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IG Markets - Platform Faults & Gotchas

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caleb2003 said:
Really? bad news, hope you get some back.
Click to expand...

I was referring to the spread difference, as have traded a fair bit with the on bigger spreads, so figure they owe me sum if they can't change the spread as advertised...????

If they're got a disclaimer covering them, they might as well advertise a 0.005pt spread, though no one will believe them...will they????
 
I used to trade Australian and US stock indexes with IG. Suffice to say that there were several incidents of my stops being triggered at levels where the market never went. In some cases that was literally a 200 point plunge for the ASX that didn't show up on any other data source.

For example, market at 5500 and my stop was taken out at 5300 on a day when not much happend. Go into the very short timeframe charts and sure enough, there was a down spike that took out my stop. But it was a drop that never happened in the real market (called the ASX to check). Needless to say I no longer trade anything with IG.
 

I've noticed these spikes also usually in the mornings, who have you switched to?
 
OK, they absolute charlatans.

10:30pm US cut rate, chance to make a killing and their system suddenly is unusable, charts don't work nothing.

On 2 different PCs
 
Gents
Just switch to the level 2 platform - you don't have trade level 2, you can still trade OTC. It's no extra cost to you unless you trade using the level 2 system.

My L2 dealer has been perfect, regardless of our volatility. The java version really sucks though, it always goes down..

Cheers
 
Will this still give charts, these are the main thing not working for me, I'm plotting based only on price atm
 
caleb2003 said:
Will this still give charts, these are the main thing not working for me, I'm plotting based only on price atm
Click to expand...

Yeah, the charts are still there........ Same system though for the charts, however I haven't had any issues because it is apart of the L2 platform.

Cheers
Reece
 
caleb2003 said:
I've noticed these spikes also usually in the mornings, who have you switched to?
Click to expand...
I no longer trade CFD's.

For reasons unrelated to IG I needed to take some $ out of my investing / trading. Given the trouble I was having with IG I decided that I would just cut out CFD's and keep my direct shares etc untouched.
 
caleb2003 said:
OK, they absolute charlatans.

10:30pm US cut rate, chance to make a killing and their system suddenly is unusable, charts don't work nothing.

On 2 different PCs
Click to expand...

Yes, having delayed detached charts from pricing...

may have to try basic charting...damm

EDIT: Thanks Reece, downloading L2, but has 101 updates to go :-(((((

So I take it I can just use charts there, and buy/sell via web (java) panel.. which I think is cheaper
2 trade...????

It now says [Invalid Response from Authentication Server (missing Key)]

Thanks|
SevenFX
 
Well after last nights shenanigans I think its time to move on from IG from me, after the rate cut I was banging on the trades and caught most of the upmove and managed to pull out before it went down but with the visual advantage of the charts I would definiteley have got them on the way back down too, so I missed out on a fair wedge.

After them fiddling their spreads on xjo200 as well (curios as to why they didn't do the same for the ftse?) its the last straw.

Generally they're quite good but it looks they can shift the goalposts whenever it suits.

I think it was Trembling hand on here that did a comparison stating that it would be cheaper to use futures so I'll have to find a good broker for that, any reccomendations? (NOT IB!!!!)
 
Hi Caleb,

If you are looking for an alternative to check out, Morrisons have recently added SFE futures. I have traded options with them in the past, but haven't traded SFE with them.

Looks like one of the biggest drawbacks would be their $150 + gst monthly fees for WebIress in addition to trade brokerage. I don't know how their brokerage for futures compare with IB, but I found their customer service to be pretty good during the time I traded with them. http://www.morrisonsecurities.com/default.php

Cheers
 

Hi,
I use Tricom for trading futures. I am happy with their service. I am not happy with the margin the SFE charges on the SPI. It is now $8000. So on a $ 10k account you can trade one lot!
This why I have lately gone to IG to trade the aussie 200. Margin is $1750. Can trade 5 lots insteade of one.
But after reading this thread it makes one think.
Regards
Rogue Trading
 

I managed to lose money last night after the FED announcement - due to loss of visual (was trading FTSE100). I was picturing the Candle Charts inside my head, by looking at the price movement. That didn’t go too well. I really need a new provider, can’t be flying blindly with IG no more, and your right, them fiddling with the spreads is just unacceptable.

Anyone here using CMCmarkets? Please share your thought on their services..
 

I have had a CMC account for a long time and cannot remember their Aussie200 being anything but 2 points during day hours.

Still I don't trade it as I have posted on my blog I think that system sucks for day trading.

I would expect the spreads on all instrument to increase in times like this even the SPI has jumped out recently at times. But still its mostly around 1 point.

8 points during the day thats $200 effective brokerage for your "free trade" compared to $10 brokerage for the same size on the SPI. in fact its more you need a 9 point move just to get to break even! Buy then a SPI trade is $200 to $225 in the money.

Come on guys if you are day trading this is joke.
 

10K trading one lot seems just fine to me. 5 lots if thats the same amonut per tick are you crazy??

If you take 2% max loss per trade for a stop that's $200 or 8 ticks on the SPI. so you could get away with trading 2 contracts but 5. that's $125 per tick. on $10,000 account that is suicide. surely that contract is not $25 dollars per tick. are you talking about their mini?
 

I only use IG because they offer the MINI SPI 200 and MINI FTSE 100. I use Interactive Brokers for the e-minis and that’s cost only $5 round trip. But with the recent increase in volatility in the State, it just too risky to trade it! If you know a broker that offers Mini SPI 200 and Mini FTSE 100, I’ll be interested to hear. Cheers.

BTW: I have read your Blog before and I do agree that the person on the other side is the provider (and the market) but until an alternative comes along, I have no other choice. :iagree:
 
Sounds very familiar. Whenever there's a real chance to make $$$, something funny happens.

One point about these market makers in general is what happens if you speak to someone on the phone about a withdrawal. They automatically assume that anyone making a withdrawal is closing the account! That speaks volumes about the overall profitability of their customers.
 
This company is getting worse n worse by the day, and seems to be more visable when I have raised a dispute with them, on their platform unstability in mid volitile times.... (heck last friday 5.30am wasn't a wall street collapse) and they say they have better systems than anyone...??? go figure.

After the spin doctor (supervisor) failed there, he had limited knowledge on PC technology and insisted it was my broadband/pc problems, which I dismissed to him given my trade is IT.

This is where he got diffensive and dispite talking continued to talk over me, trying to railroad the conversation.... stating they weren't about to loose money and he can't help me and wern't gonna talk to me all day (10mins into the call), there were other customers, and he was going to hang up... very rude I thought as I was a good customer making tens of trades a day until I had 1 (one) dispute for few hundred dollars.

He then tried to lock in or limit future claims by confirming exactly how much I was trying to claim....even though he said he would not pay any claim.

They are very slippery, rude and brutal when it came to this dispute, and know how to charm, when it comes to signing you on.

I also rang Out of hours (sat) and got their UK office, suggesting I wanted to activate L2 software platform to see if that was any more stable, and b4 the guy handballed me to someone else, he wasn't quick enough to press the hold button, and said quote "It's one of those F**K** Aussies" ringin wanting to change something".

The person who took the call some 5seconds said he didn't say that, I must of heard it wrong.... sure I always imagine business saying these things to me..NOT.

Their SPI spreads have been blowing out to 10-12pts, which is crazy greedy spreads, even when it's out of hours calm.

Anyway I'm out ASAP.
Refuse to put up with their crap, and tthey are leaches when 'n their favour.

SevenFX
 

CMC gets a big X too. The last time I traded with them the price you are offered is dependant on your order size. The bigger the order you will get a re-qoute with a wider spread. Can anyone confirm this is still the case?
 
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