Hi all,
I have recently started a petition against the unfair practices and trading systems of IG Markets Ltd on
https://secure.avaaz.org/en/petition/IG_Markets_Ltd_Call_for_compensation_a_fair_and_transparent_trading_system_and_practices/?pv=8Through this, I hope to gather like minded people and victims and seek compensation. At the same time, I hope that this petition drives IG towards a more transparent and fair trading system.
A) All customers of IG Markets can be deemed to be victims of their unfair trade system and practices. Customers of IG Singapore will expect that trades are executed by IG Singapore. However, this is not the case as trades are executed by IG UK or IG Australia.
The execution of trade is a form of regulated activity. Only entities which hold a Capital Markets Services (CMS) licence such as IG Singapore are allowed to carry out the regulated activities prescribed under the Securities and Futures Act (SFA) according to the Monetary Authority of Singapore. IG UK or IG Australia, a sister entity of IG Singapore, does not hold a CMS licence and hence is not allowed to deal (such as accept and execute trades) with the customers of IG Singapore. Based on this, IG has breached their contract with the MAS. Hence, all customers of IG are affected.
B) IG Australia had delayed or withheld executing of trades to see whether IG would profit or lose from executing trades (IG Australia had rejected after delaying the trades although trades were executed at IG’s quoted price). This has resulted in a loss of profits as trades that were legit were subsequently rejected.
Thus, it is important for clients of IG Markets Ltd to stand together against these practices to fight for our rights as traders and to fight for a fair trading platform for everyone’s benefit. Clients of Stop Orders, Limit Order and Stop and Limit Related Orders may relate to this cause more as these orders are often routed for manual execution, which is often carried out in IG Australia (please be referred to point A above). These trades are then executed by IG Australia which is not a CMS licensee. Hence, IG had illegally executed the trades according to the evidences.
Over the past 2 years, I have been conducting research and analysis on IG Markets and managed to gather a relatively substantial list of evidences against IG’s unfair practices.
My Evidences include:
- Unreliability of IG’s trading platform,
- How IG manipulates my trades,
- Unfair, invalid and non-transparent reasons for the rejection of my trades after delay in execution
- Unauthorized execution of my trades (my trades were routed to IG Australia for manual execution when my trades must only be executed by IG Singapore)
For more information and evidences, please do visit
http://igmarketsreviews.wordpress.com/Should you wish to contribute to my cause and to build a stronger case against IG Markets, do contact me at
limayden@gmail.com. Also, do sign the petition at the link above to support the cause. Thank you and I look forward to your support.
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