Is IG Markets for me?

[si_mon]

Hi

I am relatively new to trading but have been running successful demo accounts for a while, so now is the time for me to take the plunge and open a live account.

I have registered (although not funded yet) and IG account, but having read numerous negative reviews I am no longer sure they are for me.

Can anyone suggest a reliable broker that can give me DMA access to CFD's (specifically crude oil CFD's)?

IG claim they provide DMA access to CFD's, the LSE also states they do, their salesman gives a good speech about how they do, but yet there are many reviews to the contrary. Their own disclosure doc states they take the other side of my deals.

Please help, as the whole situation of choosing a good broker is wrecking my head!

Other firms I have looked at include, saxo (high initial balance, AP markets (doesnt offer crude cfds), CMC and Ninjatrader inc their own brokerage.

Cheers

 

[itspossible]

Ig seem to have a decent rep and i believe several people use them here.you could start using very small stakes just to test the waters.i would maybe open up several different live accounts with good companies. You can then bin the ones you dont like.

 

[New Member]

Aren't these firms fully regulated? Aren't the prices offered to you by these firms realtime prices that everyone else sees. Sure, the spreads can be different, usually marginally, but how can these firms rip people off when the profit/loss on trades are determined by the same real time prices traded on the stock exchange (in the case of stocks). I am not too familiar with trading as yet, but how are these firms supposed to rip people off?

 

[millsy500]

Hi

I am relatively new to trading but have been running successful demo accounts for a while, so now is the time for me to take the plunge and open a live account.

I have registered (although not funded yet) and IG account, but having read numerous negative reviews I am no longer sure they are for me.

Can anyone suggest a reliable broker that can give me DMA access to CFD's (specifically crude oil CFD's)?

IG claim they provide DMA access to CFD's, the LSE also states they do, their salesman gives a good speech about how they do, but yet there are many reviews to the contrary. Their own disclosure doc states they take the other side of my deals.

Please help, as the whole situation of choosing a good broker is wrecking my head!

Other firms I have looked at include, saxo (high initial balance, AP markets (doesnt offer crude cfds), CMC and Ninjatrader inc their own brokerage.

Cheers

I traded with IG in the past, avoid them they have lots of dirty tricks up their sleeves if your any good. IB are good

 

[si_mon]

Aren't these firms fully regulated? Aren't the prices offered to you by these firms realtime prices that everyone else sees. Sure, the spreads can be different, usually marginally, but how can these firms rip people off when the profit/loss on trades are determined by the same real time prices traded on the stock exchange (in the case of stocks). I am not too familiar with trading as yet, but how are these firms supposed to rip people off?

No thats the point. If they dont state dma access then you dont get live prices, prices are their prices, some with a 15 minute delay. This is why its hard to trust any brokerage. Theres nothing to stop them stop loss hunting with random spikes they generated but that never actually happened.

Perhaps a small starting account with ig to test initially may be the way go.

I have been looking at trading futures rather than cfds, at least my orders go straight to the book.

 

[si_mon]

I traded with IG in the past, avoid them they have lots of dirty tricks up their sleeves if your any good. IB are good

Can you elaborate please. What is good about IB?

 

[neil324]

Aren't these firms fully regulated? Aren't the prices offered to you by these firms realtime prices that everyone else sees. Sure, the spreads can be different, usually marginally, but how can these firms rip people off when the profit/loss on trades are determined by the same real time prices traded on the stock exchange (in the case of stocks). I am not too familiar with trading as yet, but how are these firms supposed to rip people off?

Prices will vary between brokers, but there are other tricks they can pull.

There is a thread over on Forex Factory where a trader had his winning trades canceled and losing trades left on account taking £19,000 from him. The reason given was latency arbitrage. The broker was Forex.com.

The matter is in the hands of the regulators.

 

[neil]

IG user rating

This guy has used IG for 14 years and is happy with them. He sets out a list of points he has considered in rating the company.

http://www.forexfactory.com/showthread.php?t=515923

 

[si_mon]

Thanks for the replies. Can anyone suggest an alternative? I would like to trade oil cfds with dma access. I have been considering Ninjatrader with their own brokerage but they do not do cfds just futures, also, they do not have a mobile platform.

 

[brasil2000]

No thats the point. If they dont state dma access then you dont get live prices, prices are their prices, some with a 15 minute delay. This is why its hard to trust any brokerage. Theres nothing to stop them stop loss hunting with random spikes they generated but that never actually happened.

Perhaps a small starting account with ig to test initially may be the way go.

I have been looking at trading futures rather than cfds, at least my orders go straight to the book.

Please name the firm, who offering prices,with a 15 minute delay.

 

[si_mon]

Please name the firm, who offering prices,with a 15 minute delay.

Sorry didnt mean 15 minutes. What I meant was the price/chart you see on SB platforms is their price, not necessarily the true underlying price. From what I understand its delayed and can be manipulated.

 

[neil]

Price manipulation ?

Sorry didnt mean 15 minutes. What I meant was the price/chart you see on SB platforms is their price, not necessarily the true underlying price. From what I understand its delayed and can be manipulated.

Can you show the proof or source for this allegation of price manipulation please.

 

[Stargunner]

If you want direct market access to oil, you need a futures broker. Are you capitalised enough for this?

Personally, I have absolutely no problem dealing with a market maker, who are brokers that take the other side of your trades. I don't care what they do with my trades, as long as the price is good and execution fast. Good market makers want lots of winners doing business with them, because they value repeat customers with large accounts.

 

[lucas_king]

Hi

I am relatively new to trading but have been running successful demo accounts for a while, so now is the time for me to take the plunge and open a live account.

I have registered (although not funded yet) and IG account, but having read numerous negative reviews I am no longer sure they are for me.

Can anyone suggest a reliable broker that can give me DMA access to CFD's (specifically crude oil CFD's)?

IG claim they provide DMA access to CFD's, the LSE also states they do, their salesman gives a good speech about how they do, but yet there are many reviews to the contrary. Their own disclosure doc states they take the other side of my deals.

Please help, as the whole situation of choosing a good broker is wrecking my head!

Other firms I have looked at include, saxo (high initial balance, AP markets (doesnt offer crude cfds), CMC and Ninjatrader inc their own brokerage.

Cheers

I use IG (through Accendo Markets) and have had no issues. I’ve tried the other brokers (CMC/CityIndex etc) but they do not offer DMA which is what I wanted.

You’ll find negative reviews for everyone so I suggest you try them out and see how you get on.

If you are going to use IG, use their L2 platform, which gives you a direct feed to the LSE.

Ask for my contact at Accendo Markets (John Truong) who has been a great help getting me set up!

 

[millsy500]

Can you elaborate please. What is good about IB?

IG changed their execution with me from instant fills to leaving me hanging on orders then cancelling them , buy-sell to open and orders closing trades..... if your a losing trader you'll have no issues

 

[gle101]

If you want direct market access to oil, you need a futures broker. Are you capitalised enough for this?

Personally, I have absolutely no problem dealing with a market maker, who are brokers that take the other side of your trades. I don't care what they do with my trades, as long as the price is good and execution fast. Good market makers want lots of winners doing business with them, because they value repeat customers with large accounts.

Yes this is partly true, markets makers gives you an opportunity in trading the markets, and this at a very low entry level. But being a market maker they can and will at times stop you if you are "too" successful. They are not allowed to manipulate the price feed and execution time on a client level according to the MiFID, but some of them certainly don't care about regulation. They want to have your business, but not to any cost of price, this is where some of them draw the line.

To be honest, how many would trade with a market maker if you had all the means of trading the real market? There is the tax part of SB but really, is it worth it, there are just av few of us that benefits from doing it. I still like and prefer, after many years of trading with market maker to stick with them. Some of them are actually doing a pretty good job in letting us trade the "markets". This is of course good as long as you don't have any illusions, in what they can actually do for you.

 

[WallStreetHero]

All mm brokers are good as long as your losing money, however if your successful you'll face the same problems as Jesse Livermore did.

But like mentioned already, they remove a lot of barriers and allow you to trade with little capital. If you are 'smart' you will only use them to test out your trading and gain experience once you can trade profitably switch to a proper broker or go get a job with a trading firm.

 

[codeowl]

No thats the point. If they dont state dma access then you dont get live prices, prices are their prices, some with a 15 minute delay. This is why its hard to trust any brokerage. Theres nothing to stop them stop loss hunting with random spikes they generated but that never actually happened.

Perhaps a small starting account with ig to test initially may be the way go.

I have been looking at trading futures rather than cfds, at least my orders go straight to the book.

si_mon, how did you go with IG in the end? Did you stick with them? Have you tried brokers?
I am in Australia and want to trade the LSE. I have used NinjaTrader in the past but it seems there is no out of the box solution to trade LSE using NT, which is a real shame as I am a C# programmer, and have loved tinkering around with C# strategies.

 

[iq200]

My understanding is that Ninjatrader supports a connection to CityIndex. However, I have not been able to get it to work as the CityIndex support people dont seem to understand the concept. I contacted them once but have not had the chance to contact them again.