What I dislike

  1. Web based platforms are slower than application platforms (platforms you download in your pc) in terms of updates, price feeds, feeling positions and server response.
  2. If you are inexperienced IG may only offer you a 'Limited Risk Account' which comes with guaranteed stops for all trades (but of course these come with a few more pips on the spread so its best to push for the 'Trader Account'). Note that when applying if you put your net liquid assets as less than 10k then you are forced to choose the 'Limited Account' option.
  3. PureDeal (the market maker platform) only displays Level 1 data so no market depth or course of sales can be found for share CFDs.
  4. I don't like it when IG occasionally blocks me out of trades. For instance today two trades were not available. First one, 'price no longer valid'. Second one, 'market currently rolling over, unavailable'.
  5. Shorts are not listed - you either have to try and Short a stock to see if it's accepted or ring them up - even if a stock is listed on the exchange as being a acceptable SHORT it may not be accepted by IG.
  6. Spikes in prices and charts are usually errors that IG don't hold you to e.g. if it did take you out of the trade a phone call usually fixes it (and the chart).
  7. Usually a CFD provider pays you interest when you are short and you pay interest when you are long. The interest rate applicable is the benchmark rate (4.25%) plus/minus a margin to IG's favor. Short positions now attract financing charges where the margin is greater than the benchmark rate. The margin is 2.5%... If the benchmark rate is 4.25 you get charged 6.75% per year interest on long positions and if you are short, you get paid 1.75%. So say benchmark (LIBOR) is 2% (for instance as is the situation in the UK), IG end up paying you -0.5% (i.e. actually charging you) on any shorts you have. So basically IG will charge interest on short positions as well as long positions if LIBOR is below their 2.5% spread.
  8. Not suitable for scalpers. Also, if trading spot forex their java based platform tends to freeze up in periods of very high volatility. During the spike after a recent fed statement I tried >10 times to exit a postion on Eur/Usd but was given the dreaded 'Price is no Longer Available' message, then the platform froze up and the ticket to close the trade took almost a minute to pull up. My personal experience with this broker is that it works flawlessly 98% of the time - it's the 2% when you really need it (eg. large position, abnormal market volatility) that it sometimes give problems which is where having a backup broker comes in handy.