stevespray
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Good Afternoon pdaigb,
Let me be the first to welcome you to the site. It is my opinion that representatives posting on the bulletin boards is a definite positive and I would hope that most would look forward to your involvement.
I’d like to comment on your initial post if that is okay. You obviously comment of a few of the reasons that may or may not have been suggested as reasons why trades why trades might be being rejected. I am quite happy to except your answers and reasons given but I hope you understand why such suggestions may have been made in the first place.
Whilst I agree that the slowness of computers / ISP’s can have a bearing (as mentioned in a previous post) I think it is obvious that many of the complaints are not due to this problem. One imagines that customers who suffer ‘a frustratingly high rejection rate’ would quickly become aware of the reasons and do something about it (ie buy a new computer / upgrade connections etc).
The problem raised by most seems to relate to the introduction of a delay between order submission and order execution. In my case an order was left waiting for around 40 seconds. The introduction of this delay is not a problem if orders are judged against the level that the market was trading at the time the order was given. The problem starts when order rejections are based on movements within your markets during the time that the order is waiting dealt with. This is an unfair way of determining order rejections because, as you have already pointed out, a second can mean a fair size move in the instrument. This also means that customers don’t get ‘full value’ when such a move (between submission and execution) may favour them as the deal is put through at the submitted price instead of having the price bettered. This is the basis of the complaints listed and if you were to tackle this problem then no one would be able to accuse you of any of the points you make in i,ii and iii. At present you leave yourselves open such accusations because :
a) Customers have no control over the time period which passes between submission and execution
b) Rejections made due to price movements in that time only seem to favour IG Index.
c) Rejections made due to price movements (after submission) are not listed as valid criteria for rejection under the Terms and Conditions.
Most customers are fully aware of how quickly you can execute deals, normally around 1 second in my case, so they quickly become very aware if trades are being executed manually. Our claim is that the introduction of this delay in execution is to our detriment if you are allowed to base your acceptance / rejection on price movements inside that time. In my case I was simply closing a down bet of daily dow at 8.55 in the morning. The price was in no way wrong at the time I submitted my order and was inline with other quotes about. For no reason my order was left hanging for 40 seconds and then refused on the grounds that ‘the price was no longer valid’ IG have therefore clearly benefited from delaying the execution of my trade as they then offered me a price 14 points worse when I phoned to ask why my deal hadn’t been put through. If my deal had been executed, as it normally is, in a second or two then the problem would have never occurred as my price remained valid for well over 25 seconds after my order was submitted. If you do this to a customer then what else are they going to think ? The worse part is that IG Index have squirmed and squealed in several different manner in an attempt to convince me that they have acted fairly and correctly when a simple reference to your website and you Terms and Conditions appear to show otherwise.
All through this matter I have maintained that I am happy to discuss this (even attend your offices at my own expense) in an attempt to sort this out in a gentlemanly manner without the need for solicitors or 3rd party involvement. IG Index have chosen not to enter in to a meaningful discussion on the matter. I again invite you to enter into a meaningful dialogue on this matter so it can be resolved in a fair and just manner. I also invite to implement a system which is fair and ‘as advertised’ on your website (and various flyers you publish from time to time.)
I personally would prefer to build a strong trading relationship with the companies that I deal with and not be left feeling like I was being cheated which is blatantly what you have done in my case.
Best wishes,
Steve.
Let me be the first to welcome you to the site. It is my opinion that representatives posting on the bulletin boards is a definite positive and I would hope that most would look forward to your involvement.
I’d like to comment on your initial post if that is okay. You obviously comment of a few of the reasons that may or may not have been suggested as reasons why trades why trades might be being rejected. I am quite happy to except your answers and reasons given but I hope you understand why such suggestions may have been made in the first place.
Whilst I agree that the slowness of computers / ISP’s can have a bearing (as mentioned in a previous post) I think it is obvious that many of the complaints are not due to this problem. One imagines that customers who suffer ‘a frustratingly high rejection rate’ would quickly become aware of the reasons and do something about it (ie buy a new computer / upgrade connections etc).
The problem raised by most seems to relate to the introduction of a delay between order submission and order execution. In my case an order was left waiting for around 40 seconds. The introduction of this delay is not a problem if orders are judged against the level that the market was trading at the time the order was given. The problem starts when order rejections are based on movements within your markets during the time that the order is waiting dealt with. This is an unfair way of determining order rejections because, as you have already pointed out, a second can mean a fair size move in the instrument. This also means that customers don’t get ‘full value’ when such a move (between submission and execution) may favour them as the deal is put through at the submitted price instead of having the price bettered. This is the basis of the complaints listed and if you were to tackle this problem then no one would be able to accuse you of any of the points you make in i,ii and iii. At present you leave yourselves open such accusations because :
a) Customers have no control over the time period which passes between submission and execution
b) Rejections made due to price movements in that time only seem to favour IG Index.
c) Rejections made due to price movements (after submission) are not listed as valid criteria for rejection under the Terms and Conditions.
Most customers are fully aware of how quickly you can execute deals, normally around 1 second in my case, so they quickly become very aware if trades are being executed manually. Our claim is that the introduction of this delay in execution is to our detriment if you are allowed to base your acceptance / rejection on price movements inside that time. In my case I was simply closing a down bet of daily dow at 8.55 in the morning. The price was in no way wrong at the time I submitted my order and was inline with other quotes about. For no reason my order was left hanging for 40 seconds and then refused on the grounds that ‘the price was no longer valid’ IG have therefore clearly benefited from delaying the execution of my trade as they then offered me a price 14 points worse when I phoned to ask why my deal hadn’t been put through. If my deal had been executed, as it normally is, in a second or two then the problem would have never occurred as my price remained valid for well over 25 seconds after my order was submitted. If you do this to a customer then what else are they going to think ? The worse part is that IG Index have squirmed and squealed in several different manner in an attempt to convince me that they have acted fairly and correctly when a simple reference to your website and you Terms and Conditions appear to show otherwise.
All through this matter I have maintained that I am happy to discuss this (even attend your offices at my own expense) in an attempt to sort this out in a gentlemanly manner without the need for solicitors or 3rd party involvement. IG Index have chosen not to enter in to a meaningful discussion on the matter. I again invite you to enter into a meaningful dialogue on this matter so it can be resolved in a fair and just manner. I also invite to implement a system which is fair and ‘as advertised’ on your website (and various flyers you publish from time to time.)
I personally would prefer to build a strong trading relationship with the companies that I deal with and not be left feeling like I was being cheated which is blatantly what you have done in my case.
Best wishes,
Steve.
Bigbusiness
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Surely those of us who are not trying to cheat the system should be able to cancel an order if it hasn't gone through after 30 seconds and the market has turned against us. Deal4free let me cancel an order if my ISP starts playing up. Until the order turns green, I can just hit the cancel button. Most times it goes through quickly but if there is a long delay, I just cancel the order.
I can see that a few might try and take advantage of that but I would hope they can be dealt with in a different way to the majority of us who just want binarybet to give us a good trading platform. IG are so close to getting this right but until they do, the competition are being given a good opportunity to steal their customers.
I can see that a few might try and take advantage of that but I would hope they can be dealt with in a different way to the majority of us who just want binarybet to give us a good trading platform. IG are so close to getting this right but until they do, the competition are being given a good opportunity to steal their customers.
PDAIGB
I would like to respond to a couple of your points
1. You say "it is not in IG's interest to cheat or annoy clients, or to get a poor reputation in deal acceptance rates"... I suggest that it is fairly well accepted that casinos and bettiing shops are in the habit of banning customers who win on a frequent basis. As businesses they have the right not to transact with customers who cause them losses. Why should IG Index be any different to other profitable bookmakers who have known for decades that it is better to eliminate unprofitable customers?
2. "some of the comments posted on bulletin boards may relate to "guerrilla marketing" campaigns"..... I can assure you that this is not the case for myself.
womble
I would like to respond to a couple of your points
1. You say "it is not in IG's interest to cheat or annoy clients, or to get a poor reputation in deal acceptance rates"... I suggest that it is fairly well accepted that casinos and bettiing shops are in the habit of banning customers who win on a frequent basis. As businesses they have the right not to transact with customers who cause them losses. Why should IG Index be any different to other profitable bookmakers who have known for decades that it is better to eliminate unprofitable customers?
2. "some of the comments posted on bulletin boards may relate to "guerrilla marketing" campaigns"..... I can assure you that this is not the case for myself.
womble
They get rejected because the damn things have near infinite delta at the strike, and an extremly high delta everwhere else, hence even a little move in the underlying will change the price, hence the <1sec delay causing the price to be massvily out........
let's say the delta is 10,000,000, and the underlying moves 0.000001 point in that second, then your binary price has moved 10 points, thus being out of line with the price, hence being rejected!!!!!!
let's say the delta is 10,000,000, and the underlying moves 0.000001 point in that second, then your binary price has moved 10 points, thus being out of line with the price, hence being rejected!!!!!!
Robertral
I accept fully what you are saying about deltas. My point though is that one day all my bets were going through (and this has been tested on two internet connections) and were being confirmed within about 3 seconds and the next day they were all taking 20 to 30 seconds with a high rate of rejection. Coincidently this occured after an exceptionally profitable period of betting. Hence, my cynacism.
I accept fully what you are saying about deltas. My point though is that one day all my bets were going through (and this has been tested on two internet connections) and were being confirmed within about 3 seconds and the next day they were all taking 20 to 30 seconds with a high rate of rejection. Coincidently this occured after an exceptionally profitable period of betting. Hence, my cynacism.
Yesterday we increased our price level tolerances across all binaries. The new parameters may still catch some slightly delayed deals, on hourlies in particular (because the hourlies have very high deltas even by binary standards). But hopefully those users who have encountered problems will find the situation improved.
Womble: delays of 20-30 seconds are very very uncommon. In the rare cases where we see latency like that it tends to be because of an IT problem. Have you complained about this to the dealing desk, or asked IG's IT team to investigate?
Regards
Womble: delays of 20-30 seconds are very very uncommon. In the rare cases where we see latency like that it tends to be because of an IT problem. Have you complained about this to the dealing desk, or asked IG's IT team to investigate?
Regards
nutter punter
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Nutter punter
Not knowing your account number I can't really comment on what went wrong for you yesterday.
However, looking at our records, out of well over a thousand clients I can see only one account who had 5 rejections yesterday. This client had 25 other deals accepted without a problem.
If IG is trying to stop profitable clients trading, rejecting 5 out of a total of 30 deals would not be the most efficient way of doing it.
Regards
Not knowing your account number I can't really comment on what went wrong for you yesterday.
However, looking at our records, out of well over a thousand clients I can see only one account who had 5 rejections yesterday. This client had 25 other deals accepted without a problem.
If IG is trying to stop profitable clients trading, rejecting 5 out of a total of 30 deals would not be the most efficient way of doing it.
Regards
nutter punter
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pdaigb said:
I have just spoken to your dealing desk and you may be interested to hear that I was told that yesterday, you had the highest number of rejected bets % wise, than any other day due to some technical problems.
Strangely different to your version of yesterdays trading
My 5 bets were 2 rejected FTSE and 3 rejected DAX out of 21 Bets that were accepted.
Now correct me if I am wrong but I believe that 23.8% of attempted bets by me yesterday, were rejected.
Thankfully Matt the trader who rejected my bets has apparently gone on holiday to watch the football.
Nutter Punter
We did indeed have technical problems yesterday; I was unaware of that when I last posted.
Despite these problems only 5 individuals experienced 1 or more binary rejections yesterday. You experienced the most, and I'm very sorry about that; if you've spoken to the desk I'll leave them to work out what went wrong in your case. I don't think it was down to a personal grudge from Matt, though.
Best regards
We did indeed have technical problems yesterday; I was unaware of that when I last posted.
Despite these problems only 5 individuals experienced 1 or more binary rejections yesterday. You experienced the most, and I'm very sorry about that; if you've spoken to the desk I'll leave them to work out what went wrong in your case. I don't think it was down to a personal grudge from Matt, though.
Best regards
nutter punter
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Well you will be glad to know my 1 bet so far this morning has been accepted
Cheers
Nutter
Cheers
Nutter
nutter punter
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steve34 said:
Never tried one-touch as yet :idea:
I normally trade binaries when they are between 70 and 85 where the volatility of them allows you to get a quick in and out. I have been using the financial ones since November and would gladly stick with them if I had confidence that I could trade without rejections
To be honest I have reduced my stakes now as a colleague of mine has had loads and loads of rejected bets, for a while now and it as cost him wads of cash. I now try to be more selective in my approach, so that if I get a rejection it won't be so painful.nutter punter
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steve34 said:
No I earn my living this way, hence why I get upset by rejected bets.
Strangely though today I have just sold a 100 Binaries and no problems at all
Maybe big brother IG is really listening, I also trade for a living and to date find binaries a good way to ride the market........nutter punter said:No I earn my living this way, hence why I get upset by rejected bets.
Strangely though today I have just sold a 100 Binaries and no problems at all
Only just recently had probs with rejects etc...
but over last week or so have seen a marked improvement.
having only been at this for 3 months a cheaky question? do you make a good living or am I just waiting for the turn around
cheers
nutter punter
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steve34 said:
Can't grumble
nutter punter
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IG have now widened out to 8 ticks on an hourly spread. Wonder how long it will take for people to stop trading them on such a ridiculous quote