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IG Markets Reviews

2013/14 IG Markets Reviews

May 1, 2013 - Apr 30, 2014

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Current Ratings

I lost $800,000 trading with these guys. Thiefs need to be hung. Stay away.
- Reviewed by Andy, Jan 17, 2014. Rating = 1/10
Thanks to this forum and fellow reviewers. I have deceided to stop trading and get all my money out of my IG Markets account ( Now IG dot com dot au ). They will make you think that your successful to get your confidence up. Then after you have taken bigger and more risky trades. They start there cheating, and use many criminal tricks. Thanks to this forum .I know have realized that Ig Markets has changed there PDS for the fourth time this year. www.IG.com.au current Australian PDS "product disclosure document" is as follows. Electronic Transactions: Page 20 Paragraph 2 "We have no obligation to accept or to execute or Cancel".Also (Point(4)You acknowledge we have the right unilaterally and with immediate effect, to suspend or terminate at anytime, with or without cause or prior notice" Also 10. Manifest Error: Page 21, p1. We reserve the right to, without your consent, either void from the outset or amend the terms of any Transaction. Also this is hidden in the MISCELLANEOUS: page 28, p1, We reserve the right to Suspend your account at any time. If we Suspend your account, it means that: you will generally not be permitted to open any new Transactions or increase your exposure under your existing Transactions, but you will be permitted to close, part close or reduce your exposure to us under your existing Transactions; you will no longer be permitted to trade with us via our Electronic Trading Service, rather you will be required to trade with us via the phone( NOTE: PHONE!). Also read paragraph 7,8. PROVIDING A QUOTE: Page 18, p4, p2, p2-5,p3,p7. MARGIN AND MARGIN CALL PRACTICES: page 24, p6. THE SERVICES WE WILL PROVIDE: page 17, p3,p4,p4-b,p4-c,p5,p5-b,p8, MUST READ (P10). CONFLICTS OF INTEREST: Page18, p2-b,p2-d,p2-e,p2-f,p4. AGENTS is now located in DEALS PROCEDURES: Page 21, p1. COMMUINCATIONS: Page 23, P1,p3,p4,p9,p12,p13,p14. FORCE MAJEURE EVENTS: Page26, p1, p2, p2-b, p2c. These UK companies are being protected in Australi
a because we have an English/Welsh based legal system, they know the legalese loopholes. Bucketshop, professional criminals and all is true what some of the previous reviewers have written. There employees must inform the relevant authorities to take action. A whistle blower is a hero in my books!. Also to close your account you must call the dealer and force them to close all your orders. You can trust me because I have all ready done it. Thank you for saving me and my savings.
Note P,p = Paragraph
- Reviewed by David Stien, December 6, 2013. Rating = 1/10
IG Markets (IG Group) allegedly are a "Bucket shop" and "Boiler room shares". I have traded with this company since 2006. They are dispicable and there employee's must have no soul. One of the previous reviewers Damien, had a smart Idea to quote the legalese. He was right because there new "product disclosure document" has been changed. So I will now quote on what page's you must read. Starting with:Page 21 paragraph 2 "We have no obligation to accept or to excute or Cancel". Also (P) 3&4You acknowledge we have the right unilaterally and with immediate effect, to suspend or terminate at anytime, with or without cause or pior notice. All or any part of our electronic service. Page 19 paragraph 4: At our discrection, treat such a transaction as void. Also of the utmost importance read these pages and paragraph's, Page 4 (3.11, 7), P5 (3.11), P9 (4.1, 7.10), P16 (9.1), P18 (2.4,9,10), P19 (2.d, 3, 4, 7), P22 (9.1,10.1, 11.1), P23 (13.1, 13.2, 14), P29 (26.1,

7). Bucket shops were banned in America after the 1930s stock market crash. Why is the Australian Securities and Investments Commission protecting Cfd providers. I feel in my opinion they are traitors to all investors. Anyway please take screenshots, video and record all conversations. And never use there internal email(page23, *13.1). They are professional soulless criminals. Good luck Duff Cooper and Thank you to this forum for standing up for all of us!.

- Reviewed by Duff Cooper, September 22, 2013. Rating = 1/10

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2012/13 IG Markets Reviews

May 1, 2012 - Apr 30, 2013

Easy to use, good and knowledgable customer service but a lot of slippage and prices sometimes sticky. Also charting package as standard is not great.
- Reviewed by forexanalyst, February 22, 2013. Rating = 5/10
I always enter the market based on some indicators. When I doing it with the demo account, I was spot on. Mostly making winning trade. But once I open the real account, its different. Most of the time, the system always goes in the total opposite direction. Never happened with other systems. That's it, I'm done with IG Markets.
- Reviewed by SgTrader, November 30, 2012. Rating = 1/10
Lousy Services (Singapore).
Eur/Usd (0.8 entry spread) my order marked up to 2pips when even it offered 0.8.
Unable to close trade smoothly most of the times. I have withdraw all my balance monies out of IG Markets ( Singapore ) and will not trade with them anymore.
- Reviewed by Bob, July 23, 2012. Rating = 2/10

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2012/13 IG Markets Ratings
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2011/12 IG Markets Reviews

May 1, 2011 - Apr 30, 2012

I lost over $80,000 with them.
- Reviewed by fm, December 26, 2011. Rating = 1/10

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2011/12 IG Markets Ratings
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2010/11 IG Markets Reviews

May 1, 2010 - Apr 30, 2011

Good pricing.
- Reviewed by matka, April 28, 2011. Rating = 9/10
Great for new traders - to lose their money.
Great customer service - to tell you that, although other brokers don't record spikes that will tap you out - are sympathetic but unwilling to correct contrived errors that favor them.
- Reviewed by stoxanalyzer, January 18, 2011. Rating = 2/10

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2010/11 IG Markets Ratings
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2009/10 IG Markets Reviews

May 1, 2009 - Apr 30, 2010

I have been trading actively with both IG Markets and IBFX. To date, I've made more than 2,500 trades over the past 10 months so I can share some of my experience. Don't worry, I know I was over-trading, I have since become a more "normal" day trader.
IG Markets: they say many things but this is just another of my recent experience:
EurJpy Spread 3pips
Stop Loss: 124.08
Bid Max: 124.04
Stopped out at 124.11

I called IG Markets and after investigation, they agreed that it was "unfair" of their dealing desk. They refunded me 3pips. Fact is that my trade then turned profitable soon after, they didn't reinstate the trade. (I wasn't even asking for profit)

THIS IS NOT THE ONLY INCIDENT. I WAS TRYING TO TAKE PROFIT ONE DAY WHEN I COULD NOT. AFTER CALLING IG TO TAKE PROFIT MANUALLY BY PHONE, THEY SAID THAT MY TRADE HAD BEEN TAKEN OUT READY TO BE CLOSED BY THE DEALER AS IT WAS APPROACHING THE STOP LOSS, IT WAS NOT PUT BACK INTO THE SYSTEM WHICH IS WHY I WAS NOT ABLE TO CLOSE ON SCREEN. THIS COST ME QUITE A LOT OF PIPS AS IT TOOK A GOOD 3 MINUTES TO FINALLY GET THROUGH TO IG ON THAT DAY.

I've also been comparing different price feeds from other brokers to IG markets. IG markets' price feed is usually delayed, almost always usually among the slowest to change and among the most disadvantageous. From my experience, the other broker that is slower is CMC.

All brokers exist to make profits, it is just that there are some that do it very unethically as they have resources that we don't by practicing Stop Loss hunting, etc. Even many MT4 brokers do that. I have read that some ex-broker employees even admit to prices being spiked upto 15pips to take out SL positions.
As retail traders, we can only level the playing field by getting other brokers with better spreads, or no dealing desks. DON'T TOUCH THIS ROBBER FOR FX.

- Reviewed vjs55, July 30, 2010. Rating = 1/10
Hello there I open account 6 day ago with IG MARKETS what happen in 4 day trading with them on one day I get margin call cost me $1392.00 resin there platform was shut down for couple hours when i talk to them about this what they say you are responsible for you trade so that's it so know i have to see cftc watch they are big thief...;;;;do not open AC with them thank you if u.
- Reviewed by Darmind R, November 1, 2009. Rating = 1/10
Please do not trade with this lousy broker who will suck all your money. I think they have won a lot of money during 2009 crisis by closing your trades anyhow with no reason.
- Reviewed by Henry, September 4, 2009. Rating = 1/10

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2009/10 IG Markets Ratings
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2008/09 IG Markets Reviews

May 1, 2008 - Apr 30, 2009

I traded with ig markets for about 5 months of this year. They left me in peace until I started making real money about 4 weeks ago in the highly volatile market of the credit crisis. Repeatedly, they closed my platform down on me just as I was about to take my profit, 30,000USD, 40,000USD..., or to change my stop. When i restarted the platform, my profit had become a loss. I telephoned the help desk and was met with offers to close my trades for me! Another tactic i experienced was when I tried to close my position, the box went blue and froze. Sometimes I could close it by buying back, but not always. And each action cost me valuable seconds so that my profit was considerably less.

When I complained to them, repeatedly, I was told that my firefox was not in order, or my internet connection etc etc..and that they 'had never known such a case in 30 years', trying to make me believe it was my fault. I had one of their IT guys inside my computer for 3 hours, checking all my connections etc and he could find nothing wrong. Then, my last week trading with them, my platform closed again on me and I lost another 30,000USD. this time I spoke to one of their representatives in Australia who was pretty upset about it but could do nothing. On the following day, I was trading and was stopped out. My account balance showed -7888USD! I rang again - it was 20.00 GMT - to be told that my account had been frozen and I would have to wait until the next morning in London when the accounts team came in. At midday they unfroze my account.

I had been unable to access my account for 16 hours. On doing so I found my balance to be 0. I asked where my money was. They said it had been sent to my account in Hamburg Germany, a request which I never authorized verbally or in writing. This money took two weeks to reach my account in Hamburg instead of the promised 2-3 bank working days. My 'account manager', Mr Ben Critchley, informed me that the -7888USD was an 'electronic error'. I asked why did I have to foot that bill, ie why could I not trade and then be left with 0 on my account? He told me to write a complaint, which I did. I funded my account again by credit card. The following day he called me and said that the -7888USD had been an 'oversight in the accounts department' and that I was to exit my trades and my account would be closed and I was to take my business elsewhere. The remaining money on my account, used for one day, would be returned to me. This second transfer also took two weeks to reach my account in Hamburg. My iban and account numbers were all correct. Lloyds, IG's intermediary bank, apparently told IG that there had been 'missing information' - I asked what that 'missing information' could be as all the numbers were double-checked over and over again as a trace was sent out as what had happened to these TWO separate transfers, but I received no reply.

I had by then already opened an account with a broker in America whom I am pretty sure I can trust but I had no money to fund it with. I watched the market go by without me and even mailed Mr Ben Critchley telling him what would happen on the gbp next..which it did.

To add insult to injury, a sales trader, insinuated that i had tried to withdraw funds from them, causing the -7888USD. I have since been in touch with the Financial Service Authority, with whom IG are registered. I will be shortly filing an offical complaint with the compliance department with IG. if there is no satisfactory response - which I doubt, and I mean compensation (in the order of 150000USD) - then I will be taking this matter further.

I would be grateful if anyone who has had similar experiences with IG contact me under my email address jodycody@hotmail.com. IG is without doubt a disreputable broker who targets the small fish when they start to make money. I have met this in America and there are many sites which are full with their victims, but I thought IG in London would be different. Unfortunately for me not.

- Reviewed by Jody, November 26, 2008. Rating = 1/10
I made one trade with the help of a broker that guided me onto the wrong account and wiped out one half of my account on the first trade. (I called the trade and he set the stops). I placed the trade a full lot when it should have been a minilot. Now I can't trade with the remainder as I don't have enough money to cover a trade. I made a second trade that went from winner to loser before I could close the trade. 62% of my account gone. These are not responsible adults. These are children playing tricks on old people.
- Reviewed by delbertino, October 16, 2008. Rating = 1/10
Detected manipulation in pending trade. In fact the company changed the exit point.
- Reviewed by Teet, June 18, 2008. Rating = 6/10

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2008/09 IG Markets Ratings
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2007/08 IG Markets Reviews

May 1, 2007 - Apr 30, 2008

With this broker you can forget any kind of daytrading - you will lose for sure. You can only use them if you are ready to hold a position for ages.

Yes, they have great advertisement campaigns, they have a very good selection of pairs and low prices and very good customer support.

But unfortunately these people do not make their main profits from the spread. This is how they make their money:

They have a browser-based platform in which they have built in certain "mechanisms" which are supposed to prevent traders from making profitable trades on a reagular basis:

1) In many cases you will not be able to close your position online getting the message "Sorry , this market is not dealable".

That is why you are gonna need to call in and have the transaction closed manually. The idea behind that is that most FX traders will have an urgent reason to close a transaction immediately and if this is not allowed and they will need to call the broker then precious time is gonna get lost in which a losing transaction is gonna become more losing and a profitable transaction is gonna become less profitable - particularly in volatile times.

And I am specifically NOT talking about the NEWS time but about the NORMAL time. They do it on a regular basis

2) In many cases before placing a trade the platform will refuse to show you the current quotes but it will still be ready to open the transaction for you. This is made intentionally so they can increase the spread.

So these are the main problems which will make you lose regardless of your strategy. If you call their customer support they will be very friendly and will tell you that there are problems with Java on your computer which is why the platform may not work properly on your computer. This is of course non-sense.

In other words: They display the correct price and do NOT cheat there.But they do not pass on the risk to the market but play against your positions which means your profit = their loss and your loss = their profit

If you want to be successful on FX you should find a broker who pass on the risk to the market.If you take a broker who is playing against your positions to profit from your loss , then you will lose - even if you do have a great strategy.

It is absolutely fine if an FX broker increases the spreads during news time or even if the platform gets frozen.This will be the case with virtually all brokers.

But there are many brokers who play against your positions in normal times and this is where you should be careful - IG markets is one of those brokers.

- Reviewed by ANDREW M., July 26, 2007. Rating = 1/10

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2007/08 IG Markets Ratings
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2006/07 IG Markets Reviews

May 1, 2006 - Apr 30, 2007

Current Ratings

Customer service is quite good, however I had problems with the browser based interface as it didn't update properly.
- Reviewed by phil3526, March 22, 2007. Rating = 6/10
Lack of IT support. Busy market, busy phone line and internet platform. Unable to exit trades.
- Reviewed by John, September 22, 2006. Rating = 1/10

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2006/07 IG Markets Ratings
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