Binarybets Price Rejects

womble

Junior member
12 0
I started making very good money on binary bets. After making around 10k in 2 months I have found that even 1 point bets frequently get rejected, saying price no longer valid..... unless the price moved in their favour in which case I would get a fill. I should point out that my approach is heavily dependent on speed - getting bets on rapidly when the markets are moving.

Is everyone experiencing frequent rejections? Or do they just do this once you start winning?
 

adrianallen99

Established member
630 4
I find it more difficult to trade binaries when Im doing well.

The other reason could be that the prices on your screen are out of date. Sometimes I get rejected, but this is often because Im getting an older version of the page. Pressing f5 often fixes this. Making sure you regularly delete temp files helps as well.
 

adrianallen99

Established member
630 4
binarybet

I found problems with binarybet once I start hitting £500 profit a week. After that it became much harder and I found myself losing money on trade I would normally profit from. I also found it could take a long time for the bets I placed to appear (In some case 15 mins), so I couldn't sell quickly if needed. I set quite strict places to sell i.e. I will often sell if it goes 15-20 points against me. In one instance it had gone 35 points against me because I couldnt sell.

Other tricks seem to be to bring the call button up on open trades so you can't sell. :eek:

Im still making a profit, but I have reduced my account size and make maybe 1or 2 trades a day maximum.


womble said:
I started making very good money on binary bets. After making around 10k in 2 months I have found that even 1 point bets frequently get rejected, saying price no longer valid..... unless the price moved in their favour in which case I would get a fill. I should point out that my approach is heavily dependent on speed - getting bets on rapidly when the markets are moving.

Is everyone experiencing frequent rejections? Or do they just do this once you start winning?
 
Last edited:

England765

Junior member
31 0
Yep, used to trade a lot every day, profitably, but have virtually given up with them now after constant bet rejection.

Prefer binexx now, if I don't get the current bid/offer at least I am working an order, rather than waiting 15 minutes to see if I'm rejected.
 

donaldduke

Experienced member
1,665 257
If you find a profitable system other people will eventually find that system too.
IG Binaries are a completely artficial market, if other people are making the
same bets as you then that instrument in that time frame gets busy and they start queing orders.
Once there is queue then your order has a high risk of being rejected.

So orders getting rejected after a winning period probably has more to do with other people noticing
the same patterns as you have been, rather than IG deliberately targetting you.
 

Robertral

Well-known member
446 4
donaldduke said:
If you find a profitable system other people will eventually find that system too.
IG Binaries are a completely artficial market, if other people are making the
same bets as you then that instrument in that time frame gets busy and they start queing orders.
Once there is queue then your order has a high risk of being rejected.

So orders getting rejected after a winning period probably has more to do with other people noticing
the same patterns as you have been, rather than IG deliberately targetting you.

Also think about it when there is a fast market...if the price you want is out of a tolerance level then that bet is no longer valid...hence being rejected.....
 

womble

Junior member
12 0
When my bets are accepteed they typically take anywhere from 10 to 20 seconds. It used to take about 3 seconds. I would be interested to hear how long others are waiting for deal confirmations.

thanks
 

steve34

Junior member
20 0
[Am also having same issues have succesfully dealt with binaries but am finding it harder to exit when bets turn only a matter of time before get well and truley caught out.....
does anyone have any thoughts on opening several accounts is that a way forward.............
 

stevespray

Experienced member
1,289 154
Interesting thread and remarkably similar to a subject I raised back in October 2003 when IG Index refused an instruction of mine to close a very profitable short term trade. In my case there was a delay of around 40 seconds before I was informed that my instruction was being refused – guess what happened in that time – yes, you’ve got it, the market started to move back up. The initial reason given to me was that “the price was no longer valid”. I confronted them on the issue but they have refused to correct it. The Financial Ombudsman is looking into the matter. IG have stated that orders are not queued – if this is the case then why did it take 40 seconds to reject my order ? The fact is that delaying order fills is the oldest trick in the book, Jessie L Livermore suffered exactly the same thing at the hands of the Bucket Shops of NYC and Boston in the late 1880’s / early 1900’s. As I have pointed out previously, IG Index make several statements on their website about the service they are prepared to offer, one of those statements is “the price you see is the price you get” – I would suggest that refusing orders in the manner that is stated is not providing the service that they claim to offer.
Also, as peeps have already pointed out, punters are open to abuse as they can pick off orders which are going in the companies favour whilst rejecting any which favour the punter – this again is an old and well documented trick stemming from bucket shops and is in fact just a way of introducing an increase in spread without it becoming apparent to punters.
IG Index’s T&C state that IG’s right to refuse a bet at a quoted level is based on failure to meet criteria at the time an offer is made, however, IG like to bend the rules on this one and base rejection / acceptance on anything they fancy.

You need to be careful, regulation of these people is very weak in my opinion. The Ombudsman has been looking into my complaint since October 2003 and it is a slow process. The trick with certain companies seems to be to lull people into trading with them and then start mistreating the ones that win on a regular basis (talking about short timeframe traders here), from what is written here it seems that you guys are suffering just the same. The fact is that all these bets could be executed automatically, however, it would appear that companies know that introducing a slight delay in execution (hence give the price a chance to move) will financially benefit them on the basis that the spread on each index is effectively increased which is to the detriment of the punter. Of course they will deny this but then why do they put such trades through for manual dealing ?
Also, how can they go one being allowed to advertise that “all prices are truly live and tradable” and “the price you see is the price you get” when it is clear that their operating procedures don’t support this advertising.

Out of interest, has anyone complained to the Compliance Department ? I would make a complaint every time this happened as it is clearly a breach of contractual obligation (in my opinion).

The guy working on my case at the Ombudsman has said he will be sending me out a report on his findings which should arrive at the weekend. I’ll be interested to see what he says. I don’t thing the case will be resolved just yet as IG still claim that they can reject any order for any reason despite the T&C’s going to great lengths to lay out criteria for order rejection. The guy from the Ombudsman told me yesterday that IG have sent him a reply to line of questioning that states that they don’t use a queuing system for orders which, to be honest, I am very sceptical about.

In the meantime I have cut down my trading with IG Index to a minimum and removed more or less all my funds from my account as I consider them cheats.

Steve.
 

womble

Junior member
12 0
binexx does not have the liquidity, it looks like the only prices on there are posted by some kind of bot
 

womble

Junior member
12 0
A friend of mine said that he could open account just so see if IG descriminate between a successful punter like myself and a newbie. We will then test out to see if IG does indeed differentiate.
 

stevespray

Experienced member
1,289 154
Womble – I have a friend who, over a period of time, has become quite good at trading these binaries online through the main site. After a period of time it became very obvious that his trades were being handled in a different manner. Most notable were the number of bet rejections and the delay in trades being executed. Previously he hadn’t had a bet rejection and trades were executed in a second or two. From what others have written on here and from my own experience (plus the experience of my good friend) it is obvious that they detect people who trade in a certain manner and profit from short term market movements be it in binaries or otherwise. I guess what I am saying is “why bother to find out ?”, most of what you want to know is already written on threads like these.
Basically, as soon as you get trades getting routed for manual trading you are a hiding to nothing. Generally speaking when you submit a trade it is received onto their system in a fraction of a second, this is evidenced by the ‘bet reference number’ which is bounced back to you. In my case I use a 2mb/s broadband connection driving my office network, I plug my 1.8mhz laptop into that. On that computer the ‘bet reference number’ takes less than half a second to be displayed on my screen. In that time my computer has spoken to IG’s and then IG’s computer has sent that number back to mine. It is therefore quite obvious that in most cases bet rejections occur due to a delay in processing once your instructions are known to IG’s systems. In my experience bets that are executed automatically are confirmed inside one to two seconds not only on the computer system that I’ve described but also on my laptop connected to internet via a dial-up modem, the times don’t seem to vary in the slightest in my opinion. In my opinion, any delay beyond a few seconds (assuming that most have computers with fairly modern hardware) is due to orders being manually dealt with. Once a trade is being manually dealt with there is no way that you can control how long this will take, you are completely at the mercy of whoever is at the other end. As time passes the odds of the price moving a significant distance from your order increases. Therefore, the longer your order is sat there un-processed, the greater the chance of having a bet rejected under “the price is no longer valid”. My question is “Is this system fair ?”, to my mind it is totally unfair because, as others have already pointed out, it allows IG to reject orders where it is obvious the customer has hit a favourable price. Of course, this system can hardly be described as being a system where “the price you see is the price you get”. It’s all a con. The problem is the people that are supposed to regulate this business aren’t aware of finite details and of course the companies themselves resort to saying “read the terms and conditions – we don’t have to honour any price”.

Steve.
 

Scripophilist

Active member
221 7
I studied the correlation of futures prices and the binary markets and wouldn't be suprised if IG delayed orders during a fast moving market as they could get cleaned out. I have used Betfair most often as I know that my order will always be filled but like IG because it is 'generally' more liquid.
 
 
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