IG Index freezes, app crashes and I get wiped out..

[raguza]

Hi all, wandering if anyone else had the same problem, please share and help?
Below is the email I sent to IG index.



I was waiting for Japanese intervention in YEN and it finally happened. At around 1.30am last night I took advantage of it and put on about 6 trades going long USD/JPY. The last trade I opened was going long on usd/jpy at around 78.90 and I made a mistake, instead of placing 5 points as position size I entered 25. So Immediately afterwards I tried to close the trades but there was no response from the platform, the connection/platform froze just locked up. The graphs were still working and prices were moving. I was clicking frantically but the ticket window wouldn’t open wouldn’t respond in any way whatsoever. I trade with multiple screens connected to 2 PCs. I checked another website and it was working fine, streaming services were fine. I tried calling dealer desk but there was no immediate answer, it just kept ringing. I presume the freezing and busy telephone lines were because of volatility due to the Japanese intervention in the markets. Next I tried logging in through your Android app but this also failed, error message saying Login Failure – we are unable to recognise your details please contact us on 0800….
After about 10 minutes I finally managed to speak to someone but it was too late I got stopped out even though my account was still showing about £660 in profit. In fact you stopped me out even though it was showing I was over £600 in profit. what kind of slippage is this. The person on the phone was very unhelpful and told me there was no record of platform being frozen! Just because there is no record it doesn’t mean it didn’t happen. Reading through forums shows that this sort of thing does indeed happen.

Now if you look at my trade couple of weeks ago you will see that I went long usd/yen anticipating Japanese intervention. This trade was going against me and I lost more than £1200 but I never called to complain nor did I blame the platform or anyone else because there was no issues with your platform then. So I took on the loss but this time I will not as it is not my fault.
To say that I am livid would be an understatement. Going from being over £2000 in profit to £1800 in red is not acceptable. Your dealing platform failed me, the dealers weren’t answering the phone, and your android app wouldn’t even log me in! And remarkably you have no evidence or record of anything! Right now for example, I am trying to log in through your android app but its coming up with error. I guess you have no record of that either and there is no technical problems there?

I may be a small fish to your company but I trade and trade often with you. When I lose I lose. When I am wrong I am wrong and it is my fault. But last night I was neither wrong, I was over £2000 in profit nor was it my fault that I couldn’t close the position.
This is a matter of principle and I will not let it go. I will go as high as I have to and as long as needed until this is sorted out. This is not my fault, I do not intend to trade nor fund my account until this is resolved fairly.

 

[Hotch]

Tell me if they pay you, if you do I'll be sure to tell them my platform froze whenever I lose.

 

[MajorDutch]

Hi all, wandering if anyone else had the same problem, please share and help?
Below is the email I sent to IG index.



I was waiting for Japanese intervention in YEN and it finally happened. At around 1.30am last night I took advantage of it and put on about 6 trades going long USD/JPY. The last trade I opened was going long on usd/jpy at around 78.90 and I made a mistake, instead of placing 5 points as position size I entered 25. So Immediately afterwards I tried to close the trades but there was no response from the platform, the connection/platform froze just locked up. The graphs were still working and prices were moving. I was clicking frantically but the ticket window wouldn’t open wouldn’t respond in any way whatsoever. I trade with multiple screens connected to 2 PCs. I checked another website and it was working fine, streaming services were fine. I tried calling dealer desk but there was no immediate answer, it just kept ringing. I presume the freezing and busy telephone lines were because of volatility due to the Japanese intervention in the markets. Next I tried logging in through your Android app but this also failed, error message saying Login Failure – we are unable to recognise your details please contact us on 0800….
After about 10 minutes I finally managed to speak to someone but it was too late I got stopped out even though my account was still showing about £660 in profit. In fact you stopped me out even though it was showing I was over £600 in profit. what kind of slippage is this. The person on the phone was very unhelpful and told me there was no record of platform being frozen! Just because there is no record it doesn’t mean it didn’t happen. Reading through forums shows that this sort of thing does indeed happen.

Now if you look at my trade couple of weeks ago you will see that I went long usd/yen anticipating Japanese intervention. This trade was going against me and I lost more than £1200 but I never called to complain nor did I blame the platform or anyone else because there was no issues with your platform then. So I took on the loss but this time I will not as it is not my fault.
To say that I am livid would be an understatement. Going from being over £2000 in profit to £1800 in red is not acceptable. Your dealing platform failed me, the dealers weren’t answering the phone, and your android app wouldn’t even log me in! And remarkably you have no evidence or record of anything! Right now for example, I am trying to log in through your android app but its coming up with error. I guess you have no record of that either and there is no technical problems there?

I may be a small fish to your company but I trade and trade often with you. When I lose I lose. When I am wrong I am wrong and it is my fault. But last night I was neither wrong, I was over £2000 in profit nor was it my fault that I couldn’t close the position.
This is a matter of principle and I will not let it go. I will go as high as I have to and as long as needed until this is sorted out. This is not my fault, I do not intend to trade nor fund my account until this is resolved fairly.

ha ha ha :clap:

you do realise this is the equivalent of putting your head into a lions jaw and then complaining that it bit you!

take this as your lesson to NEVER make news trades on an SB account EVER, EVER, EVER! If you must trade like this then you need to be trading the market not bucketshop. Bucketshop is fine out of news with wide stops on higher t/f's.

 

[Splitlink]

Hi all, wandering if anyone else had the same problem, please share and help?
Below is the email I sent to IG index.



.

I'm not laughing at you, mate, I'm sympathising, but I'm afraid that I am not optimistic about your chances of getting your money back on this one. They are not admitting errors. therefore the onus is on you to prove otherwise.

 

[bedsit]

I may be a small fish to your company but I trade and trade often with you. When I lose I lose. When I am wrong I am wrong and it is my fault. But last night I was neither wrong, I was over £2000 in profit nor was it my fault that I couldn’t close the position.
This is a matter of principle and I will not let it go. I will go as high as I have to and as long as needed until this is sorted out. This is not my fault, I do not intend to trade nor fund my account until this is resolved fairly.

Why don’t you take them to court? If it’s not your fault, they should pay you back and also you may be able to pursue a claim for compensation for the suffered stress.

 

[anley]

Sadly Dutch is right, you were mad to use IG or any other SB to tade around some big news intervention.

Learn from it and instead use a proper FX broker with a proper dealing platform.

 

[anley]

I went long usd/yen anticipating Japanese intervention. This trade was going against me and I lost more than £1200 but I never called to complain.

Maybe that was a mistake, maybe you should have called them, told them you got the market direction wrong, and then asked if they would at a minimum cancel the trade and perhaps even offer some compo

 

[p-lab]

Seriously though the email seems rather vague - You are saying you lost 3800 - (ouch) just on this sequence of trades? were all of the 5 trades open at the time of the sixth trade?. or did you dump 150 odd pips on one trade. What was your stop?

Not to rub salt in it but if it hit your stop within a few minutes, was it worth taking in the first place considering what everyone has said.

 

[raguza]

Tell me if they pay you, if you do I'll be sure to tell them my platform froze whenever I lose.

A bit sarcastic lol. It happened exactly as I described. I am not in business of lying. Few weeks ago I lost £1200 on a similar setup with them but that was my own fault and I never blamed IG or anybody else for the loss.

 

[raguza]

Sadly Dutch is right, you were mad to use IG or any other SB to tade around some big news intervention.

Learn from it and instead use a proper FX broker with a proper dealing platform.

I always used Oanda as my broker in the past. However I thought I'll try SB firm to offset some of my taxes to be honest. And IG index seemed the best out of the SB lot...

 

[raguza]

Seriously though the email seems rather vague - You are saying you lost 3800 - (ouch) just on this sequence of trades? were all of the 5 trades open at the time of the sixth trade?. or did you dump 150 odd pips on one trade. What was your stop?

Not to rub salt in it but if it hit your stop within a few minutes, was it worth taking in the first place considering what everyone has said.

Basically I had about £500 in that IG account when Japanese intervention happened. I opened one position long usd. When I was pretty sure that it WAS intervention taking place I kept adding trades along the way - going long usd obviously. The last sixth trade was a mistake only because instead of entering 5 as my position size I entered 25. As soon as I opened this last trade I saw the mistake. My running profits at this stage were over £3000 and I decided enough is enough. Going from £500 to over £3000 profit isnt a bad nights work.. And thats when everything went downhill.

 

[raguza]

Seriously though the email seems rather vague - You are saying you lost 3800 - (ouch) just on this sequence of trades? were all of the 5 trades open at the time of the sixth trade?. or did you dump 150 odd pips on one trade. What was your stop?

Not to rub salt in it but if it hit your stop within a few minutes, was it worth taking in the first place considering what everyone has said.

When I tried to contact them over the phone my profits reduced to around £2000 and nobody was answering. Next I tried to log in from my mobile (they have Android App), by this time my profits were less then £1000. Their mobile app came back with Login Error - unable to recognise your details, please call our helpdesk...
By the time I got through to their Australian office (maybe 10-15 min later) I got stopped out and in debt to IG index to the tune of £1800...

 

[raguza]

Maybe that was a mistake, maybe you should have called them, told them you got the market direction wrong, and then asked if they would at a minimum cancel the trade and perhaps even offer some compo

No it was not a mistake I never got the market direction wrong. An FX intervention is a FX intervention you don't need a degree to know which way to go. But you do need to be fast and act decisively

 

[p-lab]

Alright so you had £500 balance and took out 5 trades at £5pp. So its blow your account in one evening style. I have just checked out IG and it's £90 deposit on each position at a minimum 10 pip stop. Now this is outside US close but isn't it only the spread that changes. I don't know if IG consider unrealised profit as balance but as it stacks there was insufficient deposit for the 6th trade. What was your stop on these trades was it 10p?. Now to be fair there are also 2 keys between 5 and 2 you had 5 trades open why the need for a sixth? in fact why the need for 2 unless you were averaging in but on a 10p stop?. I am trying to help you out here fella but like I said it all seems very vague.

 

[dan1986ccfc]

Where was your stop?

 

[p-lab]

And what was your limit considering the circumstances?

 

[Hoggums]

going from £500 to £3000 in one night is insane risk which came to bite you this time.

If you'd had sensible stops and position sizes then the freezing would never have been a problem, your trade would have got stopped - but you'd still have an account to trade.

 

[p-lab]

I don't understand how IG let him place the trades with only £500 by way of deposit. Again what was the stop - who knows?

 

[raguza]

Guys I thank you all for you help and suggestions. I decided to stop writing about this until I resolve the issue with them. I am fighting my corner out of principle just as much as for the money.

 

[scose-no-doubt]

Get hella RAM and an uber graphics card and ensure you use screen capture when trading in future. You're p1ssing into the wind trying to get your money back from this. Expensive lesson in how the companies rip people off.