IG Binaries: Unchanged outcome on an UP/DOWN bet

[donaldduke]

Lets say i make a binary bet for the FTSE to finish UP.

If it closes unchanged, I would expect to lose my UP bet.

However if i had sold the same UP bet instead of buying it, i would reasonably expect to win the bet if the FTSE settles unchanged? The FTSE didnt finish UP, so i win right?

Well IG says i lost the bet. They say selling an UP bet actually means you are making a DOWN bet.

 

[LosPinos]

Lets say i make a binary bet for the FTSE to finish UP.

If it closes unchanged, I would expect to lose my UP bet.

However if i had sold the same UP bet instead of buying it, i would reasonably expect to win the bet if the FTSE settles unchanged? The FTSE didnt finish UP, so i win right?

Well IG says i lost the bet. They say selling an UP bet actually means you are making a DOWN bet.

So just another way they screw us out of winning!

I say this 100 times on this site and others I like IG in many ways but their binaries are not advanced enough, they are great with CFD and spreads but not binaries... Get yourself set up with a proper binary business that is fair clear and not misleading like a regulated business should be... and I dont mean the up/down 85% houses in israel or cyprus.

 

[6am]

Lets say i make a binary bet for the FTSE to finish UP.

If it closes unchanged, I would expect to lose my UP bet.

Why? I expect you to win.

According to Binary Bets Details

For the purpose of binary bets, the FTSE prices will be rounded to two decimal places; If a market settles exactly on a binary barrier after such rounding, that market will be taken to have settled above the barrier for the purposes of bet settlement.

Therefore your BUY bet should win, your SELL bet should lose. Very poor information from IG customer support. I would complain about that.

 

[moka2]

I say this 100 times on this site and others I like IG in many ways but their binaries are not advanced enough, they are great with CFD and spreads but not binaries... Get yourself set up with a proper binary business that is fair clear and not misleading like a regulated business should be... and I dont mean the up/down 85% houses in israel or cyprus.

"Get yourself set up with a proper binary business that is fair clear and not misleading like a regulated business should be"
Do you know any? and I am not talking about those who have REP statu sin UK

 

[LosPinos]

"Get yourself set up with a proper binary business that is fair clear and not misleading like a regulated business should be"
Do you know any? and I am not talking about those who have REP statu sin UK

Yes their are loads of reputable companies that offer this. I bang on about PYX because its the best I've found but as you do not want regulated through AR status then you should look at. Bet on Markets, 32red, victor chandler, GFT... these are all much bigger stronger and sounder business' than the up down based in Cyprus platforms.

I hope this helps.