update:IG to Re-Price Swiss Franc Trades after Financial Ombudsman Decision.
http://www.reuters.com/article/2015/10/07/ig-grp-hldgs-forex-idUSL3N1271OR20151007 - UK, Ombudsman has now made Ig, allegedly re-price the old given price of 0.9250 to a new revised fill of 1.02493.
IG are protected company and in my opinion, this is fraud what they have done to there clients over the swiss/euro trades.
Also some current news finally around the 15 Oct 2015, that the UK Financial Conduct Authority is at the moment investigating IG, spreadbetting, and all other cfd provider's and all other smilar providers. So any current client or former trader needs to know that they must if they like to contact the UK FCA, now to provide there honest experience and show these CFD providers or bucket shops for what they really are to the world! (Note: My email sent to FCA 27 Oct 2015). http://www.fca.org.uk/site-info/contact . A recent quote from the UK FCA board " The board noted the consideration of issues around the regulatory perimeter, in particular ongoing work looking at the promotion and appropriateness tests for purchase of contracts for difference".
Retribution hates IG Markets as they cheated me out of a lot of money and in my opinion they are a "Bucket Shop" ( CFD providers are banned in America by the US Security and Exchange commission. Because they are classed as a derivative Over The Counter product and are NOT traded on any exchange) . They as in all CFD, Spread-betters OTC products must be stopped to all retail investors. I hope this information will be useful to you. Thank you very much to this great forum for helping so very much. Good luck to all: email@example.com
In the end I transferred money there but still testing out the plattform, trying to adjust the UI and get a pragmatic workflow with their application. Of course one shouldn't compare the UI with standalone applications but I was shocked how simple and not adjustable most things were. Most paid and free sites I know are way more flexible and usable. Not to forget the history of data, sometimes way to short (just a few days or even not this) to get an overview. But maybe trading within two or better three timeframes I shouldn't expect. If that would the only thing, great but it was one of many things keeping me away from really using the platform for daily trading. It was quite irritating that so many people I knew in one forum (not here) were using IG so intensively, actually people who knew what they were talking about. Having used Marketindex (with the Oanda-Platform underneath) a long time and CMC and more the experience with IG was more than disappointing. Last but not least the market spread even during low volatility was partly on a shocking high level. Many times I asked myself why the hell should I pay that much knowing so many other brokers with usable UI and compelling costs?
Many times I tried again and again, so many people can't be wrong with their decision for IG but the platform is not for serious and daily work and trading is way to expensive.
Why I Dumped Them
Great trading house
I have used IG on & off for some 25 years and never had a problem with them.
Small investor, but not encountered any problems
IG are a sly Market Maker - continually changing the goalposts
I have been trading full time now for over 5 years. The first broker I used was IG. They were a very good platform to learn on due to the very small contract sizes. The prorealtime charts are also excellent. Once I started making money I openned an account with MF Global. They were great until they went under. Having lost most of my trading capital I went back to trading with IG Markets, afraid of putting my money into another broker and I perpetuated with them for too long.
I have had many instances where trades have been rejected.... almost all of them highly profitable trades. Speaking with the staff at the help desk they came to the conclusion that it might have been a "flash error". Ok, I gave them the benefit of the doubt. So my solution to the "flash error" was to write my own trading application built on top of their REST API. Using this, I thought great... no more errors in getting my trades submitted. But guess what happened??? you guessed it, rejected trades. I rang up to find out why the trade was rejected and the reason was: "The markets were too volatile, so we turned off the ability to trade in the API". "You what" I said... You have got to be kidding me. IG has cost me at least $20000 in missed trading opportunities where I pressed the button... most of them were very profitable within 5 minutes. If I traded the real futures then every single one of them would have gone through.
It seems to me that the moment they detect that there is a situation where they are going to lose money, then they attempt to stitch it up. This kind of behaviour I find intolerable... so off I go to a real broker, not a broker that has no interest in me winning my trades.
So if you are considering IG Markets, my advice to you is, train yourself up with very small amounts of money... and once you start making money consistently then stop using them.
You need to be logged in to post reviews