Is IG Markets for me?

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Old Jan 3, 2015, 12:06am   #1
Joined Jan 2015
Is IG Markets for me?

Hi

I am relatively new to trading but have been running successful demo accounts for a while, so now is the time for me to take the plunge and open a live account.

I have registered (although not funded yet) and IG account, but having read numerous negative reviews I am no longer sure they are for me.

Can anyone suggest a reliable broker that can give me DMA access to CFD's (specifically crude oil CFD's)?

IG claim they provide DMA access to CFD's, the LSE also states they do, their salesman gives a good speech about how they do, but yet there are many reviews to the contrary. Their own disclosure doc states they take the other side of my deals.

Please help, as the whole situation of choosing a good broker is wrecking my head!

Other firms I have looked at include, saxo (high initial balance, AP markets (doesnt offer crude cfds), CMC and Ninjatrader inc their own brokerage.

Cheers
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Old Jan 3, 2015, 12:28am   #2
 
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Ig seem to have a decent rep and i believe several people use them here.you could start using very small stakes just to test the waters.i would maybe open up several different live accounts with good companies. You can then bin the ones you dont like.
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Old Jan 3, 2015, 1:29am   #3
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Aren't these firms fully regulated? Aren't the prices offered to you by these firms realtime prices that everyone else sees. Sure, the spreads can be different, usually marginally, but how can these firms rip people off when the profit/loss on trades are determined by the same real time prices traded on the stock exchange (in the case of stocks). I am not too familiar with trading as yet, but how are these firms supposed to rip people off?
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Old Jan 3, 2015, 6:53am   #4
 
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Originally Posted by si_mon View Post
Hi

I am relatively new to trading but have been running successful demo accounts for a while, so now is the time for me to take the plunge and open a live account.

I have registered (although not funded yet) and IG account, but having read numerous negative reviews I am no longer sure they are for me.

Can anyone suggest a reliable broker that can give me DMA access to CFD's (specifically crude oil CFD's)?

IG claim they provide DMA access to CFD's, the LSE also states they do, their salesman gives a good speech about how they do, but yet there are many reviews to the contrary. Their own disclosure doc states they take the other side of my deals.

Please help, as the whole situation of choosing a good broker is wrecking my head!

Other firms I have looked at include, saxo (high initial balance, AP markets (doesnt offer crude cfds), CMC and Ninjatrader inc their own brokerage.

Cheers
I traded with IG in the past, avoid them they have lots of dirty tricks up their sleeves if your any good. IB are good
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Old Jan 3, 2015, 11:57am   #5
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Aren't these firms fully regulated? Aren't the prices offered to you by these firms realtime prices that everyone else sees. Sure, the spreads can be different, usually marginally, but how can these firms rip people off when the profit/loss on trades are determined by the same real time prices traded on the stock exchange (in the case of stocks). I am not too familiar with trading as yet, but how are these firms supposed to rip people off?
No thats the point. If they dont state dma access then you dont get live prices, prices are their prices, some with a 15 minute delay. This is why its hard to trust any brokerage. Theres nothing to stop them stop loss hunting with random spikes they generated but that never actually happened.

Perhaps a small starting account with ig to test initially may be the way go.

I have been looking at trading futures rather than cfds, at least my orders go straight to the book.
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Old Jan 3, 2015, 11:58am   #6
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I traded with IG in the past, avoid them they have lots of dirty tricks up their sleeves if your any good. IB are good
Can you elaborate please. What is good about IB?
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Old Jan 3, 2015, 6:07pm   #7
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Aren't these firms fully regulated? Aren't the prices offered to you by these firms realtime prices that everyone else sees. Sure, the spreads can be different, usually marginally, but how can these firms rip people off when the profit/loss on trades are determined by the same real time prices traded on the stock exchange (in the case of stocks). I am not too familiar with trading as yet, but how are these firms supposed to rip people off?

Prices will vary between brokers, but there are other tricks they can pull.

There is a thread over on Forex Factory where a trader had his winning trades canceled and losing trades left on account taking £19,000 from him. The reason given was latency arbitrage. The broker was Forex.com.

The matter is in the hands of the regulators.
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Old Jan 3, 2015, 6:16pm   #8
 
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This guy has used IG for 14 years and is happy with them. He sets out a list of points he has considered in rating the company.

http://www.forexfactory.com/showthread.php?t=515923
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....Indicators show the past. Price Action "Indicates" the future.
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Old Jan 4, 2015, 12:41pm   #9
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si_mon started this thread Thanks for the replies. Can anyone suggest an alternative? I would like to trade oil cfds with dma access. I have been considering Ninjatrader with their own brokerage but they do not do cfds just futures, also, they do not have a mobile platform.
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Old Jan 4, 2015, 8:39pm   #10
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No thats the point. If they dont state dma access then you dont get live prices, prices are their prices, some with a 15 minute delay. This is why its hard to trust any brokerage. Theres nothing to stop them stop loss hunting with random spikes they generated but that never actually happened.

Perhaps a small starting account with ig to test initially may be the way go.

I have been looking at trading futures rather than cfds, at least my orders go straight to the book.
Please name the firm, who offering prices,with a 15 minute delay.
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Old Jan 4, 2015, 10:54pm   #11
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Please name the firm, who offering prices,with a 15 minute delay.
Sorry didnt mean 15 minutes. What I meant was the price/chart you see on SB platforms is their price, not necessarily the true underlying price. From what I understand its delayed and can be manipulated.
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Old Jan 5, 2015, 12:22pm   #12
 
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Price manipulation ?

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Sorry didnt mean 15 minutes. What I meant was the price/chart you see on SB platforms is their price, not necessarily the true underlying price. From what I understand its delayed and can be manipulated.
Can you show the proof or source for this allegation of price manipulation please.
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Old Jan 5, 2015, 1:30pm   #13
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If you want direct market access to oil, you need a futures broker. Are you capitalised enough for this?

Personally, I have absolutely no problem dealing with a market maker, who are brokers that take the other side of your trades. I don't care what they do with my trades, as long as the price is good and execution fast. Good market makers want lots of winners doing business with them, because they value repeat customers with large accounts.
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Old Jan 12, 2015, 3:41pm   #14
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Originally Posted by si_mon View Post
Hi

I am relatively new to trading but have been running successful demo accounts for a while, so now is the time for me to take the plunge and open a live account.

I have registered (although not funded yet) and IG account, but having read numerous negative reviews I am no longer sure they are for me.

Can anyone suggest a reliable broker that can give me DMA access to CFD's (specifically crude oil CFD's)?

IG claim they provide DMA access to CFD's, the LSE also states they do, their salesman gives a good speech about how they do, but yet there are many reviews to the contrary. Their own disclosure doc states they take the other side of my deals.

Please help, as the whole situation of choosing a good broker is wrecking my head!

Other firms I have looked at include, saxo (high initial balance, AP markets (doesnt offer crude cfds), CMC and Ninjatrader inc their own brokerage.

Cheers
I use IG (through Accendo Markets) and have had no issues. Iíve tried the other brokers (CMC/CityIndex etc) but they do not offer DMA which is what I wanted.

Youíll find negative reviews for everyone so I suggest you try them out and see how you get on.

If you are going to use IG, use their L2 platform, which gives you a direct feed to the LSE.

Ask for my contact at Accendo Markets (John Truong) who has been a great help getting me set up!
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Old Jan 31, 2015, 9:49am   #15
 
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Can you elaborate please. What is good about IB?
IG changed their execution with me from instant fills to leaving me hanging on orders then cancelling them , buy-sell to open and orders closing trades..... if your a losing trader you'll have no issues
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