Australian (ASX) Stock Market Forum

IG Markets - Platform Faults & Gotchas

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SevenFX said:
Their SPI spreads have been blowing out to 10-12pts, which is crazy greedy spreads, even when it's out of hours calm.
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Just a bit of a note here guys the spread on the SPI can be HUGE out of hours. Not that uncommon to be 15 to 20 points at times. I know that CMC keeps their spread at 4 points out of hours and I am really surprised at that, it is at times better than the SPI. During normal ASX times its mostly 1 tick but after hours its very illiquid, probably trading only 1000 contracts all night. It is defiantly not a contract that is tight out of hours like S&P mini.

I don't like the CFDs but I will point out that 4 to 6 point spread on the SPI related contracts out of hours is probably as fair as you are going to get these dudes playing.
 
Anyone have trouble with IG's guaranteed stops not working? I mean not being stopped out when you should have been and getting slippage.

Regards
Rogue Trading
 
Hey there - I've been trading IG's mini aussie contact - I noticed in the last coupla days I've been deducted a dividend!!!??

An index that pays a dividend? - well apparently the little I have managed to glean from the helpdesk is if some/any/particular component share has a dividend they can hit me up for it if I've been short - however I've also been going long - and there's been no credit payment

I'm getting passed from operator to operator at the moment - they're trying to find someone in the office who knows anything - is there anyone out there that can shed a little light on their 'calculations' and seemingly rubbery rules..................
 
If you were Short from the close of the overnight session to the open that seems right. I think that is when the Div is paid/deducted.
 
wahoo said:
Hey there - I've been trading IG's mini aussie contact - I noticed in the last coupla days I've been deducted a dividend!!!??

An index that pays a dividend? - well apparently the little I have managed to glean from the helpdesk is if some/any/particular component share has a dividend they can hit me up for it if I've been short - however I've also been going long - and there's been no credit payment

I'm getting passed from operator to operator at the moment - they're trying to find someone in the office who knows anything - is there anyone out there that can shed a little light on their 'calculations' and seemingly rubbery rules..................
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I have made the same inquiry too. You need to speak to a dealer.

An amount is derived from S&P who have a daily 'figure' per index that is calculated from the number of companies going ex div & the div amount. This is then applied per contract you hold, paying a div amount for short index & receiving a div amount for long index.

You should be getting paid or paying divs if you hold the position overnight (or whatever cut-off time it is, not sure).

You have no way of knowing if you are getting ripped off as S&P only give the daily index div figure out to paying customers to their services. Just make sure they don't 'double up' with the short div withdrawals, as I have seen them do that. As told to me by an IG dealer.

Also watch out when trading currency pairs because interest is calculated on the difference between the currency paying the least interest and the currency paying the highest interest. For eg, if you short the AU/US dollar you will have to PAY interest because we have a higher interest rate than the US. Again as told to me by an IG dealer.
 
wahoo said:
Hey there - I've been trading IG's mini aussie contact - I noticed in the last coupla days I've been deducted a dividend!!!??

An index that pays a dividend? - well apparently the little I have managed to glean from the helpdesk is if some/any/particular component share has a dividend they can hit me up for it if I've been short - however I've also been going long - and there's been no credit payment

I'm getting passed from operator to operator at the moment - they're trying to find someone in the office who knows anything - is there anyone out there that can shed a little light on their 'calculations' and seemingly rubbery rules..................
Click to expand...
The same thing happened to me in CMC, they are very helpful though.

I assume you've longed the ASX200 index (under whatever name IG chooses to call it).

When you own a index contract, and shares in that index (ASX200 for instance) go dividend, you SHOULD be paid, the payment is worked out on the weighting of the company on the index, and exactly vice versa if you short a contract, you will be deducted.

Say Commonwealth Bank is weighted 50% on the ASX200 (half the value) and pays a dividend of $10 per share, so since its 50% weighted - I should receive $5 of credit/debit if I have longed or shorted the index.

You mentioned you have been going long - check the dates you have longed the contract and then check if any of the shares in that index went ex-dividend.

Hope that helps.
 
Thanks guys -

I wasn't holding overnight but have been charged on two consecutive days.....I still have'nt managed to talk to anyone at IG that has divulged anywhere near the information you have - cheers!

Uncle Festivus - out of interest - I recall you saying that you had enough of IG - did you find another/better dealer - I'd be interested in another provider with a little more transparency

Vishalt - (yes its the XJO I am trading) how do you find CMC to deal with - ie stable platform, helpful helpdesk, what size contracts do they offer?
 
wahoo said:
Thanks guys -

Vishalt - (yes its the XJO I am trading) how do you find CMC to deal with - ie stable platform, helpful helpdesk, what size contracts do they offer?
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I think CMC are fantastic, I'd give'em 8/10, they're getting there.

Platform - It's easy to see your gains/losses/gearing, find the shares you want to buy and sell, there's also a chat function with very very helpful dealers, there's also a Plus+ section that gives coporate/dividend schedule, and you can access your daily reports (how much interest, mark to market, dividend action) etc.

HOWEVER - the program is a bit buggy, e.g - Last Fri I bought 500 DJS, I closed that yesterday, so I should have 0, I login from my laptop at college, it shows I have 500 short.. I buy 500 to make it 0, I come home and login, I have 500 long again wtf? I spoke to CMC, they were very kind and helpful and they admitted to the platform "needing more fixing" - but they can admit this and were happy to fix my cash positions, but I said no (because by their mistake I raked in big time with CSL lol).

And also - international shares (US/Europe except for UK) don't have market depth, you can't see buys/sells, highs/lows, open/close, which I thought is silly, and CMC won't be doing about it in the near future.

The program can also take ages to login, and eats a lot of RAM for average computers.

Service - The staff are very kind and helpful, very well mannered, they know their stuff and I've never needed to speak to more than one operator before.

They also have a web-based platform coming out by the end of the year, which should be good so I can trade from anywhere, not just my home pc/laptop.

What do you mean by size of contracts though?
 
I also am on CMC markets and dont find them too bad. Generally they are pretty good with their spreads (i compare their spreads for australian shares with my comsec account).

However there online platform isnt great, and yeh it does eat up alot of ram and can be slow at times.
 
I have also had trouble with IG markets. Problems with orders not being processed, the applet crashing constantly and the charting software sux. The free part is good however :p
 
I've had 2 blue screens of death in the past 3 days. One more, and it's buy, bye IG. :bekloppt:

:banghead:
 
I have been using CFD's for trading since June 2006, have used CMC markets also for this period. I can honestly say that I have never had the dreaded blue screen. I did have one problem with charts not updating once, called the helpline which turned out was a problem with my computor, the person I spoke with helped to solve right then.
Now I'm no expert with computors or trading platforms but I find CMC's platform ok, the only thing on the platform I would like is a running volume figure. porkpie
 
monkey187 said:
I have also had trouble with IG markets. Problems with orders not being processed, the applet crashing constantly and the charting software sux. The free part is good however :p
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What don't you like about the charting software?

Apart from the occasional lag and a bit too much cpu use, the charts are one of the best things IG have in my opinion, and theres loads of extras available for the itcharts app if you look around.

If you know of better charting software thats not too expensive let us know, because I'd be interested to check it.
 
caleb2003 said:
IG platforms gone down for me this morning, anyone else?
Click to expand...

Still working here Caleb...
EDIT: Hit me seconds after post... uhhhh... but seems good again..

Thanks for last link, are you using there software...???
Cheers
SevenFX
 

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