Has commission rates changed suddenly ?

[Gemba]

I am new to IG and I traded for the first time this week. First time ever I have seen a platform totally crashing mid day and on a busy day like Thursday this week !. Even worse the total lack of any communication from the broker about what happened.

On top of that the rates clearly  advertised on the website are  https://www.ig.com/uk/investments/share-dealing/costs-fees

3+ trades for US free, for UK £3

I noticed I was charged £10 for each trade. I assumed this was another technical issues given the lack of communication. 

Except now, I am being told the rates are as below - i.e. £10 or $15 are for every trade. No mention of 2+ trades being free for US or £3 for UK any more. This link is nowhere to be seen on the website when you sign up. 

https://www.ig.com/uk/help-and-support/spread-betting-and-cfds/fees-and-charges/what-are-igs-shares-cfd-product-details

Anyone else seeing this or know whats going on here ?

Support takes days to respond but I need to know before I trade further.

[Caseynotes]

Hi, see below the pic from your first link. If you made zero, 1 or 2 trades in the previous month the commission is £10. If you made 3 or more trades in the previous month there is no commission.

As you are new you would have made zero trades in the previous month so then the £10 charge applies.

Explained in greater depth in the 'Notes' section at the bottom of the page.

[dmedin]

'Minimum charge phone' - WTF?  If you want to make a deal over the phone it costs you £50?  Fk!  No wonder stockbrokers get paid so much.  Even I would answer the phone for £50 a pop.

Edited May 23, 2020 by dmedin

[Gemba]

29 minutes ago, Caseynotes said:

Hi, see below the pic from your first link. If you made zero, 1 or 2 trades in the previous month the commission is £10. If you made 3 or more trades in the previous month there is no commission.

As you are new you would have made zero trades in the previous month so then the £10 charge applies.

Explained in greater depth in the 'Notes' section at the bottom of the page.

Thanks, that's helpful. I obviously didn't see that first. 

Community seems way better than their support !

[Caseynotes]

1 minute ago, Gemba said:

Thanks, that's helpful. I obviously didn't see that first. 

Community seems way better than their support !

no worries, you're welcome. the customer support has been an issue since the UK lockdown started and there should have been some kind of provision put in place to aid the situation by now but hasn't happened, though when there's a major outage they are bound to be swamped regardless. 

[Gemba]

Just now, Caseynotes said:

no worries, you're welcome. the customer support has been an issue since the UK lockdown started and there should have been some kind of provision put in place to aid the situation by now but hasn't happened, though when there's a major outage they are bound to be swamped regardless. 

Understand peak usage probably caused the outage. However I haven't seen any communication from IG about it  and I read this has happened many times in the past.

Is that the way this company operates ? I wonder if its too much to expect any proper communication from management about what happened or how it will be fixed..

[dmedin]

11 minutes ago, Caseynotes said:

no worries, you're welcome. the customer support has been an issue since the UK lockdown started and there should have been some kind of provision put in place to aid the situation by now but hasn't happened, though when there's a major outage they are bound to be swamped regardless. 

 

They can't hire any new staff because people were furloughed rather than made redundant?

[Guest Jenny]

I would like to trade in US shares for the first time 

 Please let me know where the form is on the platform to sign and allow trading

thanks

[stefanodanelli]

Hi @Caseynotes thanks for the explanation. I'm also new and started trading US shares this month. The next month I won't be charged any commission for trading US shares as I've already traded more than 3 times.

However, there's something which is not explained anywhere, as far as I'm aware. Does the new month start after 1 month (30 days) from the day I started trading, or is it calendar month? I.e. if I started trading on 18 May, will I be a trade US shares with free commission on 1June or on 18 June?

Thank you!

[Guest emp]

the systems always seem to crash when there is high volatility in the commodities mkt. this has occured several times in the last year - if you are on the wrong side of the trade then its going to hurt...this is suspicious in my eyes and frightening at the same time

[Caseynotes]

On 24/05/2020 at 17:03, stefanodanelli said:

Hi @Caseynotes thanks for the explanation. I'm also new and started trading US shares this month. The next month I won't be charged any commission for trading US shares as I've already traded more than 3 times.

However, there's something which is not explained anywhere, as far as I'm aware. Does the new month start after 1 month (30 days) from the day I started trading, or is it calendar month? I.e. if I started trading on 18 May, will I be a trade US shares with free commission on 1June or on 18 June?

Thank you!

Hi, I seem to remember that the timing was from the beginning of each month and not from the date you started trading.

sorry for the delay in replying but I only just got the notification.

[stefanodanelli]

@Caseynotes thanks very much

[Guest DK94]

@Caseynotesso you would have to waste 60.00 GBP to be able to trade without the 10 pounds commission?