IG Markets - Platform Faults & Gotchas

[Nero64]

Trust me, I have lost more then you all put together learning this!

Amen to that. Have you made it al back though using IG?

Does anyone know exactly how IG's stop losses are triggered?

I had a short position on the FTSE with a non-guaranteed stop at 4119. Looking at the chart, the price only hit 4118 before reversing, yet my trade was closed at 4119.

Am I missing something or is this a bit dodgy?

I have had the same thing happen, but with +4/-4 using GSL after hours on the Dow. Something like that but yeah it can be frustrating, especially when my short position on the Dow was at 12245 and it got down to 6500 4-5 months later.

I have done over 1000 trades with IG and I reckon I have given them about $5000 in comissions etc.

I don't think I will ever use them again. Depends though I think they have a good platorm. CMC is so archaic.

I wonder if anyone has made money from IG in the long run?

 

[Trembling Hand]

I wonder if anyone has made money from IG in the long run?

they are out there my friend.

 

[ivant]

they are out there my friend.

Haha yes they are I believe your 1 to 50 was with IG wasn't it?

 

[Aussiest]

Well, IG blocked me out of several trades this morning. First one, 'price no longer valid'. Second one, 'market currently rolling over, unavailable'.

Then, my order didn't show up in the 'order to open' box, so i wasn't sure if it was even valid.

Am seriously considering going over to IB.

What is their minimum deposit? $USD10k?

If anybody has changed over, how do you find the platform in terms of:

1. Execution speed?

2. Platform speed (updates prices quickly)?

Thanks in advance

 

[Bobby]

Well, IG blocked me out of several trades this morning. First one, 'price no longer valid'. Second one, 'market currently rolling over, unavailable'.

Then, my order didn't show up in the 'order to open' box, so i wasn't sure if it was even valid.

Am seriously considering going over to IB.

What is their minimum deposit? $USD10k?

If anybody has changed over, how do you find the platform in terms of:

1. Execution speed?

2. Platform speed (updates prices quickly)?

Thanks in advance

Have a look at GoM http://www.pacifictrader.com.au/futures

 

[Aussiest]

What the hell is this? I placed a GTC order with IG at 3995 and it didn't execute. Was that because the price went in $0.50 increments and didn't trigger?! It might be just as well because it was a short, but you know...

Look here. Please note, prices same for Australia Cash full contract as for A/C mini contract.

 

[skc]

The high is the buy price. Overnight spreads are huge so doesn't surprise me if the buy high 3996.5 had a sell high of 3990 or something similar.

Check the chart which plots the midpoint between buy and sell. That way you can work out the sell price and see if your order should have been executed.

 

[Aussiest]

Ahh, damn. Thanks for clearing that up. Could have been a blessing in disguise. We'll see on Monday.

 

[skyQuake]

Haha yes they are I believe your 1 to 50 was with IG wasn't it?

Think TH was on CMC before he got booted
IG used to have a problem with price no longer available which allowed you to make some good money real quick

 

[el caballo]

Anyone else bemoaning having IG Markets platform completely fall apart on them during the current forex volatility. Pathetic ... !

 

[>Apocalypto<]

Anyone else bemoaning having IG Markets platform completely fall apart on them during the current forex volatility. Pathetic ... !

are u talking about reqotes? or price no longer valid??

I am having the same probs at times on GFT.

broker can't do much the market is as thin as a tissue......

 

[el caballo]

No, the site itself crashed. It has just come back online. During that time, it took over 10 mins to get through to their international phone "help" desk, by which time the market had moved considerably. My personal experience with this broker is that it works flawlessly 98% of the time - its the 2% when you really need it (eg. large position, abnormal market volatility) that it invariably tends to fail. Coincidence or not?

Can I ask how the other bucket and non-bucket brokers performed during the last hour?

 

[the3bears]

hi, i have posted aquestion today in Trading / Investment Resources,concerning my daily statements, I trade Uk share cfd's and from 2007,up until March 09, the cfd current price quoted on the daily statements, has been from the market closing price from the day prior to the date on the statement,ie last nights closing price on todays statement, but since March the current price has been from two trading days prior to the date on the statement,but any new trade that I enter/close shows the correct trade price,which is not only misleading, but confusing when I look at my P&L, and my available free funds, has anybody else noticed this problem, and have they complained about it. IG told me that they had a system bug, but that would have to have been since 2007, and now its rectified? , they say that the current price, which is now two days old is the way that the statement should record the data. I would be interested to hear from anyone who has had similar problems regarding the daily statements,regards TB.

 

[adds]

Woa 16 pages about IG Markets Platform Faults and Gotchas!

Here is another to add to the list.

It appears that the charts are unable to chart prices at the third decimal place ie: 0.005. For example today BUL opened at 0.205 and closed at 0.200 but the chart just shows a line with a close and open price of 0.200. You will notice with any of these lower share price stocks that the chart is unable to chart opens and closes of the third decimal place, so if you draw a line on the BUL chart at 0.205 you will notice the stock has never ever opened or closed at this level! Same if you draw the line at 0.235 or 0.245 or 0.0255 etc.... See chart.

 

[tch]

Oh yeh, here's another "gotcha". The login page uses "http" (insecure), not https to log you in. I sent them an email about this a while back and typically got no response.

 

[new_trader1984]

hi, i am looking at opening a cfd account at either ig or fp markets.

Just reading on this forum about slippage and during quiet times they make some noise to reach stops.


I would be trading shares like rio mqg and wpl for intraday trades, the demo platform the bid and asks are the same as the real market is it the same on the real platform to the demo or is there slippage with the bids and asks. I would only need to use the ig site to place the trades since i use other software for charting the shares.

Do anyone find the bids and asks not the same as the real shares on the pure deal platform with the otc trades?

Thanks.

 

[skc]

hi, i am looking at opening a cfd account at either ig or fp markets.

Just reading on this forum about slippage and during quiet times they make some noise to reach stops.


I would be trading shares like rio mqg and wpl for intraday trades, the demo platform the bid and asks are the same as the real market is it the same on the real platform to the demo or is there slippage with the bids and asks. I would only need to use the ig site to place the trades since i use other software for charting the shares.

Do anyone find the bids and asks not the same as the real shares on the pure deal platform with the otc trades?

Thanks.

With normal stock trading IG has been quite honest with bid/ask prices. Use their DMA platform and it's as good as the real underlying market.

The comments about slippage and noise applies only to index instruments - some swear that it happens while others believe such comments are unproven.

 

[new_trader1984]

Thanks skc, is there much difference between puredeal and puredma with ig on share cfd's, the demo was only on puredeal and the 1 click for buying or selling is what i thought was good since with rio its hard to get any decent size orders filled quickly since they move in 100-200 share lots a lot and quickly move 20-50 cents before a full order might be filled.

I wouldnt be worried about 1-2 cents inside the spread like you could do with puredma and would use puredeal if its based on the real prices without manipulation in the price.

Since ig would only be used to place the trades thats the only concern i have after reading lots of past posts about noise since i would have stop losses in place but would be a fair distance from the purchase price.

When i spoke with ig today they mention the share cfds on puredeal is based on commission and no spread which is the same as dma, apart from puredeal being otc and puredma being dma trading and both on commissions is there much difference between the 2 if both move based on the real share price.

Thanks.

 

[skc]

Thanks skc, is there much difference between puredeal and puredma with ig on share cfd's, the demo was only on puredeal and the 1 click for buying or selling is what i thought was good since with rio its hard to get any decent size orders filled quickly since they move in 100-200 share lots a lot and quickly move 20-50 cents before a full order might be filled.

I wouldnt be worried about 1-2 cents inside the spread like you could do with puredma and would use puredeal if its based on the real prices without manipulation in the price.

Since ig would only be used to place the trades thats the only concern i have after reading lots of past posts about noise since i would have stop losses in place but would be a fair distance from the purchase price.

When i spoke with ig today they mention the share cfds on puredeal is based on commission and no spread which is the same as dma, apart from puredeal being otc and puredma being dma trading and both on commissions is there much difference between the 2 if both move based on the real share price.

Thanks.

The spread is the same between their dma and otc. The difference is that with dma you can be a price maker, but with otc you are always the price taker.

Say RIO spread $49.90 / $50.10 and you want to go long...

With DMA you can put in anything from $49.91 to $50.09 and wait to get hit.

With OTC you have no choice but to buy at $50.10, although you will pretty much get a fill (unless your volume is way bigger than the true underlying liquidity).

Note that if you open a DMA position, IG lets you close with either DMA or OTC. But if you open a OTC position then you can only close with OTC. I will let you work out the implications.

 

[adds]

Note that if you open a DMA position, IG lets you close with either DMA or OTC. But if you open a OTC position then you can only close with OTC. I will let you work out the implications.

Great explanation of DMA vs OTC. I didnt realize if you open with DMA you can close with OTC. Thanks skc.