Problems with IG Markets

[liam1om]

Evening Guys,

I've been trading through IG Markets for the past 6 years without issue.

Over the past 4 or 5 months the majority of my trades I try and open using the OTC option is rejected because "the order is not good in the underlying market"...

What I've found that, is that if the size of order I want is not on the order book then the OTC option is immediately rejected. Even if its a tiny order, they still reject immediately if their isnt an order on the book. Whenever an OTC request does work, I've noticed that they will just use the order on the book.

Most of the time I now can only use their DMA platform. Basically OTC doesnt work any more for me with them.

My friend also uses IG Markets and has no problem and I've sat with him whilst he opens the same positions as me using the OTC option. I've emailed them many times and spoken to their brokers and they dont think there is a problem and just fob me off with the market your trading is illiquid.

Today for example, I had many trades rejected for 300 shares on Next, which I wouldnt consider large.

Anyone else having this problem???

 

[R.Charnock]

Could it be because you've been profitable and your account has been put on the dealer referral hit list?

 

[peakoil]

Could it be because you've been profitable and your account has been put on the dealer referral hit list?

@ R. Charnock, But it's still 2012, not 1999 again...

Methinks there'd be more than one complainant here if that was the case.

 

[Lee Shepherd]

Evening Guys,

I've been trading through IG Markets for the past 6 years without issue.

Over the past 4 or 5 months the majority of my trades I try and open using the OTC option is rejected because "the order is not good in the underlying market"...

What I've found that, is that if the size of order I want is not on the order book then the OTC option is immediately rejected. Even if its a tiny order, they still reject immediately if their isnt an order on the book. Whenever an OTC request does work, I've noticed that they will just use the order on the book.

Most of the time I now can only use their DMA platform. Basically OTC doesnt work any more for me with them.

My friend also uses IG Markets and has no problem and I've sat with him whilst he opens the same positions as me using the OTC option. I've emailed them many times and spoken to their brokers and they dont think there is a problem and just fob me off with the market your trading is illiquid.

Today for example, I had many trades rejected for 300 shares on Next, which I wouldnt consider large.

Anyone else having this problem???

To rule out that its not a problem with your hardware/software - try opening trades from your friends equipment as he does under your account. This will determine whether its a problem your end or theirs.

 

[R.Charnock]

@ R. Charnock, But it's still 2012, not 1999 again...

Methinks there'd be more than one complainant here if that was the case.

It was 1979 yesterday in spreadbetland.

 

[liam1om]

I fired off another email to their Help Desk on Friday and again they just say the market i was trading in was illiquid.

Tried the same trade using my friends account and bingo, went through no problem.

They've obviously put some kind of marker on my account, but dont want to admit it. I have been profitable and this does seem to coincide with my account changing...

 

[gle101]

I fired off another email to their Help Desk on Friday and again they just say the market i was trading in was illiquid.

Tried the same trade using my friends account and bingo, went through no problem.

They've obviously put some kind of marker on my account, but dont want to admit it. I have been profitable and this does seem to coincide with my account changing...

Yes you have probably been flagged. It is a shame really as it is not allowed according to the MiFID. Although they will pay a price for it, you taking it up here on this forum.

 

[donaldduke]

I fired off another email to their Help Desk on Friday and again they just say the market i was trading in was illiquid.

Tried the same trade using my friends account and bingo, went through no problem.

They've obviously put some kind of marker on my account, but dont want to admit it. I have been profitable and this does seem to coincide with my account changing...

They are trying to hedge every bet you make in the underlying.

While they are taking the other side of your friends bets.

If your friend is not yet profitable this makes sense for them, its free and easy money taking the other side of his bets.

If your bets can be hedged easily you will get a fill otherwise you wont.

 

[liam1om]

Thanks for your replies.

I'm thinking whether to approach IG with the MiFID reference. I cant really swith providers because in my opinion IG are by far the best in the market for equitie trading.

Under the Data Protection Act i wonder if they would inform me if I am on some kind of hit list?

 

[hacks]

Under the Data Protection Act i wonder if they would inform me if I am on some kind of hit list?

They would have to. I can't see them hiding it as they're not a government organisation and there's no 'prevention of crime' excuse.

 

[D70]

Thanks for your replies.

I'm thinking whether to approach IG with the MiFID reference. I cant really swith providers because in my opinion IG are by far the best in the market for equitie trading.

Under the Data Protection Act i wonder if they would inform me if I am on some kind of hit list?

Ask for a manager on the client help desk.
Explain to them what you are experiencing. They are as straight as you'll find if spreadbetting / cfd'ing.
As the conversation progresses you have your ammo of: mates account, mifid and so on.

Keep asking for "your manager".

I've historically recieved bloomy screen shots to prove fill and various other market bits of info to prove they were playing a straight bat.

Only by trading size has my fills slowed and that's understandable really.

Remember. If you outgrow IG, there are plenty "proper" brokers to switch to. Maybe that's what you should be considering?

 

[0rient]

Can't see that IG are doing anything wrong here...you should not be expected to be filled if the volume is not there in the underlying market.
IG want people to be successful...I've a been a client for years too. It's only reasonable that they are allowed to hedge your positions if your consistently profitable.
Why use OTC when you can buy/sell direct with DMA on the same platform?..even split your trade via an iceberg order on the more illiquid stocks as to not spoke that particular market.

As for outgrowing IG....LOL!!:cheesy: Unbelievable comment...you could have millions in your account(some do) and be perfectly happy with IG.

 

[liam1om]

0rient - The problem is that I literally cant get a position opened using OTC, its been like this for four months.

Unless you trading FTSE100 shares you will find it hard to get filled using DMA nowadays aswell as there are so many bots trading that the usual trade amounts are in the hundreds of pounds.

Today, I tried to buy Ophir in various sizes eventually giving up when they couldnt even fill me for 300 shares??!

 

[D70]

0rient - The problem is that I literally cant get a position opened using OTC, its been like this for four months.

Unless you trading FTSE100 shares you will find it hard to get filled using DMA nowadays aswell as there are so many bots trading that the usual trade amounts are in the hundreds of pounds.

Today, I tried to buy Ophir in various sizes eventually giving up when they couldnt even fill me for 300 shares??!

Can you screen shot what you see?