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Is IG Markets in breach of its AFSL by suspending or terminating the accounts of clients who lodge complaints?

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Summary : As detailed in prior posts on CFDs , I complained to the Australian Financial Complaints Authority (AFCA) about the unfair terms of IG Markets automated close-out process for margin calls (30min timeframe even when you're asleep) and that it isn't clearly explained to new clients. Indeed, its fine print actually asserts IG can close your position out instantaneously with the equivalent of a 1.25% adverse price move (75% equity on 20 to 1 leverage) and no margin call notification whatsoever! IG suspended my account after I lodged my AFCA complaint and published my first blog post about it. The AFCA Ombudsman found they were not entitled to do so and it was likely in breach of their AFSL licence conditions. They required IG to pay me $500 for this unjustified suspension. Despite receiving this verdict, IG Markets then terminated my account! (Presumably thinking it was now safe from further scrutiny as the Ombudsman had finalised their decision.) I have accepted IG Marke
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Do Australian CFD providers have contracts with unfair terms?

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Summary : Every year, Australian Contract for Difference (CFD) providers make hundreds of millions in trading revenue from Australian clients which according to ASIC are a "combination of net client losses and fees and costs charged to clients." And over 70% of Australian CFD retail clients are net losers each year; thus over the life of an account this proportion of net losers would be even higher - likely over 90%. Thus, as you might expect given such wealth extraction, each year, thousands of Australians complain about unfair losses relating to CFDs. Complaints must first be submitted to the provider with only a minority of clients pursuing them further with the Australian Financial Complaints Authority (AFCA). However, any unfairness in CFD providers' standard business model is rarely investigated, let alone redressed by the AFCA complaint process. The AFCA appears to rely on the assumption that the terms and conditions clients accept when they sign up with a CFD p
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Is there proof of the ways CFD providers rip you off?

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Summary : - Contracts For Difference (CFDs) are derivatives that allow people to make highly leveraged bets on the change (up or down) in the value of an underlying asset - shares, indices, commodities, and currencies all over the world. Over 170,000 Australians are clients and over 70% lose money trading CFDs. ASIC is finally proposing to reduce the harm of CFDs but its regulations don't go far enough. Legal ripoffs, rigged systems, and unfair practices will continue to exist; I provide proof below. - Avoid using CFDs and Binary Options. If in the 5% of investors genuinely sophisticated enough to need them, do your research on the potential ripoffs, costs and risks before you trade and act accordingly. E.g. Don't assume fairness, assume complete unfairness and protect yourself proactively. Update : Only after a decade of consumer complaints like mine, as of 29 Mar 2021, ASIC finally acted to reduce the extent of the ripoffs allowed. However, they should have just banned CF
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How can Australian state governments force people to gamble all of their deposits with bookmakers?

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Summary : Australians lose over $25 billion each year through gambling - more per capita than any country in the world! A significant proportion of gamblers suffer harm to their financial security, relationships and mental health; their families and friends often suffer too. You might naively think Australian governments would try to minimise these harms but $25 billion per year generates a lot of vested interests. Political parties get millions in donations . Regulatory and licencing bodies (and their staff) are funded by gambling industry fees and tax. And State governments want the job creation and easy tax revenue. Below I describe how Australian state and territory governments are illegitimately colluding with the gambling industry to increase gambling losses via changes like requiring all deposits to be gambled before they can be withdrawn. Easy to get your cash in, but it's now no longer yours to control once it's in!
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Should I buy stocks in individual firms or only index funds?

Simple answer: - Never buy stocks in individual firms unless you can prove you have a worthwhile, legal stock-picking advantage over professional fund managers (99% of people can't). Invest via a low-cost retirement (super) fund or if buying outside super, use Vanguard index funds. But the Barefoot Investor said I can: In the Barefoot Investor book Scott says: "If you want some advice on which stocks to buy, you have two choices: head over to asx.com.au, where you can search for a ‘full-service broker' — that is, someone who'll recommend stocks. Alternatively (blatant plug alert), you can join our Barefoot Blueprint investment newsletter." - Scott's advice here is wrong. Over 90% of professional stock pickers fail to beat the market after all costs over periods longer than 10 years. That includes the Barefoot Blueprint, which Scott Pape has now shut down. - For amateur stock pickers more than 95% will fail to beat the market over periods longer tha
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