IG Group Restores Service after Short Outage, Ceases GameStop Trading

Clients of IG Group are reporting problems using its trading terminals, which prevented some of them from trading as the US markets were opening. Several users are complaining about problems logging into or using the broker’s platforms on Wednesday, and complaints about reaching help phone lines also began to climb in the afternoon.

!! We’re currently investigating reports of issues accessing our platforms. We apologize for any inconvenience

— IG Client Help (IGClientHelp) January 27, 2021

The lack of access and trouble trading comes during a stressful period for other US brokers. Robinhood, eToro, TD Ameritrade and Charles Schwab, experienced similar issues over the last two days amid heavy trading volumes.

However, IG’s problem could be mainly related to a surge in the shares of videogame retailer, GameStop Corp, which nearly doubled today as amateur investors continued to pile into the stock that has skyrocketed by nearly 800%. The UK spread better has suspended options trading surrounding GameStop stock, which has jumped to $148 a share from less than $20 over the last two weeks.

!! We can no longer offer new GameStopCorp options positions, to close existing trades please call our helpdesk

— IG Client Help (IGClientHelp) January 27, 2021

According to some traders, the problem had been resolved with their broker, but are still unable to specify what the issue was, only saying that their platforms were experiencing temporary outages this afternoon.

IG Group posted a message on its website saying it is experiencing technical issues, and some clients were unable to log into their trading platform and apps.

We did not spot any other FX-focused platform reporting similar outage at the time it was occurring.

The problems were the latest in a string of technical issues among retail brokers as trading volumes have surged, either on the back of moves to cut commissions to zero, or as markets surged this year after a sharp downturn due to the COVID-19 pandemic. Glitches that kept clients from trading on historic market moves are becoming widespread and common.

Update: IG Group posted on Twitter that all issues are now resolved and clients should be able to login and access the platform. It advised clients who still encounter issues to refresh and try to login again while the broker staff continue to respond via their social channels to concerned customers who tweeted that they could not log in to their accounts yet.