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Igmarkets.com Review

Overall Rating: (1.927)
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Total Reviews: 93
Last Updated: 2014-11-18
Special Notes:

Other websites of this company: IGFOREX.COM

 

2011-05-15 NOTE:  The FPA has heard from a couple of sources that IG is ceasing its operations in the USA.

Click here to join live discussion of Igmarkets.com on our forum
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FPA Review Moderation Team, USA

Rating: No Rating
Date of Post:2006-02-11
Review: We do not have any experience with this broker. If you have used them, please kindly submit your review above.

Bei Bei Lim, , Singapore

Rating:
Date of Post:2014-11-17
Review: Who is IG
IG is a market maker for Contract For Differences on shares, Forex and world stock market indexes.
Trading with IG
IG Markets has dealt the trades executed by their clients in two manners: Manual and Automatic dealing. In both manners, IG breaches the MAS administered laws. Further details and evidences will be provided below.
My cause
Over the past few years of trading with IG Asia, I have noticed several practices which are not in line with regulations put in place by regulatory boards (for eg, Monetary Authority of Singapore) and laws (for eg. Torts and contract law). These practices put traders at a disadvantage, and should not be tolerated. However, unless with great scrutiny, it is difficult to notice these anomalies. I have diligently put together many evidences after much analysis and evaluation and can confidently bring these practices to light.
Therefore, I am writing this article to inform traders and to garner support for my cause in advocating for fair trade within the CFD (Contract for Differences) trading industry.
Claims against IG (and evidences)
1) All automatic trades executed by clients are dealt in London, UK and not in Singapore as seen from the screenshot below.

This screenshot was taken from IG Singapore's trading portal. According to the MAS administered law, only CMS License holders are allowed to deal in securities. However, IG UK is not licenced and hence, is not authorized to deal with the trades of clients of IG Singapore. Based on this alone, IG has breached its contract.

MAS have confirmed in the email above that IG UK does not hold a CMS licence.
2) Similar to automatic trades, manual trades are also executed outside Singapore. They are executed by IG Australia. Therefore, these trades breach the contract as well.

IG has acknowledged that manual trades are handled internationally.
What you can do to help
I have started a petition on https://secure.avaaz.org/en/petition/IG_Markets_Ltd_Call_for_compensation_a_fair_and_transparent_trading_system_and_practices/?pv=8 to garner support and gather victims of these unfair trade practices. These supports will greatly aid us as they provide us with the grounds to raise the issue with the relevant authorities to stop these unfair practices from spreading. IG also must pay a price for their unlawful and unethical trading practices. It will be greatly appreciated if you could sign the petition to support this cause. Together, as traders, we can make this industry a fairer playing field.
Over the past years, I have gathered much evidences and information. This space http://igmarketsreviews.wordpress.com/ will be regularly updated with my findings and evidences. In the meantime, please do show your support by visiting and signing the petition.
https://secure.avaaz.org/en/petition/IG_Markets_Ltd_Call_for_compensation_a_fair_and_transparent_trading_system_and_practices/?pv=8

limayden, , Singapore

Rating:
Date of Post:2014-09-27
Review: Hi all,

Kindly go through to see whether you are affected and please inform those who you think that they are affected. Thank You.

I have recently started a petition against the unfair practices and trading systems of IG Markets Ltd on

http://www.avaaz.org/en/petition/IG_Markets_Ltd_Call_for_compensation_a_fair_and_transparent_trading_system_and_practices/?nLPupib

Please copy the link above and paste it at Google search engine and/or at the web address bar.

Through this, I hope to gather like minded people and victims and seek compensation. At the same time, I hope that this petition drives IG towards a more transparent and fair trading system.

A) All customers of IG Markets can be deemed to be victims of their unfair trade system and practices. Customers of IG Singapore will expect that trades are executed by IG Singapore. However, this is not the case as trades are executed by IG UK or IG Australia.
The execution of trade is a form of regulated activity. Only entities which hold a Capital Markets Services (CMS) licence such as IG Singapore are allowed to carry out the regulated activities prescribed under the Securities and Futures Act (SFA) according to the Monetary Authority of Singapore. IG UK or IG Australia, a sister entity of IG Singapore, does not hold a CMS licence and hence is not allowed to deal (such as accept and execute trades) with the customers of IG Singapore. Based on this, IG has breached their contract with the MAS. Hence, all customers of IG are affected.

B) IG Australia had delayed or withheld executing of trades to see whether IG would profit or lose from executing trades (IG Australia had rejected after delaying the trades although trades were executed at IG’s quoted price). This has resulted in a loss of profits as trades that were legit were subsequently rejected.

Thus, it is important for clients of IG Markets Ltd to stand together against these practices to fight for our rights as traders and to fight for a fair trading platform for everyone’s benefit. Clients of Stop Orders, Limit Order and Stop and Limit Related Orders may relate to this cause more as these orders are often routed for manual execution, which is often carried out in IG Australia (please be referred to point A above). These trades are then executed by IG Australia which is not a CMS licensee. Hence, IG had illegally executed the trades according to the evidences.
Over the past 2 years, I have been conducting research and analysis on IG Markets and managed to gather a relatively substantial list of evidences against IG’s unfair practices.
My Evidences include:
- Unreliability of IG’s trading platform,
- How IG manipulates my trades,
- Unfair and non-transparent reasons for the rejection of my trades
- Unauthorized execution of my trades (my trades were routed to IG Australia for manual execution when my trades must only be executed by IG Singapore)

Should you wish to contribute to my cause and to build a stronger case against IG Markets, do contact me at [email protected] Also, do sign the petition at the link above to support the cause. Thank you and I look forward to your support.

Rohan, Australia, Australia

Rating: No Rating
Date of Post:2014-04-09
Review: Please be aware that IG market provides false and misleading information to attract customers. I was told that i will be able to trade all size of contracts but after I opened the account they informed that I can trade minimum of 0.5 contract and that too for just 2 weeks only as a promotion and then minimum I have to trade is 1.0 contract.
I surprised to hear that and requested them for trade account with small contract size they just refused to do it. Hence, I told them it to close the account and they were barely bothered about it.

First time users and beginners please be aware about it that they do not deal in small contract size and minimum you can trade is 1.0 contract size which I suppose is too expensive for newbies and learners.

Shane Wilcock, , Australia

Rating:
Date of Post:2014-03-21
Review: I must admit I could have saved the $500,000+ Australian dollars that I was cheated out off by Ig Markets!.But they scammed me back in 2011. So I found this forum much to late which is such a pity for me. But I wish to help other people and stop these criminals known as IG Markets : www.ig.com/au. Also know in other countries as IG Group, and IG Index. This is there newest Product Disclosure Statement link starting March 2014 and its' here: http://www.ig.com/content/dam/publicsites/igcom/au/files/account/customer_agreement_au.pdf . They are professional criminals legal and are protected in Australia. It's true to the best of my knowlege to sell or close all your cfd positions you must call there dealer. There PDS is listed below:I will now quote on what page's you must read. Starting with:Page 21 8. Electronic Transactions,paragraph 2 "We have no obligation to accept or to excute 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. All or any part of our electronic service. Page 19 4 Providing a quote, Paragraph4: At our discretion, treat such a transaction as void. Also of the utmost importance read these pages and paragraph's, Page 4 (3.11), P5 (3.11), P9 (4.1 Margin & Margin Call Practices), P18 (2The Services we will provide(.3,4,5,8,10), P19 3 Conflict is Interest(1,2,2a,2b,3,4,5.), P22 Agents(9.1 ) 10 Manifest Error(1:We reserve the right to, without your consent, either void from the outset or amend the terms of any Transaction ,2,3),11 Orders, (1, 2 4th Paragraph) P23 (11 Orders, Point 4. B:We reserve the right to, without your consent, either void from the outset or amend the terms of any Transaction , C, F,G,H. Point 8 also 13. Communications (1). Page 24 13. Commucications (2),3,4,Point 13 and 14:. If, for any reason, we are unable to accept your offer electronically, we may, without obligation, provide you with further information advising you that your offer can be made by telephone as an alternative. And never ever use there internal email(page23, *13:Written offers to open or close a Transaction, including offers sent by fax, email (including a secure email sent via our Electronic Trading Service) or text message, will not be accepted or be effective for the purposes of this Agreement:). Keep up the fight against the bucketshop and the boiler room shares. To the Australian Securities and Investments Commission stop protecting these foreign companies and protect Australian investors. Thank you to this great forum and for the quotes used from the previous reviewers. http://www.ig.com/au there lastest link to there PDS. And I have added three photo's of there false advertisements they used to deceive and cheat me. How can an English company based in London be protected over Australian citizens!. Please have a look at these links below: http://postimg.org/image/687p5f2zd/ http://postimg.org/image/lzucsn2qt/ http://postimg.org/image/f235cni7v/

Manoliu Cristian, Bucharest, Romania

Rating:
Date of Post:2014-03-08
Review: I've wanted to open a new account at them and a guy called Jeff has asked me details about the annual earning and how much I want to invest at them, even them on their web-site they state that:'no minimum deposit required'. I've told them I would plan to invest 5000 E and the response was:
Dear Cristian,

Many thanks but unfortunately, that doesn't meet our minimum requirements to have an account so we cannot proceed at this time. If those figures come up in the future then feel free to get in touch and we can re-evaluate at that time.

Best regards,
Jeff
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William, Melbourne, Australia

Rating:
Date of Post:2014-02-23
Review: Stay away from this broker. Trust me. You are going to lose all your money 100% guarantee. They charge you a lot of ridiculous fees if you trade indices you see what i mean and also they manipulate stoploss to make sure you lose. They make you trade minimum 1 contract so you lose faster and incur more fees &charges. I'm an experienced trader who has made money with other broker now but never igmarkets. They are criminal broker. Stay away that's my advise.

Andrew, Sydney, Australia

Rating:
Date of Post:2014-01-17
Review: Something is not right with IG markets. Who knows what they get upto in their back office. Lost 1 million dollars trading with these criminals. shares and forex. As soon as you start to make money you loose everything. STAY AWAY

Amine, Holland, Netherlands

Rating:
Date of Post:2014-01-01
Review: I have to tell you that if you are a client to this broker get the money as fast as you can out off your account, if you want to become a client and starting to do a research on the web and seeing my review dont even think about this broker, in the agreement itself they are stating that they literately can do everything with your money what they want. i have lost all my funds, because this broker was just trying to do everything to make money on me. I was stupid not to read the agreement because i "trusted" them. Always do your research because in this world everyone wants to take your money.

Peter Stevens, , Australia

Rating:
Date of Post:2013-12-13
Review: I have also after reading this forum closed my account with this cfd or spread betting company listed here at www.ig.com.au formerly known as Ig Markets. Also know in other countries as Ig Group, and Ig Index. Mr B who wrote an excellent review on the 27th September 2013 had the right Product Disclosure Statement link and its' here: http://www.ig.com/au/customer-agreement . They are just a legal scam in my opinion and must be closed down. To sell your cfd or close out your positions you must call there dealer. There PDS is listed below:I will now quote on what page's you must read. Starting with:Page 21 8. Electronic Transactions,paragraph 2 "We have no obligation to accept or to excute 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 pior notice. All or any part of our electronic service. Page 19 4 Providing a quote, Paragraph4: At our discrection, treat such a transaction as void. Also of the utmost importance read these pages and paragraph's, Page 4 (3.11), P5 (3.11), P9 (4.1 Margin & Margin Call Practices), P18 (2The Services we will provide(.3,4,5,8,10), P19 3 Conflict is Interest(1,2,2a,2b,3,4,5.), P22 Agents(9.1 ) 10 Manifest Error(1,2,3),11 Orders, (1, 2 4th Paragraph) P23 (11 Orders, Point 4. B, C, F,G,H. Point 8 also 13. Communications (1). Page 24 13. Commucications (2),3,4,Point 13 and 14.And never ever use there internal email(page23, *13). Keep up the fight against the bucketshop and the boiler room shares. To the Australian Securities and Investments Commission stop protecting these foreign companies and protect Australian investors. Thank you to this great forum. www.ig.com.au there lastest link to there PDS. http://www.ig.com/content/dam/publicsites/igcom/au/files/account/customer_agreement_au.pdf
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