IG Markets

[Gringotts Bank]

Now offers share trading. From 8$.

This means share ownership, and as far as I can tell, a full range of ASX stocks tradable.

 

[Gringotts Bank]

Now offers share trading. From 8$.

This means share ownership, and as far as I can tell, a full range of ASX stocks tradable.

Order types are basic. That's the only issue.

If you have an IG account and would like to see complex order types (such as FOK), please do as I have done and request this via the online chat (feedback).

 

[skc]

Now offers share trading. From 8$.

This means share ownership, and as far as I can tell, a full range of ASX stocks tradable.

I couldn't find whether shares are chess sponsored.

Can you point me to where this information is?

 

[Lone Wolf]

I couldn't find whether shares are chess sponsored.

Can you point me to where this information is?

https://www.ig.com/au/share-trading-forms
Scroll down the bottom of the page and look for share trading customer agreement PDF.


I'm pretty tired right now so haven't read the whole thing, but the first point under CLIENT ASSETS has the answer.
______________
CLIENT ASSETS
(4)
You instruct us to hold any Instrument bought on your behalf on trust until
we receive further instruction from you to sell that Instrument or transfer it into
your own name or to another nominee. We will act as custodian and will hold
Instruments on your behalf in accordance with the Governing Legislation.
______________

 

[skc]

https://www.ig.com/au/share-trading-forms
Scroll down the bottom of the page and look for share trading customer agreement PDF.


I'm pretty tired right now so haven't read the whole thing, but the first point under CLIENT ASSETS has the answer.
______________
CLIENT ASSETS
(4)
You instruct us to hold any Instrument bought on your behalf on trust until
we receive further instruction from you to sell that Instrument or transfer it into
your own name or to another nominee. We will act as custodian and will hold
Instruments on your behalf in accordance with the Governing Legislation.
______________

Thanks. That's what I thought so I asked GB to make sure what he's posting is indeed correct.

Now offers share trading. From 8$.

This means share ownership, and as far as I can tell, a full range of ASX stocks tradable.

It appears to me that the stocks will be held in street name... i.e. a nominee account. The stock will not be in your own name. This is probably not different to a lot of US brokers... and IB in particular. Some potential issues include:

- Ability to have full access to corporate actions (esp more complicated buy-backs, rights issues, SPP etc).
- Ability to claim franking dividend - the forms are unclear on this.
- A big mess if some body involved in the whole process goes belly up... remember "your" stocks are used as collateral as well so God knows who has a claim on them if something is wrong with IG.

There may be other stuff that I don't know about.

So it's up to the individual to really understand and assess the pros (cheaper brokerage, anything else?) and cons of trading shares with IG.

 

[Gringotts Bank]

Thanks. That's what I thought so I asked GB to make sure what he's posting is indeed correct.

I've decided IG stock trading doesn't offer anything I value, so I won't be using it for that.

IG are like CMC - they never ever listen to customer feedback.

Thanks for pointing out the CHESS issue.

 

[cynic]

I've decided IG stock trading doesn't offer anything I value, so I won't be using it for that.

IG are like CMC - they never ever listen to customer feedback.

Thanks for pointing out the CHESS issue.

The phrase "too big to care" comes to mind. (A box I often ticked in the "investortrends" surveys for a number of brokers I had encountered in years gone by.)

The days of "the customer is always right" have followed the dodo into extinction!

Your mission, should you choose to accept it, is to find the least deplorable quality of service from amongst the shoddy offerings available!

 

[Gringotts Bank]

The phrase "too big to care" comes to mind. (A box I often ticked in the "investortrends" surveys for a number of brokers I had encountered in years gone by.)

The days of "the customer is always right" have followed the dodo into extinction!

Your mission, should you choose to accept it, is to find the least deplorable quality of service from amongst the shoddy offerings available!

Yep, agree.

Bell Direct used to be quite proactive/interactive. They changed the market depth display and pre-market display in line with suggestions I made. I really appreciated that they were open to improvements and worked for change. These weren't just things that I wanted - other traders found them useful too. But after many years, the brokerage was too high in comparison with others and they lacked the backing of a big Aussie bank.

IG help desk has always been A+, but getting changes made is impossible. The only order type you can use for ASX share trading is "limit day"! That's it?

 

[brisman]

I've taken an interest in following the trend of some European stocks and IG seems to have a good range of CFDs in European stocks with low margin requirements.

 

[VSntchr]

IG markets sending out communications that live data feeds will no longer be rebated.
They are defaulting traders onto "our own free live data". They also state "there is a slight difference between live IG pricing and the exchange data you currently receive".

Can't imagine why anyone would want to use that data

 

[cynic]

OTC derivatives in a poorly regulated financial services industry! What more could one expect? And yet, somehow, many clients of OTC products, continue to be mystified by the regularity and precision with which their stops are triggered.

 

[skc]

IG markets sending out communications that live data feeds will no longer be rebated.
They are defaulting traders onto "our own free live data". They also state "there is a slight difference between live IG pricing and the exchange data you currently receive".

Can't imagine why anyone would want to use that data

I don't really know what they are trying to say... so they are going to have a different price but the price you trade will be the actual underlying market (for DMA I guess). So why on earth are they feeding us made up data?

I am going to watch it a bit and see what they are actually going to do with respect of quotes and fills. Doesn't make any sense to me at the moment.

 

[cynic]

Some years ago, another CFD provider was freely offering data to its clients but cautioning them that the data had been altered slightly in order to circumvent any financial liability to the exchange (in respect to their publication of its data).

 

[HelloU]

Thanks. That's what I thought so I asked GB to make sure what he's posting is indeed correct.



It appears to me that the stocks will be held in street name... i.e. a nominee account. The stock will not be in your own name. This is probably not different to a lot of US brokers... and IB in particular. Some potential issues include:

- Ability to have full access to corporate actions (esp more complicated buy-backs, rights issues, SPP etc).
- Ability to claim franking dividend - the forms are unclear on this.
- A big mess if some body involved in the whole process goes belly up... remember "your" stocks are used as collateral as well so God knows who has a claim on them if something is wrong with IG.

There may be other stuff that I don't know about.

So it's up to the individual to really understand and assess the pros (cheaper brokerage, anything else?) and cons of trading shares with IG.

Provided for information about shares on IG:

As discussed above you are NOT the share owner but if you want to transfer 'your' shares from IG to a broker where you do have a HIN ( for whatever reason, and there are lots of good ones ) then use the following information:
IG are actually Citicorp Nominees Pty Ltd with PID 20018 (use that where the Broker and HIN info would go on your broker to broker transfer form).

 

[greggles]

IG Markets are forcing all clients to sell their cannabis related shares by tomorrow or they will be sold by IG Markets.

https://stockhead.com.au/news/ig-ma...pot-stocks-tells-investors-to-sell-by-may-24/

I'm not sure I've ever heard about this kind of thing happening before. Very strange indeed.

 

[HelloU]

true, that list cannot be traded (the interesting bit that is being kept secret is why transfers were banned - idk). the downside of beneficial and cheap fees .......

 

[HelloU]

the interesting bit of the screen shot to me is that the stock price search was done on code cgb (cann global), which was found and presented in the price screen (as expected and not able to be traded - red cross). what was not expected was the other 2 tradeable alternate stocks that appeared underneath it ...... that does not normally happen ime.

 

[Zaxon]

IG Markets are forcing all clients to sell their cannabis related shares by tomorrow or they will be sold by IG Markets.

I'm not sure I've ever heard about this kind of thing happening before. Very strange indeed.

Totally bizarre. I guess it shows how fragile your "ownership" really is, when you have no control over your shares. I guess in theory, Interactive Brokers would have the same level of control over shares you have with them, since their custodial too.

 

[lindsayf]

Bump.
Considering IG as an option to reduce share trading brokerage (currently using DirectShares St George) as I increase my trade volume.
Many here currently using them?..I suspect not.

 

[Joules MM1]

Bump.
Considering IG as an option to reduce share trading brokerage (currently using DirectShares St George) as I increase my trade volume.
Many here currently using them?..I suspect not.

any other pros/cons, in your experience, lindsay ?

thanks