ig markets - a criminal broker

This is a discussion on ig markets - a criminal broker within the Forex Brokers forums, part of the Commercial category; Originally Posted by tomorton There are many spreadbetting firms in the market, and bad service does not need to be ...

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Old Nov 28, 2008, 12:57pm   #9
Joined Nov 2008
Quote:
Originally Posted by tomorton View Post
There are many spreadbetting firms in the market, and bad service does not need to be tolerated.

For serious traders, at least one secondary account with another firm is important. With this, if the platform fails on your primary or you can't reach them by phone or whatever, at least you can hedge risk by opening an opposing position in the secondary account.
i dont think anyone can do that, if 1st account has hit your stop loss, whats the point going to hedge with 2nd account and for those trader doesnt use hedging strategy, its gonna be screw up their strategy?
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Old Nov 28, 2008, 1:01pm   #10
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Originally Posted by TomTom View Post
Good comments everyonerich.
However when traders make some good money from these SB firms, from expierance there business is no longer welcomed.

This is clearley obstruction on the part of IG and should be followed up with relevent complaints.

SB firms are in the business of making money from clients, when clients take regular cash from them ( as headging / of setting trades is to costly ) the traders profit comes directly from there balance.

Two weeks ago this happened to me, I was long £700 on Dow my SB platfrom froze and got disconected.
I phoned the dealer and he asked if I wanted to close my trade as the market was in my favor.
I gave him a limmit and stop order and then he informed me he could not do this at the moment as there was a fault with his own software at the SB.

Needles to say I questioned this and as we were speaking the market broken out to the upside.

I asked if this conversation was been recorded, he said yes it was, I instructed him that I demand for this to be closed NOW .....! Guess what ? the SB at the SB office was working again, and the postion was closed for a nice profit.

Indeed this is obstruction/delay tacktick to stop me from closing the postion, 0n this occassion it was the SB firm that lossed thousands as the market brokeout in my direction.

The oppersite could have happened, the point I are making is when trading with large ££££ per point with SB firms , do not be surprised if strange things happen ......
thanks for reminding us..
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Old Nov 28, 2008, 1:09pm   #11
Joined Feb 2002
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Originally Posted by everyonerich View Post
i dont think anyone can do that, if 1st account has hit your stop loss, whats the point going to hedge with 2nd account and for those trader doesnt use hedging strategy, its gonna be screw up their strategy?

Well, you assume every position has a stop-loss. Which it should. But many people, especially new traders, don't set stops, or they set them miles away from where they should be, or they use mental stops. Even if stops are set, some traders find the SB does not honour them, the SBs certainly don't guarantee them unless you specifically go for a guaranteed stop.
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Old Nov 28, 2008, 1:22pm   #12
Joined Jun 2008
I've had similar issues of system crashing.... however i found a simple solution....

Internet explorer as a browser is very demanding on computer resources....now use Fire Fox....never had issues again!

Try downloading Fire Fox....a very stable platform browser
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Old Nov 28, 2008, 1:51pm   #13
 
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Originally Posted by everyonerich View Post
usually if youre serious about trading, 1st step u should do is have separate computer for trading. that means you only have the trading platform use on that computer, dont use it for surfing, chatting, skype or whatever it is except trading.

then you also need to make sure the computer has automatic updates turned on, that keeps your computer secure and getting the latest update. if your computer has virus or being hijacked all sorts of trouble can appear.
thank you for your advice. I have two high power laptops which I use exclusively for trading, nothing else. I also have the latest firefox (requested by ig) and 3 virus scanners. As I wrote, their IT guy was in my machine and found nothing wrong with anything. He could not explain my difficulties at all.
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Old Nov 28, 2008, 2:02pm   #14
 
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jodycody started this thread
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Originally Posted by UKtradergirl View Post
...here we go again...!

when will people wake up and take responsibility for their own failings? If IG kept crashing on you why did you continue to trade it? Why not sort out your PC?
My difficulties occurred with them when the amazing opportunities the strengthening of the dollar offered started - a period of about two weeks. I had no one else to trade with as I had to open a new account with a new broker and I was abroad at the time, so necessary papers to open the acount were at home. In the end I placed large stops and limits and did not scalp anymore. But by that time ig had closed my account on me 4 times, costing me a lot of money.
it is not easy at first to work out what is going on and when i was reassured, particularly by the IT guy, that all was in order, then I traded until my new broker had been put in place.
In retrospect I should have closed my account immediately with them, but in retrospect things are always easier.
I am new to this sort of criminality and believed what ig wanted me to believe at first - that is was my fault, although I could not work out why!!! This is called corporational psychopathy by the way.
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Old Nov 28, 2008, 2:07pm   #15
 
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jodycody started this thread
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Originally Posted by Trader333 View Post
There is nothing I can see in your post that could be classed as criminal behaviour by IG. There may well have been technical and or account issues but IG do not need your authorisation to return your funds to you if they decide that they wish to close your account. However, I agree that 2 weeks is completely unacceptable and you have good cause to complain. The fact that you feel you have lost opportunity because of this is not sufficient grounds for compensation and the markets will present many more as they always do.

What outcome are you hoping to achieve ?


Paul
forget the two week transfer time. I am complaining to them about the repeated closing of my platform and the inability to exit winning trades. They blamed me, claiming ignorance, insinuating this only happened to me. This is not true. Such tactics are typical of crooked brokers who target you only when you are making money.
visit www.forex*******s.com. There are many similar complaints regarding fxcm.
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Old Nov 28, 2008, 2:14pm   #16
Joined Jun 2008
if you have a case and can substantiate and validate evidence....put it infront of a judge.

Every move made is simply in black and white....if there is evidence of sabotage, driven by a motive..then you have a case....you may win...then again you may not win....everyone has a chance....this is the beauty of democracy!
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