Australian (ASX) Stock Market Forum

IG Markets - Platform Faults & Gotchas

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I noticed on IG markets that they charge a commission when you both enter and leave the contract. Not only that but the commission increases if the underlying share value increases.

They also dont allow you to see how much you have made in percentage. Only in $...This means that you have to manually work out the percentage so you can figure out when you have made a profit that is above the commission.

It also seems to me that they want you to have as much leverage as possible. I cant find any option that allows you to reduce your leverage (of course, because the more you borrow, they more they make on commission).

I am in huge disgust of all the dirty and plain evil tricks they use to squeeze every single last bit of money out of you.
:banghead::banghead::banghead:


Is there any other platform that is a little honest?
 
yes naked, all platform providers have as their primary purpose taking money from the customer.

i recall an exit i took in a dying spike when trading with commsec. commsec held my request for 1min or so and this took about $3k off my profit. i was cranky about it, but there was little i could do.

whilst commsec probably didnt benefit from holding my trade, it certainly was irritating

these days i simply attempt to understand my platform providers tactics so that i know what to expect, then accept it -- although, not always easy

james
 
Naked shorts said:
I noticed on IG markets that they charge a commission when you both enter and leave the contract. Not only that but the commission increases if the underlying share value increases.

They also dont allow you to see how much you have made in percentage. Only in $...This means that you have to manually work out the percentage so you can figure out when you have made a profit that is above the commission.

It also seems to me that they want you to have as much leverage as possible. I cant find any option that allows you to reduce your leverage (of course, because the more you borrow, they more they make on commission).

I am in huge disgust of all the dirty and plain evil tricks they use to squeeze every single last bit of money out of you.
:banghead::banghead::banghead:


Is there any other platform that is a little honest?
Click to expand...

I know most cfd providers are to be taken with a grain of salt, but some of your complaints aren't really any different to a normal broker

don't all brokers charge comm both ways?
and its also common to charge comm based on share price. It's just a %. This is the same for insto's as well, so no rip off there.
The $/% thing is not really that hard is it?

As for leverage.. just leave more cash in your account. eg if you have 1k in your account and only want to leverage 50% then just buy 2k of stocks


If you want leverage then try a DMA cfd provider
 
I guess the point I am trying to get across is that CFD (all cfd providers I know) brokers make it hard for you to anticipate what you will be paying them.

rossw said:
don't all brokers charge comm both ways?
and its also common to charge comm based on share price. It's just a %. This is the same for insto's as well, so no rip off there.
The $/% thing is not really that hard is it?

As for leverage.. just leave more cash in your account. eg if you have 1k in your account and only want to leverage 50% then just buy 2k of stocks
Click to expand...

Normal brokers only charge in % when you reach a certain trade ammount ($10,000 on etrade) until then it is the standard rate.

Yes of course the $/% thing isnt hard, its just a nuciance something they have done to make it difficult.

Leverage doesnt work like that with CFD's.
 
Just looking over the charts from Friday Night/Saturday morning on the Australia 200...

Noticed some very strange long tails on some candles (20-25pts)... not sure whats going on.... perhaps IG's is playing some games and hitting people's stops?

It happened around 17:00GMT to 19:30GMT
 

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Naked shorts said:
That picture you have put up looks very very interesting however...
Click to expand...

Yes, I thought so too... I'm not sure what the correlation between IG's Australia 200/Australia 200 Forwards and the REAL SPI Futures are, but assuming that Trembling Hand's opinions are correct - and in a way I do agree with him - then how do you explain the above charts? :confused: Bad bucket-shop data?
 
korrupt_1 said:
Bad bucket-shop data?
Click to expand...

This is what you end up with when you don't pay for REAL market data.

Confusion!!

Buy the Live data and you will not be trading blind.

During that time there was NO liquidity, at all. Except a cross trade for 150 contracts there was just nothing in the order book. Who knows what a real bid chart looks like. In any case anyone that trades the SPI during outside hours and was stopped out with 20 point moves shouldn't have a t
 
SevenFX said:
Thought to start this thread because of the IGMarkets Webbased platform failing to operate properly with this morning rise (5.30am -6.15am) which rose some 200pts following the dow up.

I've been using thier web based (java) platform and it's had some quirks, but this morning it basically had a meltdown over what I consider to be mildish volitity(rise) which I expect them to be able to come with, and didn't as advanced tick charts freezing and most importantly misalignment with the dealer buy window & positions n orders windows showing completely different figures.

Even got "Rejected: Price no longer Valid" errors when trying to buy or sell.

What concerns me even more, is when I tried to ring them over 8times (5.40am-6.15am) the UK desk did not answer and their switchover which only occured somehour later (7am) they said that wouldn't have happened, and suggested I coudn't have tried. (This was a superviser 2.)

Furthermore, they suggested their 20000 other clients didn't have any problems, and it was my machine, which I may add is fairly high end, and kept up to date with all the approciate patches, fixes.

Anyway he was quiet rude, and refused to do anything about this despite have spent plenty with them and not having one complaint.... hence to say the didn't care about loosing client that had complaints, but did care to chase me when they wanted a signup day one.


He also added thier systems are the best in the world, and no one else system would have been able to cope with this volitity (what I consider mild this morning) but couldn't establish what system he had and what their competitors had..... hmmmmmm

Did anyone else suffer this morning or yesterday and what was their resolution if any at all....???? as they're saying it's only me that had this problem.

I have praised them in the past, but this changes thing considerably, and would be concerned to see anyone else go though this.


Thier is no proof (screen recording), to show what happened on my screens, as the market played out, and their tools failed, but recovered when volitity eased without rebooting or logging off... so they seem to have a advantage given steir statements only show a snapshot of the order...

0/10 for their customer service when a polite complaint comes in with reguards to money out.

SevenFX
Click to expand...

Hey Tekman, I have had many problems with IG platform recently and surprise,surprise they questioned my system because they hadn't had any complaints from anybody else!, in the last three weeks I have been taken out of trades at different prices than I clicked on, the 2nd and 3rd time it happened i watched the prices to see if they moved and they didn't move until after the trade confirmation, which took longer than usual to come through,the staff could,t be anymore helpfull when asked about opening accounts and depositing money in to the account but when theres a problem most times they give poor excuses to the fault and they try to fob you off to another dept,best regards.
 
there was also massive slippage yesterday on GSL trades, i had to ring up and tell them how much i needed to be credited back
 
Problems again today with charts out of synch. Also concerns re prices that orders are executed at?? AUD/USD Hmm !!!

Anyone else having problems ???

Cheers !!:(
 
yeh.... its pi$$ing me off (and costing me in late entries and exits)... especially when i'm scalping on tick charts...

charts are lagging up to 15-20seconds behind.... quotes can move alot in those few seconds.... not good enough!!!

Emailed them... apparently they are aware of it....


Dear Sir,

Thank you for your e-mail. please note we are aware of this problem, our IT department are currently monitoring this and have let out chart provider know.

We are terribly sorry for any inconvenience.

Kind regards,

Brittany McCallum
IG Markets Client Services
Tel: 1800 601 734 / 03 9860 1734
Fax: 03 98601755
Web: www.igmarkets.com.au
Click to expand...
 
My charts have been out of sync since yesterday. Both on the computer at home and work.

I have also noticed in the last week they have been lagging during the opening of the Dow as well.

I don't bother calling anymore just live with it.

Cheers
 
Also concerns re prices that orders are executed at??
Click to expand...

I was trading G/U last night... set a limit on a trade. Limit level reached and g/u continued to rally beyond the set limit level.... the system never closed my position automatically... :eek:

I then went to close it manually... ended up getting anoter 12pips extra.... :D

this was lucky cos it was to my advantage...

what happens when it was a stop level that never got hit??!! :eek:

-----------

thats it... i'm done... ig has screwed me enough...
going to change to IB... immediately
 

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