IG Index - getting greedier and greedier...

[Pippppin]

IG inform me that they are now planning to charge £30 per month for using their charts, unless at least 2 trades per month are made. Good timing, because I stopped using them a few months ago, vowing never to return after another of their "the problem is your browser" cons.

Aside from the fact that the charts they offer are very poor quality, and littered with errors (not a patch on the real charts I use via my DMA US broker), either IG are getting greedier and greedier, or they are feeling the pinch, as the number of mugs willing to spreadbet with them is starting to diminish...

 

[KillPhil08]

Just to clarify, this is for use of the advanced tick charts. Not the quick charts.

 

[foredog]

Simple economics isn't it?

They have to pay the chart providers so if you're not using your account then why should youget the use of the charts for free?

 

[Pippppin]

Simple economics isn't it?

They have to pay the chart providers so if you're not using your account then why should youget the use of the charts for free?

Given the tricks they employ to relieve punters of their money, I would not have thought it makes economic sense to deter punters from trading. I suspect their margins are thinning, as the pool of mugs diminishes...

 

[foredog]

Or maybe they've looked at shortsandlongs which is attracting a client base without charts etc and thought why are we giving this away for free to people who the use s&L as they've a tighter spread.

As you say margins

 

[montmorencyt2w]

Do they "assume" all their clients are actually using the advanced charts, and automatically deduct the £30 from the balance if the requisite number of trades is not met, or do you have to actively opt-in to this £30/month system?

 

[foredog]

I've not had anything from them about this, but i only use the basic charts.

 

[Hoggums]

Your advanced charts option is disabled unless you agree to paying the £30. You won't be charged unless you agree to it. Fair enough I say.

 

[foredog]

exactly, two minimum size trades a month=free charts

 

[Marwan2010]

IG inform me that they are now planning to charge £30 per month for using their charts, unless at least 2 trades per month are made. Good timing, because I stopped using them a few months ago, vowing never to return after another of their "the problem is your browser" cons.

Aside from the fact that the charts they offer are very poor quality, and littered with errors (not a patch on the real charts I use via my DMA US broker), either IG are getting greedier and greedier, or they are feeling the pinch, as the number of mugs willing to spreadbet with them is starting to diminish...

so u expect them to give u free charts?
lots of guys are having an account and not trading with them, but just using their charts

 

[Marwan2010]

Of course, if you presonally ARE doing at least 2 trades a month, what the f**k are you moaning about?

GJ

The guy does not do the f**k 2 trades per month! he uses other platforms
and then the guy uses the t2w to spread bullsh**t stories

I have been with I G for 20 years, and VERY VERY VERY happy

 

[shadowninja]

Ah! Fair enough, then. If I was IG, I'd be annoyed that people are using up server resources and not giving them money; it's not fair on their active clients, either.

 

[Hoggums]

Surely if they didn't do this people could just open an account with minimum size and use it to access their charts. Can't really blame them for taking this approach in tough times imho. And it's a free market economics kinda thing - if it makes such good economic sense to keep offering charts for free to people regardless of how little they trade, I'm sure someone will keep doing it.

It doesn't even have to be the best broker / tightest spreads etc (as you're not actually trading on it at all). Just find the one with the best fgree charts.

Of course, if you presonally ARE doing at least 2 trades a month, what the f**k are you moaning about?

GJ

Exactly - this is what our spanish friend does.

 

[Trader333]

Given the tricks they employ to relieve punters of their money,

IG have probably the best reputation around for not doing this. I have heard very few complaints about them unlike other SB companies where you get nothing but complaints.

I suspect their margins are thinning, as the pool of mugs diminishes...

Highly unlikely as IG are the biggest SB company by a long way. I called them and asked about the charges and they were quite upfront that they don't want people who only use them as a data source. It is possible that people have developed bots that login and just pull the data for use in other ways and this will make it more difficult for them. Also as has already been said a requirement for only 2 trades a month is almost not even worth considering.

My understanding is that advanced charts are being discontinued and that what will be available is basic and realtime.


Paul

 

[Black Swan]

IG inform me that they are now planning to charge £30 per month for using their charts, unless at least 2 trades per month are made. Good timing, because I stopped using them a few months ago, vowing never to return after another of their "the problem is your browser" cons.

Aside from the fact that the charts they offer are very poor quality, and littered with errors (not a patch on the real charts I use via my DMA US broker), either IG are getting greedier and greedier, or they are feeling the pinch, as the number of mugs willing to spreadbet with them is starting to diminish...

eh? The real time chart package is excellent...PARTICULARY FOR FREE, I'd suggest it's just as good as other packages asking/wanting 30 quid a month.

 

[tar]

U can use the ( proscreener ) with their real time charts it is very helpfull if u know how to use it . Example : u can code the screener to find US shares with a 10EMA above 21 EMA above 50 SMA with 60+ RSI and a stock price between 50 $ - 70 $ , it is very usefull really ...

 

[Pippppin]

IG have probably the best reputation around for not doing this. I have heard very few complaints about them unlike other SB companies where you get nothing but complaints.


Paul

Fair enough Paul, but I have had nothing but problems with IG since '03 - hence my decision to no longer trade with them, or any other SB company. The IT-finance.com charts used by IG during my time with them are vastly inferior to the charts I access via my DMA broker. But unlike IG Index my DMA broker does not have a vested interest in my account being reduced to zero. On the contrary...

 

[foredog]

Fair enough Paul, but I have had nothing but problems with IG since '03 - hence my decision to no longer trade with them, or any other SB company. The IT-finance.com charts used by IG during my time with them are vastly inferior to the charts I access via my DMA broker. But unlike IG Index my DMA broker does not have a vested interest in my account being reduced to zero. On the contrary...

How does IG have an interest in your account being 0?

If you have no money you can't trade?

They'd rather you trade (rather than scalp) reasonable size in liquid instruments so they can offset this in the market and continuously take 1pt/pip risk free turn.

 

[Paul-B]

But unlike IG Index my DMA broker does not have a vested interest in my account being reduced to zero. On the contrary...

I see quite a few posts from people stating this POV over a number of SB brokers and it still puzzles me. Surely SB brokers make their money on the spread, at least I have been told so by trading managers, so why would any of them want your account to be reduced to zero?

 

[Pippppin]

I see quite a few posts from people stating this POV over a number of SB brokers and it still puzzles me. Surely SB brokers make their money on the spread, at least I have been told so by trading managers, so why would any of them want your account to be reduced to zero?

the great spreadbetting myth continues...

for the vast majority of bets, if the "client" wins the SB company loses, and vice versa, and since at least 90% of SB "clients" lose, the vast majority of SB profits arises from SB companies transferring the proceeds of a client's account into their own account (the fact that most "clients" would not succeed in a real trading environment either only adds to the illusion).

Thus, for the vast majority of "clients" the SB company has every interest to employ all the tricks in their book to accelerate the losing process. What it does depend on of course is the moving parade of new "clients" opening fresh accounts sufficiently often to maintain margins. The recent move by IG Index to charge for poor quality charts suggests that their margins are tightening, and thus they have to squeeze even more out of existing clients....