IG Index

[CityTrader]

I've just checked on The FSA website and there's no listed as registered.

IG are a Mid 250 publicly traded company. They are forecast to make roughly £180mil. I have traded with them for over 15 years. they may not be my first call to put on a SB, but I certainly have never had a problem with them. I find it hard to believe that they have scammed money from this guy...

 

[ZEN archer]

Just wondering if they would have closed his account and returned all his money if he had losing trades instead:whistling

 

[pboyles]

Just wondering if they would have closed his account and returned all his money if he had losing trades instead:whistling

That was the point I was making yesterday.

 

[rsh01]

Just wondering if they would have closed his account and returned all his money if he had losing trades instead:whistling

That's a straw man argument. Why would they? He lost the money - someone else gained but prob not IG. It would not have got flagged as being suspicious etc etc

 

[ZEN archer]

That's a straw man argument. Why would they? He lost the money - someone else gained but prob not IG. It would not have got flagged as being suspicious etc etc

Are you connected?

 

[rsh01]

Brilliant riposte. Yes I am.

 

[ZEN archer]

Brilliant riposte. Yes I am.

Just asking

I've noticed OP tends to praise them every so often:whistling

 

[rsh01]

Its like all the shops across the world who count their takings at the end of the day and find themselves to be up some cash obviously take the money down to the police station. And when someone robs them they just let it be. Did he rob them/someone? Maybe not, but he's acting suspicious by being deceitful from the first instance. Agree, at this stage it shld be investigated by an independent party, paid for by his illicit gains, the remainder going to charity. He didn't play by the rules, so expect to get burnt.

 

[donaldduke]

A new account deposits 35K and then proceeds to make 200% return in six hours betting mostly on stock index binaries, then stops trading and attempts to remove profits.

IG dont like winning punters betting more than £10 a point on binaries. Every time i do so i get an hour glass for 10 or 20 seconds as they check the price and reject it if it moves in my favour.

This new account was betting £400!! a point on binaries, it was a fresh account and they likely were not delaying his bets yet (they assume new accounts with lose so more than happy to take big bets).

So the account could ride a fast trending binary without getting a rejection.

IG probably suspect a well capitalised experienced binary trader was doing a hit and run job on them using this account as a proxy.

 

[R.Charnock]

A new account deposits 35K and then proceeds to make 200% return in six hours betting mostly on stock index binaries, then stops trading and attempts to remove profits.

IG dont like winning punters betting more than £10 a point on binaries. Every time i do so i get an hour glass for 10 or 20 seconds as they check the price and reject it if it moves in my favour.

This new account was betting £400!! a point on binaries, it was a fresh account and they likely were not delaying his bets yet (they assume new accounts with lose so more than happy to take big bets).

So the account could ride a fast trending binary without getting a rejection.

IG probably suspect a well capitalised experienced binary trader was doing a hit and run job on them using this account as a proxy.

Serves them right, unless you think SB's should have a T&C clause stipulating that they reserve the right to cancel any trades resulting in a client making a profit.

 

[donaldduke]

Serves them right, unless you think SB's should have a T&C clause stipulating that they reserve the right to cancel any trades resulting in a client making a profit.

Their T&C state:

"A Bet will be initiated by you offering to open or close a Bet with us on an Index
at the level quoted by us. We may, acting reasonably, accept or reject your offer
at any time until the Bet has been executed.."

They can reject a bet for any 'resonable' reason.

They dont like to reject big bets made by newbs though.

 

[donaldduke]

The sub clause is actually:

(d) if you obtain the quote via the Electronic Betting Services, your offer to
open or close the Bet, and our acceptance of your offer, must be given while
the quote is still valid;


Thats the one they use to wriggle out of accepting binary bets above a certain size, since IG make up the quotes for binaries they can arbitrarily decide a quote is no longer valid by simply changing it.

 

[CityTrader]

Just asking

I've noticed OP tends to praise them every so often:whistling

Who me? I try to make the SB firms my friends not my foe... and I try not to whine when things go wrong. For example over the summer I had a problem with SpreadEx - I spoke to them , and we sorted it out. I'll never use them again, but we sorted out the issue.

If I ever have a serious problem with a SB firm, You may well hear about it!!

CT

 

[R.Charnock]

The sub clause is actually:

(d) if you obtain the quote via the Electronic Betting Services, your offer to
open or close the Bet, and our acceptance of your offer, must be given while
the quote is still valid;


Thats the one they use to wriggle out of accepting binary bets above a certain size, since IG make up the quotes for binaries they can arbitrarily decide a quote is no longer valid by simply changing it.

Great. They can move the goalposts at any time. No wonder Stuart Wheeler is so rich.

 

[tar]

I've just checked on The FSA website and there's no listed as registered.

IG are a Mid 250 publicly traded company. They are forecast to make roughly £180mil. I have traded with them for over 15 years. they may not be my first call to put on a SB, but I certainly have never had a problem with them. I find it hard to believe that they have scammed money from this guy...

Apparently if you want to make big money with SB without any issues : you should cover all T&Cs loopholes and you should be a swing trader , that way you may be ok with IG and other reputable brokers ....

 

[scholfield]

A new account deposits 35K and then proceeds to make 200% return in six hours betting mostly on stock index binaries, then stops trading and attempts to remove profits.

Sounds like he knew what he was doing! Must know some tricks unknown to us retail crowd.


Shame they wouldn't let him keep the winnings, though.

If he had lost laods of money, they'd NEVER have given it back to him based on the same grounds as those used to relieve him of it.

 

[gle101]

If this is a true story we don't know. I doubt it very much, if the stakes were smaller and would involved a lot of trades I might consider it to be genuine. Who in there right mind would bet £2000 on the indices with a bank roll like that? Not a newbie that is for sure, and not a pro unless he had hedge the bet somewhere else and was sure to be covered from making a big loss. This guy talks too much and is not to be taken seriously.

It is a shame that a IG representative do not comment on stories like this one, because money like this and words like "scam" is for sure to get the attention of traders and will hurt their goodwill unless commented on. Not that it will make any difference to IG, they are making loads of money anyway.

 

[tar]

I believe his story , don't know if IG has the right or not to cancel his winnings , but it is a shame that they had to find an excuse to close his account so soon and to cancel his big winnings , many details are missing here , we will never know the real story . As for the size he could be a rouge trader who works in the industry and has some extra cash , typical behavior we've seen many of them lately ....

 

[Lee Shepherd]

For anyone that is interested I have provided a link below which (if read in full) will help those who in particular:

Use spread betting companies.

And need to grasp a better understanding on how they work.

How do Spread Betting Companies make money?


Those of you who don't need not. If you're really that concerned then don't use them full stop and go DMA.

 

[Hoggums]

Watch this video. 2% of IGs clients make 50% of their revenue.

IG Group Swings Into H1 2012 Profit, Confident Outlook - CNBC

A company with demographics like this cannot afford to **** off it's winning clients with dodgy tactics.