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 donaldduke Yes i once emailed their help desk asking why my orders were taking longer than normal ...

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Old Dec 12, 2010, 11:58am   #29
Joined Mar 2010
Re: IG Index/Binary Bet Rejections

Quote:
Originally Posted by donaldduke View Post
Yes i once emailed their help desk asking why my orders were taking longer than normal to execute.

------------------------------------------------------------------------------------------

Dear Sir,

Thank you for your email.
The orders that were placed on your account today were manually checked by the desk,
and as such there was a delay.

If you have any queries please do not hesitate to contact us.

Regards,

..
IGIndex

---------------------------------------------------------------------------------------------------

Basically what is there to check?, not my order. What they check is their own price, and if they think its incorrect, mainly because i tried to hit it, then they will move the price.

I dont have any extra information compared to IG. Basically if like a price then i take it, and i try to get out if i am wrong. The prices that IG quote are very accurate, my edge is mostly getting out when im wrong, my edge is not exploiting a weakness in their pricing.
I know a little bit about binary bets and how they work, as i've been the other side of the bet before. These companies have the opportunity change the volatility, and if they feel the volatility at the time was incorrect giving a weak price, they will reject the price, then change the volatility, which will obviously skew the price against you.
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Old Dec 15, 2010, 10:03pm   #30
Joined Oct 2004
Re: IG Index/Binary Bet Rejections

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?
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Old Dec 16, 2010, 9:35am   #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, 10:56am   #32
 
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Joined Jan 2004
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 11:22am.
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Old Dec 16, 2010, 3:37pm   #33
Joined Oct 2004
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, 7:45pm   #34
Joined Mar 2010
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, 8:35pm   #35
Joined Oct 2004
Re: IG Index/Binary Bet Rejections

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Originally Posted by brettus View Post
Orders dont take 5 seconds to accept or reject.
Brettus - please elaborate.
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