CFD Commission - Unbelievably HIGH

[DaveX]

Considering closing my account due to CFD trading costs and no customer service.

Yesterday did a CFD on $CTRM - 300 shares $0.92 - When I closed my position @ $0.99 I was charged £95.14 so only came out with £58 profit!!!

IG don't answer the phone, the support chat are unable to explain the charge, emails are ignored

Absolute joke

 

[CharlotteIG]

1 minute ago, DaveX said:

Considering closing my account due to CFD trading costs and no customer service.

Yesterday did a CFD on $CTRM - 300 shares $0.92 - When I closed my position @ $0.99 I was charged £95.14 so only came out with £58 profit!!!

IG don't answer the phone, the support chat are unable to explain the charge, emails are ignored

Absolute joke

 

Thanks for your post. 

With our Spread betting account all markets incorporate the cost into the spread so when you close your position you don't have any commission fees. With our CFD account however we do have commission each side for shares which you can find by following the link below: 

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

If you're a UK client you can have exposure to the same shares but you will not be charged commission. If this is something you might be interested in reach out to us. If you don't want to call us you can email us with the information about what happened and then ask us to break down the costs on the spread betting account to see if it's something you want to consider. 

 

But with CFD you have to be aware of the commission before trading so you've included the cost when thinking of your desired profit. 

All the best

Charlotte  

[DaveX]

Hi Charlotte, I have already emailed support (yesterday morning).  I am based in UK and have read the pdf with charges but I cannot see how you get £97.  

 

How do I avoid the commission charges?

I have phoned continually for 2 days now, no answer