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
Joined Jan 2015
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Originally Posted by New Member View Post
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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Originally Posted by New Member View Post
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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