IG Will Start Charging $50 Fee Per Quarter

Just received this email from IG

I paid $8 per trade previously and I don't want to purchase/sell more shares in near future. It seems ridiculous that they will charge $50 per quarter just for using their platform going forward.

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Comments

  • +3

    instagram?

    Jokes aside, why don't you transfer your shares to another platform?

    • How you do it?

      • Can you actually do this though? My understanding is that when you buy via IG you actually don't have a HIN, so I'm not sure transferring is possible.

        • +3

          I've successfully moved my shares in IG to Commsec. All I had to do is to fill the broker to broker transfer form from Commsec and email it to them. I left the HIN field empty. took them about 2 weeks to process the request, But I have them now in Commsec under my HIN sponsored by Commsec.

        • @FirstWizard:

          Great I will try commsec then. Do they have any monthly subscription fee?

        • @Tipu:
          I've been with Commsec for 7-8 years now. Only used IG to snatch the 10000 Qantas points they're offering for doing one trade :P
          Never paid any account keeping fees. Their brokerage fee is higher than few other brokers. (trade amount< $1000) ? $10 : $20. But they give some things such as market depth and market research info that other brokers usually charge a subscription, for free.

        • @FirstWizard: Is it possible to bring over international shares (say, google, etc) over the commsec too, in this way?

        • +1

          @JudasX:
          I have not attempted to transfer any, unfortunately. Even if they do allow transfers, I'm not sure if it'll be free as with AU shares.
          A quick search on Commsec help brought up the following article. Maybe try emailing them?
          https://www.commsec.com.au/support/frequently-asked-question...

        • @Tipu: If you keep funds in their bank account the brokerage is lower than if they must draw money from an external account.
          You just make sure there are sufficient funds at any time there to cover your "BUYS"

      • I haven't done it personally, I think you need your CHESS number.
        Nabtrade has some info on how to do it on their platform. https://www.nabtrade.com.au/investor/why-nabtrade/transferri...
        Not saying to use them, just that it's possible.

  • -1

    You're exempt if you make 3 trades per quarter. Seems reasonable enough - they don't want to be holding and managing your investments without any payment.

    • -2

      Considering all the other broker do i cant see how that is reasonable…

      m transferring my remaining fund and closing the account to add fees in for no real reason is a typical shady practice and is very disappointing!

      Ill stick to CMC or self wealth seem to have low fees and be a little less shifty with there dealings will use Westpac to get the live updates tho

        • +1

          @HighAndDry: Nothing to do with entitlement it is a dumb business move to charge fees when your competition doesnt the reason why CBA can charge more per-trade is because the service is (suppose to be) better IG is 100% online doesnt have a great customer service support line and has a very basic set up, that is why i critise the move i know 3 ppl moving there accounts today because of the change.

          Entitlement has nothing to do with where i spend my money it is a lack of financial education and the ability to make simple financial decision that is the problem with society. Simply put in a free market people gravitate to the service that suits them and IG selling point was value for money they are basically destroying that with these changes and with poor customer service really offer nothing over the competition

          Entitlement would be if i had no choice but to trade with IG and i complained which isnt the case

        • +1

          @Pastry: No, 'entitlement' is calling a business charging fees for its services, with plenty of notice, and when you're open to move, "shady".

        • +1

          @Pastry: I…. don't know how to react right now lol. I don't expect these kinds of discussions to actually change any minds, they're mostly for me to vent. Thanks for being open minded I guess =D

  • +1

    Got the same email… I haven't been totally happy with not having my shares CHESS sponsored anyway so I am using this as a good time to have my mind made up for me.

    I don't trade much, a few trades a year and mostly hold my shares.

    Thinking of changing to https://www.selfwealth.com.au/online-trading/ rates look good and they are CHESS sponsored. They say they will have no issue moving my shares from IG.

    Are there any other brokers I should be considering before I go ahead?

    • I use Selfwealth - no issues with them at all. Make the switch. Get a referral for 5 free trades.

  • What's a good alternative to be able to hold and trade international shares?

    • NABtrade has the ability. Last I checked it is $15 fee + international transaction fee.

  • Several months ago I set up a IG account so I could transfer UK shares over. Na da. They couldn't do it even after I asked their help line/online chat rep on three occasions who said I could. I only used IG for research but have now closed it due to the latest email about fees. I have used CMC for several years which I still use.

  • Ouch, I've been with them for 18 years or so.

    No charge for CFD accounts (only sharetrading), so still useful.

    Thanks Tipu

  • +1

    Yep. I too have a portfolio with IG.

    Only been there 9 months. I bought my shares and ETF's with the plan to hold, not trade. I have some dividend payments in my cash account but was planning on withdrawing this for xmas :)

    Now IG want to slug me $200 per year :( I don't think so !!

    I'll be checking out Selfwealth later today.

    I actually prefer to have the Chess sponsorship anyway.

    I am sure IG will bleed clients with their new subscription fee…

    Cheers

    PJ

    • So I initiated my xfer of our shares mid November. But for some unknown reason (?? hmmm) it took until 15th December for my IG portfolio to be moved acrtoss to Self Wealth. Perhaps thats the time it takes normally, I don't know. Anyway, this meant I now have been slugged with the IG $50 fee because I still had shares there at the 30th Nov.

      I just left them this goodbye message:


      You Fuc#$n a**holes IG. I saw this coming and tried to xfer over to SelfWealth before 30th Nov. But for 'some reason' it took an extra 2 weeks to complete xfer of my portfoilio. So, I now see that IG have taken $50 from my remaining cash account for their **** ripoff quarterly fee.

      I will certainly be telling everyone I can about this rippoff fee, and recommending people NOT to open an account here at IG !!

      I am NOT HAPPY that I got slugged $50 from my $75 Westpac divedend payout.

      I am SO VERY HAPPY that I am finally out of this money hungry IG platform :/

      Goodbye you ripp off merchants !!


      So be warned everyone, DO NOT go to IG Trading.

      Pookie

  • $10 p/q for inactivity charge would be more agreeable.

    Is there any fee for inactive accounts in the CFD side?

  • +1

    Vote with your feet

  • Holding commsec and paying $20 for a few $10,000 trades per year has been working out good for me. No other fees.

  • +1

    Moved across to SelfWealth following the instruction from this thread. The transition was smooth and hope SelfWealth will keep it’s fees as it is

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