For what it's worth to some people, I have heard the following process was followed by IG on closing EURCHF positions
- All client positions were first aggregated to ensure a "fair" price for all
- Then they tried to sell. I don't have the timestamps as to when the positions were finally aggregated and when they actually tried to close the EURCHF positions
I have also been told that most IG clients were eventually closed out at 0.9250 (9250) whilst some were closed out at 1.0055 (10055).
Oanda put their clients first. I don't know for sure if they had an outage or put a pause on their platform . However, they have wiped negative balances. This is a true sign of a client/customer focused company and they deserve recognition and respect.
When I was with IB, I remember that they warned about trailing stops because they said that they did it as a customer service. They could not place them on the exchange. Since they are very popular, could that be one reason for heavy losses?
I am negative with IGMARKETS at about $280K AUD.... My stop was at 1.200 but IG closed me out at 0.925.
Have spoken to someone at IG but he said he would get back to me as I have no way of paying this off... I am thinking about bankruptcy... I have no assets to sell to make way for this money.
I am in Australia and was hoping someeone could share any news about IG and are in the same boat
Thanks Mebz I will wait and see what they say first but not keeping my hopes up.
I will lodge with Financial Ombudsman Service Limited if IG cannot help me.
I'm not so sure what my rights are so I am very confused....
do not despair just yet. IG are a reputable company and those that are in the negative should pray they follow suit with Oanda and wipe off negative balances.
Their complaints team will get back within 8 weeks after which you can then get in touch with the FOS. However in the meantime pls work to get a group together. A coordinated team effort will be much more effective than individuals fighting alone.
Be strong...I know it's tough....but negativity begets more negativity. Stay strong and keep a clear mind...only then will potential solutions appear.