How did IG Markets unlawfully deal your trades?

limayden

Newbie
2 0
Who is IG
IG is a market maker for Contract For Differences on shares, Forex and world stock market indexes.
Trading with IG
IG Markets has dealt the trades executed by their clients in two manners: Manual and Automatic dealing. In both manners, IG breaches the MAS administered laws. Further details and evidences will be provided below.
My cause
Over the past few years of trading with IG Asia, I have noticed several practices which are not in line with regulations put in place by regulatory boards (for eg, Monetary Authority of Singapore) and laws (for eg. Torts and contract law). These practices put traders at a disadvantage, and should not be tolerated. However, unless with great scrutiny, it is difficult to notice these anomalies. I have diligently put together many evidences after much analysis and evaluation and can confidently bring these practices to light.
Therefore, I am writing this article to inform traders and to garner support for my cause in advocating for fair trade within the CFD (Contract for Differences) trading industry.
Claims against IG (and evidences)
1) All automatic trades executed by clients are dealt in London, UK and not in Singapore as seen from the screenshot below.
http://igmarketsreviews.wordpress.com/
This screenshot was taken from IG Singapore's trading portal. According to the MAS administered law, only CMS License holders are allowed to deal in securities. However, IG UK is not licenced and hence, is not authorized to deal with the trades of clients of IG Singapore. Based on this alone, IG has breached its contract.

MAS have confirmed in the email above that IG UK does not hold a CMS licence.
2) Similar to automatic trades, manual trades are also executed outside Singapore. They are executed by IG Australia. Therefore, these trades breach the contract as well.

IG has acknowledged that manual trades are handled internationally.
What you can do to help
I have started a petition on https://secure.avaaz.org/en/petitio...ransparent_trading_system_and_practices/?pv=8 to garner support and gather victims of these unfair trade practices. These supports will greatly aid us as they provide us with the grounds to raise the issue with the relevant authorities to stop these unfair practices from spreading. IG also must pay a price for their unlawful and unethical trading practices. It will be greatly appreciated if you could sign the petition to support this cause. Together, as traders, we can make this industry a fairer playing field.
Over the past years, I have gathered much evidences and information. This space http://igmarketsreviews.wordpress.com/ will be regularly updated with my findings and evidences. In the meantime, please do show your support by visiting and signing the petition.
 

marketwizard123

Member
70 0
just because the ssl certificate has IG uk name on it doesnt mean the trades are being dealt with by UK. The parent company of all worldwide IG companies is IG UK hence ssl is certified to IG UK. They obviously have a multi domain certificate which covers all platforms.
 

limayden

Newbie
2 0
Trading CFD IG Markets (Bucket shop?)

@marketwizard123
I thank you for your feedback. Appreciate.
The fact is IG UK online platform which deal or execute the trades automatically.
I have attached IG UK deal ticket for your comment.

You said: “A multi domain certificate covers all platforms”. However, the fact is all platforms do not deal nor execute a trade. Am I right?
Am I right to say that the platform that actually execute or deal a trade is the one which a customer can witness a deal via his computer?
 

Attachments

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