New IG FX 5 minute binaries

[Sharepunter]

IG have introduced 5 minute binaries on the GBP/USD and EUR/USD.
Lovely extra wide spreads
Look like a cash cow for IG IMO!
Anybody had a punt?

 

[Pi3141]

Think outside the box and you'll be able to make money trading it.

 

[donaldduke]

10 point spread (more sometimes).
If a market is unchanged (happens often over a 5 minute period) you probably lose money.

So the odds are so far stacked against you, you better off trading the Spot EUR/USD with a 0.8 point spread.

Your only chance might be to buy high payout bets. But then your win rate drops to below to 35%, and thats a hard form of trading for most humans.

 

[Lord Flasheart]

Think outside the box and you'll be able to make money trading it.

please tell us more,10 pip spread,they shut off betting 30 secs before the end. Ialways try and think outside the box,but this looks hard to me.

 

[Liquid validity]

Well all I'll say is at least you know who and where IG are and who regulates them...
Most binaries seem overpriced anyway, wide spreads etc.
If people insist, much safer with IG than the other binary broker sharks that circle these parts.

 

[Pi3141]

Has anyone on here ever had an account closed down / suspended from IG Index because they were winning too much from binary betting?

 

[fptrader]

Has anyone on here ever had an account closed down / suspended from IG Index because they were winning too much from binary betting?

Its a bit more subtle than that - they have elaborate monitoring for those who make money (very few) and then just switch you to manual. They will always have an excuse why they have done it to you. So you now have a delay for your trades. If the market moves against you you get filled if it moves for you - you don't - simple.

So you're effectively on a massive spread >= 20 points or more and always on the wrong side of it to boot.

Its one big scam really. One of IGs biggest money makers. Its supposed to be regulated by the gambling commission (or some body like that) . It really should be exposed for what it is and either shut down. Or even better money refunded to those who have lost money when the manual button has been flipped.

Their computer has a long memory too - you cant just go away for a couple of months - you will still be on manual when you come back. They also share information about winners amongst other spreadbetting firms so you cant even move to another firm.


So the answer to your question is YES but obviously they dont want the publicity of closing a winning punters account so they do it that way.

Be warned !

Anyone from IG dare to challenge me I'm wrong - I dont think so. Ive got video to back my claims up. I'd love to show them - in a court !

 

[Pi3141]

Thank you fptrader for your informative post.

Just to be clear, are you saying that IG Index wont close your account officially, but they'll make it so difficult for you to trade that you'll lose money, so you close account yourself willingly?

But what if somehow you're still able to make money despite their tricks? Will they then close your account through their end?

 

[fptrader]

Thank you fptrader for your informative post.

Just to be clear, are you saying that IG Index wont close your account officially, but they'll make it so difficult for you to trade that you'll lose money, so you close account yourself willingly?

But what if somehow you're still able to make money despite their tricks? Will they then close your account through their end?

I never heard of anyones account being closed for winning too much.

If you think you can still make money under the conditions I described then please don't ever sign up for an account unless you're happy to give me 10% of everything you lose.

You WILL lose money.

I think IG are very susceptible to being front run on these instruments and thats the reason why they are very suspicious of anyone who makes any real money consistently.

 

[random12345]

Think outside the box and you'll be able to make money trading it.

Ah I get you! Think outside the box and MAKE the market instead, mugs game otherwise!

An excellent contribution.

 

[Pferd]

It sounds to me very similar to what the Sports betting companies do when you are successful. As soon as they can see you are a sharp forecaster they don't close your account but they limit the amount you can bet. It can go to as low as 1 or 2 EUR per bet.

I would say all European betting companies employ these tactics. To find companies which allow you decent betting amounts you have to look outside Europe.

I think the authorities (specially the EU in Brussels) who often look to many "irrelevant" situations should have a look at this as well. It could not be fair and even legal that you are allowed to loss unlimited amounts of money betting but you are practically not allowed to win them.

 

[traderbinary]

Think outside the box and you'll be able to make money trading it.

That's exactly right. If your system cant cope with spreads its far to tight anyway

 

[traderbinary]

It sounds to me very similar to what the Sports betting companies do when you are successful. As soon as they can see you are a sharp forecaster they don't close your account but they limit the amount you can bet. It can go to as low as 1 or 2 EUR per bet.

I would say all European betting companies employ these tactics. To find companies which allow you decent betting amounts you have to look outside Europe.

I think the authorities (specially the EU in Brussels) who often look to many "irrelevant" situations should have a look at this as well. It could not be fair and even legal that you are allowed to loss unlimited amounts of money betting but you are practically not allowed to win them.

That's correct but since you are aware of that you should realize that the way to combat that is to have a large range of accounts open which will allow you to trade profitably. You should also "stagger" your accounts which gives them the appearance of a losing period when in fact you have covered that in another account.

 

[traderbinary]

10 point spread (more sometimes).
If a market is unchanged (happens often over a 5 minute period) you probably lose money.

So the odds are so far stacked against you, you better off trading the Spot EUR/USD with a 0.8 point spread.

Your only chance might be to buy high payout bets. But then your win rate drops to below to 35%, and thats a hard form of trading for most humans.

5 minute markets remain unchanged 20% of the time. This is easily combated by playing non at the money trades. In addition you can not refer to win rates in isolation of stake amounts as you know depending on your cash reserve you can make plenty of money being correct a very low % of the time

 

[traderbinary]

Its a bit more subtle than that - they have elaborate monitoring for those who make money (very few) and then just switch you to manual. They will always have an excuse why they have done it to you. So you now have a delay for your trades. If the market moves against you you get filled if it moves for you - you don't - simple.

So you're effectively on a massive spread >= 20 points or more and always on the wrong side of it to boot.

Its one big scam really. One of IGs biggest money makers. Its supposed to be regulated by the gambling commission (or some body like that) . It really should be exposed for what it is and either shut down. Or even better money refunded to those who have lost money when the manual button has been flipped.

Their computer has a long memory too - you cant just go away for a couple of months - you will still be on manual when you come back. They also share information about winners amongst other spreadbetting firms so you cant even move to another firm.


So the answer to your question is YES but obviously they dont want the publicity of closing a winning punters account so they do it that way.

Be warned !

Anyone from IG dare to challenge me I'm wrong - I dont think so. Ive got video to back my claims up. I'd love to show them - in a court !

Though I don't use IG (yet!) I have seen this with 5 minute forex binaries ESPECIALLY if you are scalping. They should adjust their platforms to prevent that type of trading however clearly many people lose by doing it so its easier to place "restrictions" on the traders who manage it well. Here is their problem if they auto accept heavy bets in a fast moving market they have no time to hedge this anywhere and can get smashed very quickly by a fulltime winning trader. For example 3 months ago I hit one account for $2k in three hours from a 3500 account. Without any warning during my next session they had dropped my limit by 50% and put it on manual which basically prevented the fast trading. My suggestion is to work slower market periods and/or longer expirations - 20 min or hourly. They can cope with these better and are less likely to limit your behavior. Its very frustrating but what can you do?? If they had accepted the bets which I was trying to place I had calculated that they would've been hit for 7k instead of 2 and I don't think they are on for that

 

[traderbinary]

It sounds to me very similar to what the Sports betting companies do when you are successful. As soon as they can see you are a sharp forecaster they don't close your account but they limit the amount you can bet. It can go to as low as 1 or 2 EUR per bet.

I would say all European betting companies employ these tactics. To find companies which allow you decent betting amounts you have to look outside Europe.

I think the authorities (specially the EU in Brussels) who often look to many "irrelevant" situations should have a look at this as well. It could not be fair and even legal that you are allowed to loss unlimited amounts of money betting but you are practically not allowed to win them.

That's a problem if you're betting online where they can clearly monitor your individual success, solution?? go into the bookie. I sports bet in Las Vegas directly, though at non exciting levels (1000 and less) since I do it for leisure/interest, you walk up quote the ticket number give them the cash then goodbye. Your next bet? Place at a different book

No trace, no account monitor

 

[traderbinary]

Ah I get you! Think outside the box and MAKE the market instead, mugs game otherwise!

An excellent contribution.

Make the market?? With the volumes of IG how would use see an individual trader having an impact on any asset class unless trading at extremely large levels which is not possible with binaries??

 

[traderbinary]

IG have introduced 5 minute binaries on the GBP/USD and EUR/USD.
Lovely extra wide spreads
Look like a cash cow for IG IMO!
Anybody had a punt?

There is a ton of money to be made on 5 minute binaries but be prepared to be fulltime and beyond, understand the movements by doing years of research then spending 10 hours a day trading to acclimatize to the speed of whats going on. A million times different to hourly expirations let alone daily/weekly etc. Your emotions are your enemy lol

 

[Sharepunter]

There is a ton of money to be made on 5 minute binaries but be prepared to be fulltime and beyond, understand the movements by doing years of research then spending 10 hours a day trading to acclimatize to the speed of whats going on. A million times different to hourly expirations let alone daily/weekly etc. Your emotions are your enemy lol

Ton of money to be made on FX 5 minute binaries?!!!
With spreads now opening at 16 - 18 pts . . . I don't think so!