IG Index dispute - advice welcome!

[dannyb2017]

ok plus the financing charges?

you had the first 4 months or so of this year or so to get out at breakeven or small profit!!

I was in an out from 166 up to 219 making constant profits, but opened a position at 197, thinking it was the floor at the time. It wasn't, so that's why I'm now down at the moment. It's all good though, my previous profits I banked make up for financing charges. Also in cash ready to buy real shares when an opportunity presents itself

 

[mpups]

I was in an out from 166 up to 219 making constant profits, but opened a position at 197, thinking it was the floor at the time. It wasn't, so that's why I'm now down at the moment. It's all good though, my previous profits I banked make up for financing charges. Also in cash ready to buy real shares when an opportunity presents itself

still "in the game" then as they say! good

 

[Kear]

Hi everyone,

Firstly thank you for taking the time to read my query,

I have a dispute with IG Index. In a nutshell I placed a number of bets on the Nikkei 225 last week and within minutes I was in good profit, when attempting to close my positions it stated IG had suspended trading on the underlining market and I would need to call to deal - needless to say I could not get through to the dealing line when this occurred (proof of this on my phone records).

As I only trade in short bursts I was actively monitoring my positions placing the bets and did not see the need to place stop limits when the bets where placed, once they 'suspended' the market I was also unable to place stop limits or limit my exposure so had to watch my account click into the red being powerless to prevent it.

IG basically had blank cheque from me and only gave me control 30 minutes later once my positions where heavily in the red. I feel robbed

I have checked their terms and conditions http://www.igindex.co.uk/content/files/CustomerAgreement_igi_en_GB.pdf and they have quoted section 22, 'Force Majeure Event'as the reason they locked my account, this I understand but do they have the right to block me from limiting my exposure!? I've essentially been forced into debt and I'm not happy about it to say the least!

I think it important to state the underlying market was not actually suspended - IG suspended trading on their own account (I could see the price updating while I was unable to end my bet OR limit my exposure)

I have disputed this in an email but their playing silly buggers with me. Section 22 in the terms and conditions actually state they should have closed my bets when they suspended trading, which I would have been happy with.

Can anyone offer advice on my rights here and if I have a case. I've read their terms and conditions and I think they've acted unlawfully but I would greatly welcome a second opinion. I'm prepared to go to court on this issue as I think my beef is just, do you agree?

Unfortunately you are wasting your time, l have also had problems with IG and dirty tricks and the FSA decided they had done nothing wrong. You will never get anywhere with FSA /FCA whatever they call themselves these days, the whole system is a joke. They are not interested in helping clients, only taking as much from their acc as possible. You have to place a guaranteed stop and pay extra if you want certainty, and it has to be done at the same time you place the trade.

 

[dannyb2017]

What a nightmare situation to be in, I hold around £10k in my IG spreadbet account and this worries me. I’ve not had any issues myself but I’ve noticed they sometimes suspend trading from time to time for no reason.

Message them and tell them that you will be posting it on Internet forums, il mention it on LSE and Trading View. It annoys me when they try screw rare winners, when about 90% of spread betters lose money

 

[tomorton]

What a nightmare situation to be in, I hold around £10k in my IG spreadbet account and this worries me. I’ve not had any issues myself but I’ve noticed they sometimes suspend trading from time to time for no reason.

Message them and tell them that you will be posting it on Internet forums, il mention it on LSE and Trading View. It annoys me when they try screw rare winners, when about 90% of spread betters lose money

Don't get sucked in. Look at the date of the original post. It seems highly likely he was trading through or the aftermath of the Tōhoku earthquake and tsunami that led on to the ***ushima nuclear incident. At the time, news reports were seriously contemplating a major nuclear disaster that could de-populate eastern Japan. This was a major and still-developing event. It would have been surprising if IG had not reacted as it did.

 

[dannyb2017]

Well spotted Tom, I didn’t notice the date.

 

[Kear]

What a nightmare situation to be in, I hold around £10k in my IG spreadbet account and this worries me. I’ve not had any issues myself but I’ve noticed they sometimes suspend trading from time to time for no reason.

Message them and tell them that you will be posting it on Internet forums, il mention it on LSE and Trading View. It annoys me when they try screw rare winners, when about 90% of spread betters lose money

Just be careful Danny, each broker has a dirty trick, l've traded with many brokers over 16 years. IG and LCG were mainly the better ones to be with, but unfortunately those ones look for ways to take your money too.
If your trade is a large size and you start revenge trading then say goodbye to your 10k now. if however you keep your trades to a pound and then rather than take a loss, if you have a specific target in mind, you can always cut. Just click close position, change the quid in the box by placing 0.5 and then close and you can have half a position. Keep the trades small, you'll be fine.

 

[dannyb2017]

Just be careful Danny, each broker has a dirty trick, l've traded with many brokers over 16 years. IG and LCG were mainly the better ones to be with, but unfortunately those ones look for ways to take your money too.
If your trade is a large size and you start revenge trading then say goodbye to your 10k now. if however you keep your trades to a pound and then rather than take a loss, if you have a specific target in mind, you can always cut. Just click close position, change the quid in the box by placing 0.5 and then close and you can have half a position. Keep the trades small, you'll be fine.

I only do small on ftsetrades of £1pp, I trade ftse 100 shares and go in up to £100pp sometimes but tend to only swing trade and close within a week or so

 

[Kear]

If that works for you then carry on. Just be careful on size cos IG can be a real pain if you are taking
too much money off them. I have quit the stupid sizes l used to trade because of dirty tricks.

 

[dannyb2017]

If that works for you then carry on. Just be careful on size cos IG can be a real pain if you are taking
too much money off them. I have quit the stupid sizes l used to trade because of dirty tricks.

Thanks il bear it in mind. What did you trade with them ? What did you class as stupid sizes ?

Cheers
Danny

 

[Kear]

40 pp on Dax, 30pp FTSE 10pp currency pairs.

 

[dannyb2017]

40 pp on Dax, 30pp FTSE 10pp currency pairs.

Oh right, that is big for those

 

[Kear]

Never again