IG.com Review

★★★☆☆
3.4 / 5
70% of users recommend this
  • Customer Service

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Guest's review of IG.com

★☆☆☆☆

“Hi all, beware the spreadbetters particularly IG...”

Written on: 23/02/2010

Hi all, beware the spreadbetters particularly IG Index, who have relieved my account of £20000 by changing their Terms and Conditions whilst I was already in some trades. I wanted to make sure that it didn't happen to anyone else.



I have an account with IG and trade S&P futures contracts (from June) which expired in Dec 09. I had 6/7 short trades on but the market was going up (the futures contracts didn't expire until December so there was still plenty of time for them to get back into the black)! IG panicked and demanded by email that I increase my account to cover margin. I didn't see the email as I was working in Woking and whilst driving home started to receive constant text messages and when I got home an hour later, I saw the texts were from IG closing my trades. I instantly called them and was told that I hadn't provided the required margin so they closed all of my trades. I explained that I was working in Woking and hadn't seen the email and only found out when they texted me closing the trades - I explained that I had the funds available in my bank account.



Previously, before the change of Terms and Conditions, I was phoned and then emailed by IG concerning margin. Each and every time I was asked for margin - I duly supplied it on time. I even had an agreement that I would supply the margin within 10 days, which again I duly obliged each and every time. IG then changed their Terms and Conditions, the margin was due immediately - I believe that to be Unfair Contract Terms.



To cut a long story short, they wouldn't reinstate my trades even though I had the margin money in my bank account to cover the shortfall. I wrote to their Compliance Department and they basically said 'we can do what we want' - this seems to me to be a licence to print money off unsuspecting punters? They will not return my money nor reinstate the trades (though it is far too late to reinstate the trades now) and said if I was still unhappy my next step was to go to the Financial Ombudsman Service - who take 2 years to answer complaints and they know that.



My message is therefore read every little bit of the T's and C's, even the bit where it states that they can change the T's and C's at any time they wish, therefore - DO NOT USE IG INDEX IF YOU VALUE YOUR MONEY.



I have written to Watchdog, The One Show and local newspapers - bought 2 domain names IGIndexarecheats.com and IGIndexarecheats.co.uk and I will hopefully, with help from all of you guys, get to the top of the Google search list and stop people from falling into the same trap, by everyone reading this before opening an account.



All I want is my money back - IG's legal Department have now threatened to take legal action against me for setting up this website, saying it was defamatory. I will be duly informing all the bodies above and will not stop now until I gain a listing on the front page of Google.



Any help you can offer to assist me to achieve this would be greatly appreciated, thanks



Richard

[email protected]

  • Value For Money

Sissi60's Comment

Written on: 07/05/2010

I found this review very helpful because IG relieved also my account of £10000.they had adjusted my opening price to my detriment,they use any king of methods to"take" your money:the custom service don't care.as soon as your money is in ig index,it becomes their money!

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Trader123's Comment

Written on: 21/09/2012

what a load of nonsense. only two words of advice,,,RISK MANAGEMENT.

think the reply on 21/06/2011 summed it up pretty well.

somehow its always the broker who gets blamed,,,,,,,,,,,what's that thing about tools and a bad workman??,,,,,oh yeah,,,,,,

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Stardog32's Comment

Written on: 25/09/2011

If your bets have \"plenty of time for them to get back into the black\", that's therefore plenty of time for them to go even more pear-shaped.

If £20k is your loss when the trades were closed 'early', how on earth large were your stops?

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Guest's Comment

Written on: 01/08/2011

Hi Richard,
Sorry to hear about your loss, if you play with company's like this what do you expect. Go and trade with the real people who have S&P futures or options plays, sound like you have some money forget spread betting, sign a W8 and start making money with real-time trades. The best way to go is USA company's as they are real traders and not kids like the Muppets @ IG index good luck.

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Guest's Comment

Written on: 21/06/2011

There are so many clues that you're a terrible trader here.

1. "I had 6/7 short trades on but the market was going up (the futures contracts didn't expire until December so there was still plenty of time for them to get back into the black."

You're in denial of losing positions and are in hope mode. Classic loser behaviour.

2. "IG panicked and demanded by email that I increase my account to cover margin."

In other words, you were trading position sizes so big that they were about to wipe out your account. Do you know that a fundamental part of trading is never to risk more then 2% of trading capital on any one trade, or a total of 6% on all open trades? Yet, here you were risking 100% of your account!

3. "I explained that I was working in Woking and hadn't seen the email."

Who cares? Do you think the market cares what you're doing? If you choose not to keep enough on deposit at IG but to keep it in your bank, that's your look-out.

To be honest, you should be thanking IG that they closed your positions for you rather then letting them slide futher and further against you.

4."All I want is my money back."

What can I say?! You trade reckless positions because you want to get rich quick, and when the market moves against you, you decide it's unfair and you want your money back!

Before you loose all your money, I would advise reading some introductory books to trading, and stop blaming others.






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