Good Trade

[Billyben]

Hi i am new to trading practiced on the demo account until i was familiar with the layout and opened live account just over a couple weeks ago just trading shares i purchased £98.00 worth of shares with Hibernia Reit PLC approx 2 weeks ago.

Woke yesterday morning to find these shares were now worth £31452,52 so i closed the position and was pretty excited but alas short lived received a email  this afternoon saying that it was an error and they were sorry  i needed to refund the money until then  i cannot trade only close any open positions well that is a great start to my   hopefully it will get sorted .

 

[THT]

Shouldn't happen  - If I go to the supermarket and something is marked up for sale @ £X then the supermarket is obliged to sell it at that price, as that is the price they are clearly selling the item for

IG's systems are their problem and the 3rd parties that provide the data - pricing errors like this are IG's responsibility - If they can't handle providing accurate prices then they shouldn't offer the market

If it were me I'd look into the law around this to make sure IG aren't using your good faith to wriggle out of the commitment of honouring the trade!

You opened the trade in good faith, held it in good faith (what if the error was in the opposite direction? I bet they'd not be as quick to say it was an error) and then as with a very healthily profit in good faith you've sold as any intelligent person would have done

Yes alarm bells should be ringing for a £98 Investment turning into £31k lol - but that ain't your fault

The number of errors and complaints IG are having of late is a little bit worrying too

[Caseynotes]

2 hours ago, Billyben said:

Hi i am new to trading practiced on the demo account until i was familiar with the layout and opened live account just over a couple weeks ago just trading shares i purchased £98.00 worth of shares with Hibernia Reit PLC approx 2 weeks ago.

Woke yesterday morning to find these shares were now worth £31452,52 so i closed the position and was pretty excited but alas short lived received a email  this afternoon saying that it was an error and they were sorry  i needed to refund the money until then  i cannot trade only close any open positions well that is a great start to my   hopefully it will get sorted .

 

Haha, brillant, 6 years on here since the forum started and not heard IG slip up that badly before.

Shame it wasn't an extra couple of zeros and you could ave been in Brazil by now.

But as per if your bank accidently credits your account with mistaken funds they do have the right to claim it back.

Do check the exchange charts though just in case they'e wrong.

 

.

[Billyben]

Hi thanks for the reply they told me that the company were changing from euro to GBP and instead of 0.92 was displayed at 92 euros and the price was an error it took them a day and a half to inform me of the error i will see if i can get a goodwill gesture for the error never know and thanks for taking time to respond.

Tony