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IG Markets - Platform Faults & Gotchas

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Anybody get stopped out yesterday when the QBE error sent the ASX index lower by 70-80 point for a minute or so.

Funny thing is, i'm sure the same thing happened last year with QBE. It was in the papers. Is it an error or somebody deliberately doing it. Like taking the piss out of the markets.

I have been trading the IG platform when this sort of stuff happens. It's not good losing money in any circumstance but this is a $#@! way to lose it.
 
Look in the QBE thread. Orders below $15 on the ASX will be cancelled. Call IG and get them to put you back in the bucket.
 
Hi all

I dont have access to any other charting software on this PC Im using right now.
I just quickly took this screen shot last nite, from IG's simple charts. I did also notice the same spike in the advanced charts too.


Anyways, I got stopped out on my short (yes I did set it too low) when all of a sudden at 19:05 sydney time on monday 16th, the Japan 225 price went from 7850 to 7925 almost instantly and back down again.

Yes the Hong Kong market was rapidly going higher at the same time. Although this 75 point spike looks fishy. Especially since my stop was set at exactly 7925. Could just be coincidence.

Is anyone able to pull a chart for me for the mentioned time period? Thanks


 

Sorry I don't have alternate chart but the same spike appears on my IG Market charts as well. On that count, it wouldn't make much sense for them to move the price just to hunt down your stop (unless you are trading a huge position), at the risk of everyone else shorting the hell out of them.

Obviously it could still be a bad tick, in which case you would still have a case against them. Good luck.
 

In terms of CFD providers guys I have seen it all!! I have been trading CFD's since they were first introduced to Australia - back then they were called deal for free (it was really CMC who were providing this) and they didn't charge any brokerage.

If you think IG are bad, then just wait until you get to CMC. They are diabolical! Without doubt there re-quoting system is a shocker, they push the buy/sell on the AUSSIE200 through out the day to match their book exposure and they are sure to push the market in quite hours to take out your stop. Having said that, IG will push the market too - perhaps worse then CMC.

Given that I am a large trader I have learnt to have a client manager with the CFD provider. Anything that I am unhappy with I jump straight on the phone. Resolutions are normaly pretty good.

To put this in perspective I have taken both CMC and IG to the financial ombusman - and I have won some points so it can be done!

Finally, as you grow in the trading world you will learn that the AUSSIE200 (or SPI as you may call it) cannot be consitantly traded well over long periods due to the manipluation that happens in quite hours. If you hold positions overnight (which you have to to get the US moves) then you will get killed - all the time! Same goes for UK as it does not have a 24 hour futures market.

Answer, trade the US indicies, UK indicies during market hours, JAPAN Nikki, Hang Seng (Watch for the Gapping) or currencies. Trust me, I have lost more then you all put together learning this!
 

Mate, you don't need another Chart - The JAPAN225 does not spike like this and make a chart pattern like that... that is rediculous.

Jump straight on the phone and get the position cleared by IG.

By the way, there is no spike like this in CMC's Chart.
 
Did IG markets removed l2 Dealer? That was the best and now its gone. it had volume and everything.
 
Hi all.
Is anyone having problems downloading the IG charts today, that are provided by it-finance?

I can't open them......... hmmmmm?... must be a good down day... haha
 
I'm tempted to trade blindly.........hmmmm? maybe not!!. Did the ftse100 index started earlier today....what time?.. must be the change of time, but we haven't had that here in Vic yet....
 
On 26/3, I ordered long Linc at stop 1.96 and got filled at 2.048. Today, my sell stop at 2.04 was filled at 1.945.

Total slippage .1830 or around 9%

Is this common?
 
onedognight said:
On 26/3, I ordered long Linc at stop 1.96 and got filled at 2.048. Today, my sell stop at 2.04 was filled at 1.945.

Total slippage .1830 or around 9%

Is this common?
Click to expand...

Mate.. no offense but learn what the order types are
When buying on stop it means that it will not buy below that price. If you wanted it to buy under $1.96 and not above then you need to use a limit order.

Brad
 
Brad

I know that!

I like to set my orders before the market opens and then forget about them. I didn't want in unless the stock rose to 1.96, but when it did I hoped to get set somewhat closer to 1.96 - not 8 cents away. And then to cop another 9+ cents slippage on the way out!!

In several years of direct share trading using stop orders, I haven't experienced the amount of slippage I'm now getting with CFDs at IG - especially on what I thought would be a reasonable volume stock (nearly 2M shares traded today).

I was just asking whether other forum users considered this to be normal. Don't be so quick to jump in with a rubbish.

Mike
 

Sorry, didn't realise that is what you meant. My mistake Mike i apologise. Like i said no offense intended.

Just a side note -- i closed my IG account yesterday and moved to GO Markets. Im sick of IG.

Brad
 
beamstas said:
Sorry, didn't realise that is what you meant. My mistake Mike i apologise. Like i said no offense intended.

Just a side note -- i closed my IG account yesterday and moved to GO Markets. Im sick of IG.

Brad
Click to expand...

Why sick of them? I have been in profit with them for several days now. Overall profitable with them.

Just asking!
 
sinner said:
Why sick of them? I have been in profit with them for several days now. Overall profitable with them.

Just asking!
Click to expand...

Do not want bucketshop broker
Heard too many stories of them chasing stops -- i don't care if they do or not but feeling uneasy about your broker isn't a great place to start
Prefer DMA
Can get cheaper brokerage elsewhere
IG don't let you use limit orders while the market isn't open
Can't participate in the auction
They are fine when you are setting up your account but hard to get ahold of after that
Some prices occur on IG that never occured in the real market
Sometimes it seems they add a bit of "noise" in quiet times.. This probably has something to do with chasing stops
They force me to use guaranteed stops because my account is less than 10k, which means every time i trade i incur a fee that i do not want to have to pay

One thing i will admit is their platform is quite good
And when i requested funds be transferred out they did it fast

They are my own personal reasons why i have gone elsewhere. I may be completely wrong about all of these things, so my advice if you are using IG is Do Your Own Research.

Brad
 
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