Is anyone using IG Markets Level 2? | Forex Factory

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Is anyone using IG Markets Level 2?

  • #1
  • First Post: Apr 28, 2011 1:48pm Apr 28, 2011 1:48pm
is someone using IG Markets Level 2?
whats your experience with this it?
I know they are a MM and probably trades against you on normal acounts,
their reputation isn't exactly good
but what about their level 2 acounts?
do they mess with your trades also in level 2?
stophunt, news etc?
the reason Im asking is because I want to try CFD's
and they seem to be the largest in this area
pleace, I only want replys from someone having experience with their level 2
Bulls are stupid Animals!especially when Im short!
  • #2
  • Sep 22, 2011 10:02pm Sep 22, 2011 10:02pm
This is the pictures!!! Caution "IGmarket"
1) when i execute my closing position i can't entry their platform. it normally happen when european zone. The worse part is when the time to take profit it alway happen i cant entry. due to that i suffer many lossess.

2)their latest charting is worse than before. all currencies is "Lagging" and cant match with current price of the martket.

*Worse it is yet to beginning!!!!

3)Yesterday, when i place SL at eur/usd at 1.3494. but was execute at 1.3471. about 20pips. i get really mad!!! call their customer service, this guy explain make me worse. he told me that their company need time to hedge my position to the market therefore the price given is different from my SL.
what kind of explaination is it?? Gosh!!!

4)once i "referrer a friend" and sign up for live account. upon checking after 1week, no record is found. As referrer we get $150. such a small amount they refuse to pay.

5)Just wonder "MAS" know about such unfair practice may allow such activities in Singapore????

hmmmmm

Regards
fxbay23/9/2011
  • #3
  • Sep 23, 2011 2:05am Sep 23, 2011 2:05am
I guess rotten to the core then,
thanks for the reply
Bulls are stupid Animals!especially when Im short!
  • #4
  • Feb 12, 2012 9:51am Feb 12, 2012 9:51am
I was wondering if anyone has experience using IG Markets L2 Forex and how it compares to other prime brokers?

Also does anyone knows who their liquidity providers are? They say they use currenex technology to do the matching of trades but aren't listed on currenex white label partners. I am assuming they just use the technology and have their own liquidity pool. They just mention their liquidity providers to be Tier 1 banks, and that's all.

Any advice or guidance would be appreciated.

Thanks
  • #5
  • Feb 12, 2012 10:17am Feb 12, 2012 10:17am
Send you friends to other places. Send your enemies to IG markets.
  • #6
  • Feb 12, 2012 11:07am Feb 12, 2012 11:07am
Quoting nuclearoptio
Send you friends to other places. Send your enemies to IG markets.
really? even with L2 Forex direct account? Do you have experience with this specific product?
  • #7
  • Feb 13, 2012 5:16pm Feb 13, 2012 5:16pm
Anyone?
  • #8
  • Feb 13, 2012 5:37pm Feb 13, 2012 5:37pm
Quoting leveraged
Anyone?
What are you trying to achieve?

Tight spreads can be offered elsewhere without $50k minimum deposit.
Currenex has a last look feature which means a price maker can reject a trade, so the spreads are irrelevant if you cant deal on them.
  • #9
  • Feb 13, 2012 7:06pm Feb 13, 2012 7:06pm
Quoting lasty
What are you trying to achieve?

Tight spreads can be offered elsewhere without $50k minimum deposit.
Currenex has a last look feature which means a price maker can reject a trade, so the spreads are irrelevant if you cant deal on them.
What is it that you suggest then?
  • #10
  • Feb 14, 2012 7:26am Feb 14, 2012 7:26am
from what I heard of them they are not worth the effort,
I suggest you find a better broker
Bulls are stupid Animals!especially when Im short!
  • #11
  • Feb 14, 2012 8:43am Feb 14, 2012 8:43am
Quoting roughtrader
is someone using IG Markets Level 2?
whats your experience with this it?
I know they are a MM and probably trades against you on normal acounts,
their reputation isn't exactly good
but what about their level 2 acounts?
do they mess with your trades also in level 2?
stophunt, news etc?
the reason Im asking is because I want to try CFD's
and they seem to be the largest in this area
pleace, I only want replys from someone having experience with their level 2

i am with ig markets... imo they are by far the best brokers i've come across.. great spreads.... always live... i only ever had one problem with them where my trade wasn't executed when required - they refunded me instantly the difference... and no I don't believe they are a bucket shop - FAR from it.. never tried level2.. i think thats only available for accounts with 50k+ ?
  • #12
  • Feb 14, 2012 5:51pm Feb 14, 2012 5:51pm
Quoting leveraged
What is it that you suggest then?
Firstly I would look for a broker that has a stable platform,a choice of trading styles ECN, MM,STP etc , aggregated tight spreads, govt regulated, good service support 24 hour desk.

Secondly if you are trading in size then I would elect to have two brokers.

Thirdly have a look at some websites like www.fxintel.com etc so to see spread consistency. All brokers will have positive and negative comments in forums.You can read through the lines with bad comments by some who are either competitors or Julia Gillards ( blame everyone but themselves -an Aussie Joke)
  • #13
  • Feb 14, 2012 9:53pm Feb 14, 2012 9:53pm
Quoting lasty
or Julia Gillards ( blame everyone but themselves -an Aussie Joke)
It was Kevin Rudds fault
Good Trading
  • #14
  • Feb 15, 2012 5:08am Feb 15, 2012 5:08am
Quoting lasty
Firstly I would look for a broker that has a stable platform,a choice of trading styles ECN, MM,STP etc , aggregated tight spreads, govt regulated, good service support 24 hour desk.

Secondly if you are trading in size then I would elect to have two brokers.

Thirdly have a look at some websites like www.fxintel.com etc so to see spread consistency. All brokers will have positive and negative comments in forums.You can read through the lines with bad comments by some who are either competitors or Julia Gillards...
Thanks.

I actually was inquiring about IG Markets because I saw it on forexmagnates as being one of the leading brokers with volume that reported it with the usual other brokers(FXCM, GFT, GAIN etc. . .).

I was looking at Interactive Brokers as an option, but the platform is not so user friendly. It's nice that you can configure it, but there is quite a bit you can do which can make it clumsy compared to other platforms.
  • #15
  • Feb 16, 2012 1:32am Feb 16, 2012 1:32am
IG is one of the largest MM's in Europe, their worst competitor is CMC,
I had an acount with CMC before and they are compleatly impossible to trade with, I had a chat with an IG reprecental about their L2 software and I told him I would like to know more about specificly L2 and maybe I would open an acount with them, the responce was very rude, kinda treated me like a punk ass kid never traded before, I talked to him over the phone and I was actually stunned how they treated new possible clients, maybe he somehow heard I was a real trader and not one of those noobs they could easy rip money from? and it was no clear cut that they would just hand out these acounts, he said to trade on that acount I must be a very good trader and I couldn't get it right away, he suggested to me I open a normal acount first and if they thought I was good enough after that they would let me have the L2, this is ofcourse bs, so I declined his offer, what he was thinking was probably to see if i was profitable, in that case they couldnt let me have the L2, later I heard some ugly stories about them, so what I can say is they are probably the same as CMC if not worse. like CMC, the only thing they want is to get your acount. I suggest you find a reputable broker who is either STP ECN or DMA and not a market maker, thats the only way to trade in my opinion. anyway, L2 don't work in forex, you won't have the same advantage as in futures, in futures you will see all the book but in forex only the brokers book, so it's kinda worthless
Bulls are stupid Animals!especially when Im short!
  • #16
  • Feb 17, 2012 12:25pm Feb 17, 2012 12:25pm
IGmarkets is one of the best , platform uptime nearly 100% , fast execution ... etc . If you open an igmarkets normal account u can have access to the l2 platform i remember they had futures there and stocks dma , for forex L2 u need 50k+ , they will connect you to a book derived from 10 top tier banks and you can see the book but ofcourse its nothing compared to EBS institutional forex book , however i didnt try this l2 forex service but the company as a whole is more than ok and they r trust worthy if u want to deposit big , just my 2 cents :

http://www.igmarkets.co.uk/cfd/institutional-forex.html
  • #17
  • Jul 30, 2012 5:16pm Jul 30, 2012 5:16pm
I use the platform of the IG. I started with little time to trade in Forex, previously only trades in securities and shares with the banks through an intermediary, and wanted to try live. I assure you it is much more difficult for me live than to negotiate through an intermediary, emotion, thinking it'll be over there and go beyond, finally one day I'll get through this desire to be always in the market even when going against me and go as I think it can no longer go for it. Of the open positions I do not see situations go against me, even more than before to pass the actual account I downloaded some demo platforms and still keep some in operating and compare prices which although not alike are very similar. I often see on sites that still teem quotations much identical. I believe there is better but just know this ...
  • #18
  • Feb 22, 2015 1:34am Feb 22, 2015 1:34am
You don't need a 50k balance for using L2 forex direct anymore... 1 000 is enough for both trading dma and using L2. Neverteless, forex DMA requires a minimum order size of 1 contract, that is to say 100 000 of the base currency. Better to get a 10 000 in your account...
  • #19
  • Feb 23, 2015 5:27am Feb 23, 2015 5:27am
Yes the minimum order size is 1 lot but then they accept any marginal increments above that size, eg. you can buy 1.014 contract which raises some concerns as to how those orders are actually processed. They also offer 1/400 leverage which is unheard of in a PoP environment... The same is true for their future contracts. To take an extreme example: IB requires EUR 26000 margin to open a DAX contract (about 1/10 leverage) whereas you can open an equivalent maturity & pip value cfd DAX contract with IG for only EUR 700.

Overall my experience with them has been positive:

pros:
- Large fca regulated player who's been around for decades
- Decent execution with limited slippage issues
- Largest product offering

cons:
- Expensive (both commissions & financing rates)
- Crazy leverage (might be a pro for some)
  • #20
  • Feb 23, 2015 12:23pm Feb 23, 2015 12:23pm
Quoting actalis
Yes the minimum order size is 1 lot but then they accept any marginal increments above that size, eg. you can buy 1.014 contract which raises some concerns as to how those orders are actually processed.
Are you sure you trade their DMA ? I'm new with them but when you allow dma you can't deal contract per contract, you can't trade half contract...

Quoting actalis
The same is true for their future contracts. To take an extreme example: IB requires EUR 26000 margin to open a DAX contract (about 1/10 leverage) whereas you can open an equivalent maturity & pip value cfd DAX contract with IG for only EUR 700.
You can't compare future and cfd. CFD allow higher leverage

But I agree 400 leverage i madness...They actually want to allow DMA for small deposit in order to challenge other retail brokers such as FXCM.
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