IG Index/Binary Bet Rejections

This is a discussion on IG Index/Binary Bet Rejections within the Fixed Odds & Binary Betting forums, part of the Markets category; Originally Posted by Sharepunter Conditions are becoming increasingly difficult with IG. Some of my orders for as little as £2/pt ...

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Old Dec 16, 2010, 10:35am   #31
Joined Jan 2006
Re: IG Index/Binary Bet Rejections

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Originally Posted by Sharepunter View Post
Conditions are becoming increasingly difficult with IG.
Some of my orders for as little as £2/pt are now subject to delay!
Unbelievable. IG made £10m+ from binaries in its last financial year.
Scrooge comes to mind!

I would happily have recommended IG previously as I think its practices are, on the whole, fair.
However, now I would have reservations.
IG binaries have certain features built in to the quote which are sufficient for them to consistently profit by. The obvious example is the spread. I accept this and other "features" as the cost of trading.
What I think is unfair is the following feature of IG's manual order execution.
Where an order is delayed and the price moves away from the order; the order will likely be accepted at the original price and not the better price. Price improvement is not applied.
For example, order placed for binary to finish up at 73. Target profit 27pts.
Order delayed. Price falls to 66 to finish up. Order accepted at 73.
Conversely, where the price moves towards the binary goal the order is rejected with "price is no longer valid". I.e. order placed for binary to finish up at 73. Order delayed. Price moves to 80. Order rejected as price no longer valid.
This, in my book is plain unfair.

Either IG should reject the order in both instances with "price is no longer valid" or accept the order; in the first scenario at a price of 66 and the second at 80.

Comments anyone?


You say they are executing orders manually! - When I was trading last year they seemed to go through so quickly that they cant have been manual and Im sure I got 'price improvement' on a number of times. Do you think things have changed?
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Old Dec 16, 2010, 11:56am   #32
 
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Re: IG Index/Binary Bet Rejections

donaldduke started this thread I been doing binaries since 2003.

Your order either gets filled instantly

Or if there is a delay then

If the delay is longer than 30 seconds chances are your order has gone to a human dealer, this is quite rare.

If the delay is between 5 seconds and 30 seconds it most likely the computer server holding your order, checking the price and possibly rejecting and then requoting the price/volaility of the binary.

I think orders are more likely to get delayed if the spread bet firms order book for that binary is relatively empty. An active book already has punter order flow priced in.

Also if you are very profitable at binaries your cards will be marked and your orders will have a much higher chance of being delayed compared to when you first started binaries.

Last edited by donaldduke; Dec 16, 2010 at 12:22pm.
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Old Dec 16, 2010, 4:37pm   #33
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Re: IG Index/Binary Bet Rejections

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Originally Posted by markt99 View Post
You say they are executing orders manually! - When I was trading last year they seemed to go through so quickly that they cant have been manual and Im sure I got 'price improvement' on a number of times. Do you think things have changed?
Yes. Things have changed for me!
OK - maybe they're not manually accepting/rejecting orders as the delay is not 30+ seconds (as Donald's post above states).
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Old Dec 16, 2010, 8:45pm   #34
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Re: IG Index/Binary Bet Rejections

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Originally Posted by Sharepunter View Post
Yes. Things have changed for me!
OK - maybe they're not manually accepting/rejecting orders as the delay is not 30+ seconds (as Donald's post above states).
Orders dont take 5 seconds to accept or reject.
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Old Dec 16, 2010, 9:35pm   #35
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Re: IG Index/Binary Bet Rejections

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Orders dont take 5 seconds to accept or reject.
Brettus - please elaborate.
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Old Dec 17, 2010, 7:59am   #36
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Re: IG Index/Binary Bet Rejections

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Originally Posted by Sharepunter View Post
Brettus - please elaborate.
Ok. FFO for ladbrokes and party gaming. I've accepted/rejected trades. It takes about 2 seconds to realise whether its a bad bet or not. Eventually you get to know the clients and you know when they are trying to pick you off. I understand the clients point of view though. When a trade comes up and its in the clients favour it says odds 5/1 should be 3/1, generally that will get rejected straight away. If you sit there all day accepting bets, you will know what the odds should be, and as soon a winner tries to trade, you are alerted straight away to the vols being off.

It's not a coincidence that you get 5 clients trying to hit you at 28/1 in eurusd on 5mins.

If you do a binary a little bit more obscure then there's more chance of it getting accepted.

Last edited by brettus; Dec 17, 2010 at 8:04am.
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Old Dec 17, 2010, 9:16am   #37
 
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Re: IG Index/Binary Bet Rejections

donaldduke started this thread
Quote:
Originally Posted by brettus View Post
Ok. FFO for ladbrokes and party gaming. I've accepted/rejected trades. It takes about 2 seconds to realise whether its a bad bet or not. Eventually you get to know the clients and you know when they are trying to pick you off. I understand the clients point of view though. When a trade comes up and its in the clients favour it says odds 5/1 should be 3/1, generally that will get rejected straight away. If you sit there all day accepting bets, you will know what the odds should be, and as soon a winner tries to trade, you are alerted straight away to the vols being off.

It's not a coincidence that you get 5 clients trying to hit you at 28/1 in eurusd on 5mins.

If you do a binary a little bit more obscure then there's more chance of it getting accepted.
Very interesting thanks for posting.

I have a feeling that IG have automated this manual process of adjusting binary volatility/odds based on winning punter bets. It would not be very hard for a computer to do.
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Old Dec 17, 2010, 11:11pm   #38
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Re: IG Index/Binary Bet Rejections

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Originally Posted by donaldduke View Post
Very interesting thanks for posting.

I have a feeling that IG have automated this manual process of adjusting binary volatility/odds based on winning punter bets. It would not be very hard for a computer to do.
Yes. No doubt IG has inbuilt programming which functions akin to the Virtual Dealer software that delays order acceptance and re-quotes prices.
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Old Aug 22, 2012, 6:22pm   #39
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Re: IG Index/Binary Bet Rejections

I quite enjoyed reading this thread as I have recently experienced something similar move from electronic to manual execution on a broker platform! Is anyone still trading Binaries and getting elctronic executions? Please let me know especially on FX 5mins TF
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Old Aug 23, 2012, 12:48pm   #40
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Re: IG Index/Binary Bet Rejections

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Originally Posted by Sharepunter View Post
It looks as though IG have put me on manual execution as a number of my orders (but not all) have been delayed over the last couple of days. Coincidently, I had my most profitable week ever last week.
Oh well, guess I'll just have to adapt to the new conditions.
Any changes on the slow execution / constant re-quotes?
How much did you make beofre they placed you on manual execution?
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