Bad experience with IG

[Jackpot]

Hi

Anyone trades with IG market here? Any chance you have noticed that the low of the day for WBC stated on the IG platform (DMA) was wrong on 8 October 2009.

What happened was I had an open position on WBC with a stop loss of 25.19, which was closed off at 25.17 on 8 October 2009. When I looked at the IG platform on the day, it clearly showed the low of the day was 25.37. This gave me the false info that my WBC position was still open thus I did not open a new position as intended. When I called the trading desk to confirm later, the IG staff told me the low of the day was in fact 25.10. However when I pointed out the price showing on the platform was 25.37, he checked it out and was also surprised at that. When I asked him to confirm my position he told me he will call me back within 5 mins. That call never came and I made a second call an hour later. The IG staff (different person) also confirmed that the low of the day showing on the platform was 25.37. He also told me to wait for the first staff return call. Couple of hours passed and no call still from them. I made a third call and this time a third IG staff finally confirmed that they will not reinstate my WBC position. I would have open a new position on WBC if I had known they were not going to reinstate my initial position. Guess I was naive to think that they will in the first place...as I thought they would have to honour the price stated on their platform (i.e low of the day was 25.37 and my stop loss wont be hit at that)

Couple of days later my IG account manager called me to resolve the issue. This didnt help at all as he insisted the low of the day for WBC was 25.10 and at no time was it showing as 25.37 on their platform. And he asked for a sceen shot for that. Obviously I do not have any screen shot.... Needless to say I was really pissed off by the whole issue.

Any chance I could bring this issue further?

Any opinion?

Thanks
JP

 

[skyQuake]

If you are careful with their PDS, you will note that their charts are indicative only, ie you cannot rely on it. The low on that day was indeed $25.10

Why didn't you check your open positions? Were you unable to log in?

 

[Wysiwyg]

If the price of 25.37 was graphical then on the lower left of the screen you will see "data is indicative" and therefore not 100% accurate at all times. If the price of 25.37 was numerical then I believe you have a right to challenge the decision they made but without evidence as in a screen shot (of the numerical data) then it holds no ground. The official numerical data is below.

Date...............High.......Low...........Volume

08 Oct 2009...26.310... 25.100.......12,388,922


Edit; noticed skyquake has already mentioned the indicative chart data.

 

[skc]

There is no way IG should reinstate your position. The prices were correct and only the display was incorrect. IG's prices are actual market prices with no artificial spreads. So you are stopped out by the market.

Unless you made it clear in the first phone call that you want your position reinstated, you will come across as someone who just want to do a hindsight trade.

Definitely not a good experience with regards to return calls. But I've had no problems with IG customer service. Here's an example:

IG platform had problems with orders on Monday. I placed a limit order over the phone to close a position. The order appeared on my trading platform shortly after. Later in the day, I proceed to close my position at market, and delete the pending order (the one I placed over the phone) I see on my platform.

5 minutes later I got a call from the dealing desk. The guy said he saw me closing my position on market, told me that the original phone order was still being worked, and asked if I wanted to cancel it. Due to the platform problem, what was displayed on my screen was not linked to the actual order.

So prompt phone call, no hassles => good service.

Mod.. this belongs to IG gotcha thread.

 

[johnnyg]

Jackpot, apart the from the chart problem how are you finding the DMA platform? Or skc?

 

[lukeaye]

I find them to be pretty good. The market prices are pretty accurate,

and because there a DMA platform, they really have nothing to gain/lose by you being stopped out. if anything they would rather you in the position longer as they make more interest out of you.

I can also confirm the low of that day was 25.1.

 

[skc]

Jackpot, apart the from the chart problem how are you finding the DMA platform? Or skc?

It's good enough for the majority of the time... but with a few shortcomings.

- Orders only good for day
- Only 5 levels of market depth
- No stop limit orders
- Can't enter new orders after hours

One of the key advantages for me is the option to close a DMA position with an OTC order, even when the underlying liquidity may not be there.

 

[skyQuake]

It's good enough for the majority of the time... but with a few shortcomings.

- Orders only good for day
- Only 5 levels of market depth
- No stop limit orders
- Can't enter new orders after hours

One of the key advantages for me is the option to close a DMA position with an OTC order, even when the underlying liquidity may not be there.

Over the counter?
Open to close?
I thought DMA means you will only get filled in market.

The free liquidity is very interesting to hear.

 

[skc]

Over the counter?
Open to close?
I thought DMA means you will only get filled in market.

The free liquidity is very interesting to hear.

OTC = over the counter (Open to close is an oxymoron)

It doesn't work 100% of the time. Say you want to sell to close 1000 and there are 600 on the first bid and thousands on the next level, you will probably get the price you want. If there are only 200 on the first and no bid for another 5 levels, then not likely.

Also, the processing is a lot slower (say 30 seconds) sometimes with the OTC close option, as they probably go through some manual checking process. So you risk the price slipping a few levels against you while you wait, only to have the order rejected.

Another interesting point... when you close with OTC you don't always see the corresponding volume go through the market, even when there are enough volume on the bid. I guess they keep some stock in their "bucket" for recycling or something.

Anyway... one of the main reasons I trade with them.

 

[lukeaye]

The only thing i dont like about IG is there comission and interest structure, quite frankly i think it is way to high.

It makes it especially hard, near impossible, when you have a small account as well

 

[MichaelD]

Couple of days later my IG account manager called me to resolve the issue. This didnt help at all as he insisted the low of the day for WBC was 25.10 and at no time was it showing as 25.37 on their platform. And he asked for a sceen shot for that.

Obviously I do not have any screen shot....

Any chance I could bring this issue further?

Absolutely. Here's how you take a screen shot with Windows.

Press ALT-Print Screen on the screen showing the problem. Run a graphics program such as MS Paint. Paste the screenshot into the program. Save it.

When you have a problem next time, you show them the screen shot you have archived away. Problem solved (next time).

THAT'S the take-home lesson from this.

 

[Jackpot]

If you are careful with their PDS, you will note that their charts are indicative only, ie you cannot rely on it. The low on that day was indeed $25.10

Why didn't you check your open positions? Were you unable to log in?

If the price of 25.37 was graphical then on the lower left of the screen you will see "data is indicative" and therefore not 100% accurate at all times. If the price of 25.37 was numerical then I believe you have a right to challenge the decision they made but without evidence as in a screen shot (of the numerical data) then it holds no ground. The official numerical data is below.

Date...............High.......Low...........Volume

08 Oct 2009...26.310... 25.100.......12,388,922


Edit; noticed skyquake has already mentioned the indicative chart data.

Oh I wasnt talking about the price on the chart but rather the price on the trading platform itself. I know the low was indeed 25.10, I had verified that.

My arguement was that IG should honour the price stated on their platform. I didnt have a big position on WBC... So the issue wasnt money but rather a matter of principle.

Guess I was more pissed off by my account manager insisting that I need to show evidence that the price on their website that day showed 25.37...kind of implying I was lying as I cant show proof. The wrong price was there for a few hours, I'm sure there are others who have seen the price as well.

Anyway I am not hoping for IG to reinstate my WBC position anymore. This whole experience really left a bad after taste.

Sorry for all this ranting...

JP

 

[Jackpot]

Jackpot, apart the from the chart problem how are you finding the DMA platform? Or skc?

Hello johnnyg

My problem wasnt on the chart.
To be fair, apart from this unpleasant experience, I have other no issue with their DMA platform. Although I will not recommend it....I am sure there are better ones around. But then again I am largely bias now

 

[johnnyg]

Thanks for the replies. I'll do some more investigating.

MichaelD - Just a quick thing, and I see alot of people say to use ALT-PrtScn, but it works just hitting the PrtScn Button, well for me anyway.

 

[skyQuake]

Thanks for the replies. I'll do some more investigating.

MichaelD - Just a quick thing, and I see alot of people say to use ALT-PrtScn, but it works just hitting the PrtScn Button, well for me anyway.

MichaelD is well versed in the electronic arts: ALT-PrtScrn captures ONLY the active window (and ignore like the taskbar and other stuff on your screen).

If you need some photoshop help.. we're all here for ya

 

[johnnyg]

MichaelD is well versed in the electronic arts: ALT-PrtScrn captures ONLY the active window (and ignore like the taskbar and other stuff on your screen).

If you need some photoshop help.. we're all here for ya

Haha well you learn something new everyday!

 

[johnnyg]

For the guys using IG DMA, what type of orders do you use? Limit - Day/Limit - Execute + Elimate or @ Market?

For myself, because I'll be trading EOD, I don't like the idea of setting a buy, and then coming home to find that only 1/2 of my order was filled which is now active, and the other 1/2 has been canceled. The only way around this would be to use Contingent Orders but then they work in the same way as OTC orders so there is no real benefit of DMA access then?

My thinking sound about right?