IG Markets - Platform Faults & Gotchas

[SevenFX]

Hi tekmann,

IB aren't a CFD provider.

Opps.

I asked for comments, and thanks Prof I got comments...though I should have known that. not thinkin any typing at same time

Could you Xplain what book value or something is about when trading the spi on IB, and confirm no volume data on IG is a disadvantage...as can't understand why they withhold it...???

thanks
SevenFX

 

[caleb2003]

When I change (soon) to another CFD provider (perhaps IB, any comments please), I want to make sure they're not withholding back Volume data (and book value or something I'm told...????) so I have all parts of the puzzle to form a opinion on the trade...

Also I notice they keep wanting to remove the US, HSI, YEN, FTSE feeds as I'm not currently trading them, and they claim it's cost them money, but I reference them daily, and if lost would be another part of the puzzle missing...

Certainly would make it harder for a New CFD trader to learn the ropes IMO.

SevenFX

I did try to join IB but my bank didnt send the account info with my payment so my money got stuck in IBs account for 7 weeks before I eventually got it back, there american CS were not particularly helpful at the front end and just kept closing my case despite the fact they had my money, it took a lot of my time and money being tied up to end up back where i started.

They do seem quite good feature wise and price wise so as long as there are no errors then probably a good bet (god help you if there are errors though), check out the Advert (oops, meant thread) https://www.aussiestockforums.com/forums/showthread.php?t=7303

 

[CFD]

I got some forms ready to go, tried the demo and its 'ok'

Also has anyone who still has IG seen BHP daily chart which shows a spike down back to about 1700 on the 13th Nov, whats all that about?

Yep, I've got that along with others in post no.95. Just about to try the demo.

 

[professor_frink]

Opps.

I asked for comments, and thanks Prof I got comments...though I should have known that. not thinkin any typing at same time

Could you Xplain what book value or something is about when trading the spi on IB, and confirm no volume data on IG is a disadvantage...as can't understand why they withhold it...???

thanks
SevenFX

Not sure what you mean by book value tekmann??????

Are you referring to something specific about IB here? As in booktrader? Or are you referring to the SPI in generally- fair value perhaps????

Can I confirm that no volume on IG is a disadvantage? To who? I've missed the point

I had a big weekend so you'll have to forgive me

 

[Sean K]

What's with the 16 point spread on the mini?

It's not that volatile.....

 

[korrupt_1]

I was trading AU200 last night and had a spread of about 40 points at one stage. First time I've seen such large gaps overnight with IG. I've seen 20 point spreads before - often enough... but never 40 points.

 

[Sean K]

I was trading AU200 last night and had a spread of about 40 points at one stage. First time I've seen such large gaps overnight with IG. I've seen 20 point spreads before - often enough... but never 40 points.

Makes me wonder how they come up with the formula for the spread. Probably the same software used in poker machines..

 

[Trembling Hand]

Last night on the SPI the BID/ASK spread was crazy. 40 points I'm not sure about but it was nuts.

 

[Sean K]

Last night on the SPI the BID/ASK spread was crazy. 40 points I'm not sure about but it was nuts.

Well, I'm closing my account and taking the money to the casino, the odds are better.

 

[>Apocalypto<]

What's with the 16 point spread on the mini?

It's not that volatile.....

Kennas,

It's not volatile no not at all. mate it's as volatile as it has ever been! have u been asleep for the last few days? asx dropped 168 then next day dropped 400+ then rose 200+ then last night US dropped 300 and finished up 300. that's a 900 point move in a session and u think that's not volatile. buddy please.

The night session on the SPI is low liquidity so is the night session on IG AUS 200 the spread is based to cover there ass. 40pts is maybe a little over the top but hey we are in wild times very wild. So I would not judge them too quick. I can tell u I never trade the aussie 200 at night, only exception to that rule only in calm trending conditions when the spread is 4-5 points. anything over 5 and my RR is shot and i won't take the trade. I would never trade in times like this when crazy things are happening. In this case I will not blame IG at all.

I only trade FX now, IG give locked spreads on the eur/usd and the aud/usd of 2 pips. now if i was to use a interbank commission based broker right now like EFX i pay more. IG charge 2 pis or 20$ us to trade a 10 lot standard contract. EFX charge 24.60 1 pip spread + 7.3$. so yes Market Makers are odd at times but on over areas they're fair. If you want the real deal open a account with IB SPI has a intraday margin of 5000 and a overnight of 7000 you make risk 25$ per point. trade the mini SPI and you face wide spreads wider then 2 points. at the end of the day it's your trading plan /style but from the current market behavior you could not expect IG to hold a 4-5 point spread over night, or even expect the SPI spread to hold at 5 points.

Hope that helps, Trembling Hand if i am out on any of the SPI details please correct, as I know you're up with that. or any other SPI traders out there.

Cheers.

 

[Kauri]

why look at the spi out of hours... from the very little I have seen after hours it is a mirror of the US markets... why not trade them?? Kinda like going to the casino to bet on the Black Rock Stakes..
Cheers
.........Kauri

 

[Sean K]

Kennas,

It's not volatile no not at all. mate it's as volatile as it has ever been! have u been asleep for the last few days? ....... buddy please.

Um, yes, I have been asleep the past few days (must be the altitute), and I haven't traded it during the past few days, and never during your day, as I've been asleep then too....Sorry, those spreads just sh.it me. I'll tell you what my return from the local tragamundos (local casino) is tomorrow. Cheers, SK

 

[>Apocalypto<]

why look at the spi out of hours... from the very little I have seen after hours it is a mirror of the US markets... why not trade them?? Kinda like going to the casino to bet on the Black Rock Stakes..
Cheers
.........Kauri

exactly! why not trade the mini Wall St or the FTSE100 or the German 30

great point Kauri.

 

[>Apocalypto<]

Um, yes, I have been asleep the past few days (must be the altitute), and I haven't traded it during the past few days, and never during your day, as I've been asleep then too....Sorry, those spreads just sh.it me. I'll tell you what my return from the local tragamundos (local casino) is tomorrow. Cheers, SK

I was not trying to have a go at you Kennas, but there other contracts to trade on IG have u thought about the Wall St, FTSE100 or the German30 mini? they might suite your time zone much better.

 

[Sean K]

I was not trying to have a go at you Kennas, but there other contracts to trade on IG have u thought about the Wall St, FTSE100 or the German30 mini? they might suite your time zone much better.

Yes, in my time zone, but I'm living in a fantasy world right now. During the 'day' here, there are other priorities. Most surrounded by food and alcohol. Chillean vino is fine around brunch. eeeek!

I'll get around to the other charts......cheers!

 

[waz]

Does IG index cover Australian shares?

I have an account, (which I havnt used in ages), I can do a search on Australian shares n the left hand search tool. But when I click on any Australian company it says its not found.

 

[Uncle Festivus]

This one comes under a 'gotcha' for those who have the unfortunate position of not keeping an eye on the contract expiry time & date. It also involves deciding which piece of data supplied by IG that you will trade by ie the pds info or the contract info, as in this case they conflict with each other.

Apparently if you want the contract to automatically rollover to the following month you have to email them with specific instructions to that effect, contrary to the contract specs as in the screen grab below. I interpreted this that the contract would rollover, but instead it was closed and a new position was not opened. This is the contract specifications as posted by IG - if you can't trade according to this info then apparently they can make up the rules as they go. As they say, it's not binding!

After words with an IG monkey, we agreed to disagree that their various contract wordings are conflicting and at best misleading.

This was the last straw with these turkeys. I am closing my account. Advise - read your documents & then ring them up to clarify each point as what is written is not what is fact.

Trade with IG at your peril!

 

[>Apocalypto<]

This one comes under a 'gotcha' for those who have the unfortunate position of not keeping an eye on the contract expiry time & date. It also involves deciding which piece of data supplied by IG that you will trade by ie the pds info or the contract info, as in this case they conflict with each other.

Apparently if you want the contract to automatically rollover to the following month you have to email them with specific instructions to that effect, contrary to the contract specs as in the screen grab below. I interpreted this that the contract would rollover, but instead it was closed and a new position was not opened. This is the contract specifications as posted by IG - if you can't trade according to this info then apparently they can make up the rules as they go. As they say, it's not binding!

After words with an IG monkey, we agreed to disagree that their various contract wordings are conflicting and at best misleading.

This was the last straw with these turkeys. I am closing my account. Advise - read your documents & then ring them up to clarify each point as what is written is not what is fact.

Trade with IG at your peril!

If u don't set a roll over what do u expect? They will call u and let u know? It's your duty as a trader to understand the market you are trading. I called them about this age's ago they told me i could set a auto roll on all markets so u did not do your home work mate!

I learnt the hard way I had a long open went short to hedge and did not realise I had to tick force open. Well I closed out my long! I called them and explained it to me. From that day on I never forgot that. you can't blame them for you not understanding your contract months expiry lol

 

[Uncle Festivus]

If u don't set a roll over what do u expect? They will call u and let u know? It's your duty as a trader to understand the market you are trading.

I learnt the hard way I had a long open went short to hedge and did not realise I had to tick force open. Well I closed out my long! I called them and explained it to me. From that day on I never forgot that. You can't blame them for you not understanding your contract months expiry lol

Yes, I understand that, and my duties, but if you read the info for the contract as above it is ambiguous at least to suggest that they will close the contract at expiry then open a new one in the next contract. As I read it they will roll it over. If this is not the case they shouldn't put that information there.

Anyway, I posted it for the benefit of others so not to get caught with their 'the customer is always wrong' attitude with contract specs.

A force open is pretty self explanatory; setting a roll-over according to the contract info should be too.

 

[>Apocalypto<]

Yes, I understand that, and my duties, but if you read the info for the contract as above it is ambiguous at least to suggest that they will close the contract at expiry then open a new one in the next contract. As I read it they will roll it over. If this is not the case they shouldn't put that information there.

Anyway, I posted it for the benefit of others so not to get caught with their 'the customer is always wrong' attitude with contract specs.

A force open is pretty self explanatory; setting a roll-over according to the contract info should be too.

At the end of the day it's their rules mate.

I kind of miss trading witht hem now may go back to trade FX with them. Just about to open a live account with Oanda back to Java based shi.t. Alpari charge 15 - 18 pound wire transfers ouch!

CMC screw them and their market maker bad times had there. city index + GFT charge 3 pips on EURO usd stupid!. IB look good but they are messed up for FX i can't make heads or tails out of how they do the ledger transactions. Only one left is Hotspot but again wire fee's in pounds!

On top of that i am not to comfortable sending 7-10K uS overseas, with the current happenings. waiting for it all to settle

argghhh! IG are ok in my books compared to the shi.t overseas. what i have learnt is Brokers are freakin brokers, really so for FX trading! stooge at Oanda just told me i could be slipped 100 pips. & u think u have bloody problems mate!