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 I****s Group.
