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IG markets

  • #1
  • First Post: Mar 21, 2015 10:45am Mar 21, 2015 10:45am
Goodday folks,

1. How reliable is their guaranteed stop loss on CFD?

2. Any other good/bad experience you want to share about this broker?

3. they are a market maker right? i suppose CFD can only be done as a market maker right?

Cheers
  • #2
  • Mar 22, 2015 10:45am Mar 22, 2015 10:45am
Guaranteed sl =10 pips addır konak spread
And they dont make payment to mastercard for out of britain
  • #3
  • Jun 29, 2015 9:38pm Jun 29, 2015 9:38pm
I am a IG Market Premium account holder and I get monthly rebates from them from trading forex but yesterday an incident made me decide to stop all my trading with them and I will be closing my account with them very soon. Yesterday, they executed my normal stop loss by 5-6 seconds late and caused a slippage of 31.3 pips on EURUSD. The trade took place about half an hour before London open, there was no news event or sudden news causing sudden price movements, it was normal trading at that time. See the screenshot of the 1 second chart where they took 5-6 seconds to execute the stop loss.

And this is the explanation from them.

Dear XXX,
Thank you for your conversation. As per our call, please find attached a detail explanation as to why clients with non-guaranteed stops attached to positions bear the risk of slippage:
In line with treating customers fairly, our traders aggregate all positions that had
stops triggered and then work an order in the market to get a fill level. It
is not possible to prioritise one trade or one account over another which is
why all positions are aggregated together to get the best price possible (this explains why your position took a few seconds to close).
As mentioned clearly on our website, when using a non-guaranteed stop, you could be filled at any price, it is
in effect a request to close at this level or above as you are buying back
your short position to close it.
Please note that you always have the option to use guaranteed stops in order to
make sure that your position will be filled at an exact, specified level in
return for paying a controlled risk premium when opening the position.
I hope this has clarified how your position was closed earlier today.
If you have any further queries please do not hesitate to contact us. Alternatively, please visit our Help and Support section where you can search for frequently asked queries.
Regards,
Fredrik Andersson Guldkula
Attached Image (click to enlarge)
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  • #4
  • Jun 30, 2015 11:38am Jun 30, 2015 11:38am
Quoting tigwigda
I am a IG Market Premium account holder and I get monthly rebates from them from trading forex but yesterday an incident made me decide to stop all my trading with them and I will be closing my account with them very soon. Yesterday, they executed my normal stop loss by 5-6 seconds late and caused a slippage of 31.3 pips on EURUSD. The trade took place about half an hour before London open, there was no news event or sudden news causing sudden price movements, it was normal trading at that time. See the screenshot of the 1 second chart where they...
i'm curious how long have you being with them and how big was the size of that trade?
  • #5
  • Jul 1, 2015 6:16am Jul 1, 2015 6:16am
Quoting shibboleth
{quote} i'm curious how long have you being with them and how big was the size of that trade?
I've been with them for a few years. The trade was 4 mini lots. It is not the money but the principle. I definitely won't be trading with them anymore whether big lots or small lots. A slippage of 31.3 pips during a time when there was no news (no greek news) and no events is horrible. So if there is some news or some events, will the slippage be hundred of pips???
  • #6
  • Jul 2, 2015 12:39am Jul 2, 2015 12:39am
Quoting tigwigda
our traders aggregate all positions that had stops triggered and then work an order in the market to get a fill level.
That's because you're using their Forex MM OTC platform which is neither ECN nor STP (Straight Through Processing). Only their Forex DMA platform is, but they don't allow anything below 1 lot.

Having said this, I agree the slippage is outrageous and I'm surprised they didn't offer any type of remedy.
  • #7
  • Jul 5, 2015 4:25am Jul 5, 2015 4:25am
I don't know whether it is Forex MM OTC or Forex DMA as these were not made known to me beforehand. Anyway it doesn't matter now. I won't be trading with them anymore and I would advised anyone who is trading with them to reconsider. Definitely outrageous to slip 31.3 pips where there is no news no event and it is just normal price movements.
  • #8
  • Jul 5, 2015 5:29am Jul 5, 2015 5:29am
Quoting tigwigda
I don't know whether it is Forex MM OTC or Forex DMA as these were not made known to me beforehand. Anyway it doesn't matter now. I won't be trading with them anymore and I would advised anyone who is trading with them to reconsider. Definitely outrageous to slip 31.3 pips where there is no news no event and it is just normal price movements.
What other providers would you recommend?
  • #9
  • Jul 5, 2015 8:36am Jul 5, 2015 8:36am
Well it's on their front page when you look at their forex offering: Forex Direct (ECN, commission based). You do have to select it in account settings though otherwise you're just trading their OTC Forex CFDs. I guess as a premium account holder they must have assumed you had looked into it and decided to stick to their OTC offering to trade smaller size contracts...

Then again, nothing justifies such a poor execution in normal hours and I'd probably leave if I was in your shoes.
  • #10
  • Jul 6, 2015 6:13am Jul 6, 2015 6:13am
Quoting actalis
Well it's on their front page when you look at their forex offering: Forex Direct (ECN, commission based). You do have to select it in account settings though otherwise you're just trading their OTC Forex CFDs. I guess as a premium account holder they must have assumed you had looked into it and decided to stick to their OTC offering to trade smaller size contracts... Then again, nothing justifies such a poor execution in normal hours and I'd probably leave if I was in your shoes.
Hmm... my account has been with them for quite a few years and when I opened the account there was no such option available. I was upgraded to Premium account much later. Of course I'm leaving, the slippage is outrageous. Some of them trading NFPs or other news events got better slippage than my slippage in normal hours.
  • #11
  • Jul 6, 2015 6:16am Jul 6, 2015 6:16am
Quoting The-Fox
{quote} What other providers would you recommend?
I've been trading with Oanda for 1-2 weeks and they seem to be ok. I will feedback when I have more experience with them.
  • #12
  • Jul 9, 2015 3:30am Jul 9, 2015 3:30am
Seriously.....I can't believe IG still getting away with that! See this article and understand how bad it can get at IG Index.

Everyone should complain to the FCA.....otherwise these bandits will steal money from clients all day long

http://www.euromoney.com/Article/346...-post-SNB.html
  • #13
  • Edited Jul 21, 2015 10:12am Jul 20, 2015 9:03pm | Edited Jul 21, 2015 10:12am
IG don't seem to have any decent charting either,tried the Prorealtime software which I like and would use but doesn't have tick volume and the price disappeared in a fast moving market LOL! I spoke to IG about using other data feeds and tick volume but they couldn't help me
Never said I was Batman,all I'm saying is you'll never see us together.
  • #14
  • Last Post: Jul 21, 2015 9:44am Jul 21, 2015 9:44am
i had a look at a demo recently they have updated the platform, it's horrible to use. slow and painful for fast trading.

IMO IG have gone backwards with this new version.
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