I generally make the minimum number of trades per month to maintain the reduced fees and waive the quarterly charge. I think DRIP has been requested for a good number of years, but I suspect catering for the whims of share dealers/investors isn't very high on IG's list of priorities. Fundamentally, IG is a SB/CFD provider and that is likely where it makes the bulk of its money and thus where it mainly focuses its development (though looking at the forum, I sometimes wonder if it is really developing that side of things all that much either).
I called up their customer service to inquire about this and I've been told that it is not available in the foreseeable future. Ironically, this is due to the less demand for it, or so I've been told. Anyway, it is a massive disappointment for small investors like us, that a chunk of our investment goes into the fees such as the quarterly maintenance fee and the service that we get is horrible.
I think the best course of action that you could do is to just manually reinvest your dividend into shares that you like, in which IG would earn a commission fee. Another option would be to just wait until you have a significant dividend and then reinvest it on a quarterly basis so you only have to pay the commission fee once every quarter.
Personally, if I have shares that earn monthly dividends, I would just manually reinvest it every month so it will compound. By paying the commission every month, at least you don't have to pay the quarterly maintenance in lieu of the three transaction that you will do every month.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money. Professional clients can lose more than they deposit. All trading involves risk.
The value of shares, ETFs and ETCs bought through a share dealing account, a stocks and shares ISA or a SIPP can fall as well as rise, which could mean getting back less than you originally put in. Past performance is no guarantee of future results.
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