Bonus $150 IG Markets CFD Trading Account - Requires 5 Trades - New Accounts Only

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hanofee on 15/12/2020 - 17:16 ig.com (105 clicks)
Last edited 15/12/2020 - 21:43 by 1 other user

For those interested in using IG broker and are yet to sign up, they are offering a $150 bonus for new customers when you open a CFD account and make 5 qualifying trades. This post is the updated version of the old one with different term and conditions for both referrer and referee (disclaimer: referrer can earn up to $3000 until end of Jan 2021):
https://www.ozbargain.com.au/node/319639

Details on the Term & Conditions:
https://www.ig.com/au/refer-a-friend-terms-and-conditions

IG has a few different account including normal Share Trading account, so to be qualified as new customers means you never have any account with IG Group (please use your real ID as IG does ID check pretty often). I'm not a financial advisor but CFD is a leverage trading and anything with leverage has to be treated with caution, as your loss and gain can be magnified.

But for the bonus purpose, any size of CFD will be counted (you can just set something equivalent of buying 1 shares of BHP for example). Their CFD fee, when it comes to ASX Shares, for the first 2 weeks are $2 (it's $1 for opening and $1 for closing). After 2 weeks, it increases to $4 then $10, then becoming size dependent once your account become normal. Full fee is here:
https://www.ig.com/au/help-and-support/cfds/fees-and-charges…

A couple of friends actually opened both CFD and Shares Trading account, then only used the Shares Trading account to trigger the bonus. I can't guarantee that'd work though as the T&C mentioned CFD trades, but it was working for my friend (you still have to open CFD account at the start). I have not tested if it works with other CFD than shares either (only try ASX shares, as they are the easiest to explain to most people but they do have forex, crypto, index, etc)

Their normal Share Trading account is not bad too if you're active as per other thread:
https://www.ozbargain.com.au/node/541659
(the CFD account will only have inactivity fee account if you don't use it for 2 years, which in that case better just close it).

At present though the current referral link on OzBargain is bringing the main referral page, not sure if it's intentional. My referral link is something like this if Mod can refresh the system to make it easier? The link should bring to the account creation page directly (rather than current referral link to the main IG web page). This is a long running deal (for the referee) Mod: Referral link format has been updated. Referral entries that are older than 24 hours have been purged from the system.

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  ChickenDinner123 on 15/12/2020 - 17:42

  +4

  If your going to do CFD, you will most likely go bankrupt. It is just gambling wrapped in a pretty package. Have a read on ASIC on how bigly people have been losing.

  Procede at your own peril.

  • 

    hanofee on 15/12/2020 - 17:49

    +2

    Just to get the bonus you can set a small trade and leave it for short period. Their minimum size is 1 for shares. You'd only lose cents (outside the fee). Close it afterward if you don't want to use it or you can try that shares trading trick I posted instead (it worked for my friend, and if it doesn't work, well you have 6 months to do small CFD still). This post is about the bonus not the CFD encouragement

  • 

    virtuallife on 15/12/2020 - 19:20

    +2

    Dont get into this trap!!

    CFD feels like you get it but very risky.
    One mistake and you will lose a months pay in few minutes.
    Alerting from own experience.

    CAUTION!!!

    IG platform is geared more towards CFD (lot of great features available) better than their share trading platform.

    • 

      hanofee on 15/12/2020 - 19:29

      Put size 1, if it’s only for the bonus. That’s the multiplier. If u put 1 for BHP shares for example, ur like doing $40 trade value and BHP won’t move much in few minutes. The problem is, people put big size without understanding the leverage concept. I use both platform btw, and it’s same features if ur talking about charting?

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  sa-ozzie on 15/12/2020 - 17:47

  +2

  Yes trust me , you can lose a lot of money..be very careful..

  • 

    nanoxz on 15/12/2020 - 18:55

    +5

    I earned 4 grand in just 2 days, then lost 14 grand overnight.

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  [Deactivated] on 15/12/2020 - 17:54

  +3

  My personal opinion is DO NOT ENGAGE IN CFD WITH IG.

  I did, and struggled to understand hundreds of dollars in opaque fees being taken from my account.

  There is no clear warning of the fees a particular index might attract on top of the base fees. And what really hurts you is when a stop loss is triggered, you are charged a percentage premium and it isn't clear what that is either.

  All this is my opinion and you must do your own research. But I'm paranoid about charging structures and I was fooled.

  This isn't about market dynamics. This is about fees you had no idea existed being stacked on top of the base fees. Like trying to put a CFD on an Italian index.

  Too many gotchas and extremely poorly documented charges. No warning before you click of what your likely costs will be.

  Danger danger danger.

  • 

    whooah1979 on 15/12/2020 - 17:57

    Did you 📝 trade first?

  • 

    hanofee on 15/12/2020 - 18:03

    When you create a new account, the fee are fixed for the first 6 weeks ($2, $4 then $10 for each 2 weeks). After that, you'd need to read the link I posted and understand. Sorry about your loss though.

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  whooah1979 on 15/12/2020 - 17:56

  +3

  ~75% of investors lost 💵 while ~25% make 💲. Don't be the 75%.

  • 

    virtuallife on 15/12/2020 - 19:22

    Its not easy to be that 25%.. wont be hunting for bargains … lol

    • 

      whooah1979 on 15/12/2020 - 20:49

      +1

      A long term career in trading can be a very lucrative one. It takes hard work and can be stressful for both the individual and their family. A 25% success rate from zero to hero is better than other careers like athletes where 98% never make it professionally. Those that do try and fail could always go to uni where the risk of not compleating a degree in 8 years is only 25%.

      https://www.youtube.com/watch?v=8UgYWGEBvmc

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  jjcf on 15/12/2020 - 18:19

  +2

  CFD: Casino For Dummies

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  Korban Dallas on 15/12/2020 - 20:34

  +1

  This is essentially gambling tactic on how they offer free bonuses and will draw a negative vote for the people getting sucked in. Hope I can deter some people.

  I tried plus 500 in demo mode before the 500:1 was outlawed and it is quite crazy how I could bet millions for not much. People have been driven to suicide.

  There are people that make money. There is an Australian that I will not mention and makes a 💩 tonne. Bit skeptical at his returns but he is certainly in the minority for people making money off CFDs

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  lorrayneco on 17/12/2020 - 15:02

  Hi Hanofee.

  So essentially, you have to trade 5 times anything in which you have paid commission, right?
  I have opened and closed 1 share of commonbank, afterpay, rio tinto and 2 times BHP. All of them I have paid 1 AU$ each time (apart from rio tinto which cost me 2.31).

  Do u think that will work? Do I need to wait for any message or what?

  • 

    hanofee on 17/12/2020 - 16:39

    +1

    Yes that should do it. They only process the bonus in batch 2x per month though as I know it (early and mid month, they'd send email when it's done). You and the one referring you, should have got the email when opening though to see if the referral tracked in the first place.