ig markets - a criminal broker

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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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Old Nov 28, 2008, 2:31pm   #17
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Quote:
and 3 virus scanners
Multiple virus scanners are well known for causing pc crashing issues because they are not mutually compatible.

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uch 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.
Yes I am very aware of the reputation of fxcm but not the same for IG. IG are by far the biggest SB company around and if they were that bad then there would be loads of complaints which there just isn't. There have been literally less than a handful that I have heard of and they do have customers placing huge trades with them. I am not affiliated with them but I have just not heard accusations of criminal activity about them before.


Paul
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Old Nov 28, 2008, 2:52pm   #18
 
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ig markets

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Multiple virus scanners are well known for causing pc crashing issues because they are not mutually compatible.



Yes I am very aware of the reputation of fxcm but not the same for IG. IG are by far the biggest SB company around and if they were that bad then there would be loads of complaints which there just isn't. There have been literally less than a handful that I have heard of and they do have customers placing huge trades with them. I am not affiliated with them but I have just not heard accusations of criminal activity about them before.


Paul
well what happened to me was not to do with my internet connection or browser, and the platform malfunctions only started to happen after I started making real money mainly shorting the gbp.
I have been in touch with the Financial Services Authority in London and they took me very seriously. I am in the process of putting together a complaint to ig, I have it all documented in a long email correspondence with the help desk as the 'malfunctions' occurred. The FSA want a copy. If I do not get a satisfactory response then the Ombudsman will become involved. If I had been with another broker I would be a great deal richer. My platform was closed on me ONLY when I had a large profit I was about to take. Ditto not being able to exit. Otherwise everything worked perfectly. 'Technical difficulties' as an excuse, is just not good enough. Trading is hard enough and if one cannot rely on one's tools, and nothing is found to be wrong on the customer end, then something else is going on.

I used to be with fxcm myself and changed to ig. Now I am with a different broker in the States, one I believe I can trust.

I have found complaints about ig on the web, very similar to mine, and the guy I spoke to in the FSA said there were discrepancies with them regarding spread-betting.
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Old Nov 28, 2008, 3:05pm   #19
 
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jodycody started this thread Paul, if you are interested, I can send you a copy of the complaints email I will be putting together at the weekend. There are a lot of other things that happened that I did not mention in my original posting here. For instance, they crashed me out one evening and left me with a balance of -7888USD, technically not possible, froze may account for 16 hours 'to investigate' and then reopened it with zero. The money I had been trading with had been sent TT to my account back home, not a request I made verbally or in writing. I was told that the -7888 had been caused first by an 'electronic error', then by an 'oversight in the acounts department (who had gone home 3 hours before). I was told to write a complaint to the help desk, which I did. Upon receiving it they closed my account and told me to go elsewhere, which I was in the process of doing. The reason for my account closure was 'continuing to take issue with matters satisfactorily resolved'. basically I was a nuisance. and they had stripped me so I was no longer of interest.

their accounts department is also incompetent and made many errors in communicating with the help desk, their front men. I cannot believe that they can do proper business with anybody. There were so many mistakes, from minor to major
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Old Nov 28, 2008, 3:16pm   #20
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wow.. so i wondered what broker in states you are using now? or which broker planning to use?
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Old Dec 12, 2008, 2:20pm   #21
 
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What I would dearly love to prove is whether or not IG markets use an algorithm to stall prices for a second or two when large reversals occur.

Such an algorithm would allow a quick balance of +/- positions, and spike out the ones that will harm them most when the reversal is posted on "live" prices (supposedly) streaming data.

Of course this can not be proven because it is a closed shop, and I had a 35 minute conversation with a consultant about this a few months back. IG are not stupid enough to be transparent about their pricing data, except to say it is "as is" the way they receive it.

I have been spiked out of 3 positions - two of them in OIL when oil was heading up. The price momentarily (and I mean 5 contracts only) traded at "just below" my SL, before the price streaked away by $$$ not cents!!

My gain on my Long position should have been $17,000 that night!
Instead I was spiked out on a "5 contract" trade at below market level (below my SL) just as a ripper rally occurred!!!

The consultant said this was coincidence only.

So I brought up my story about an Index trade a few months earlier ... again ... "coincidence."

I sent them screen shots, showing that the price did not actually touch my price on the tick data, or the 1 min chart. That was not good enough - he said the charts are only a guide - you have to go on the data according to the prices shown. Of course I did not have the screen shot of the data which supposedly "triggered" my SL. But I did have the tick data chart as I said, and it was not acceptable to them - their own company not accepting their own charts!!

I was told I was paranoid, and that the consultant had worked there for 15 years, and knew the data was truly live and not tinkered with by any algorithms.

Yeah?

Maybe you'd like to Google this: "Bernard Madoff Arrested Over Alleged $50 bln Fraud" and tell me if I am paranoid!

I have made some money and I have lost some with IG markets.

The jury is still out as far as I am concerned ... but I get letters (emails) from them asking me "Is something wrong? We haven't had you trading with us for awhile."

They should check to see if my name is on a list with their opposition!

If a dog bites you, stay away from that dog!

Last edited by Ingot54; Dec 12, 2008 at 2:22pm. Reason: Typo
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Old Dec 12, 2008, 3:41pm   #22
 
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Quote:
Originally Posted by Ingot54 View Post
What I would dearly love to prove is whether or not IG markets use an algorithm to stall prices for a second or two when large reversals occur.

Such an algorithm would allow a quick balance of +/- positions, and spike out the ones that will harm them most when the reversal is posted on "live" prices (supposedly) streaming data.

Of course this can not be proven because it is a closed shop, and I had a 35 minute conversation with a consultant about this a few months back. IG are not stupid enough to be transparent about their pricing data, except to say it is "as is" the way they receive it.

I have been spiked out of 3 positions - two of them in OIL when oil was heading up. The price momentarily (and I mean 5 contracts only) traded at "just below" my SL, before the price streaked away by $$$ not cents!!

My gain on my Long position should have been $17,000 that night!
Instead I was spiked out on a "5 contract" trade at below market level (below my SL) just as a ripper rally occurred!!!

The consultant said this was coincidence only.

So I brought up my story about an Index trade a few months earlier ... again ... "coincidence."

I sent them screen shots, showing that the price did not actually touch my price on the tick data, or the 1 min chart. That was not good enough - he said the charts are only a guide - you have to go on the data according to the prices shown. Of course I did not have the screen shot of the data which supposedly "triggered" my SL. But I did have the tick data chart as I said, and it was not acceptable to them - their own company not accepting their own charts!!

I was told I was paranoid, and that the consultant had worked there for 15 years, and knew the data was truly live and not tinkered with by any algorithms.

Yeah?

Maybe you'd like to Google this: "Bernard Madoff Arrested Over Alleged $50 bln Fraud" and tell me if I am paranoid!

I have made some money and I have lost some with IG markets.

The jury is still out as far as I am concerned ... but I get letters (emails) from them asking me "Is something wrong? We haven't had you trading with us for awhile."

They should check to see if my name is on a list with their opposition!

If a dog bites you, stay away from that dog!


thanks for this reply, i can well believe that ig got to you and there know how difficult it is to prove. i am still putting my case together and i have hours of trades to go through in a 3 week period to try and reconstruct it. it is very laborious. and i have my mobile bills as well to show them that just after they closed the platform on me, i phoned them.
i am going to try my best, there is a lot of money involved.
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Old Dec 12, 2008, 3:57pm   #23
 
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I think the onus is on IG Markets to show that they did NOT do as you allege. For too long the lack of regulation in the derivatives industry has allowed the Over-the-Counter market makers to get away with larceny.

IG markets are quick to trot out "facts" when it suits their purposes.

Have you thought of subpoena-ing them to produce evidence from their records to refute what you are saying, instead of forcing you to piece together a case from patchy/sketchy data?

It's about time the law began to scrutinise these thugs.
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Old Dec 12, 2008, 7:04pm   #24
 
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jodycody started this thread
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Originally Posted by Ingot54 View Post
I think the onus is on IG Markets to show that they did NOT do as you allege. For too long the lack of regulation in the derivatives industry has allowed the Over-the-Counter market makers to get away with larceny.

IG markets are quick to trot out "facts" when it suits their purposes.

Have you thought of subpoena-ing them to produce evidence from their records to refute what you are saying, instead of forcing you to piece together a case from patchy/sketchy data?

It's about time the law began to scrutinise these thugs.
that is not a bad idea. but first of all i am doing what the FSA have told me to do, put together a complaint and sent it them, then wait up to the statutory 8 weeks and then if i am not satisfied with the result, which i won't be, then the ombudsman takes over. but i will certainly check out the subpoena idea, however, as i am the plaintiff who has an issue with them rather than vice versa, i expect the onus will lie on me. but i will call the FSA on this idea because piecing together, or trying to, from the hundreds of scalping trades i made, is a very difficult thing to do in retrospect. my phone bill though will help. i was on the phone to them constantly. and yet with my new broker, and the one i had before, i have not had to telephone once.
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Old Dec 16, 2008, 8:57pm   #25
 
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Not surprised

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Originally Posted by jodycody View Post
I have just had bad bad experience with ig markets trading currencies. My platform kept closing just when i was going to take my profit or change a stop - on re-opening, I either had losses or less profit or been stopped out, usually by a pip or two.
when I tried to exit trades, the close box froze. Sometimes I could buy back a sell for instance but often I had to re-start the platform.
I am talking about normal trading times, not announcements.
I rang each time, as instructed by the help desk. Offers to close my trades manually don't make much sense when the horse has already left the stable.
Ig never noticed me until I started to make real money. On complaining, I was met with 'sympathy' and 'understanding'...both of which I do not need when I have just lost a lot of money because their platform 'malfunctions'. My firefox browser was blamed, my internet connection and basically it was all my fault. After having one of their IT guys in my computer for 3 hours, nothing changed. He could not find anything wrong anyway.
One evening they crashed me out and I had -7888USD on my ac count balance, technically impossible. They froze my platform and prevented me from trading for 16 hours until accounts could work out what was going on. I was told it was an 'electronic error' and later an 'oversight in the accounts department'. I asked why I had to foot the bill. No reply. When my account was finally unfrozen, my balance was zero. I asked where my money was and they said it had been sent to my bank account back home, a transfer I never authorized verbally or in writing. I was told to write a complaint, which I did and then my 'account manager' rang me and said I was to exit my trades, I would not be allowed to place new ones and my account would be closed because 'I continued to take issue with matters considered satisfactorily resolved'. I was told my money would be returned to my account back home within 2-3 bank working days - it took 2 weeks.

I had already joined a new broker by this time but I could not fund my account until the money from ig arrived. I sat and watched the market go by without me.

I am taking this further and would be grateful for any experiences others have had with these criminals. My email address is jodycody@hotmail.com.
Had similar experiences with some other firm like the above mentioned
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Old Dec 16, 2008, 8:58pm   #26
 
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Had similar experiences with some other firm like the above mentioned
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Old Dec 17, 2008, 2:12am   #27
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Please don't tell me you migrated to CMC as they use the same techniques. Complaining to the FSA is futile.

All this "Self Regulation" imagine having a "self regulationary body" for thieves ? Ludicrious yet that's what the FSA really is, they get their funding from the very Companies they are supposed to regulate. Can we really say that the FSA has been effective over the last 10 years? The answer would be an empathtic YES ...........for the benefit of the Companies that support it not the general Public.
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Thanks! The following members like this post: mel_pub
Old Mar 26, 2009, 4:56pm   #28
Joined Jan 2009
Why is the UK favouring bucketshops with the stamp duty and capital gain exemption ??

These bucket shops seems to make so many £££ that they can buy themselves any judges or MP !

Quote:
IG Groupís interim results for the six months ended 30 November 2008 were announced on the 20 January 2009.

Main highlights of the results included:

Turnover up 47% at £126.5 million
EBITDA up 24% at £60.3 million
Strong EBITDA margin of 47.7%
Wow...
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Old Mar 26, 2009, 5:58pm   #29
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To avoid these problems, what broker would you recommend?
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Old Mar 26, 2009, 11:27pm   #30
 
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Angry Money Can't Win

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Originally Posted by Si55AMG View Post
To avoid these problems, what broker would you recommend?
I wasn't going to contribute to this thread again because of my extreme bad feelings I have towards IG Markets. No one has such an intense loathing for bucket shops like IG Markets than I have.

But listen man, you have to get past the emotional burning you have in your guts against these criminals. I could have/have had a bl**dy good rant against them, but hey! this is their "business" model, and you have to play by the rules they make, if you want to play at all.

If you want to sleep at night with satisfaction, you have to stop allowing them to screw with your mind and your account.

This is how it is: There are many companies out there like IG Markets, CMC, GFT, GET, MAN, CITI, PLUS500, AVAINDEX and so on, who make it so dead-set easy to trade derivatives with leverage ... bucket shops. IG Markets is one of them - they happen to have taken it to the next level, that's all.

In order to be able to trade with a provider, you have to be able to TRUST them. In your case (Jodycody) and mine, we clearly do not trust the busteds.

So ... what to do?

1) STOP trading with them
2) Work out a method of trading where they:

a) Can not hunt for your stops
b) Can not manipulate price against you
c) Can not affect you by freezing your a/c

3) Stick to your Trading Plan come hell, hail or high water
4) Practice your trading method until it becomes second nature to you
5) Put a toe back in the water slowly under live trading conditions
6) When confident, increase your position size
7) Feel good about yourself

Look - let's face it - we are never going to beat them on their terms. They refuse to accept screen shots as evidence, and will ALWAYS argue away your case. To actually admit they made an error would probably shake their business and cause loss of suckers ... oops ... clients. The very last thing this bucket shop needs is for the public to understand their role in fleecing people, and losing confidence and trust in them.

IG Markets worked out long ago that they no longer need to ensure customer satisfaction. You (and I) will simply be branded as malcontents, and a quick nonchalant shrug of the shoulders and they turn their back on you.

Next please! They know there is a customer coming through their front door every minute - the loss of one ... the gain of two! At least I still have my a/c open, and in time - my time - I will be ready to trade with them again.

I have heard of CMC admitting a glitch and refunding losses AND restoring positions after spikes took traders out of their market positions. That is the decent thing to do. Work this out - if the Interbank provides an "average" price in their feed, and this feed is the average of the group of major International Banks trading Foreign exchange, how is it that a spike of 5 contracts can legitimately be called an "average"?

This HAS to be manipulation to trigger stops and contingent buy/sell orders, and again trigger stops on the way back to the original price - 5 contracts earlier!

Let me ask you a question - "Are you able to trade successfully in the shorter Time Frames?" If you are, then may I suggest you move to a LONGER TF, but take slightly smaller positions.

I say this because short term trading is fraught with tension, "noisy price action", trend reversals, and as we know, manipulation. LT trading is infinitely easier, slower and MUCH more lucrative.

Have a look at the enclosed chart ... NZDUSD DAILY ... could you do this trade??

Easy huh?

If you are a reasonable scalper of say the 15 min TF, why not move out to the 4H TF? And if you are a good 1H trader, why not move out to an even simpler TF like the DAILY?

I tell you this - IG Markets HATE traders who trade long term. Why? Because they know this is where the money is to be made. Someone mentioned above - Trader333 - that: "they do have customers placing huge trades with them". I would feel that these "huge trades" would be inclined to be in LONG TERM positions by and large. No one with a larget roll would plonk it all on red! You don't make fortunes in this endeavour by gambling on one short spin of the wheel.

What I am suggesting is that you will get your money back from the bucket shop by finding out more about yourself.

1) Understand the Time Frame in which you are having success
2) Drop back to a longer TF

There is a good reason for this.

Longer TF have a larger ATR (Average True Range) and require that you use a larger margin to accommodate the longer SL needed to secure the trade. Because of the increased margin required, you would need to trade a SMALLER number of contracts to suit your a/c size and risk management, position sizing yada yada.

But you will notice something strange happening. Your head will clear because you are less stressed - less screen time needed to manage the trade ... AND you will notice you are actually making MORE money than before, with less risk.

Consider this: In order to make 1000 pips, you would need to make 50 trades at 20 pips each, or 3 trades at (roughly) 330 pips.

Which method involves the most spread cost?
Which method allows for more free time to manage trades?

I hope I have helped some of you to see that it is harder for bucket shops to get you if you trade the higher TF. And I hope some of you are seeing the merit of getting into some of the big trends, free of the 5 min and 15 min "noise".
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Last edited by Ingot54; Mar 27, 2009 at 5:22pm.
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