ig markets - a criminal broker

[jodycody]

I have just had bad bad experience with ig markets trading currencies. My platform kept closing just when i was going to take my profit or change a stop - on re-opening, I either had losses or less profit or been stopped out, usually by a pip or two.
when I tried to exit trades, the close box froze. Sometimes I could buy back a sell for instance but often I had to re-start the platform.
I am talking about normal trading times, not announcements.
I rang each time, as instructed by the help desk. Offers to close my trades manually don't make much sense when the horse has already left the stable.
Ig never noticed me until I started to make real money. On complaining, I was met with 'sympathy' and 'understanding'...both of which I do not need when I have just lost a lot of money because their platform 'malfunctions'. My firefox browser was blamed, my internet connection and basically it was all my fault. After having one of their IT guys in my computer for 3 hours, nothing changed. He could not find anything wrong anyway.
One evening they crashed me out and I had -7888USD on my ac count balance, technically impossible. They froze my platform and prevented me from trading for 16 hours until accounts could work out what was going on. I was told it was an 'electronic error' and later an 'oversight in the accounts department'. I asked why I had to foot the bill. No reply. When my account was finally unfrozen, my balance was zero. I asked where my money was and they said it had been sent to my bank account back home, a transfer I never authorized verbally or in writing. I was told to write a complaint, which I did and then my 'account manager' rang me and said I was to exit my trades, I would not be allowed to place new ones and my account would be closed because 'I continued to take issue with matters considered satisfactorily resolved'. I was told my money would be returned to my account back home within 2-3 bank working days - it took 2 weeks.

I had already joined a new broker by this time but I could not fund my account until the money from ig arrived. I sat and watched the market go by without me.

I am taking this further and would be grateful for any experiences others have had with these criminals. My email address is [email protected].

 

[everyonerich]

usually if youre serious about trading, 1st step u should do is have separate computer for trading. that means you only have the trading platform use on that computer, dont use it for surfing, chatting, skype or whatever it is except trading.

then you also need to make sure the computer has automatic updates turned on, that keeps your computer secure and getting the latest update. if your computer has virus or being hijacked all sorts of trouble can appear.

 

[TomTom]

Good comments everyonerich.
However when traders make some good money from these SB firms, from expierance there business is no longer welcomed.

This is clearley obstruction on the part of IG and should be followed up with relevent complaints.

SB firms are in the business of making money from clients, when clients take regular cash from them ( as headging / of setting trades is to costly ) the traders profit comes directly from there balance.

Two weeks ago this happened to me, I was long £700 on Dow my SB platfrom froze and got disconected.
I phoned the dealer and he asked if I wanted to close my trade as the market was in my favor.
I gave him a limmit and stop order and then he informed me he could not do this at the moment as there was a fault with his own software at the SB.

Needles to say I questioned this and as we were speaking the market broken out to the upside.

I asked if this conversation was been recorded, he said yes it was, I instructed him that I demand for this to be closed NOW .....! Guess what ? the SB at the SB office was working again, and the postion was closed for a nice profit.

Indeed this is obstruction/delay tacktick to stop me from closing the postion, 0n this occassion it was the SB firm that lossed thousands as the market brokeout in my direction.

The oppersite could have happened, the point I are making is when trading with large ££££ per point with SB firms , do not be surprised if strange things happen ......

 

[UKtradergirl]

...here we go again...!

when will people wake up and take responsibility for their own failings? If IG kept crashing on you why did you continue to trade it? Why not sort out your PC?

 

[tomorton]

There are many spreadbetting firms in the market, and bad service does not need to be tolerated.

For serious traders, at least one secondary account with another firm is important. With this, if the platform fails on your primary or you can't reach them by phone or whatever, at least you can hedge risk by opening an opposing position in the secondary account.

 

[TomTom]

Hi Tomortom, With all our advise on here most of the new traders should be of to a good start in this life, how long they survive thats another story.

 

[gooseman]

you do realise thatSB's have a net position and don't give a shiny sh1te about your position unless it is a big one.

have at least 3 accounts as a stop....

 

[Trader333]

There is nothing I can see in your post that could be classed as criminal behaviour by IG. There may well have been technical and or account issues but IG do not need your authorisation to return your funds to you if they decide that they wish to close your account. However, I agree that 2 weeks is completely unacceptable and you have good cause to complain. The fact that you feel you have lost opportunity because of this is not sufficient grounds for compensation and the markets will present many more as they always do.

What outcome are you hoping to achieve ?


Paul

 

[everyonerich]

There are many spreadbetting firms in the market, and bad service does not need to be tolerated.

For serious traders, at least one secondary account with another firm is important. With this, if the platform fails on your primary or you can't reach them by phone or whatever, at least you can hedge risk by opening an opposing position in the secondary account.

i dont think anyone can do that, if 1st account has hit your stop loss, whats the point going to hedge with 2nd account and for those trader doesnt use hedging strategy, its gonna be screw up their strategy?

 

[everyonerich]

Good comments everyonerich.
However when traders make some good money from these SB firms, from expierance there business is no longer welcomed.

This is clearley obstruction on the part of IG and should be followed up with relevent complaints.

SB firms are in the business of making money from clients, when clients take regular cash from them ( as headging / of setting trades is to costly ) the traders profit comes directly from there balance.

Two weeks ago this happened to me, I was long £700 on Dow my SB platfrom froze and got disconected.
I phoned the dealer and he asked if I wanted to close my trade as the market was in my favor.
I gave him a limmit and stop order and then he informed me he could not do this at the moment as there was a fault with his own software at the SB.

Needles to say I questioned this and as we were speaking the market broken out to the upside.

I asked if this conversation was been recorded, he said yes it was, I instructed him that I demand for this to be closed NOW .....! Guess what ? the SB at the SB office was working again, and the postion was closed for a nice profit.

Indeed this is obstruction/delay tacktick to stop me from closing the postion, 0n this occassion it was the SB firm that lossed thousands as the market brokeout in my direction.

The oppersite could have happened, the point I are making is when trading with large ££££ per point with SB firms , do not be surprised if strange things happen ......

thanks for reminding us.. :-0

 

[tomorton]

i dont think anyone can do that, if 1st account has hit your stop loss, whats the point going to hedge with 2nd account and for those trader doesnt use hedging strategy, its gonna be screw up their strategy?

Well, you assume every position has a stop-loss. Which it should. But many people, especially new traders, don't set stops, or they set them miles away from where they should be, or they use mental stops. Even if stops are set, some traders find the SB does not honour them, the SBs certainly don't guarantee them unless you specifically go for a guaranteed stop.

 

[SSINGH]

I've had similar issues of system crashing.... however i found a simple solution....

Internet explorer as a browser is very demanding on computer resources....now use Fire Fox....never had issues again!

Try downloading Fire Fox....a very stable platform browser

 

[jodycody]

ig markets

usually if youre serious about trading, 1st step u should do is have separate computer for trading. that means you only have the trading platform use on that computer, dont use it for surfing, chatting, skype or whatever it is except trading.

then you also need to make sure the computer has automatic updates turned on, that keeps your computer secure and getting the latest update. if your computer has virus or being hijacked all sorts of trouble can appear.

thank you for your advice. I have two high power laptops which I use exclusively for trading, nothing else. I also have the latest firefox (requested by ig) and 3 virus scanners. As I wrote, their IT guy was in my machine and found nothing wrong with anything. He could not explain my difficulties at all.

 

[jodycody]

ig markets

...here we go again...!

when will people wake up and take responsibility for their own failings? If IG kept crashing on you why did you continue to trade it? Why not sort out your PC?

My difficulties occurred with them when the amazing opportunities the strengthening of the dollar offered started - a period of about two weeks. I had no one else to trade with as I had to open a new account with a new broker and I was abroad at the time, so necessary papers to open the acount were at home. In the end I placed large stops and limits and did not scalp anymore. But by that time ig had closed my account on me 4 times, costing me a lot of money.
it is not easy at first to work out what is going on and when i was reassured, particularly by the IT guy, that all was in order, then I traded until my new broker had been put in place.
In retrospect I should have closed my account immediately with them, but in retrospect things are always easier.
I am new to this sort of criminality and believed what ig wanted me to believe at first - that is was my fault, although I could not work out why!!! This is called corporational psychopathy by the way.

 

[jodycody]

ig markets

There is nothing I can see in your post that could be classed as criminal behaviour by IG. There may well have been technical and or account issues but IG do not need your authorisation to return your funds to you if they decide that they wish to close your account. However, I agree that 2 weeks is completely unacceptable and you have good cause to complain. The fact that you feel you have lost opportunity because of this is not sufficient grounds for compensation and the markets will present many more as they always do.

What outcome are you hoping to achieve ?


Paul

forget the two week transfer time. I am complaining to them about the repeated closing of my platform and the inability to exit winning trades. They blamed me, claiming ignorance, insinuating this only happened to me. This is not true. Such tactics are typical of crooked brokers who target you only when you are making money.
visit www.forex*******s.com. There are many similar complaints regarding fxcm.

 

[SSINGH]

if you have a case and can substantiate and validate evidence....put it infront of a judge.

Every move made is simply in black and white....if there is evidence of sabotage, driven by a motive..then you have a case....you may win...then again you may not win....everyone has a chance....this is the beauty of democracy!

 

[Trader333]

and 3 virus scanners

Multiple virus scanners are well known for causing pc crashing issues because they are not mutually compatible.

uch tactics are typical of crooked brokers who target you only when you are making money.
visit www.forex*******s.com. There are many similar complaints regarding fxcm.

Yes I am very aware of the reputation of fxcm but not the same for IG. IG are by far the biggest SB company around and if they were that bad then there would be loads of complaints which there just isn't. There have been literally less than a handful that I have heard of and they do have customers placing huge trades with them. I am not affiliated with them but I have just not heard accusations of criminal activity about them before.


Paul

 

[jodycody]

ig markets

Multiple virus scanners are well known for causing pc crashing issues because they are not mutually compatible.



Yes I am very aware of the reputation of fxcm but not the same for IG. IG are by far the biggest SB company around and if they were that bad then there would be loads of complaints which there just isn't. There have been literally less than a handful that I have heard of and they do have customers placing huge trades with them. I am not affiliated with them but I have just not heard accusations of criminal activity about them before.


Paul

well what happened to me was not to do with my internet connection or browser, and the platform malfunctions only started to happen after I started making real money mainly shorting the gbp.
I have been in touch with the Financial Services Authority in London and they took me very seriously. I am in the process of putting together a complaint to ig, I have it all documented in a long email correspondence with the help desk as the 'malfunctions' occurred. The FSA want a copy. If I do not get a satisfactory response then the Ombudsman will become involved. If I had been with another broker I would be a great deal richer. My platform was closed on me ONLY when I had a large profit I was about to take. Ditto not being able to exit. Otherwise everything worked perfectly. 'Technical difficulties' as an excuse, is just not good enough. Trading is hard enough and if one cannot rely on one's tools, and nothing is found to be wrong on the customer end, then something else is going on.

I used to be with fxcm myself and changed to ig. Now I am with a different broker in the States, one I believe I can trust.

I have found complaints about ig on the web, very similar to mine, and the guy I spoke to in the FSA said there were discrepancies with them regarding spread-betting.

 

[jodycody]

Paul, if you are interested, I can send you a copy of the complaints email I will be putting together at the weekend. There are a lot of other things that happened that I did not mention in my original posting here. For instance, they crashed me out one evening and left me with a balance of -7888USD, technically not possible, froze may account for 16 hours 'to investigate' and then reopened it with zero. The money I had been trading with had been sent TT to my account back home, not a request I made verbally or in writing. I was told that the -7888 had been caused first by an 'electronic error', then by an 'oversight in the acounts department (who had gone home 3 hours before). I was told to write a complaint to the help desk, which I did. Upon receiving it they closed my account and told me to go elsewhere, which I was in the process of doing. The reason for my account closure was 'continuing to take issue with matters satisfactorily resolved'. basically I was a nuisance. and they had stripped me so I was no longer of interest.

their accounts department is also incompetent and made many errors in communicating with the help desk, their front men. I cannot believe that they can do proper business with anybody. There were so many mistakes, from minor to major

 

[everyonerich]

wow.. so i wondered what broker in states you are using now? or which broker planning to use?