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IG account inactivity fee $50/qtr

Discussion in 'Brokers' started by just_jay, Nov 7, 2018.

  1. just_jay

    just_jay

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    Just a heads up for those with IG accounts that they will be charging $50/qtr for inactive accounts from 30 Nov 2018. This only applies if you have open positions at the end of each quarter (next one is 30 Nov) AND have not made any share/ CFD trades between 30 Aug - 30 Nov. News to me as I obviously did not read the "Important Account Information" sent on 28 Aug. =(
     
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  2. Pixelperfect

    Pixelperfect

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    I would withdraw all your money from the broker. They've scammed 100s of clients of their money and have turned the sharemarket into a casino.
     
    Miner likes this.
  3. Smurf1976

    Smurf1976

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    I used this broker a decade or so ago.

    Walked away with a decent loss due to prices going to places where the real market, according to ASX data, never went. :2twocents
     
  4. Ann

    Ann

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    This is really good to know Smurf, I am a long term investor but thought I might have a play with a demo CFD broker just for the heck of it. There are times I would like to short. Which CFD broker would you recommend?
     
  5. Smurf1976

    Smurf1976

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    I don't trade CFD's these days so don't have an opinion on which broker to use.

    The problem I had with IG was stops being taken out. IG's prices went through them, often incredibly briefly, when the underlying market didn't. Walked away with a loss.

    IG may well have improved since then but that was my experience.
     
    Ann likes this.
  6. Triple B

    Triple B

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    Ihave used FP markets in the past. $10min per trade.Also an Iress investor account for free if you are swing trading . If you want the fancy Iress acc its $50 per month and they waive that fee if you generate x amount commissions. they are a DMA broker.
    Only issue I had was the Iress Investor account would auto log off after about 5mins inactivity.
    If you want to get real cheap you can use TD365 at $5 min cost .But they are market maker.
    Guaranteed stops and less margin required for guaranteed stops.
    No problems with either brokers at all so far with a few months experience.
    Cant tell you about withdrawals yet.
    No inactivty fee from memory TD365 cant remember if FP had a inactivity fee.
    Also FP markets has Tightest spread on FX and Metals etc that Ive seen, on their ECN Raw MT4 account if you are interested in that .
    FP is a sponsor here too!
     
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  7. Triple B

    Triple B

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    While youre here Ann TD365 does a good cfd demo acc.no need to log on ,remembers cookies just dont delete cookies ,$10000 start.
    Only thing I dont like is it looks like ASX chrges a fee for them to use the 3 letter codes so have to know stock by names!
     
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  8. Ann

    Ann

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    Thanks Triple B, I had just noticed FP and had a quick glance at the beginners level. It seems very well worded even for a dyslexic. I am interested in playing with a demo account first. I need to play with something for a long time to get a feel first. I like that it is a sponsor for ASF so it will be my first choice to look at. I know what will happen if I hook up, throw money at it before I know what I am doing, then loose my money, I will just flounce off after having spat the dummy!
     
  9. Triple B

    Triple B

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  10. Pixelperfect

    Pixelperfect

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    Yeah problem with that is that anyone can post those reviews including people who work inside the firm. Best thing to do is to stay away from this destructive instrument. No wonder Buffet called it WMDs.
     
  11. Gringotts Bank

    Gringotts Bank

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    Thanks Joell.

    I don't see IG going bankrupt, however they are making a major push to drive out small players. There's a lot of evidence on forums around the place. They want retail (wholsesale benefits abound if you're flush), but they don't want small. Bring cash++ or get the hell out is the message.
     
  12. Triple B

    Triple B

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    please explain.
     
  13. Smurf1976

    Smurf1976

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    Something I concluded after past experience (10+ years ago) was that with any broker one thing you should do prior to signing up is verify that withdrawals are no more difficult, and use the same process, as deposits.

    Be extremely cautious if depositing funds is dead easy but withdrawing requires a phone call or filling out forms. There are a number of possible reasons for that but all are red flags.
     
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  14. Triple B

    Triple B

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    the main reason is to verify your identity. fraudsters arent going to deposit money into your account, but if they get hold of details they will certainly try to extract it.
     
  15. peter2

    peter2

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    You may like to keep an eye on the share price of IGG.UK and their regulatory news announcements.

    IGG161118.PNG
     
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  16. Miner

    Miner

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    Interesting postings on IG. I have started using them purely for ASX stocks (not CFD) with a low brokerage. Thanks for sharing the info. Would keep an eye. So far I do not have complaint excepting they do not have good functional reporting yet like I used to get from Commsec.
    Message for Joe- I know IG is a sponsor for ASF. I hope you would investigate this and if not financially damaging for ASF's business, would have a word with IG.
     
  17. Pixelperfect

    Pixelperfect

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    The GFC of 2008 was caused by someone betting against the housing market. If you can leverage 1:100 ratio, think of the destructive capabilities.
     
  18. Pixelperfect

    Pixelperfect

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  19. Triple B

    Triple B

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    OK . Max margin on stocks using cfds is usually 20:1
    FX is usually 100:1 but can be higher.

    Do yo believe all margin/Leveraged investing should be banned ? eg margin loans , options, futures , warrants, FX? You do realize the whole financial system is base on making money from lending money and commissions?
    I also imagine you are against short selling?
     
  20. Pixelperfect

    Pixelperfect

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    I am yes because it's feeding a fantasy that is not reality. Right now everything over leveraged/over valued. This includes the Australian sharemarket. The US share market is heavily overleveraged which devalues the currency. Thus, making the rich richer and the poor poorer because of the reduced capacity of purchasing power. Then when reality strikes, a lot of people can't handle it and that euphoria dies, people do strange things to each other and themselves and then end up hurting not only themselves but the people around them.

    Those that have a lot loose everything or almost everything and those that have nothing have nothing so you end up screwing everyone over. Thus creating a riot/war etc. That's why the central banks bring out QE which does absolutely nothing other than make things worse.

    The thing with these instruments is that they are feeding that fantasy. The problem with feeding too much of the fantasy is that it makes us wanting more but then eventually it never gets enough. Soon it takes more money then it outputs, eventually the thing caves in on itself. I always say that things should come in short bursts and you should grow your money slowly.

    This is why this madness needs to end as soon as possible. Otherwise, we could have a world wide catastrophe but I think it's a little too late for that given how high our debt has gone.
     
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