binary rejecting bets yet again

[nutter punter]

5 attempts to sell the FTSE and 3 accepted bets, so thats not too bad today haing only 40% of my bets rejected !!!!!

By the way of the 2 that were accepted, Binary was trading significantly higher on both occasions and strangely they were not rejected. Can't think why?

 

[TheBramble]

NP - if you're not getting the service you want, you could always have a look around for a better deal. There are a number of recommended brokers of these boards. Don't know that there are too many recommendations for SBs though.

 

[Scripophilist]

You are most likley to get a reject if you try and trade when the market turns quickly. The SB can not hedge and will therefore reject your trade. I usually try and trade ahead of the moves and cut out for a loss if it goes against me.

 

[Scripophilist]

Here's a tip, I think the FTSE could close down today!

 

[stevespray]

Robertral - The Financial Ombudsman Service have informed me that IG have stated that orders are not queued. Hard to know what they mean by 'queue'. If orders are not queued then I've had occasions where dealers must have been sat looking at my order for almost a minute whilst deciding what to do.

Steve.

 

[nutter punter]

You are most likley to get a reject if you try and trade when the market turns quickly. The SB can not hedge and will therefore reject your trade. I usually try and trade ahead of the moves and cut out for a loss if it goes against me.

Not true at all, I get rejections when the market has gone nowhere just as many times as when it is moving.

 

[deltrotter]

IG Closing

Any reason why IG closed its 3pts S&P binaries at 8.55?

Caught me out badly.

They say all other markets close with a minute to go.

Cheers

Del

 

[deltrotter]

Just found out, Dow and FTSE close with 1 minute to go. S&P five minutes.

Hmmm.

Cheers

Del

 

[nutter punter]

Glad to see nothing has improved today as yet again I get 2 rejected bets in succession.

Weirdly yesterday when I sold 78's and immediately the binary rallied to 88+, they accepted my trade despite them always telling me that I get rejected because the market has moved. How weird that they accept trades that are 10+ ticks on side for them but reject bets that are just -1 tick away after submission.

 

[stevespray]

It has become apparent that under certain situations companies are obliged to to give customers 'best execution'. This basically means that, if there is a delay in execution, any price movement which favours the customer has to be passed on to them. What you have stated above appears to be that situation. The BIG question is, are spreadbet companies subject to these rules. One of my legal guys has been sifting through some FSA stuff and has suggested that markets where the company act as principle are covered by this rule. He is looking into it further. If you go to the FSA site, and look at the FSA Handbook, there appears to be a number of rules and regulations listed in the 'Conduct of Business' which a number of spreadbetting companies may have trouble following. The section COB 7 : Dealing and managing is particularly interesting. The question is, is it enforcable ? and if so by who ?

Steve.

 

[nutter punter]

You are going to love this one guys !!! I try and sell today a 40 lot at 61 and while I waut it becomes a 59bid at 65 market, so I am rejected. When I have a phone call I am told it is because the market has moved. Of course it ****ing has, it always does every bloody second.

So now it appears you can only trade with binary if the market moves in their favour and they will reject everytime it even goes just 1 tick away, even if you are still well within the confines of their spread !!

 

[stevespray]

I notice that the replies from pdaigb seemed to have dried up rather. If I remember correctly, the same thing happened last time someone from IG started posting. They stop posting as soon as the heat gets turned up.

Steve.

 

[Scripophilist]

Nutter, I'm going to have a play with bins and see if I can get some rejections then we can see if they do the same to me. I only use them maybe twice a day to hedge out positions and still haven't had a reject.

 

[nutter punter]

How are you getting on?

 

[Scripophilist]

Done nothing yet but just logged in and all the markets appear to be closed to online betting. Can you see that same thing this morningor is it OK at your end. I noticed the other day it went off line a few times which was a bit of a mare. Not very stable.

 

[nutter punter]

Ah yes I have just checked and it looks like the whole thing is down again. This happened to me the other night in the Dow and it gave me a good fright.

 

[Scripophilist]

So other than rejecting bets and being down quite often its a good service!

I have seen it down three times in the last week.

 

[Splitlink]

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

I don't deal with you and, after that last remark, I have no intention of doing so. Neither do I advise anyone else to, either. You need to take a lesson in good manners.

Split

 

[Bintrader]

Hi

I agree with all the comments Steve made regarding IG delays. I see IG using the following techniques:

a) In a fast market trades are rejected if in your favour, accepted if in their favour;
b) If you are a successful scalper then all your trades will be delayed and the above test applied to all trades(see my successful scalper note below):
c) If you are very successful then all your trades will appear to be manual and you could wait upto a minute to see if you get filled.

Successful Scalper
If you scalp in the direction of the market using the futs moves to jump the spread ie. attempting to predict the next tick. Then I think IG increment a score until you reach a magic figure that switches your account to b).

How do I know this. Well not 100 % certain, but I trade in a room that has 2 other bin traders. One is very successful and all his trades appear to be manual. One is not very successful and he does not scalp and his account is instant, he only gets rejected in a fast market. I am reasonable successful, but used to scalp like mad. After one session of say 10 trades in one hour, my account moved to delayed.

So, I think you can be successful if you make a small number of trades and don't try and jump the spread. If you want to know if you fall into category b) or c) try this:

With two mins to the close of a bet (hourlies are best) and with say the bet at +10, and the quote 97/100, take the up bet at 100 (silly, I know but very little risk). That bet should be instant, if not you are delayed.
(don't try this over settlement).

Any of you peeps trading bins in a room?

 

[Rhymester]

I have also found an increasing level of rejected bets on IG - quite simply if the market moves in my favour the price is 'no longer valid' - if it moves against me the bet is accepted. I'd love to know for sure if there is actually any manual intervention or if it's just a feature built into the software.

Rhymester