Why Trading Forex on IG.com is a Complete Waste of Time and Money

Forex trading is a high-risk financial activity that promises significant returns to those who can navigate the volatile market successfully. IG.com is a well-known online broker that offers access to forex trading, along with other financial instruments. However, my experience with trading forex on IG.com has been highly disappointing, leading me to believe that it is a complete waste of time and money. In this article, I will outline the reasons behind my negative experience and the pitfalls I encountered on this platform.
  1. Misleading Marketing and Promotions:

Upon signing up with IG.com, I was enticed by their appealing marketing strategies and promotional offers. Unfortunately, these offers often came with stringent terms and conditions that made it difficult to access any benefits. The deceptive marketing practices and lack of transparency surrounding the promotions left a bitter taste in my mouth and raised concerns about the platform’s integrity.

  1. High Spreads and Commissions:

One of the major drawbacks of trading forex on IG.com was the exorbitant spreads and commissions. The bid-ask spreads were significantly wider compared to other brokers, making it challenging to generate profits from even small price movements. Additionally, the high commission charges for each trade further diminished potential gains and increased the overall trading costs.

  1. Poor Execution and Slippage:

IG.com’s trading platform often suffered from poor execution and slippage issues. During times of market volatility, my trades were executed at prices that deviated significantly from my requested entry or exit points. Such execution delays and slippage resulted in substantial losses and made it challenging to implement my trading strategies effectively.

  1. Inadequate Risk Management Tools:

Effective risk management is crucial in forex trading to protect capital and minimize losses. However, IG.com’s platform lacked comprehensive risk management tools that could help me set stop-loss orders, trailing stops, or manage my leverage effectively. This lack of risk management features exposed me to unnecessary risks and amplified potential losses.

  1. Limited Customer Support:

The customer support offered by IG.com was far from satisfactory. Whenever I encountered technical issues or sought assistance with trading-related queries, the response from their support team was slow and often failed to address my concerns adequately. This lack of reliable and responsive customer support left me feeling unsupported and frustrated.

  1. Inadequate Educational Resources:

As a trader, continuous learning is essential for improving skills and making informed decisions. Unfortunately, IG.com’s educational resources were limited and lacked depth. I struggled to find comprehensive tutorials, webinars, or market insights that could help enhance my trading knowledge and strategies.

My experience trading forex on IG.com has been a complete waste of time and money. The misleading marketing, high spreads, commissions, poor execution, inadequate risk management tools, limited customer support, and lack of educational resources have all contributed to a frustrating and disappointing trading journey.

As a prospective forex trader, it is crucial to thoroughly research and assess different brokers before choosing one that aligns with your trading goals and provides reliable services. Learning from the experiences of others can help you avoid potential pitfalls and make more informed decisions about your trading journey.

While forex trading offers potential for profit, it is not without risks, and selecting the right broker is a critical step toward a successful and positive trading experience. Always remember to approach forex trading with caution, manage risks prudently, and stay informed to increase your chances of success in this dynamic and challenging market.