IG Markets - Platform Faults & Gotchas

Thought to start this thread because of the IGMarkets Webbased platform failing to operate properly with this morning rise (5.30am -6.15am) which rose some 200pts following the dow up.

I've been using thier web based (java) platform and it's had some quirks, but this morning it basically had a meltdown over what I consider to be mildish volitity(rise) which I expect them to be able to come with, and didn't as advanced tick charts freezing and most importantly misalignment with the dealer buy window & positions n orders windows showing completely different figures.

Even got "Rejected: Price no longer Valid" errors when trying to buy or sell.

What concerns me even more, is when I tried to ring them over 8times (5.40am-6.15am) the UK desk did not answer and their switchover which only occured somehour later (7am) they said that wouldn't have happened, and suggested I coudn't have tried. (This was a superviser 2.)

Furthermore, they suggested their 20000 other clients didn't have any problems, and it was my machine, which I may add is fairly high end, and kept up to date with all the approciate patches, fixes.

Anyway he was quiet rude, and refused to do anything about this despite have spent plenty with them and not having one complaint.... hence to say the didn't care about loosing client that had complaints, but did care to chase me when they wanted a signup day one.


He also added thier systems are the best in the world, and no one else system would have been able to cope with this volitity (what I consider mild this morning) but couldn't establish what system he had and what their competitors had..... hmmmmmm

Did anyone else suffer this morning or yesterday and what was their resolution if any at all....???? as they're saying it's only me that had this problem.

I have praised them in the past, but this changes thing considerably, and would be concerned to see anyone else go though this.


Thier is no proof (screen recording), to show what happened on my screens, as the market played out, and their tools failed, but recovered when volitity eased without rebooting or logging off... so they seem to have a advantage given steir statements only show a snapshot of the order...

0/10 for their customer service when a polite complaint comes in with reguards to money out.

SevenFX

Re: IGMarkets-Platform Faults & Gotcha's

I've had similar problems too eg order pad freezing and having to re-start the app. I had had enough of it last week and closed my account.

Re: IGMarkets-Platform Faults & Gotcha's

Uncle Festivus said:

I've had similar problems too eg order pad freezing and having to re-start the app. I had had enough of it last week and closed my account.

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From reading your poasts Uncle Festivus, I know your a experienced trader, and know now what they saying is more likely not to be only me...

Only problem is going to another platform means I may experience same problem and it all starts again.

these companies shouldn't be able to do this and get away with it, unless voices are heard, and many voices may just change what we cop and made companies more fall under stronger consumer protection law.

Thanks Kindly.
SevenFX

Re: IG Markets - Platform Faults & Gotcha's

I used to have heaps of problem and I actually got so frustated that I wrote a big email to them (with screenshots) and they finally acknowledged that they had problems and were worknig on rectifying them. This is about a week or two back.

Last night I had a problem as well.

As I put a trade on the AUD/USD the live prices stopped then the platform froze and IE froze, I had to re log in, i was not to impressed but that was the frist time that has happened to me. I did not call them.

Lately when I log in the prices are not there and I have to re log in to fix it. I checked my Java and its up to date.

I am not sure if I will leave them over this.

I get the same issue with prices not showing or even showing as some vastly inflated figure ie -300,000

I also have the small issue that if i leave a trade on overnight and it gets stopped out, it stays on the dealer window (although it does close out).

tbh I think these issues are more Java related, as I also get problems if I have a few charts up, ie last night they weren't updating.

SevenFX, you will not get a valid answer out of these people, I have had the same issue with IB who have effectively had $25k of mine for 3 weeks and are not very helpful at all in me getting it back, the CS is crap but these are big companies and its par for the course these days.


Although I notice they've now gone to a 4 point spread, is this a bloody scam?

I have just sent my new account form to IG, well 3 weeks ago

I am trying to learn SPI trading so I am just getting into this MM thing.

I have been using CMC, they use a 4 point spread overnight (SPI200) but it has always been 2 points during the cash market AFAIK ( has been and is 2 points spread all morning)

Not sure I will worry about funding the IG account after reading this (assuming they eventually contact me about opening the account)

I'm just about to activate an IG account.

Maybe I'll wait to see how many others have problems.

There must be a God out there cause I took back a good slice this morning, BUT doesn't change what happened and as I can see you guys have had similar experiences.

And I just posted this thread... whats to come...????

Also noticed the spread has widened, but guess thats just their rights to change spread, and we take a trade based whether the reward is there. (cost of doing business)

But it is not their right to provide a platform that is as unstable to mums n dads and me

SevenFX

SevenFX said:

There must be a God out there cause I took back a good slice this morning, BUT doesn't change what happened and as I can see you guys have had similar experiences.

And I just posted this thread... whats to come...????

Also noticed the spread has widened, but guess thats just their rights to change spread, and we take a trade based whether the reward is there. (cost of doing business)

But it is not their right to provide a platform that is as unstable to mums n dads and me

SevenFX

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Hold on a minute, is it not false advertising to trumpet on their website their incredibly tight spreads?

"All our stock index contracts are commission-free: the only charge is our highly competitive dealing spread.

Our most popular stock index contracts are listed in the Contract Details. You can trade in full or mini contract sizes, and even in fractions of a contract. You can also trade the Australia 200 either on a standard contract (with a 2-point spread) or a futures contract (with a 3-point spread). "

caleb2003 said:

Hold on a minute, is it not false advertising

You can also trade the Australia 200 either on a standard contract (with a 2-point spread) or a futures contract (with a 3-point spread). "

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Good Point Cable.

Is it binding, and is there a disclaimer somewhere to override that...????

Damm the law of the universe is working and TIS all coming back to me this morning... 4fold...

caleb2003 said:

Hold on a minute, is it not false advertising to trumpet on their website their incredibly tight spreads?

"All our stock index contracts are commission-free: the only charge is our highly competitive dealing spread.

Our most popular stock index contracts are listed in the Contract Details. You can trade in full or mini contract sizes, and even in fractions of a contract. You can also trade the Australia 200 either on a standard contract (with a 2-point spread) or a futures contract (with a 3-point spread). "

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I'm sure they will have a disclaimer stating that they have the right to widen that spread during periods of high volatility, which is precisely what we are going through now.

Trembling Hand was commenting in the SPI thread today about the spreads on the futures- apparently they weren't always 1 point, which is pretty rare. If the futures market spread is starting widen because of the volatility, you would expect the CFD equivalent to do the same.

SevenFX said:

Good Point Cable.

Is it binding, and is there a disclaimer somewhere to override that...????

Damm the law of the universe is working and TIS all coming back to me this morning... 4fold...

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Well no, and yes there is the PDS. I had a similar 'discussion' about an index trade with IG that just suddenly dropped by a massive amount, unrelated to the physical, and they basically said they can do what they like, it's in the contract you sign. With CFD market makers it's always in their favour.

I can understand that but if say a bank advertises on tv a 2% mortgage rate for everyone but then includes a load of fine print so that its 7% then they get done by the industry watchdogs. As this is also in the financial sector it should be governed in a similar way.

Waste of time me jabbering on about it though as its always happened and probably always will.

Spose its up to the unwise (ie me) to learn!

macca said:

I have just sent my new account form to IG, well 3 weeks ago

I am trying to learn SPI trading so I am just getting into this MM thing.

I have been using CMC, they use a 4 point spread overnight (SPI200) but it has always been 2 points during the cash market AFAIK ( has been and is 2 points spread all morning)

Not sure I will worry about funding the IG account after reading this (assuming they eventually contact me about opening the account)

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Does CMC's spread always stay at 2 points during the market hour? I just got hit with 5 points spread on IGmarkets and it sure did stops me out, - the trade was good, (Yesterday went up as high as 8 points). Come on, what the heck? Please recommend other decent providers!!. Or even better, any actual Futures broker that offer the mini-Spi? – ie. non-CFD.

I may look into this further, as some companies put off their clients from ever persuing claims against them as this could lead to further claims from other customers...

I think most (sometimes me)are easily swayed by what they tell you, BUT hey they would be biased in telling you they are the law, and you should have read the pds, etc, etc.

I would be most greatful if others would look into it to for all of our benifits.

It's not just about IG, it's this instrument wide issue, and would like to see this stamped out, so it's FAIR resolution for all, and newcomers like me and others don't keep loosing to unfair practices.

Someone has to take a stance...????

SevenFX said:

I may look into this further, as some companies put off their clients from ever persuing claims against them as this could lead to further claims from other customers...

I think most (sometimes me)are easily swayed by what they tell you, BUT hey they would be biased in telling you they are the law, and you should have read the pds, etc, etc.

I would be most greatful if others would look into it to for all of our benifits.

It's not just about IG, it's this instrument wide issue, and would like to see this stamped out, so it's FAIR resolution for all, and newcomers like me and others don't keep loosing to unfair practices.

Someone has to take a stance...????

Click to expand...

Not being defeatist but I think its about as much use as forming an anti-amalgamation committee

caleb2003 said:

Not being defeatist but I think its about as much use as forming an anti-amalgamation committee

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Just want to know for myself and not hear it from them, then I will accept these are the terms and cfd laws and thats the game I'm in.

Otherwise we could be getting rolled big time, and they owe me big money...

SevenFX

SevenFX said:

I may look into this further, as some companies put off their clients from ever persuing claims against them as this could lead to further claims from other customers...

I think most (sometimes me)are easily swayed by what they tell you, BUT hey they would be biased in telling you they are the law, and you should have read the pds, etc, etc.

I would be most greatful if others would look into it to for all of our benifits.

It's not just about IG, it's this instrument wide issue, and would like to see this stamped out, so it's FAIR resolution for all, and newcomers like me and others don't keep loosing to unfair practices.

Someone has to take a stance...????

Click to expand...

I also traded with CMC originally & had similar 'ethical' problems with their re-qouting system. I enquired to firstly ASIC who fobbed me off to Consumer Affairs, who then advised it was outside their jurisdiction also.

It is a grey area no authority wants to touch, probably similar to the property funds fiasco's. Because it's the 'wild west' of derivatives or gambling it's pretty much gambler beware.

SevenFX said:

Just want to know for myself and not hear it from them, then I will accept these are the terms and cfd laws and thats the game I'm in.

Otherwise we could be getting rolled big time, and they owe me big money...

SevenFX

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Really? bad news, hope you get some back.