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IG Experiences?

  • Post #1
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  • First Post: Nov 13, 2013 10:59am Nov 13, 2013 10:59am
Hi,
I want to get experience from traders about IG for ECN acoounts!! What about withdraws for big amounts, is there any problem ?
Executions, spreads widening or canceling pending orders and platform freezing while big events (NFP)?

Do they give trade signals for intraday?

Thanks
Never used them myself but going by this link they are right down the bottom of the "main" brokers in terms of ratings. If I am not mistaken all legitimate brokers will have wider spreads around big news events such as NFP so good luck in finding a broker that doesn't.


http://www.forexpeacearmy.com/public....igmarkets.com
I had a demo account with IG a while back and decided to give the binarys a go, mainly the 'one touch' monthlys, so naturally I made some demo bets, only to find out they where pointless due to the demo account only lasting 14 days. Such is life.
I use IG in UK and have done for around 8 years with no problems. Sure things go wrong around news releases as Mitch said above.
IG do not have true ecn accounts. They are a market maker and all their products market is made by them. They have a thing they call d.m.a (direct market access) but, these instruments are actually anything but direct to market orders. I.G does place an order in the underlying market and then creates a cfd to sell to you. The fee they charge instead of spread mark up is exorbitant, around double the commission cost to trade with most ecn brokers. I don't know how they get a single trader to sell this crap product to. As a market maker, I have no issue with them, good regulated and competitive broker. I made money on their platform and had no problems withdrawing it. I wanted to trade there d.m.a forex so I was very disappointed about what it was they were actually offering
Quoting M.A.C.Doug
IG do not have true ecn accounts. They are a market maker and all their products market is made by them. They have a thing they call d.m.a (direct market access) but, these instruments are actually anything but direct to market orders. I.G does place an order in the underlying market and then creates a cfd to sell to you. The fee they charge instead of spread mark up is exorbitant, around double the commission cost to trade with most ecn brokers. I don't know how they get a single trader to sell this crap product to. As a market maker, I have no...

M.A.C.Doug I was also thinking to open an account in IG before your comment. Which broker do you use at the moment? Any recommendations for true Ecn brokers?
Quoting akarsu
{quote} M.A.C.Doug I was also thinking to open an account in IG before your comment. Which broker do you use at the moment? Any recommendations for true Ecn brokers?
I wish I knew. Ive been searching for more than a year. I want the tight ecn spreads and the no conflict of interest but its hard to find one where the trading costs after commission are less than that of fixed spread market makers like IG. Im in Australia and I have narrowed it down to FXopen au and I.C markets for value but I don't really trust either of them so I keep searching. I thought I had finally found a really good cheap broker in interactive brokers cause there commission structure was so cheap but then I downloaded a demo and the spreads are as virtually fixed at a full pip for EUR/USD. Other brokers are charging $7.00 per lot round turn which is not competitive with even I.G markets variable spread which sits at 0.8 during liquid times.

If you are not scalping for 10 pips per trade like me, then the spread and commission may not be as important.Here is a good list of ecn brokers http://www.100forexbrokers.com/stp-ecn-brokers

Good luck
Quoting M.A.C.Doug
{quote} I wish I knew. Ive been searching for more than a year. I want the tight ecn spreads and the no conflict of interest but its hard to find one where the trading costs after commission are less than that of fixed spread market makers like IG. Im in Australia and I have narrowed it down to FXopen au and I.C markets for value but I don't really trust either of them so I keep searching. I thought I had finally found a really good cheap broker in interactive brokers cause there commission structure was so cheap but then I downloaded a demo and...


Actually my active true ECN account is in Pepperstone (Australia) but I can't trade indexes there, I can recommend Pepperstone , I had no problem with them
Quoting M.A.C.Doug
{quote} I wish I knew. Ive been searching for more than a year. I want the tight ecn spreads and the no conflict of interest but its hard to find one where the trading costs after commission are less than that of fixed spread market makers like IG. Im in Australia and I have narrowed it down to FXopen au and I.C markets for value but I don't really trust either of them so I keep searching. I thought I had finally found a really good cheap broker in interactive brokers cause there commission structure was so cheap but then I downloaded a demo and...
I haven't tried fxopen, currently I'm with IC Markets and so far they have been good. I have experienced drop out but they have increased server capacity within a week of it occurring. I have applied for withdrawal of funds before their cut off time 12 pm AEST and received the money the next day for bank account withdrawals and around three days for credit card refund. If your in Oz stay local negating o/s withdrawal fees, $7 per round trip is pretty standard, I think you an get a discount with IC to $6 if your trading volume allows but honestly one pip in your direction will pay the fee +/- spread. Scalping ain't my game though...
Quoting e30life
{quote} I haven't tried fxopen, currently I'm with IC Markets and so far they have been good....

Thanks for sharing your experience. This really helps me. Ive had the funds ready for over 6 months but just haven't been able to take the jump and fund an account. It feels like I checked out 50 brokers, 3 times over! IC were the front runner but only because they did, in fact, offer me a discount commission. Add that to your humble recommendation and I am finally happy to go ahead.

So if I toast the account like I have done many times, its gonna be all your fault
Quoting M.A.C.Doug
{quote} So if I toast the account like I have done many times, its gonna be all your fault
Haha too funny if you toast the account you can buy me a drink as my fee Seriously though for me it was between them and Pepperstone, but IC's in Sydney so I thought might as well if I need to bust down their door they're just in town...

Back to OP - I tried IG on demo liked some of their products like one touch options but at the end of the day they act as market maker and that don't sit right by me.
I am trying to find basic info on the IG site.....not as easy at as one might think....they hide relevant info very well.....not a good start....

1) Does anyone know what are the deposit and withdrawal fees IG charges for EU banks?

2) Where is there live chat link??
As far as I know there are no withdrawal / deposit fees. But they used to have an inactivity fee so I would check if they still charge that. I think you need to open an account to see any live data
Is that the same ig group ? http://data.cnbc.com/quotes/IGG-GB

If yes, it collapsed.
Don't think so. IG Index is still running. I have an account
IG shares fell due to FCA decisions, the company and it's business is still running of course.

"The FCAs overhaul hit the shares of financial betting giants, with IG Group faring worst after its shares fell 38% to its lowest levels in three years, while sending rivals CMC Markets and Plus500 tumbling."

http://www.financemagnates.com/forex...ng-to-germany/
Shares will bounce back and have started to do so. Big company that does well. I have traded with them for years and have no problems.
Quoting BBHide1
As far as I know there are no withdrawal / deposit fees. But they used to have an inactivity fee so I would check if they still charge that. I think you need to open an account to see any live data
Hi BBHide1, I've opened a small account (as small as small can be) simply to see how their MT4 set up performs, gather some baseline data so I can compare it with the performance of the coming months (just to make sure their end stays offering the same level of quality throughout my trading).

BTW, Yes I read they still charge an inactivity fee.

So far I can say the following...

* No commission on EU bank transfers
* MT4 set up seems OK so far, I've had 5 requotes my first couple of days, and then it stopped; If I see it happen again I will inquire with technical support to see what exactly is going on
* The way they charge your SWAPs is different than any other broker I've worked with --- I'll need to get back on this one...
Sorry to rejuvenate an old thread. I recently had my IG GBP USD stop loss taken out by IG which didnt make sense to me so I compared the entry and exit points to CMC, also a spreadbet account. Below is my analysis - do you think I have a case against IG as the exit seems to have widened out when compared.
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  • Post #20
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  • Last Post: May 28, 2021 10:59am May 28, 2021 10:59am
Does anyone trade turbos24 with IG?.

The trading platform seems to have missing entry price line and I need to manually calculate the profit/loss myself in the account history.
I get profit/loss with an amount but then in the account history there is a difference of 10€ some times. I think they are over charging and they are getting away with it because calculating the profit/loss has to be done manually in the account history.
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