I deposited $850.00 into my IG Markets account. I decided to trade the ASX-200 using their "Sprint Trade" product. It's really very simple, you decide how much you'd like to risk, you select up or down and if your prediction is correct you profit, if it is not, you loose.
Australia 200 to be above 4958.63 at 10:26:57 on 19/02/2016
Australia 200 to be above 4970.5 at 10:32:32 on 19/02/2016
Australia 200 to be above 4968.15 at 10:37:53 on 19/02/2016
Australia 200 to be above 4958.17 at 10:43:21 on 19/02/2016
My $850.00 is now $7952.00
I went to place another trade and a message appears:
I wait 40 minutes and then call to see when the market will re-open.
I'm advised that the market should reopen soon and that there was a pricing error. I casually asked "I hope my trades this morning will be OK" and was put on hold.
The rep comes back, "All the trades this morning have been declared null and void, we will be taking that money out of your account".
Now, I'm shattered - here I think I have just made $7000 through correctly predicting the price of the ASX 200 4 times in a row and everything is declared null and void.
I'm staring at the account balance of $7,950.00 waiting for it to drop to $850.00. I couldn't wait.. I put everything on a 2 minute AUD / USD sprint trade which resulted against me. I would have kept trading until I lost it, because I knew they had declared the trades null and void. In fact, I am required to:
(3) If a Manifest Error has occurred and we choose to exercise any of our rights under Term 10(1), and if you have received any monies from us in connection with the Manifest Error, you agree that those monies are due and payable to us and you agree to return an equal sum to us without delay.
As all client funds are held in a segregated bank account, I did the right thing by giving IG Markets their $7,000.00 back through using the quickest method available - a 2 minute binary option.
Then it turns out the trades were all correct.
I've checked on Bloomberg and each one of my trades was indeed correct. I'm notified that because I made the final AUD / USD 2 minute binary trade that I've lost all my profit and not even my deposit will be returned back to me.
IG Markets tell me they quoted me the wrong price, I return all the funds, it turns out it was the right price all along - but as I've returned the funds by making a trade - they'll be keeping everything.
Thanks IG Markets - you are awesome!