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IG US Brokers

  • #1
  • First Post: Feb 24, 2023 6:09am Feb 24, 2023 6:09am
Anyone having any experience, comments or views on IG US Brokers for trading Forex I would like to hear from you.
Thank you to all who respond.
  • #2
  • Feb 24, 2023 3:35pm Feb 24, 2023 3:35pm
I just know that lately; my charts are getting frozen during news time. Something is going on within the organization that I cannot put my fingers on it. They are changing. It is a matter of individual perception; however, be careful.
  • #3
  • Feb 24, 2023 6:53pm Feb 24, 2023 6:53pm
Quoting Fxforum
I just know that lately; my charts are getting frozen during news time. Something is going on within the organization that I cannot put my fingers on it. They are changing. It is a matter of individual perception; however, be careful.
Thank you for your response. I will move slowly. There is no good FX Brokers avail to USA clients & that is why I'm in the futures market. Do miss the FX thought.
  • #4
  • Feb 24, 2023 7:41pm Feb 24, 2023 7:41pm
Wider spreads like all US borkers. I have/had an account with them. No real issues other than spread. Only three choices for a smaller/medium account. An alternative may be a prop firm, but that entails upfront costs and potential tax issues. That is why I am focussed on the micro e mini.
Mark ... Everything you have been told is a LIE
  • #5
  • Feb 24, 2023 9:51pm Feb 24, 2023 9:51pm
Quoting Fxforum
I just know that lately; my charts are getting frozen during news time. Something is going on within the organization that I cannot put my fingers on it. They are changing. It is a matter of individual perception; however, be careful.
your dealing with a bucket shop if you google and find all the complaints regarding IG , i had a account and was glad to get rid of it ,
people leave, but this thread will go on for ever
  • #6
  • Feb 25, 2023 1:09am Feb 25, 2023 1:09am
Quoting Aussi
{quote} your dealing with a bucket shop if you google and find all the complaints regarding IG , i had a account and was glad to get rid of it ,
Which broker do you recommend Aussi? Or is it just a scam?
  • #7
  • Feb 25, 2023 2:30am Feb 25, 2023 2:30am
Quoting Fxforum
{quote} Which broker do you recommend Aussi? Or is it just a scam?
here in aussi mate we not allowed to give advice , look in the end the brokers are not your friend they out for themselves , they all have plugins for there platforms , so in my books if you are aware of the what they do then you know how to avoid some of the unethical things , myself i am with icmarkets been with them for years but doing your research and asking google the questions about different brokers , remember its your money you need to protect ,

edit , fxcm were saying years ago how good they were and were not a bbook broker and do not trade against the trader . well that was found out to me a lie so they can smile and lie to you at the same time , its about the cash nothing else
people leave, but this thread will go on for ever
  • #8
  • Feb 25, 2023 5:54am Feb 25, 2023 5:54am
Quoting Aussi
{quote} here in aussi mate we not allowed to give advice , look in the end the brokers are not your friend they out for themselves , they all have plugins for there platforms , so in my books if you are aware of the what they do then you know how to avoid some of the unethical things , myself i am with icmarkets been with them for years but doing your research and asking google the questions about different brokers , remember its your money you need to protect , edit , fxcm were saying years ago how good they were and were not a bbook broker and...
Spot on post & all so true. It's all about taking the traders money with tactics taking place behind the scenes. Think I will stick with the future market since there seems to be no ethical FX Brokers. Most future trading platform seem so cloggy compared to FX trade stations. FXCM had one of the best trading platforms in design & usages. Thank you for sharing.
  • #9
  • Feb 25, 2023 5:55am Feb 25, 2023 5:55am
Thank you to those sharing so far. Most appreciated.
  • #10
  • Feb 25, 2023 12:18pm Feb 25, 2023 12:18pm
How do you trade the future market? An overall description would be great. Any good books to read. I am going to do a research. Since you are in it, i would take your advice gladly.
  • #11
  • Edited 1:34pm Feb 25, 2023 1:22pm | Edited 1:34pm
I use a very short-term approach rarely holding a position more than several hrs. max. No good books really come to mind. I use an approach that I put together after reading every post at Forex Factory that trader Crucial Point posted. He is no longer posting, but he shared several hidden gems of hints at what he is doing. The issue I have with the futures market is the crappy trading platform most offer. Not speaking of their charts, but the order entry software. I guess it's because of the years I spent using FXCM's forex trade station which I found to one of the best in the industry.

Wish you the best in your futures trading journey.
________________________________________
  • #12
  • Feb 25, 2023 2:39pm Feb 25, 2023 2:39pm
I am trading the MES. The broker I use offers many platforms, some cost, others free. Currently I am using mt5. I use a (paid for) trade manager that works just fine with the futures. I opted to go this route for now as my method was first put together on forex then the MES.

Currencies on the CME may not be the way to go as the volume is not the best. Almost worth taking the chance to trade against a broker (as that is how most retail fx works).

Traders in the US are limited to basically IG(US), Forexdotcom, and 0anda. Unless you need real tight spreads these will work. There are offshore options if you do some searching. The biggest concern anymore is taxes. The IRS is hesitant to give trader tax status to retail forex which means you would be taxed at regular rates. This is also the issue with prop firms. As far as I know prop firms do not accept anything but individual. If you are serious do some research on taxes in the US as the new rule is anything over $600 is tagged.
Mark ... Everything you have been told is a LIE
  • #13
  • Feb 25, 2023 3:47pm Feb 25, 2023 3:47pm
Quoting spzd
I am trading the MES. The broker I use offers many platforms, some cost, others free. Currently I am using mt5. I use a (paid for) trade manager that works just fine with the futures. I opted to go this route for now as my method was first put together on forex then the MES. Currencies on the CME may not be the way to go as the volume is not the best. Almost worth taking the chance to trade against a broker (as that is how most retail fx works). Traders in the US are limited to basically IG(US), Forexdotcom, and 0anda. Unless you need real tight...
Are you placing your orders on the MT5. You are correct volume on the currencies are low, but still doable, but a slow go. Taxes are a major issue.
Did you trade with one of the brokers you mentioned? Have you ever traded with a prop firm? I gave it some thought, but then drop the idea.

Is did well with FXCM back in the days when the principals Dave & Drew were answering the phones. Never had any issues that weren't resolved. Some was totally my fault & even some of those I was given a break. FXCM had the best trading software I've ever used.

When trading using MT5 are you able to see clear P&L & all trading activity in reference to the entry time, exit time & all other related information?

Thank you for sharing.
  • #14
  • Feb 25, 2023 5:38pm Feb 25, 2023 5:38pm
Quoting acetrader
{quote} Are you placing your orders on the MT5. You are correct volume on the currencies are low, but still doable, but a slow go. Taxes are a major issue. Did you trade with one of the brokers you mentioned? Have you ever traded with a prop firm? I gave it some thought, but then drop the idea. Is did well with FXCM back in the days when the principals Dave & Drew were answering the phones. Never had any issues that weren't resolved. Some was totally my fault & even some of those I was given a break. FXCM had the best trading software I've ever...
I use mt5 because I set my system up on it and mt4 and did not want to go through too many hoops with another platform. I trade off the chart. So far no issues. mt5 does not take the commision and fees until it does a "sync". That will lower what you see at the time. More of a nuisance. If I start to get to the level I want I will likely move to a different platform.

I have used IG(US) and forexdotcom. Currently looking at 0anda mt4 in demo. If you scalp these are not the brokers to use. I mostly have it now to keep up with others with the currencies. May get back into it, May not. idk

I made an attempt at the prop firm. The tax thing is from my own research. The broker I use is amp. No issues so far.

Taxes (or potential taxes) are my directional force as to what I attempt to do with trading.
Mark ... Everything you have been told is a LIE
  • #15
  • Feb 25, 2023 6:23pm Feb 25, 2023 6:23pm
Quoting acetrader
Anyone having any experience, comments or views on IG US Brokers for trading Forex I would like to hear from you. Thank you to all who respond.
Here's the test I use on a broker:
Call them at different times during the day and see how long it takes them to answer the phone.
I did that with IG in the US.
I did not open an account with them.
Your mileage may vary.
My opinion is ALL US forex brokers act like bucket shops because the spreads and commissions, missed trades, sudden increase in spread that you find out AFTER the trade has been placed, etc, etc, etc add up to over double the costs of trading outside of the US. Just having 3 or 4 brokers available is NOT enough competition to make them even try to be honest in my opinion.
I don't know who the least of the evils is of the US brokers.

ForexPeaceArmy might be a good place to look at broker reviews.
  • #16
  • Feb 25, 2023 7:09pm Feb 25, 2023 7:09pm
Quoting spzd
{quote} I use mt5 because I set my system up on it and mt4 and did not want to go through too many hoops with another platform. I trade off the chart. So far no issues. mt5 does not take the commision and fees until it does a "sync". That will lower what you see at the time. More of a nuisance. If I start to get to the level I want I will likely move to a different platform. I have used IG(US) and forexdotcom. Currently looking at 0anda mt4 in demo. If you scalp these are not the brokers to use. I mostly have it now to keep up with others with the...
SPZD, Oanda has other accounts available if you call them and talk to them...the mt4 raw account, not sure on the mt5, that you automatically get signed up for on their website, in my experience/opinion, can surprise you with 10 or 14 pip spreads that you won't know about until AFTER the trade has been placed NOT during a news event. But, if you call them and ask, they will tell you they have an account that isn't raw.

take a look at greentradertax dot com for US tax info if you haven't found them already.

They will agree with you that it's hard for US traders to trade mt4 forex and get taxed at the futures/trader tax status, however, they have been able to explain to the I RS, in the notes that they send with every return, their reasoning for retail forex being considered as an equivalent to forex futures and do consistently get the lower tax situation for their clients. They also clarify the muddy areas that have caused questions in the past.

Be sure to check with them on anything I say just in case it's changed.

As to using prop $, they told me the best way is as an individual for taxes, but the prop firms I've been around do allow business entities to sign up. The difference is about 10% in taxes compared to trading your own money so it's NOT something that should keep anyone from trading prop $.

Please don't worry about taxes regarding prop firms...if a trader can only put up $10,000 to trade of their own money, but can get $100,000 or 500k or a million, then should the taxes really hold you back? 1% a day off of 10k vs 1% a day off of $500,000 or 1,000,000 can be life changing even after taxes so who cares about the chance one will pay an extra 10% in taxes. I guess I'm just suggesting that taxes, while a cost, not be the guiding factor to trading if you can move from a 10k personal account to a prop firm million dollar account. Hopefully I've understood correctly what you were saying. My apologies if I'm wrong.

If you get huge enough, one could consider moving to Puerto Rico if family obligation don't hold you back...NO US federal income tax, 4% PR tax on trading income. (But this is only good til 2030 at the moment and you have to spend around 15k each year for the priviledge, and quality internet and electric need to be your #1 priorities.)

My apologies for the way this is written...I'm being called for dinner so am in a hurry. (As always, for anyone reading this, I'm not a tax pro. Do your own research.)
  • #17
  • Feb 25, 2023 7:34pm Feb 25, 2023 7:34pm
Quoting CashBox
{quote} SPZD, Oanda has other accounts available if you call them and talk to them...the mt4 raw account, not sure on the mt5, that you automatically get signed up for on their website, in my experience/opinion, can surprise you with 10 or 14 pip spreads that you won't know about until AFTER the trade has been placed NOT during a news event. But, if you call them and ask, they will tell you they have an account that isn't raw. take a look at greentradertax dot com for US tax info if you haven't found them already. They will agree with you that it's...
Thanks!

I have looked into greentradertax. That was good info even if it was "rushed"

I bring up taxes a lot because most US traders never mention them and if you are not going to try to do this big time (still working on it but that is the goal) you need to be aware of low threshold to trigger attention.
Mark ... Everything you have been told is a LIE
  • #18
  • Feb 25, 2023 7:55pm Feb 25, 2023 7:55pm
Quoting spzd
{quote} Thanks! I have looked into greentradertax. That was good info even if it was "rushed" I bring up taxes a lot because most US traders never mention them and if you are not going to try to do this big time (still working on it but that is the goal) you need to be aware of low threshold to trigger attention.
I hear ya, but want to encourage you to forget about the low threshold to trigger attention because it will hold you back. How do I know this? Because it held me back in more things than just trading and I made a lot of bad decisions because of it. I finally learned to spend a couple hundred dollars here and there to get answers from people who actually know what taxes, law, regs, and other things I tried to research. I made better decisions and started seeing my roadblocks fall.

Keep pushing to make the money and let green trader tax (or comparable firm) take care of advising you and getting you the best tax situation you can get. Their average tax return costs around $1,600 and will keep you out of trouble and free/relax your mind to trade. Spend a few bucks to remove roadblocks...you'll make a ton more than you spend on getting/verifying the info you need.

Good luck to you!
  • #19
  • Feb 27, 2023 6:06am Feb 27, 2023 6:06am
[quote=spzd;14338688]{quote} I use mt5 because I set my system up on it and mt4 and did not want to go through too many hoops with another platform. I trade off the chart. So far no issues. mt5 does not take the commision and fees until it does a "sync". That will lower what you see at the time. More of a nuisance. If I start to get to the level I want I will likely move to a different platform. I have used IG(US) and forexdotcom. Currently looking at 0anda mt4 in demo. If you scalp these are not the brokers to use. I mostly have it now to keep up with others with the currencies. May get back into it, May not. idk I made an attempt at the prop firm. The tax thing is from my own research. The broker I use is amp. No issues so far. Taxes (or potential taxes) are my directional force as to what I attempt to do with trading.[/quote\

Have you found a Futures broker that their trade station was anywhere near as good as say Oanda, FXCM, or IG? The one I use has very poor back-office stats as compared to the three FX Brokers I listed. Not enough clear info listed for each closed trade. I used FXCM live for several years & their software was the best I've seen. Have used Oanda demo & the software is second to FXCM, but still very good. Never have any issued with Oanda demo, but that's not what I'm I hearing from traders that are live with them.

Thank you for sharing & any suggestions you may give.
  • #20
  • Feb 27, 2023 7:54am Feb 27, 2023 7:54am
Quoting acetrader
Quoting spzd
{quote} I use mt5 because I set my system up on it and mt4 and did not want to go through too many hoops with another platform. I trade off the chart. So far no issues. mt5 does not take the commision and fees until it does a "sync". That will lower what you see at the time. More of a nuisance. If I start to get to the level I want I will likely move to a different platform. I have used IG(US) and forexdotcom. Currently looking at 0anda mt4 in demo. If you scalp these are not the brokers to use. I mostly have it now to keep
...
To be honest I have not found tradestation to be worth the time or money. Not sure what info you need. Any legit broker will send you a full statement each day there is a transaction in your account. It depends on what you are going to trade also. And 0anda live has had these same bucket shop short comings for years. But they have the money required and they follow the "rules", so they get away with it. FXCM was also always getting caught. Used IG(US) and no real issues. Not sure how they are long term.

Not many here at FF actually trade futures. Many say they do, but it's CFDs that claim to be futures or something like that. I stay away from brokers that only offer their platform.
Mark ... Everything you have been told is a LIE
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