This was posted 5 years 7 months 17 days ago, and might be an out-dated deal.

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20,000 QFF Points When Opening a New IG FX CFD Trading Account and Trade 5 Lots of FX in The First Month

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20,000 QFF Points When Opening a New IG FX CFD Trading Account and Trade 5 Lots of FX in The First Month
Go to Deal
FirstWizard on 06/04/2019 - 10:22 ig.com (265 clicks)
Last edited 06/04/2019 - 11:57

I got an email from Qantas frequent flyer with this offer. Doesn't look like it's targeted.

Receive 20,000 Qantas Points when you open an IG CFD Trading account and trade FX CFDs on over 24 currency pairs.

A trading requirement of five lots must be placed within the first month of opening an IG CFD Trading account. A new account must be opened with a minimum deposit of $5,000 to qualify.

One lot consists of two trades, that being comprised of opens and/or closes. A minimum hold time of five minutes is required on each eligible trade.

As an existing IG client, you could earn up to 5,000 Qantas Points per month when you trade our minimum monthly lot requirements on eligible FX CFD pairs. One lot consists of one trade, that being either one open or one close. There is no minimum hold time required on each eligible trade.

50-99 lots/mo = 1000 points, 100+ lots/mo = 5000 points

I've never traded FX CFD's so it'll also be great to get an idea from fellow OZBargainers of what it entails and if it's worthwhile. Plus I wouldn't mind losing around ~$100 to get 20k points.

Furthermore, a few years ago I signed up for IG share trading for the 10k QFF points offer and closed the account when I got the points (https://www.ozbargain.com.au/node/340125). Not sure if I'll be excluded from this offer, still need to read the fine print.

Referral Links

Referral: random (28)

Referrer gets $50 for share trading and $250 for CFD after 5 qualifying transactions.

Financial Foreign Exchange Frequent Flyer FX Trading Qantas Frequent Flyer Reward Points

Related Stores

IG Group
IG Group

closed Comments

  • Sidor on 06/04/2019 - 11:18
    -3

    You are saying that "I've never traded FX CFD's" and then you are saying "few years ago I signed up for IG share trading for the 10k QFF points offer and closed the account when I got the points",

    so have you ever trade or you have not?

    • FirstWizard on 06/04/2019 - 11:27
      +2

      IG has a range of products, the account is split into two major categories when opening the account(from what I remember, but maybe more now) which was i.) traditional shares and ii.) CFD's.

      The share option includes physical shares listed in ASX or other foreign stock exchanges. A CFD account contains a vast variety of other products such as FX, options, cryptos, commodities, etc. that you can trade.

      I only had a physical share trading account and not a CFD trading account. I've traded stocks, but not anything else. I believe the same concept applies, but I guess intricacies involved in products like options and FX are quite different from physical shares?

  • evgpek on 06/04/2019 - 11:19
    +1

    Beware of inactivity fee 50$ per quarter

    • FirstWizard on 06/04/2019 - 11:32
      +1

      One of the reasons I moved away from IG was this.

      But when I just checked, they've updated their requirements.

      So does that mean if you close all your open positions on the last day of the quarter you don't have to pay the fee? (and re-open on the next day, it's free to open and close orders)
      Not sure about the details and t&cs.

      Subscription fee
      A quarterly $50 subscription fee may be charged from your share trading account depending on your trading activity that quarter. To be exempt from the charge, you will need to:

      at least three times across either of your share trading or CFD accounts during the quarter,
      OR

      Hold no open positions in your share trading account at the end of the quarter.

      Please note, as long as you have no open positions at the end of the quarter, you will not be charged a subscription fee regardless of whether you hold a cash balance on the account. The subscription fee will apply per client rather than per account. Please see our customer agreement for more information.

    • MadMaxBargainRoad on 06/04/2019 - 11:34

      Only payable if you have opened positions. Not a reason to neg.

    • Samsungnote10 on 06/04/2019 - 11:36

      Upvote for you. Whoever negged you for that is a twat

  • MadMaxBargainRoad on 06/04/2019 - 11:37

    The edge of IG is that they allow you to make instant fund deposits via a debit card (no fee) which makes investment timings much more flexible.

    • FirstWizard on 06/04/2019 - 11:49

      Yeah, I liked that.
      But the downside (arguably) was the physical shares are kept under their trust and they do not actually transfer the shares to your CHESS holdings account. This is what normally what happens in some countries including the US. However, in Aus most trading agents transfer it to your CHESS account on the settlement date.

      The alternative is CommSec which allows you to buy with no funds in your cash account (has a different trading fee structure though) and you get 2 days to settle by transferring money from wherever.

      • MadMaxBargainRoad on 06/04/2019 - 11:58
        +2

        CommSec is quite expensive to trade with in comparison. IB has no account keeping fees whatsoever if you go over the 100k mark and they were working on debit card fund transfer last time I contacted them.

  • Ethandong on 06/04/2019 - 11:47

    Where can I check the promotion?

    • FirstWizard on 06/04/2019 - 11:50

      Do you mean the link?
      https://www.ozbargain.com.au/goto/449156

      • Ethandong on 06/04/2019 - 11:51

        I mean whether I can get the promotion

        • FirstWizard on 06/04/2019 - 11:55

          If you've never had an IG account I'm sure you're eligible. The link I shared is a public link.
          If you had one, then I'm not sure. Going to contact them on Monday.

          So as I was saying I had an IG share account before, and I closed it. But when reading through, I found that it actually takes 2 years for them to close the account. They only lock and mark for closure and 2 years of inactivity will close the account.

      • Ethandong on 06/04/2019 - 11:54

        I got it
        it is not targeted
        thanks

        • tallmantim on 06/04/2019 - 14:49

          Hi

          Did you do the sums on likely losses to complete this deal?

          Interested, but same as OP I don't know how exposed you'd be.

          • stockastics on 06/04/2019 - 15:01

            @tallmantim: Depends on the spreads and how quickly you close the trade..no definite answer..

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