New bet sizes from IG Index *scandalous*

[D70]

If you have an account with IG Index you will probably have received an email about bet size minimums being increased.

Real shame IG Index have done this. They are removing flexibility and I believe, killing their own market just to make a little more on the bottom line.

They did the same thing a few years ago on their binary bets. The spread used to be 2. It's now 5 in some cases. Guess what, no one with any sense trades them anymore.

IG Index have increased minimum bet size on the spooz to 20. This basically takes away any 'I want to have a dabble at this trading thing' and makes it a lotto. A pure over leveraged gamble for the small retail trader. (My guess is they dont want any retail traders to trade with them anymore).

I'm pretty sure IG Index will never overturn this decision but personally, having had an account with them for over a decade. This move makes me seriously consider whether I should be using them at all in the future.

To me this is a pure reflection of greed. They are putting the bottom line before the customer. That always results in tears.

Good luck IG Index.

 

[BeginnerJoe]

Who cares. It's not like there are no other ways to gamble. If one casino doesn't do what you want, just go next door.

 

[dazzer_fx]

If you have an account with IG Index you will probably have received an email about bet size minimums being increased.

Real shame IG Index have done this. They are removing flexibility and I believe, killing their own market just to make a little more on the bottom line.

They did the same thing a few years ago on their binary bets. The spread used to be 2. It's now 5 in some cases. Guess what, no one with any sense trades them anymore.

IG Index have increased minimum bet size on the spooz to 20. This basically takes away any 'I want to have a dabble at this trading thing' and makes it a lotto. A pure over leveraged gamble for the small retail trader. (My guess is they dont want any retail traders to trade with them anymore).

I'm pretty sure IG Index will never overturn this decision but personally, having had an account with them for over a decade. This move makes me seriously consider whether I should be using them at all in the future.

To me this is a pure reflection of greed. They are putting the bottom line before the customer. That always results in tears.

Good luck IG Index.

Does seem a bit strange to put the spooz up to £20 considering they are 50p
on the eurusd, if you compare their atr's spooz should be around £5. Just shows
small time forex fodder are their bread & butter, small bet indice players must be
less profitable for them.

 

[D70]

Does seem a bit strange to put the spooz up to £20 considering they are 50p
on the eurusd, if you compare their atr's spooz should be around £5. Just shows
small time forex fodder are their bread & butter, small bet indice players must be
less profitable for them.

Forex majors are changing from 50p to £1.

I'm going to look around other brokers, altho with this change it's probably best to just trade with IB now, IG Index (for me) are playing themselves slowly out of the market. There binaries are dead, their charting package is prone to crashing. Now this change in minimum bet sizes. It's the straw that broke the camels back.

I'd like to hear an IG representative defend the change.

 

[D70]

They are a listed company with shareholders, of course they put the bottom line before the client


Dolars.
They do so at their peril.
If you take care of your customers your bottom line takes care of itself.
Ps. What was your nic before you started this new one?

 

[tar]

It is either SPX or ES nobody calls it Spooz ..

Back to your point i think the minimum bet with Cityindex for the SP500 is 1 p/p

 

[donaldduke]

IG Index have increased minimum bet size on the spooz to 20..
having had an account with them for over a decade.

£20pp is still less than 1 e-mini lot.
So after over a decade with them you still trading size less than 1 mini size??

 

[malaguti]

i just hope others don't follow suit. I stopped as they put up the FTSE to £2 and SPX to 10 and that was some time ago

 

[LDIR]

Seems like they dont want to waste their time with Pikers any more.

 

[Pferd]

In CFDs they also changed the spreads and minimum contract requirements, ie: Mini-Dax you can only trade now from 2 contracts onwards. If you trade the bigger contracts (1pt. - 5 EUR & 1pt. - 25 EUR) the spreads and minimum contract requirements remain unchanged.

I guess it is a sign of the times. (Small) Retail trading is dying slowly while there is no volatility. So probably for the time being their strategy is to concentrate in less clients but with a higher volume traded per client.

I can really not blame them. I am sure they have to look after their business as any other person would do in these difficult times.

This low volatily enviroment reminds me of the Libor Scandal. It seems there is "a hand" behind it. Seems incredible that the markets are not even allowed to do corrections anymore, let alone crashes. They are going straight up to all time highs. Apart from Gold & Silver which against all logic are going down.

Probably what it is left on the market these days are just primary or very big dealers selling and reselling shares to each other. Otherwise I can not understand what is going on. At least has no relation with the anecdotal evidence we can hear from friends and family in the outside world.

Sometimes I wonder if the financial situation of the world is far worse than we know.

Enough complaining for a Sunday......

 

[China Diapers]

Would be interesting to get Simon at Capitals Spreads take on this

 

[tar]

Just trade ETFs on leverage , i recall the minimum bet was 25 pence for US shares , what is it now ?

 

[Trader333]

(My guess is they dont want any retail traders to trade with them anymore).

I am not sure what you meant by this but I am guessing that they are trying to get away from small account users where there will be little if any profit. When businesses get hit by harder times they always make changes so this is not entirely surprising.

 

[Vasco da Banana]

Would be interesting to get Simon at Capitals Spreads take on this

He'll probably send a late Christmas prezzie to IG, thanking them for all the extra business it brings to CS.

 

[Vasco da Banana]

It is either SPX or ES nobody calls it Spooz ..

Americans do, but they always have trouble speaking English.

 

[trendie]

They are a listed company with shareholders, of course they put the bottom line before the client


Dolars.
They do so at their peril.
If you take care of your customers your bottom line takes care of itself.
Ps. What was your nic before you started this new one?

They are looking after their clients.
They are looking after their profitable (to them) clients over those that are simply an overhead.
From the point of view of sweeping away a large proportion of those traders that make no money for the company, yet are an admin and resource overhead, it makes sense.
No different to only targeting high net worth types for their games.
Using the casino analogy, giving the high-rollers freebies to keep them playing at their tables.

Its just business.

 

[gedward3]

In CFDs they also changed the spreads and minimum contract requirements, ie: Mini-Dax you can only trade now from 2 contracts onwards. If you trade the bigger contracts (1pt. - 5 EUR & 1pt. - 25 EUR) the spreads and minimum contract requirements remain unchanged.

I guess it is a sign of the times. (Small) Retail trading is dying slowly while there is no volatility. So probably for the time being their strategy is to concentrate in less clients but with a higher volume traded per client.

I can really not blame them. I am sure they have to look after their business as any other person would do in these difficult times.

This low volatily enviroment reminds me of the Libor Scandal. It seems there is "a hand" behind it. Seems incredible that the markets are not even allowed to do corrections anymore, let alone crashes. They are going straight up to all time highs. Apart from Gold & Silver which against all logic are going down.

Probably what it is left on the market these days are just primary or very big dealers selling and reselling shares to each other. Otherwise I can not understand what is going on. At least has no relation with the anecdotal evidence we can hear from friends and family in the outside world.

Sometimes I wonder if the financial situation of the world is far worse than we know.

Enough complaining for a Sunday......

I thought the low volatiliy was because Quantative Easing is stopping and hence the banks have hoovered up all the dosh from the governments. The banks have pushed the markets up to give the feel good factor. The fiscal cliff has been can kicked again and were just waiting for another correction in the markets.

 

[hacks]

IG Index have always had minimum bet sizes larger than average. I remember in 2001 when I opened both an IG Index and a CMC Markets account, I traded with CMC more because their minimum size on indices was £1 whereas with IG it was £2.

 

[BeginnerJoe]

I have no experience of indices. Can someone explain why ig can't make money from indices but can from forex ? This seems to suggest more people are winning in indices . What am I missing ?

If the casino refuses to play a game, it's a sure sign that's a game worth getting into.

 

[hacks]

I have no experience of indices. Can someone explain why ig can't make money from indices but can from forex ? This seems to suggest more people are winning in indices . What am I missing ?

Simon from Capital Spreads said that more people lose on Forex than they do on indices.