IG is very dodgy, be careful. Its a scam IMO

U

ukstockbroke

Junior member
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started trading indicies and stocks on IG with their spreads a few weeks ago.

I deposited, after a week or so, I was up 10%. Happy enough.

Last week i then shorted the dax on a very obvious set up, the dax kindly followed the plan and tumbled (this short TF BTW), im watching the live price on one screen and watching my profit figure, i was in around £20 profit after a minute or so, the dax continued to slide, it went down a further 100% from when i was at £20 profit. The dax continued to slide and my profit in IG stayed the same and then started decreasing! The IG price was literally doing the opposite to the real world price.
The more the move went in my favour, the lower my profit got, in the end, my profit in the trade went down to £5, despite the live chart on yahoo and trading view both confirming the dax was sliding.

I brushed this off as a one off, but i was obviously very concerned.

This exact scenario then happened another two times in the following two days. Although those were buys this time.

I contacted customer service and their excuse was "our prices are adjusted for fair value"

ADJUSTED FOR FAIR VALUE LMAO

By this point last week, my account was still up 10%, but i withdrew all my funds, because this could easily have gone against me and IG are simply making up prices/movements to suit them.

I suspect they were losing quite alot of money on these index runs bc it was really running and the set ups were fairly easy so I suspect a lot of people were on board and IG seem to have it set up to manipulate the price so they cant lose too big.

This may sounds like a conspiracy but this is unfortunately the case. I wish it wasn't the case because I really liked their platform and was doing well.

This is just a warning for anyone who googles IG and scam etc.

Im not on a crusade, but i would encourage anyone who decides to get an ig account to closely monitor their profit when in a trade and monitor the movement of the price on trust worthy places like trading view or yahoo.

good luck.
 
I'm wondering if the "live" price charts you refer to actually have a built-in delay. I haven't used Yahoo charts for years but they always used to be 15 minutes behind the real time.
 
I dont suppose its possible to get the data they were "quoting" for that period? That way we could compare that data to the actual price from the exchange and see how far away they were. I would be extremely surprised if the price was really far apart and there would be some other explanation than fair value
 
ukstockbroke said:
started trading indicies and stocks on IG with their spreads a few weeks ago.

I deposited, after a week or so, I was up 10%. Happy enough.

Last week i then shorted the dax on a very obvious set up, the dax kindly followed the plan and tumbled (this short TF BTW), im watching the live price on one screen and watching my profit figure, i was in around £20 profit after a minute or so, the dax continued to slide, it went down a further 100% from when i was at £20 profit. The dax continued to slide and my profit in IG stayed the same and then started decreasing! The IG price was literally doing the opposite to the real world price.
The more the move went in my favour, the lower my profit got, in the end, my profit in the trade went down to £5, despite the live chart on yahoo and trading view both confirming the dax was sliding.

I brushed this off as a one off, but i was obviously very concerned.

This exact scenario then happened another two times in the following two days. Although those were buys this time.

I contacted customer service and their excuse was "our prices are adjusted for fair value"

ADJUSTED FOR FAIR VALUE LMAO

By this point last week, my account was still up 10%, but i withdrew all my funds, because this could easily have gone against me and IG are simply making up prices/movements to suit them.

I suspect they were losing quite alot of money on these index runs bc it was really running and the set ups were fairly easy so I suspect a lot of people were on board and IG seem to have it set up to manipulate the price so they cant lose too big.

This may sounds like a conspiracy but this is unfortunately the case. I wish it wasn't the case because I really liked their platform and was doing well.

This is just a warning for anyone who googles IG and scam etc.

Im not on a crusade, but i would encourage anyone who decides to get an ig account to closely monitor their profit when in a trade and monitor the movement of the price on trust worthy places like trading view or yahoo.

good luck.
Click to expand...

Yahoo pricing !

Do me a favour.
 
tomorton said:
I'm wondering if the "live" price charts you refer to actually have a built-in delay. I haven't used Yahoo charts for years but they always used to be 15 minutes behind the real time.
Click to expand...


No I was using trading view live prices. I also have yahoo in the background but mainly for my scan.


1nvest said:
I dont suppose its possible to get the data they were "quoting" for that period? That way we could compare that data to the actual price from the exchange and see how far away they were. I would be extremely surprised if the price was really far apart and there would be some other explanation than fair value
Click to expand...

Everyone instantly assumes it’s bs and ig can do no wrong.
I’ve done my part, I’ve let ppl know. Now it’s up to you reading this to either ignore me completely or realise there may be something going on with their manipulation.

This happened to me 3 times in 3 days on the dax. I am not an idiot, I can see the price on Trading view and the movement started to follow then change as the dax continued to tumble.

Just to make this clear, I was very profitable on ig, loved their easy to use platform etc but the very obvious manipulation of price movement was scary and super disappointing given my progress.

I’ve since decided to stick with traditional brokers. At least there is no “adjusting for fair value” lmao. Why would they need to adjust the price? It’s a clause for them to get away with manipulation of movement when their in the red.

I suspect the trades I’m referring to have been big losers for IG, simply bc the set ups were so easy and obvious I’d imagine any half decent trader would want to get involved in the movements. IG is a scam at worst or very dodgy and manipulative at best.

counter_violent said:
Do me a favour.
Click to expand...

Brain cells, do me a favour!
 
ukstockbroke said:
No I was using trading view live prices. I also have yahoo in the background but mainly for my scan.




Everyone instantly assumes it’s bs and ig can do no wrong.
I’ve done my part, I’ve let ppl know. Now it’s up to you reading this to either ignore me completely or realise there may be something going on with their manipulation.

This happened to me 3 times in 3 days on the dax. I am not an idiot, I can see the price on Trading view and the movement started to follow then change as the dax continued to tumble.

Just to make this clear, I was very profitable on ig, loved their easy to use platform etc but the very obvious manipulation of price movement was scary and super disappointing given my progress.

I’ve since decided to stick with traditional brokers. At least there is no “adjusting for fair value” lmao. Why would they need to adjust the price? It’s a clause for them to get away with manipulation of movement when their in the red.

I suspect the trades I’m referring to have been big losers for IG, simply bc the set ups were so easy and obvious I’d imagine any half decent trader would want to get involved in the movements. IG is a scam at worst or very dodgy and manipulative at best.



Brain cells, do me a favour!
Click to expand...
buddy, im just trying to help..i dont assume its BS or that IG can do wrong, they can do alot wrong
hope you get it sorted anyway
 
1nvest said:
buddy, im just trying to help..i dont assume its BS or that IG can do wrong, they can do alot wrong
hope you get it sorted anyway
Click to expand...
Yeah it’s cool, just I noticed no one wants to hear any bad news about IG .

I’m not going to get it sorted, it’s impossible. Luckily I exited the trades in profit so I’ve withdrawn everything and moved over to a real broker.

Thanks
 
For the record, I don't have an account with IG. I do have a demo account with them but haven't used it for a long time.
 
I may just be lucky, or naive, but I have used the broker in question for many years and have never had a problem with them.
 
While not in anyway taking away the op's concerns regarding his views and thank you ukstockbroke for raising them, I believe this possibly a situation of differentials between Dax cash and Dax future pricing.

Yahoo and, as far as I am aware, trading view will be Dax cash, we have little information on what the op was actually looking at, but that's my view until corrected.

IG make a Dax cash market by taking the futures price and adjusting for fair value.

So by following cash price (yahoo, trading view) and by creating a strategy from that price, there will be inevitably be situations where those prices differ from IG price.

Maybe a good idea if ukstockbroke posted a pic of IG chart alongside yahoo and trading view charts, although I realise that probably no longer possible.

​

 
Oh how many times do people lose a trade and claim the broker is dodgy, a cheat etc !!! Some are, for sure, but the established ones don't need to.
I would second @Lightning McQueen observations. You are likely looking at 2 different charts for the same instrument. By your own admission @ukstockbroke, you are new to spreadbetting, and there is a fair bit to learn, and is different from conventional share trading, or even standard CFD trading. One thing which many people completely overlook is that when you are spreadbetting you are using a bookmaker- and he can set whatever price he wants. SBs obviously use an underlying market, but then they all use an algorithm to set prices.
Back in the day this was something you could use to your advantage; many SBs had slightly different algos and you could find arbitrage opportunities, particularly as cash markets settled daily.
I SB indices a lot, (opened first account in 2003) and use 3 different companies for various reasons. However, their pricing is almost identical these days, so the arbing opps have gone.
Anyway there are plenty of us who will willingly help you look at the scenario you found yourself in, if you are happy to divulge some more details.
 
Last edited:
IlIlIlIlI said:
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Click to expand...
Just need to be careful with looking at scores in isolation. Quick glance of the page gives the impression IG is dreadful, but if you then compare IG with CMC and City Index, probably the next two biggest spread betting brokers in the UK, it tells a different story.

IG - 1.748/5
CMC - 1.68/5
City Index - 1.432/5

Like @Chad Seven I'm also using IG and never had a problem, but then I'm not scalping/day-trading, so am unable to comment on such a short timeframe.

As always DYOR.
 
No not seeing that, no delay apparent on Dax on yahoo.

2022-04-06 (1).png
 
Not sure I'm doing anything, no subscribe buttons for live feeds etc. Possibly I'm posting misinformation and there's a glitch making it look live when it in fact isn't.
 
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