The big problem with IG or other CFD brokes is that they have the right to reject your orders. You can't do anything. If you read carefully the contract (terms of agreement) you will discover that they have this power. They are your conterparty even if they claim that the exchage is regulated by traders. I have experimented this issue many times before leaving them. I was unable to close my position for more than 10 minutes. The only thing that I can say in their favor is that if you have working orders already placed, confirmed by email they will correct your position by your detailed request, but it's stressful
I myself haven't experienced an issue with not being able to close a position but I have experienced issues not being able to open. I agree, it's an issue and it's frustrating, but one needs to understand context rather than just saying they are running scams.... Was it a platform outage? Did you call their dealing desk to close over the phone? Where you trying to close when the market was closed? I am not defending IG, but lots of factors at play here
Yeah and the reason why they do this is because they trade against you just like how a casino dealer bet against you. You can only win if they lose and why would they want to lose? Rejecting order called re-quoting should not happen at all when everything that they quote is supposed to be FIRM QUOTES which means these are the prices they are ready to trade at any moment, with the technology that we have nowadays where everything is instant, any changes should be instant, any new changes should be reflected in the price right away so WHY would they need you to wait for them to give you a new quote just as soon as you want to trade when the quotes that they display are supposed to be instantly tradable? There is no exchanges for OTC products like forex and spread-betting which are really CFD's, products that the dealers/brokers have invented themselves so they can quote whatever prices they want, do whatever they want with them because it's THEIR products. So if you either put up with their practices or take your money and go elsewhere and leaving them is really the best choice. Once they took all your money, you have to leave anyway so might as well do it earlier. There is no way to profit against them just like there is no way to profit against a casino.
1) No. I called them and waiting for 10 minutes or more before talk with them 2) What? The market was open (Germany30) and full in force 3) You simply cannot daytrade if you have these issues. You lose concentration You can't waste your time by emailing sreenshots while trading 4) I consider acceptable IG or other CFD brokers if you are not an aggressive trader Few trades with stop and profit in place and pray
1.) what happened when you called? 2.) sorry, just wanted to ask. 3.) I know people with million USD notional positions. not sure what to say really, your experience is your experience and it's unfortunate. i never had these issues you are having, even when i am on a high speed train going into the city trading from my phone. When I trade at home from wifi, my TT and IB platform loses market data more than my IG. 4.) i don't use stops personally, i take in the volatility and position size accordingly. I only use them for swing trading. when i did day trade, i did it a few times a day and still didn't have these problems. at least they come back and adjust their quotes and fill you afterwards if you have working orders, i wonder what city you are trading from
i am reading back what you are writing and you are talking about requotes or a platform outage? https://www.dailyforex.com/forex-articles/2011/07/what-is-a-requote/8330 if you are talking about requotes, this also happened to me in fast markets but that's part of the game. THis also happens in the interbank market regularly. It also happens on the UBS and Duetsche bank otc platfroms that their clients trade on. The best thing for the "broker" to do is to have multiple liquidity providers to prevent requote but there is no way around it in fast markets if you are trading OTC. But in a case like IG which is quoting 1000s of markets, there will be requotes. It doesn't mean they are running scams...but i agree it's frustrating, I usually get around it by leaving limit orders This is not the same as a platform outage for which they go back and adjust your orders
i am going to try to be nice to you bc it's clear that you are uneducated. So please, allow me to teach you: IG didn't invent CFDs or spread bets in a true sense. They are total return swaps which were invented by the banks and rolled out to OTC clients as part of their structured products https://corporatefinanceinstitute.com/resources/knowledge/finance/total-return-swap-trs/ IG didn't invent the OTC model, they were probably the first to roll it out to retail clients. Is OTC trading, dodgy? Yes it is....but it's not confined to IG or spreadbetting here below you can see Robinhead and Citadel most recently being questioned https://www.zerohedge.com/markets/c...client-orders-after-threatening-sue-zerohedge https://www.zerohedge.com/markets/how-robinhood-makes-90-million-order-flow So basically, Robinhood is teaching all the noobs to use stops. The noobs probably leave their stops too tight, the market makers profit. That is dodgy as well. So do you want to shut down Robinhood? The answer is no bc otherwise you don't have commission free trades.... To clean up execution practices, the FCA and SEC have changed front running rules years ago You must fill the client before you trade out. Whether or not IG follows these rules is a different question. One has to observe that their pricing is inline. If they did front run, then they run the risk of massive fines if found during their audit. I've already explained above that all otc market makers engage in requotes in fast markets, there is no other way around it. When the SNB lifted the peg in 2015, IG didn't execute stops in a fast market. the FCA told them they had to go and back fill, so they took a 15 million pounds loss to observe the FCA ruling. So in regards to platform performance, some people say it's bad, some say is decent. lots of factors at play here. Do they do things to squeeze out extra margin with the confines of the rules, 100%. Here is the factor before you start calling people scammers - do you want to trade tax free bc you think you can do it, if so, then you can't trade tax free using exchange traded products. SO shut the fark up already do you have money to trade 150k notional in gold and snp and deposit 15k each? If not, then you need to trade with a dealer. Why? Bc they dealer gives you a certain flexibility that exchange traded products don't when robin hood started announcing zero commissions, they took in all the volume for retail guys, it's bc they probably leave limit orders, still get filled and don't have to worry about trading costs which also contribute to a traders viability. So you just need to shut the fark up already. If trading with a dealer doesn't work for you then fine. BUt stop calling people scammers, the only scammer is you bc you are a fake trader
guideline documentation released by FCA https://www.fca.org.uk/publication/thematic-reviews/tr14-13.pdf
Basically I am saying to trade the real exchange I am not a forex trader so the introduction of the"relatively new" Emicros, is the way to go
of course, but you are missing the point in the above discussion the guys has less than 1k dollars, margin on the micro is 1500....so you stil want him to go to the exchange? spreadbetting is only beneficial if you need to trade small size or if you are holding medium to long term positions and swing trading i only use my spread bet account for specific scenarios, there are other strategies that are impossible to use in a spread bet account, it needs to be applied acccordingly.