IG Review

1/20/21The withdrawals that I made have cleared and are back in my bank account. I received an email from the trade desk, that outlined everything that was needed and was very helpful. If an account is closed you can call the bank and receive statements for up to 7 years. Below is the email. This was a good lesson for me, and is why I am sharing it here. It is very important to document everything, and keep your bank statements with deposit/withdrawal transactions with IG, either saved in PDF, or print out a hard copy, so you can scan later. You never know, a regulation can change in the industry, and you can potentially have funds froze. Not fun! Here is the email: I DID EDIT THE SENSITIVE INFO OUT OF IT.

Dear ,

Thanks for your email and I apologize for my delayed response. The withdrawals you made were successful. Next, to alleviate any future delays of withdrawals, we will still need to verify the cards you have previously used. You can get bank statements from your bank going back up to 7 years so this request should not be a problem for your bank(s). I will list when the last transaction into IG made with each of the debit cards that you have used so you can get bank statements for each of these cards.

- Card ending in xxxx the last transaction was April 19th of 2019
-Card ending in xxxx the last transaction was October 16th of 2019
-Card ending in xxxx the last transaction was July 28th of 2020.

As I have mentioned previously this verification is due to US regulations and is required of all Forex brokers.

If you have any further queries, please do not hesitate to contact us.

Regards,

Trading Services

Jan 18, 2021 - 2 Stars This is a warning to all who are considering IG (US broker). I have been trading with them for 2 years, I actually wrote a review back in May. As of this week I am no longer trading with them. To make a long story short, apparently a few weeks ago the NFA passed some new regulation requiring IG clients to upload and verify ALL deposits from their bank accounts by bank statement (either a screen shot or pdf). This is not new as it is for them to be compliant with anti-money laundering laws. I am totally fine with this, I have verified in the past, NEVER had a problem withdrawing. Where the problem came this past week was I tried to withdraw almost $30K from my account. I had to verify with my bank statement, no problem. I received an email that everything was verified, great. When I tried to withdraw I could not. I emailed the help desk, and they said I should be able to withdraw. Later in the evening I tried again and failed to withdraw, and emailed the help desk again. I received the cookie cutter reply that I need to prove my deposit from a debit card from 2 years ago, of which the account is closed and I have NO access to. I told them that, and got the same cookie cutter response. I threatened legal action, and said I was going to formally enter a complaint with the NGA and asked for the help desk person's ID number...No reponse. I reached out to my sales contact, and he elevated it. The next person was pretty much useless, as he told me the same thing about the old debit card. I explained again that the card, account, access are closed and that I cannot access any bank statement from that account. I did say that they should have all of my records of proof of deposits with bank statements, since I did it in the past, and that they should have those records since they are for compliance with Anti-money laundering laws...No reply. I did randomly Friday night try to withdraw, and according to my account it did withdraw, but I received no confirmation email. I'm hoping to see in a few business days if this was successful. It is for this reason that I will no longer be trading with IG. WATCH OUT!!!

May 22, 2020 - 5 Stars I joined FPA yesterday with the intention of totally ripping IG apart, given what happened yesterday when they had a global platform outage. As things unfolded, representatives from IG really stepped to the plate. I will explain below.

I have been trading with IG for over a year. Before opening an account, I checked out several brokers. I opened demo accounts with each broker and demo traded my strategy. I have been trading a number of years before delving into Forex, trading stocks and commodities.

I opened an account with both IG and one other broker. I really love the IG trading platform from the website, it is very robust. I do not trade the news but i love the newsfeed as well. I trade mostly from my phone using the mobile app, and I really love the charting on it as well. I also love the functions of using the app, buying and selling, setting alerts, stop and profit targets etc. Very easy to use and robust.

With regards to funding, yes I did have some issues withdrawing via ACH. I had to send a scan/screenshot of my bank statement in order to show that my deposited funds came from the same bank account that i was withdrawing to. This is an anti-money laundering measure that IG as a broker is required to do in order to be in compliance. The helpdesk was always quick to reply and address my concerns when this happened.

With that being said, I started depositing and withdrawing via my debit card, which has been great. I never had a problem with this. There were times where i wanted to deposit a larger amount, like $30K, and i would just call my bank to approve the charge, then deposit that amount into the account. Again, withdrawing was never an issue.

To make a long story short....yesterday IG had a global outage. I had 2 positions on, with stops in place. The price moved against me so i decided to just get out early. All it showed on the mobile app was the "Service Connection Failure" message. I tried signing in to the website, and it was frozen, then said "Unexpected Error". I called the trade desk 5 times and the received the message of the call not being able to be completed as dialed. I was like WTF! I took screenshots of all of this as it was happening, and i was prepared to write a review here, and file a complaint with the NFA. My stops were hit, and had a loss of $300, not a major loss, but still i was fuming.

This next part is where IG reps really shined. I emailed David, he was the rep who reached out to me when i started the account with IG. Great guy! I emailed him directly and he elevated my concerns. I received a refund for my loss in less than 24 hours.

I highly recommend trading with IG. Just my personal experience alone with the staff and reps is worth gold. Also, develop a relationship with your broker, as you would with a lawyer, realtor, banker, contractor etc. Take part in the webinars, and education material. I hope this review helps.

I opening account and upload all clearly documents for verification, and waiting 17 days for activation. Support don't answer i waiting 17 days for activation, but documents verified. I don't understad why i need waiting for activation?

Very poorly advertised and misleading commission fees. I was on the CFD account and an advisor told me it would change from $15 per US share (buying and selling) this month as I made transactions, even after reviewing my account. Another advisor informed me later this was not the case, and I would be charged these high commission fees. Not clearly stated on their website either that it is not applicable for CFD accounts. Very bad and unprofessional advertising.

My hard earned money that I worked tirelessly for earning a wage just like everyone else was stolen by these thieves who seem to have ties to sovereign hedge funds that run the world. Don't bother about getting your money back. You are their slave and they can get away with stealing your money by changing the Terms and Condition without your consent or permission. Don't expect regulators to come 'save you'. They are fully aware of what's going on but they won't do much about it. It's only a crime if you were to rob a bank but a bank can rob anyone because it's perfectly legal. Their platform is incredibly dodgy and full of exploits and questionable but somehow it's perfectly legal. Not sure the federal police aren't involved in this.

Adjusting your spreads on currency during certain periods so that it causes you to fall below the required available funds should not be allowed . They then margin call you and you loose thousands . This is ridiculous Do not trade with these guys please and tell your friends to stay away from them .

May 12, 2020 - 1 Star Finally figured out what is happening to my money , This platform is not designed for the small investor . The design is geared to take all of your money in commisions . Which is a shame , why cant it be designed as a win win ?

USA shares $15 to buy and also to sell
Uk 10 pounds to buy and to sell
Australian $8 each way

So basically you could buy shares in a USA company and pay 15 to buy then another 15 to sell so that is 30 bucks before you make any profit plus if you carry overnight there will be another fee . So if you start off small choose another broker with lower fees

Apr 21, 2020 - 1 Star Overnight fees for this company will empty your account , None of the reviewing companies made any note of this so it seems they are rigged.
There is a min deposit of $450 which is way too much . Their spreads are different to what any review sight said and their excuse was it was because of market volatility . They shut down your trades at the worst possible moment when you are set to gain which leads me to believe that they are a scam . There were many times when trades were unavailable even when markets were open and there were sufficient funds .
Customer service is rubbish . At no time did they answer any call and only one reply from the many emails I had sent , yet when you are wanting to start up they give you a call straight away .
I am going to find a company with the lowest overnight fees and you should do the same