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Discuss IG.com (was Igmarkets.com)

General discussions of a financial company
IGM staff - what's not to put on a CV

Senior Sales Trader and Associate Director at IG Markets (Australia)

Broker sued for losing $171,000 kitty
The Age November 9 2002
By Leon Gettler

A broking operation now owned by the Kerry Packer-backed Challenger International is the latest to be hit with a lawsuit from an investor for alleged losses.

Investor Michael Paproth and his company MJP Holdings are suing Challenger's broking arm, Challenger First Pacific, over claims that investments made more than two years ago by the private-client operations of Credit Suisse First Boston had resulted in them losing all of an $171,000 investment. Challenger acquired the CSFB business at the end of last year, and Challenger managing director Bill Ireland said the allegations focused on events that took place before then so Challenger carried none of the liabilities.

"We have been indemnified against all claims," Mr Ireland said.

The impending court battle follows the landmark $1 million court judgment against Perth-based stockbroker Hartley Poynton earlier this year after a bitter legal dispute with a former client.

Mr Paproth's lawyers are Slater & Gordon, the law firm that secured the judgment against Hartley Poynton.

Mr Paproth yesterday lodged a statement of claim in the Victorian Supreme Court alleging the broker had, from June 1999 to December 2000, traded more than $8 million worth of shares "for the dominant purpose of creating brokerage fees, rather than for the advancement and protection of the best interests of the plaintiffs".

Mr Paproth, who was 22 at the time and working as a real estate agent, had invested $171,000 with CSFB to trade on the market. Most of the money had been borrowed.

"During a period of excessive trading and rampant churning activity, the broker charged brokerage fees of $152,967," the statement said.

"The reckless trading activity was characterised by an irrational method of acquiring and disposing stocks akin to 'gambling' and was highly concentrated in speculative stocks including an over-exposure to the technology sector in disregard of any diversification or stop-loss strategy."

The statement of claim said that Jason Andor, then a CSFB employee, had told Mr Paproth he would make huge financial returns with Mr Andor using his "skill and judgment to pick margins".

Mr Andor had allegedly told his client he could make money for him by trading on the broker's credit facility and "that it was normal and prudent business practice for brokers to undertake trades on credit even though a client did not have the capacity to pay for the stock".

The statement of claim says that Mr Andor claimed he was one of the most credentialled and experienced sharebrokers at CSFB, that he was "sixth nationally" and that he had been head-hunted by CSFB to look after clients such as Kerry Packer.

But according to the statement, these were false claims. It said Mr Andor was not a well regarded or experienced broker and that he was not head-hunted to look after high-profile clients.

It is believed that Mr Andor no longer works for the firm.
IG Index

I wuold like to add to the story, IG Index are dirty they do hunt your stops ,i had heard so much about this from other traders,but i blamed myself for an other bad trade,so i put an order to open at such a level went for a coffee came back trade had triggered and lost could not see how on my charts called them up,i was told to look at tick charts,the next time i had put an order pending i returned to my shock it had triggered again i was down again so i put another order higher with bigger lot size and would you believe market went up,i closed my trade for a small lose and cancelled pending order be careful people theres alot off sharks out there what chance have we got
I wish to clarify a post I wrote regarding IG Markets

IG Markets is a Multi Billion Dollar public company with whom I have traded with for years. I said I had not been notified about their closing of the Chicago office. This was wrong. All mail from IG was deposited in an IG folder based upon sender information. During the month before their closing I received almost 3600 email messages which were deposited in the IG folder. The message about their closing in Chicago did not have the same sender information so Outlook rejected it. The truth is IG is still very much alive. They simply decided not to trade spot Forex in the US. If you are a US resident you can still trade Forex on IG Markets platform Called Nadex. It is more of a futures based platform based upon quotes from the Chicago Mercantile Exchange. If you are familiar with Spread Betting, which is so popular in the UK you may love it. I have never had an issue with the three Brokers I currently trade with which include Dukascopy, IG and PFG. Here is a word of warning. If you think you are trading with Deutsche Bank by using DBFX you are not. Up till recently DBFX was operated by FXCM which is embroiled in a Federal class action lawsuit for Fraud and Racketeering. More recently Deutsche Bank contracted with Gain Capital or Forex.com which was just fined almost half a billion dollars and ordered to make restitution by the NFA for defrauding their customers.

Alex Findlay
IG has some good points, and some bad points...

Good points so far, they have positive SWAPS on pairs when applicable; they have a peculiar way of working with SWAPS than most brokers, they charge it per day...depending on your trading, this can make things a bit clearer.

Bad points.....REQUOTES!!!!!!!!!!!!!! They have a ton of requotes!!!!! I have more than 600 per week!!! They basically blame it on a slow connection???? I am trading with 10 different brokers from the same point, all london based, and I only have issues with IG. I've had this problem with them since last year, NO ACTION FROM IG TO ELIMINATE THE REQUOTES ISSUE....

I'm not too keen on recommending them, even though I have nothing outside of requotes at this point to call a huge negative either....

Will keep on updating this thread.
Hi FPA and fellow members, just this week i had a very bad experience with IG markets which resulted in a bad trade. so what happened? On Monday, on their MT4 platform’s server time 0815hrs, no candles were painting across all currency pairs until 0900hrs. this caused my custom indicators to go haywire and there is no way i can employ my trade management strategies with their missing candles.
Because trading with their web based platform with guaranteed SL will require much less margin, i make my analysis on their MT4 charts but executed my trades on the web based platform.
But just after i entered a trade, the candles stopped painting! Desperate, I closed in my SL as the market moved in my favour which eventually i got stopped out in losses. I then realised the missing candles were across all their currebcy pairs including Bitcoin. Just what are they trying to do? Mess up with me! I cannot imagine continuing to take trades with them if i did not realise the candles were missing!
While i complained to them, their online help desk told me it could be an isolated issue affecting me only. sounds fishy right? they eventually acknowledged the issue about the missing candles but refused to bear responsibilty for my losses incurred due to their missing candles, but tried offering me a hundred dollars to as a goodwill gesture which i refused so i can shate my bad experience with them here. i have lots of screenshots to back up my claims by the way.
Anyone having trouble with IG ???

Cant connect to account.

Emails being blocked.

Feedback appreciated.