Stop losses ignored during circuit breaker and phones unavailable

[CrispyCris]

Was really enjoying the platform and the ease of trading.

I had my stop losses all set up, as I am not always able to monitor my trades so I like to keep safe.

When the circuit breaker went off I had no idea how long it had locked the account for and was unable to adjust or cancel anything.

The phone service was not working... yes probably due to being overloaded from other upset clients and when the circuit breaker went back on the price had gone far beyond my stop loss and wiped out my entire account making me sick to the stomach!

It seems options like these are to protect the companies like IG and not its customers! The customer is never right here and will always lose!

 

Very disappointed with this service and will not use again!

[andysinclair]

I'm afraid this can happen if you just use a normal stop-loss and not a "controlled risk" stop loss (which you pay a premium for).

Markets can gap right through stop-losses so you can lose more than you expect.

[Caseynotes]

"controlled risk" stop loss

Also called a 'Guaranteed Stop' 

[BrianTsui]

Prices on both platforms were not even the same.  The delay on MT4 further resulted in re-quoting (i.e. can't execute the profit taking nor the stop lost orders).

Hugely disappointment.   No way they should run the book like this.  Very close to a scam.

[BuyandHold]

On 12/03/2020 at 14:18, CrispyCris said:

Was really enjoying the platform and the ease of trading.

I had my stop losses all set up, as I am not always able to monitor my trades so I like to keep safe.

When the circuit breaker went off I had no idea how long it had locked the account for and was unable to adjust or cancel anything.

The phone service was not working... yes probably due to being overloaded from other upset clients and when the circuit breaker went back on the price had gone far beyond my stop loss and wiped out my entire account making me sick to the stomach!

It seems options like these are to protect the companies like IG and not its customers! The customer is never right here and will always lose!

 

Very disappointed with this service and will not use again!

A similar situation happened with me on the 09th March.  My spread betting positions got closed out automatically as the markets dropped heavily that morning and I had a margin call, IG platform was down and couldnt log in and the telephone system was overloaded and I couldnt get through.  I lost a lot of money, even though I tried to log in before IG closed me out and put in new money to avoid margin calls.  I complained to the IG compliancy team with a formal complaint.  Had to wait 4 weeks for a reply which was not to my satisfaction and have escalated the complaint to the Financial Ombudsman Service.  I dont believe it was fair or right to close me out whilst I tried to see my account to add funds.  I recommend for you to do the same! It will take 7 months for the FBS to review as they are so busy! But it will be worth it in the end! IG make millions a year - they need to invest in a reliable online investment platform!!!