Discussion in 'Forex Trading' started by mjl, Mar 16, 2009.
Has anyone traded with the firm: IGMarkets?
Yes - probably better known as IG Index, part of the IG Group. Well-respected and long-established public company, a true pioneer in taking markets to the masses. Offer loads of different products including spread bets (which are tax free for UK tax players) and CFDs. Spreads are quite good. Certainly worth looking at if you are a UK taxpayer.
I guess they are OK but like most forex brokers they make their own market which is a disadvantage to traders. You have to find one that allow you through to the real market and are not their own counterparty. These take like $5000 or more. The ones that only require a few hundred dollars act as their own counterparties and believe it is not to your advangage. If you are really serious you have to go to futures the CME CBOT EUREX etc. because you are trading in the real market your broker is not your counterparty and you should have a more level playing field. I have not traded yet in futures but am getting set up. I will trading through to the CME trading ero futures on a calendar spread. Like I said I am just getting set up so do not know what to tell you yet.
What a load of bollox that last post is. The conspiracy theories are incredible...................
Let me first say something nice. THere is some coin to be made in their daily binaries. They have a lot of products but you're starting off 250bp in the hole.
Having said that, I would avoid IG Markets at all cost if you are trading spot FX. Their java based platform loves to freeze up when the market is really moving.
During the spike after the recent fed statement I tried >10 times to exit a postion on eur/usd but was given the dreaded "Price is no Longer Available" message, then the platform froze up and the ticket to close the trade took almost a minute to pull up. This is a regular occurance from 8am-10am EST.
I trade momentum and I get filled ~ 2/5 trades on Eur/jpy and roughly 1/5 on Gbp/jpy.
Real spreads on IG run 5-9 on cable and 4-7 on Euro despite what they claim.
700x leverage is available w/ pre-determined stops--they will gun them down, I guarantee it.
I have screen shots available upon request.
You better off trading with cmcmarkets.
I traded with CMC too they make their own prices and at the time a few years ago were terrible very few pips between the high and low, I checked the other platforms and the high and low had a larger spread. I cannot say about now but at the time I traded with them I could not make a profit because of their prices. I called them about it and it was explained that those were the best prices for that day.
I gave up the forex right now am trying futures through CME will see how that works
I trade both IG Markets and CMC Markets
Requotes in fast moving markets means you can exit with a market order.
Can trade really small parcels whihc is useful if you like to scale in and out.
FX spreads can [and do regulalary] widen up to 50-60pips during periods of low liquidity so you can't really use stops with FX.
Fixed spreads stay fixed
Can't exit at market in rapidly moving market but limit orders are executed OK.
Pay interest for a few days on each trade they have some complicated settlement system which effectively adds around 2pips onto the spread,
In periods of low liquidity you have to phone in to make am order which bascially means you can't trade.
IMO both these guys are OK to trade with if your trading small amounts, ie accounts under $50k
If your playing with more than me IGM offer an ECN for bigger players.
Also if you feel your stops are being hunted look at where you are placing your stops, I've had jsut as many trades with stops being hit exactly and reversing as stops missing by 1 pip and reversing.Usually though my stop gets hit and the price keeps on going.
Also these guys don't trade against you, they don't have to. They just act as market makers and make money when the market ranges and lose when the market trends.
Hiope this helps
PS Please be aware that these guys aren't in business to provide a valuable public service.
I've been looking at IG for their options and binaries. Anybody got comments on those?
IG markets offer DMA level 2 book trading for CFD's, to traders with experience, ..... you are placing your trade directly into the market. By doing this NO ONE can manipulate the price you are deciding on!
This is not the same for spread betting where ALL brokers that offer spread betting are acting as bookmakers and decide their own prices, you pay what they want you to pay and that is one way they make loads of money from people who like to bet.
Interactive Brokers also offer DMA, but you can not see anymore than the top line when using it for UK equities .. never used it for anything else so dont know if it has the same limitations for other markets.
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