ig markets - a criminal broker

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Old Nov 28, 2008, 2:31pm   #17
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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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jodycody started this thread
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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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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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