binary rejecting bets yet again

surferdude

Newbie
4 0
already had four rejected bets today on the ftse one hour markets, so phoned them to ask what was going on and they gave the usual chat ' prices are moving very quickly due to the high volatility in the market'. i asked the guy on the phone how much the market had moved and he said four ticks, i then pointed out that wasn't a great deal when the spreads are now ten ticks wide.

i then pointed out that it didn't seem to be a problem when a bet i placed moved fifteen ticks against me before i recieved the fill.

apart from been very annoyed about this, i can't believe they are allowed to continually do this as they are so proud of the guaranteed liquidity they claim to offer on their adverts in the racing post.

i am currently awaiting a phone call from the trader to explain what the problem is !
 

Scripophilist

Active member
221 7
What sort of value are you using? I sometime hedge up to £50 a point. My account is largely flat because I use it as a hedge. Never had a rejection but heard of plenty.
 

surferdude

Newbie
4 0
Scripophilist said:
What sort of value are you using? I sometime hedge up to £50 a point. My account is largely flat because I use it as a hedge. Never had a rejection but heard of plenty.
usually bet £20 or £30 per point, but in this case it was only £10. i don't think the size should be an issue. i have asked them before how much they are willing to take per point and they said £100, so as long as i bet within this size i would like to feel confident that they will accept my bets.
 

pdaigb

Newbie
7 0
Looking at our deal monitor, I can see only one client today (out of several hundred) who experienced 3 rejections on hourly binaries. I can see only 4 rejected deals across all clients on hourly binaries.

Hourlies have a very high delta. A slow internet connection can lead to price tolerance checks being triggered on increasingly rare occasions (we have increased tolerances recently to lower the rejection rates).

If you are unhappy with the rejection rates (or the width of spread we quote), then don't deal with us.
 

steve34

Junior member
20 0
pdaigb said:
Looking at our deal monitor, I can see only one client today (out of several hundred) who experienced 3 rejections on hourly binaries. I can see only 4 rejected deals across all clients on hourly binaries.

Hourlies have a very high delta. A slow internet connection can lead to price tolerance checks being triggered on increasingly rare occasions (we have increased tolerances recently to lower the rejection rates).

If you are unhappy with the rejection rates (or the width of spread we quote), then don't deal with us.

LONG LIVE CUSTOMER SERVICE!!!!!!!!!!!!!
MAYBE YOUR LAST COMMENT SHOULD BE SENTOUT WITH YOUR DEALING HANDBOOK JUST TO LET US ALL KNOW WHERE WE STAND!!
 

pdaigb

Newbie
7 0
Minor correction: There has actually been a client with 5 rejections today, although he was able to place 25 other bets without difficulty.

5 out of 30 attempted deals is a very poor rejection rate by our standards, but in our defence the client was dealing only on high-delta hourly binaries.

Regards
 

stevespray

Experienced member
1,289 154
pdaigb

A couple of thoughts.......

The law states that you can not advertise a service that you are not prepared to offer. Your advertising states "The price you see is the price you get". The customer could therefore argue that your company has to consider an element of internet 'data transmission' when making such an offer to provide a service.
Your dealing handbook also states, under 'key advantages of using IG ', that you offer 'Immediate dealing' and that, and I quote, "We quote you a price and you can deal immediately; no tiresome waiting for an execution". You main website also states that your service is "Genuine One Click Dealing". The truth is that all of these statements appear to be false. The price you see is not the price you get. In order to consider the bet opened or closed you do infact have to wait for a conformation because the deal is not done immediately and your platform is not 'genuine one click dealing' as the deal is actually completed by IG Index and not the customer.

You can say what you want but the customer has the legal right to receive the service which is 'as advertised'.
You advertisement appears to be purposefully misleading in an attempt to induce people into dealing with you.

On another point, why do you not give customers the option to cancel once they have submitted a trade. Some people are stating that they have seen the market move 15 points in there favour and yet you have simply put the deal through at the old price. If the customer had the right to cancel then they'd be able to re-submit the order at the better price. At present you have the best of both worlds.

Look forward to your considered replies,
Steve.
 

donaldduke

Experienced member
1,665 257
pdaigb,

Perhaps you would also like to state why the spread on binaries has increased recently?

It cant be due to market conditions, the Dow and FTSE have been rangebound all year and volatility has
been pretty constant.
 

Scripophilist

Active member
221 7
I think the key is to quote how many trades in total are rejected as a % of business. If for example you are scalping the odd percent here and there then even a low % such as 1% could make a significant difference to your profitability.

In the last week I placed nearly 1000 bets on Betfair and every single one was matched. EVen on the low liquidity markets I was able to make money but no doubt better liquidty would help.

If we all start using Betfair more then the liquidity would rise and nobody would have a single bet rejected. Currently around £100k a hour is traded on the intradays.
 

nutter punter

Member
81 1
You most definitely have a point !!!!

I got rejected today on Binary because the market had moved from 0 bid at 4 % to 0 bid at 5% !!!!
 

surferdude

Newbie
4 0
Scripophilist said:
I think the key is to quote how many trades in total are rejected as a % of business. If for example you are scalping the odd percent here and there then even a low % such as 1% could make a significant difference to your profitability.

In the last week I placed nearly 1000 bets on Betfair and every single one was matched. EVen on the low liquidity markets I was able to make money but no doubt better liquidty would help.

If we all start using Betfair more then the liquidity would rise and nobody would have a single bet rejected. Currently around £100k a hour is traded on the intradays.


take your point about using betfair.

i obviously look at both markets and will bet on the one which i believe offers the best price and size. i am willing to sacrifice the better price to get more size done with binary, what was really annoying yesterday was after choosing to bet on binary when the last rejection came back the price had moved so i missed out on both.

i was really looking for an explanation so at least i could use this information as well in choosing where to put my money. hopefully someone from binary will get in touch soon.
 

Buddhist

Junior member
31 0
Wow!

Great attitude.

I guess I will have to take your advice and not deal with you.

I just cant stand service providers who consider it is a privilege to deal with them - an increasingly depressing feature of the UK these days... It is corporate arrogance which ought to be punished severely by an unforgiving marketplace :-(

You have been privileged to witness me riding my current hobby-horse :-D

Sheesh




pdaigb said:
Looking at our deal monitor, I can see only one client today (out of several hundred) who experienced 3 rejections on hourly binaries. I can see only 4 rejected deals across all clients on hourly binaries.

Hourlies have a very high delta. A slow internet connection can lead to price tolerance checks being triggered on increasingly rare occasions (we have increased tolerances recently to lower the rejection rates).

If you are unhappy with the rejection rates (or the width of spread we quote), then don't deal with us.
 

England765

Junior member
31 0
Without wanting to sound like a salesman, I can't understand why you don't try binexx, City Index's version of binaries. I have never had a bet rejected, (if I miss a price I simply go on the order book), they are adding new markets all the time, and from what their guy said today they are about to launch a new site (this week he inferred) with extra functions and markets. Binarybet still offer more markets at the mo so I use them if I have to, but only if I have to. Will let you know when the new site's up. Anyway liquidity is good, good size usually. Maybe one of their guys could come on here and we'll see if their customer service is any better!!!
 

Scripophilist

Active member
221 7
I've kept my eye on Binexx but the liquidity was the worst of the lot and that won't do! Even my smaller order can't be matched. Haven't looked at it for a month or so but will check it again. I discounted it almost immediately because of poor liquidity. I guess that may change with time.

Hourly binaries are a zero sum game anyhow!!
 
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