According to live chat, you can't use this and the $100 referral credit deal together.
Also note that the $100 referral credit is for CFD trading. (Thanks abc)
Minimum deposit is $450. (Thanks bossmode)
They also confirmed that there is no deadline at this stage.
Referrer gets $50 for share trading and $250 for CFD after 5 qualifying transactions.
Yeah they're a whole other kettle of fish. Definitely not worth going there unless you know what ur doing.
Thanks for bringing it up. I'll add it to the OP.
Can confirm, I have used this and got the points.
How long did it take you to get the points?
Fairly quickly from memory, can't remember exactly.
If used incorrectly, your losses can exceed what 10k points are worth.
Just put it on bluechips and you should be fine.
Some of us have a pretty low risk tolerance even when the odds are paying 1.01, still won't go near it.
10,000 QFF points is worth $100.
It would take exceptionally bad luck to lose >20% on index funds, in which case you should be more concerned with keeping your job rather than losing a few more dollars on your $450 investment.
Minimum deposit is $450 to play, gentlemen.
I'll add it to the OP. Thanks.
If it's similar to the previous promotion, $450 was the minimum for credit card funding. BPay and PayPal were around $120
Whats the trading fee ?
$8 or some percentage, whichever is higher
10,000 points are worth about $100. Yes they may be worth more for business class upgrades but that's funny money anyway.
Unless you've used CFDs before I would give this deal a wide birth. Recipe for disaster, considering to recieve the 10k QP, will require 400 domestic or 200 international trades.
Isn't this deal for one share trade, not CFDs?
Yep.
But what shares will go up in May?
AMP?
STW - probably.
TV2
If you do take up this offer also be aware of the 1.5% fee for using your credit card as a source of funding.
Debit card free
What's their fee like?
The trading fees themselves actually not too bad when compared to the fees I get on trades from my "big four" trading account- a $500 online trade on the ASX on IG came to $8 per trade. (IG's standard $8 / 0.1% fee for Australian Shares). I ended up buying and selling an ASX 200 share that I quite often do short/medium term trades on, and therefore know the fundamentals on (I go on the Warren Buffet advice of never buying into something you wouldn't be ok to hold if the exchange suddenly closed for 10years).
However make sure you withdraw those funds asap, as I can see that there are some pesky fees (like an $18/month inactivity fee that gets levied after 18months), that could sting people who might make a buy trade and leave the position open. As always DYOR on both your trade and the platform :)
Nice
Why do shares when crypto exists now? I made 300% in 5 days and this was being conservative.
take my cash, teach me the ways of the cypto sensai
Sure you did
:)
Just a PSA, shares purchased through IG is not CHESS sponsored so technically you don't own the shares directly.
It is held under Citicorp's name.
I'm not sure if this makes it harder to transfer shares to another broker but it makes me a little bit uncomfortable. Maybe I'm just not savvy enough to understand this relationship.
I like that transferring from broker to broker is so easy with CHESS sponsored shares so it's hard to take the plunge.
https://www.ig.com/au/glossary-trading-terms/custodian-defin…
Yes i wasn't aware of that at first either…I'm not crazy about them being locked into this particular broker (in a manner of speaking)
Being a previous customer of IG, while the $8 brokerage is enticing, please note its also $8(0.1%) whichever is higher. Being the custody model(presumably to cut costs), as Hogg has said shares purchased through IG is not CHESS sponsored so technically you don't own the shares directly. This means they are pooled together with other clients’ Instruments in an omnibus co-mingled custody account, like with like. Also I found the interface not beginner friendly, compared to Westpac's ($19.95 or 0.11%) or CMC Markets($11 or 0.10% less than 10 trades per month).
SelfWealth Trading has flat $9.50 fixed fee trades with no % commission and IS CHESS sponsored. Coupled with a Westpac cash investment account that you will need to check market depth and do research on, I find this is the cheapest solution.
Not a huge fan of this clause in the Share trading Agreement:
(8)
Your Instruments will be registered in the same name as those of other clients (pooled together with other clients’ Instruments in an omnibus co-mingled custody account, like with like). This means that Instruments will not necessarily
be immediately identifiable by way of separate certificates or personal reference within the securities depositary, clearing or settlement system.
If we or our third-party nominee were to become insolvent there may be delays in identifying individual assets, and possibly an increased risk of loss if there should be a shortfall because additional time will be needed to identify the assets held for specific clients. In addition, in the event of an unreconciled shortfall caused by the default of a custodian, you may share proportionately in that shortfall.
Trades made. Anyone know the rough timeline for the 10k points?
Received today, 2-3 working days for those playing at home.
Does anyone know/have experience with whether funding an IG account by Credit Card/Paypal will be considered by your card issuer as a Purchase or a Cash Advance?
The other offer is for CFD not Share Trading accounts.