CFD Broker (IG, CMC or Other?)

[skc]

Not that the customer service has been good for me, but overall I haven't had any issues getting my money back.
What's the deal? Just taking too long?
Normally when I withdraw it says it will "be dealt with within 2 business days"...but usually I have the funds before that deadline.

I haven't had an account with FP for some time but I didn't have any problems in the past. I also know a few people using FP and haven't heard about issues with fund withdrawals.

My account name is a custom name, not my full name. Thats the hitch apparently. I just think they like to stall.

Is this the first time you are withdrawing funds? If so then I guess the difference in name could be a real issue. There are some pretty cumbersome ant-money laundering laws in Australia.

 

[Gringotts Bank]

I don't like FP at all. Could have told you they are dodgy. skc I mentioned to you my issues re FP a while back.

IG - awesome. Never had an issue. Customer service A++

 

[SilverRanger]

Here comes one very happy FP customer, definitely the best out of the ones I use.

I too have recently withdrew fund from them and all it took was 1 email (as I have withdrew before and this time to the same account). I got my funds the next day.

 

[SilverRanger]

I don't like FP at all. Could have told you they are dodgy. skc I mentioned to you my issues re FP a while back.

IG - awesome. Never had an issue. Customer service A++

I guess you weren't lucky enough to talk their junior staffs, one famously told me that I can't put trades through during market auction through their web platform and need to call them to do so, brilliant.

 

[Gringotts Bank]

I guess you weren't lucky enough to talk their junior staffs, one famously told me that I can't put trades through during market auction through their web platform and need to call them to do so, brilliant.

That would be true for most cfd platforms, since they are market makers and auctions are not times you can trade. IG have a DMA platform where you can participate in auctions.

 

[cynic]

Here comes one very happy FP customer, definitely the best out of the ones I use.

I too have recently withdrew fund from them and all it took was 1 email (as I have withdrew before and this time to the same account). I got my funds the next day.

Thanks VS, SKC, GB and SR for your further input. It seems that FP might possibly merit my further consideration.

 

[History Repeats]

I use pepperstone mainly forex, sometime cdf. Looks fine when i trade the cdf.

 

[AlterEgo]

I guess you weren't lucky enough to talk their junior staffs, one famously told me that I can't put trades through during market auction through their web platform and need to call them to do so, brilliant.

I'm with FP, and I can put trades in to the market auction through the web platform. FP are DMA, not a market maker, so trading in the auction is not a problem. What instrument where you having this issue with?

 

[AlterEgo]

I'm now with IG Markets and FXCM. I still have an account with FP Markets but i am having difficulty getting my funds returned. They really don't like giving the money back do they??? I wonder why, do they have some policy where you must retain the clients funds for as long as possible no matter what?

When i had an account with IG in the past, it was very simple to get the funds back. Same as IB, just withdrawel the funds. You have to wonder what motivates a broker to want to be difficult in refunding clients money....really drives me crazy.:frown:

I'm not happy with FP Markets and i will not be recommending them to anyone.

Well I'm happy with FP. I've been with them for many years and have had no problem with them. I've been regularly withdrawing funds from my account every few weeks and have never had any problem with withdrawing the funds. Just a quick email to them and the funds are usually in my account within the next couple of days.

 

[cynic]

After reading a post, in another thread, enquiring about FP markets, I consider this an apt moment to bump this thread.

 

[SilverRanger]

6 months passed I've officially moved from FP to Invast and Saxo.

While I have no complain about FP, they are now unable to keep up with other brokers in terms of commission.

Saxo now has 5 bp for a number of exchanges (https://au.saxomarkets.com/Documents/Saxo_Equity_Active_Trader.pdf) and I also got a good deal with Invast. Invast is using Iress as well and they have similar margin rates, so they are a good replacement of FP if you are commission focused. While Saxo has no question the lowest brokerage in US, UK and Japan markets.

 

[skc]

6 months passed I've officially moved from FP to Invast and Saxo.

While I have no complain about FP, they are now unable to keep up with other brokers in terms of commission.

Saxo now has 5 bp for a number of exchanges (https://au.saxomarkets.com/Documents/Saxo_Equity_Active_Trader.pdf) and I also got a good deal with Invast. Invast is using Iress as well and they have similar margin rates, so they are a good replacement of FP if you are commission focused. While Saxo has no question the lowest brokerage in US, UK and Japan markets.

Interesting... I'd thought FP would match Invast's rates.

Is Invast listed in Japan somewhere? Are you watching their news to manage your counterparty risk?

I never considered Saxo because it was a private bank somewhere in Europe. It's completely opaque as to the counterparty risk.

 

[VSntchr]

I never considered Saxo because it was a private bank somewhere in Europe. It's completely opaque as to the counterparty risk.

The other consideration is that Saxo seems to have min charge for all markets, so unless this is negotiated off, it is not friendly for scaling in/out in smaller lots.

 

[SilverRanger]

Interesting... I'd thought FP would match Invast's rates.

Is Invast listed in Japan somewhere? Are you watching their news to manage your counterparty risk?

I never considered Saxo because it was a private bank somewhere in Europe. It's completely opaque as to the counterparty risk.

Yes, Invast is listed in JASDAQ (code 8709) and is in my watchlist . It's mainly a FX broker in Japan with market cap around AUD$92 million, not a big company but seems to be doing ok recently. Their Australian operations are expanding and you see them appearing quite often on website ads these days.

Saxo is indeed quite opaque, but from what they released they are doing quite well financially, except in 2015 they booked a huge loss due to the Swiss Euro peg saga, that I think applies to lots of brokers too.
Although more risky, but their commission structure is winning my vote. It will be my broker of choice for LSE until someone is able to do 5 bp.

 

[SilverRanger]

The other consideration is that Saxo seems to have min charge for all markets, so unless this is negotiated off, it is not friendly for scaling in/out in smaller lots.

Yes that can be done, mine is down to 4 GBP min charge which is more than acceptable by me.

 

[peter2]

I was unaware that the UK financial regulator (FCA) has increased its scrutiny of the UK cfd providers. The FCA is trying to reduce leverage provided to newer and existing clients to a maximum of 50x. This notice issued Dec 6, 2016 induced panic selling of the main listed cfd providers (IGG, CMCX, PLUS) causing their shares to fall ~30%.

I also notice that IGG has started distancing itself from binary options advertising.

 

[brisman]

xm.com offers an mt4 for mac and it is on the GMT + 2 time zone so no Sunday candles. So I am looking at opening an account. Anyone had any concerns with xm.com?

 

[stevo2]

Looking at getting back into CFDs. New system and trading plan to try out.

Anyone else on the block worth trying? I have used IG Markets and CMC Markets in the past. Used them years ago so not sure if they are still good or not.



Cheers

Not recommending anyone but I've had no trouble with IG.
I wouldn't trade with anyone who didn't offer Guaranteed Stop Loss