IG Markets experiences/reviews? | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Newbie Experiences in Forex 21 replies

PAMM Reviews: What are your good or bad experiences using PAMM? 16 replies

Comments or reviews on DF Markets? 1 reply

My MT4 broker experiences 32 replies

another blog to join the many, showing my experiences in all there glory 0 replies

Attachments: IG Markets experiences/reviews?
Exit Attachments

IG Markets experiences/reviews?

  • #1
  • First Post: Edited 7:27pm Apr 22, 2018 4:38am | Edited 7:27pm
Hey all,

Anyone in here use IG (IG.com)? I'm thinking of creating a CFD account with them as they offer a numerous amount of instruments to trade I do have a demo account with them.

Has anyone had any experience using there live account ? Apart from the online reviews I have read I was hoping to get a discussion going about them ? Is it true as a market maker they go after your stops and widen your spreads once you start having a success rate ? (This is what I have read online, not sure if its true or not).

Also has there been any issues withdrawing your Capital from them to your bank account ?

Thanks in advance
  • #3
  • Apr 22, 2018 11:06am Apr 22, 2018 11:06am
Been with IC for over 3 years now, tested TONS of other brokers. In my opinion there the best. Global Prime comes in second place in my book. Spread on IC is just the best, ease of depositing and taking out funds is unmatched. As for MM, i think 99% of brokers are Market making you in some fashion, Maybe Lmax or something are decent but if your failing at trading that's not the reason...I can never remember a time where IC did something weird to my mt4, any time i lost i know it was my own stupidity.
  • #4
  • Apr 22, 2018 5:41pm Apr 22, 2018 5:41pm
I was comparing the spreads on my NZDCHF and AUDCHF on my IG markets account and they seem really wide (compared to what my fellow traders in my focus groups are getting with other brokers)
i’v been advised to try asking IG for tighter spreads by offering to pay commissions per trade instead

additionally, I’m getting such invalid stops and take profits when I try to take new trades (pls see attached screenshot, I’m buying, not selling btw)
i have emailed their support asking for help. Has anyone come across similar problems as well?
Attached Image (click to enlarge)
Click to Enlarge Name: F846F480-C506-4231-B5AD-6F397119B4A4.png Size: 157 KB
  • #5
  • Apr 22, 2018 7:21pm Apr 22, 2018 7:21pm
Quoting Redbaron81
Been with IC for over 3 years now, tested TONS of other brokers. In my opinion there the best. Global Prime comes in second place in my book. Spread on IC is just the best, ease of depositing and taking out funds is unmatched. As for MM, i think 99% of brokers are Market making you in some fashion, Maybe Lmax or something are decent but if your failing at trading that's not the reason...I can never remember a time where IC did something weird to my mt4, any time i lost i know it was my own stupidity.
Are you talking about IC or IG cause my threads about IG Markets.
  • #6
  • Apr 22, 2018 8:47pm Apr 22, 2018 8:47pm
I saw that lol. If it helps I've been live with IG in the UK for more than 10 years. Withdraw every week and it's in the account next day. Sure you get slippage but that's part of the game.
  • #7
  • Apr 23, 2018 5:35pm Apr 23, 2018 5:35pm
Quoting claudia1
I saw that lol. If it helps I've been live with IG in the UK for more than 10 years. Withdraw every week and it's in the account next day. Sure you get slippage but that's part of the game.
Awesome thanks just to confirm is this there CFD account your using with them ?
  • #8
  • Apr 23, 2018 6:29pm Apr 23, 2018 6:29pm
Quoting Onyx1
{quote} Awesome thanks just to confirm is this there CFD account your using with them ?
I spreadbet with them as gains in UK are tax free. Do have a cfd account.
  • #9
  • Apr 26, 2018 10:28pm Apr 26, 2018 10:28pm
one issue i have with IG markets that trading their currency pairs that involve Swiss Francs require a much bigger stop loss compared to most currency pairs ( min. 5%)
  • #10
  • Apr 27, 2018 4:59pm Apr 27, 2018 4:59pm
They win when you lose, all the profits they make are down to punters losing their bets against/with them, they have zero incentive for you to be successful, they’re a financial bookmaker. According to the FCA circa 90% of CFD spread betting customers lose. However, if you want to spread bet then they’re the best of the bad bunch.

Quoting Onyx1
Hey all, Anyone in here use IG (IG.com)? I'm thinking of creating a CFD account with them as they offer a numerous amount of instruments to trade I do have a demo account with them. Has anyone had any experience using there live account ? Apart from the online reviews I have read I was hoping to get a discussion going about them ? Is it true as a market maker they go after your stops and widen your spreads once you start having a success rate ? (This is what I have read online, not sure if its true or not). Also has there been any issues withdrawing...
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #11
  • Apr 27, 2018 10:21pm Apr 27, 2018 10:21pm
Hey,

Thanks for the reply ! oh good to know I did have a look at there spreadbet option but not other brokers. I will mainly be focusing on day/swing trading on ether international markets, forex, commodities. They do offer a wide range of instruments to trade which makes it really attractive to go with !

Quoting Spreadbetter
They win when you lose, all the profits they make are down to punters losing their bets against/with them, they have zero incentive for you to be successful, they’re a financial bookmaker. According to the FCA circa 90% of CFD spread betting customers lose. However, if you want to spread bet then they’re the best of the bad bunch. {quote}
  • #12
  • Edited 4:29am Apr 28, 2018 4:17am | Edited 4:29am
It’s a curious fact that if you analyse spread betting firms’ results, it’s the swing and or position traders who are the most successful, but they come a long way behind those ‘ordinary joe’ investors, who simply use S.B. in a CFD wrapper, to go long on individual equities, or indices, they’re the temporarily most successful. However, they generally get rinsed when markets slump, as they did when BTC collapsed from 20k to 8k and when the leading indices slumped into correction territory, in February-March.

If you’re looking to swing trade FX, you’ll be fine with IG, they’re solid as a financial firm, and it’s irrelevant that out of a circa 100 pip gain or loss, you’ll be paying the equivalent of 5 pips as a fee.

Quoting Onyx1
Hey, Thanks for the reply ! oh good to know I did have a look at there spreadbet option but not other brokers. I will mainly be focusing on day/swing trading on ether international markets, forex, commodities. They do offer a wide range of instruments to trade which makes it really attractive to go with ! {quote}
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #13
  • Apr 28, 2018 4:42am Apr 28, 2018 4:42am
Thanks for that!

Quoting Spreadbetter
It’s a curious fact that if you analyse spread betting firms’ results, it’s the swing and or position traders who are the most successful, but they come a long way behind those ‘ordinary joe’ investors, who simply use S.B. in a CFD wrapper, to go long on individual equities, or indices, they’re the temporarily most successful. However, they generally get rinsed when markets slump, as they did when BTC collapsed from 20k to 8k and when the leading indices slumped into correction territory, in February-March. If you’re looking to swing trade FX, you’ll...
  • #14
  • Apr 28, 2018 8:01am Apr 28, 2018 8:01am
Quoting asiaphoto
one issue i have with IG markets that trading their currency pairs that involve Swiss Francs require a much bigger stop loss compared to most currency pairs ( min. 5%)
Yeah the guarantee stop loss requirement is pretty far from the price not sure why they don't let you set it where you need ! Do other brokers who offer guaranteed stop loss do that too ?
  • #15
  • Apr 30, 2018 10:11am Apr 30, 2018 10:11am
Their overnight swap charges are outrageously high when compared to other spreadbetters.

I once had an account with them and GKFX and for a while, split the same trades between them - the swap charges on IG were always higher.

The Indexes like ES, Dow, Dax, they deliberately set the spreads on the futures much higher so they force you to trade the Daily Index so they can charge overnight swaps on them.

They also widen spreads on something like the Dow or ES out of hours when in fact, the futures market is still open so there is no reason for them to even do this.

What is worse is the excuses they use for such high swap/funding charges saying this is what their liquidity providers are charging and they are simply passing on the costs to the client. This is BS as IG rarely, if ever, pass on their trades to liquidity providers. They are primarily B-Book operators.

I would suggest you research the overnight swap/carry charges IG charges compared to other spreadbetters.

From my experience, the spreads on exotics pairs like gbpaud is much wider than competitors.

Depending on what you wish to trade, take a look at Activetrades and GKFX - they may not offer the thousands of instruments IG do, but am pretty sure what they do offer, they offer at a better "value" than IG.

And I know Activtrades (can't be sure of GKFX anymore) offer the Index futures rather than a "cash Index" - this saves so much in overnight carry charges.


On the plus side:
As stated by someone else, never an issue with withdrawing funds or depositing funds.

Their own platform (as opposed to MT4) is very fast and sometimes, I was credited with positive slippage.

Guaranteed stops, even though it may be quite a distance away (understandable) as it stops people from putting on bets close to an event like NFP's.
  • #16
  • Apr 30, 2018 10:24am Apr 30, 2018 10:24am
Quoting Onyx1
{quote} Yeah the guarantee stop loss requirement is pretty far from the price not sure why they don't let you set it where you need ! Do other brokers who offer guaranteed stop loss do that too ?
The reason they do this is to stop people from gaming the guaranteed stop loss (GSL)

Imagine a few minute before a major announcement like Non-farm-payroll, you could set a stop loss of 20-30 points and a take profit of 60-70 points. Keep doing this for every major announcement, and in the long-term, you will eventually, always come up on top. Hence it does not work to their advantage to allow close guaranteed stop losses.

IG may run stops, but even they don't run prices in the opposite direction from the live market when it's open (if they do, you can complain and if you show them proof from an external chart, they will usually re-instate).
  • #17
  • Apr 30, 2018 10:36am Apr 30, 2018 10:36am
I love IG, Been using them for over 8 years...First manually then I developed my automated trading with their API. It's been faultless. I have a premium client manager who is excellent to go to. I have submitted some issues with the API and they are fixed almost immediately. Anyway if anyone wants to give it ago please feel free to use my latest code. It is fully automated and profitable for me.

https://pastebin.com/twhL6NGE
  • #18
  • Apr 30, 2018 10:58am Apr 30, 2018 10:58am
Quoting Tg12
I love IG, Been using them for over 8 years...First manually then I developed my automated trading with their API. It's been faultless. I have a premium client manager who is excellent to go to. I have submitted some issues with the API and they are fixed almost immediately. Anyway if anyone wants to give it ago please feel free to use my latest code. It is fully automated and profitable for me. https://pastebin.com/twhL6NGE
What exactly does this code do?

Looks to me it's written in Python - If so, how will it run on anyone's pc if they have not loaded Python or any of the auxiliary packages such as Numpy and Panda?

You'll need to provide far much detailed information for people to even begin to consider using it.
  • #19
  • Apr 30, 2018 11:16am Apr 30, 2018 11:16am
Quoting Tesmy
{quote} What exactly does this code do? Looks to me it's written in Python - If so, how will it run on anyone's pc if they have not loaded Python or any of the auxiliary packages such as Numpy and Panda? You'll need to provide far much detailed information for people to even begin to consider using it.
Hi, Yes your right. Apologies for this. Yes you will need a PC with Linux or Windows running Python 3 (Not 2) and the associated packages.

 

  1. numpy (1.14.2)
  2. pandas (0.22.0)
  3. scikit-learn (0.19.1)
  4. scipy (1.0.1)

I run it on a headless VPS just fine, It runs 24/5 to cover all the Forex Market time zones.

The actual meat of the algo, If you wanted to work that out but it's a fairly simple strategy. It produces its own internal graphs to do the trading which are enabled for debugging only. Turn them off if you are running on a headless linux box. This is an example of the graph as the algo see's it.

Attached Image (click to enlarge)
Click to Enlarge Name: Capture.PNG Size: 76 KB
  • #20
  • May 1, 2018 3:46am May 1, 2018 3:46am
Quoting Tg12
{quote} Hi, Yes your right. Apologies for this. Yes you will need a PC with Linux or Windows running Python 3 (Not 2) and the associated packages. numpy (1.14.2) pandas (0.22.0) scikit-learn (0.19.1) scipy (1.0.1) I run it on a headless VPS just fine, It runs 24/5 to cover all the Forex Market time zones. The actual meat of the algo, If you wanted to work that out but it's a fairly simple strategy. It produces its own internal graphs to do the trading which are enabled for debugging only. Turn them off if you are running on a headless linux box....
Thanks for that - I think many on here (without meaning to be disparaging of them) would not know where to start despite the above - they'd need a step-by-step guide as to load everything.

Do you have any statistics relating to this EA? Number of trades/profitability etc etc?
0 traders viewing now