IG group is pretending as a reliable Forex broker but my experience with the broker proved the contrary. I have opened an account with them and deposited some money. Only after started trading I came to know that they imposed all sort of restrictions on the trading account. I found that I could not open a trade without mentioning a Stop Loss and a Take profit. And the margin got increased each time when I increased the stop loss distance. They are calling it a Limited account.
I contacted their help desk and explained them I am using a strategy for which I do not use STOP LOSS. They said I have to prove my financial strength by submitting my bank statement or any document which proves that you are strong enough to lose money by trading. I told them I am using my own money and they don’t have to worry about my loses. If I do not have money, I could not invest money for trading. I told them I have Forex trading account with two more major Forex brokers and by using my strategy I am winning the trades without fixing Stop Loses. It all went to dump ears and they insisted me to send them my bank statement. I sent them the bank statement but they started insisting me to send them copies of other documents for incomes and assets. I thought why do they ask me to prove my financial strength to trade with them using their platform and also the trades are not free. They are also benefited by my trades. Even then they did not take action to remove limitations on my trading account.
In fact I am using a trading strategy in which I keep on increasing lots and trade distances by opening pending orders. When they keep on increasing margin, I am unable to open new lots and the trade is getting disturbed. Also some of the Stop loss positions get triggered and the equity get reduced unnecessarily. I explained those idiots about how I trade and how the limitations on my account act as a real hindrance for my successful trading.
I would like to ask you what right a Forex Broker got to impose unnecessary restrictions on a client’s trading account as the money he uses to trade is his own and not from their family property. I explained them my problem and asked them to free my account from all the limitations at my own risk but they are not ready to do so. I really curse the moment I decided to open an account with IG the Idiots Group.
IG offers ProRealTime which comes with an excellent built in scanner. You can easily drag & drop scanning settings or get right down to easy to understand programming, with excellent programming help from other users at Prorealcode. The prorealcode offers many who write code for free & they can be used for scanning as well as auto trading if you feel brave. Be wary with any auto trading, in my opinion as they show good results in back testing but in reality can be Very different. ProRealTime also has a built in feature which allows you to scan for markets at support & resistance and much more. I am very grateful for IG providing this for free for only 4 trades a month. https://www.ig.com/au/trading-platforms/prorealtime
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% 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.
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CFD, share dealing and stocks and shares ISA accounts provided by IG Markets Ltd, spread betting provided by IG Index Ltd. IG is a trading name of IG Markets Ltd (a company registered in England and Wales under number 04008957) and IG Index Ltd (a company registered in England and Wales under number 01190902). Registered address at Cannon Bridge House, 25 Dowgate Hill, London EC4R 2YA. Both IG Markets Ltd (Register number 195355) and IG Index Ltd (Register number 114059) are authorised and regulated by the Financial Conduct Authority.
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