Binexx being absorbed into cityindex

[Visaria]

Have you noticed that they don’t allow you to cancel and order which is pending? Interesting how the customer agreement states that you are allowed to do this. Again, they know that by not allowing you to cancel a pending order they can ‘pick you off’ if the price improves from your perspective. They realise that if you could cancel an order you’d simply cancel and resubmit the order based on a better price. All these little ways they just try to tip the balance in their favour.

Steve.

Excellent point Steve, in fact something I was pondering today (Monday) during the usual delay in being filled on an order whilst watching in the background the market smashing against me.

Of course I was eventually filled - no surprise there.

 

[leunt]

In my experience,all trades were quickly accepted with bin except tunnel bets which were manual,but now i am constantly delayed.

 

[Visaria]

Not actively trading @ the moment but thought I would add some useful info I picked up last autumn from IG Index RE: What win size ratio before they give you the manual execution treatment + slow quote issues. Below are extracts of some eye opening email I have received from them when querying why slow quotes/price rejections even though I already knew it was because I had taken a lot of money from them!

"Thank you for your email. Here at binarybet we monitor different markets at different stages. This is a necessity for us due to the range of markets we offer. Some markets are monitored more closely than others at various different stages. On our various markets we have consistent losers and winners, and for the sake of prudence we must adopt this policy. Clients are not monitored simply because they are making profit on their accounts"

AND

"Thank you for your email. Whether you scalp, as you call it, or not should have no bearing on the speed of the acceptance of your trades. When a particular market is being scrutinised, then trades on the market are subject to delay. The trading style you adopt is irrelevant. The markets we decide to look closely at are subject to change, and we are under no onus to inform clients if such a situation is in place."

Their answers are pure BS but that obviously sends out a clear message to anyone who thinks they can ever continually prosper by trading with them...

:-0

Yes, their answers are absolute bs. If they were indeed speaking the truth, then this would mean that all clients trading the particular market under scrutiny would be subject to a delay. Clearly this is not the case.

 

[BinarySoft Chris]

Excellent point Steve, in fact something I was pondering today (Monday) during the usual delay in being filled on an order whilst watching in the background the market smashing against me.

Of course I was eventually filled - no surprise there.

Why are you guys not using Betfair?

 

[Visaria]

Why are you guys not using Betfair?

Personally I hate the way the markets there are quoted. I much prefer the decimals rather than being quoted in odds.

 

[Greed Is Good]

Greed Is Good….

Myself and several friends have had problems with IG Index relating to these very issues. In my case my account was held with IG Index and not Binary Bet Dot Com. I am still in dispute with IG Index over an instruction that I gave to close an open Dow bet. In my case I was subject to ‘manual dealing’ which meant that they were able to hold my order pending for almost a minute whilst they decided if they were going to accept it or not. In the end the dealer rejected it as the market had moved back in their favour. Of course this movement only occurred due to the delay they introduced and IG Index have acknowledged that the order ‘became invalid’ due to price movement after the time I submitted it. I wrote to their compliance department and questioned the procedure. The compliance department wrote back and said that it was normal procedure. I then wrote a further email pointing out what the T&C stated on the issue of bet rejection. The T&C appear to state that bets will only be rejected if the order fails to meet validation criteria at the time you submit the instruction. I pointed out that the dealers were bending the agreement beyond what was written by using further movements in the market to establish the validity of the order. The contract clearly states that for them to reserve the right to refuse the order at the level quoted the order has to be invalid at the time the order is made (or words to that effect). On that basis a price movement which occurs after the order is sent has no bearing on the validity of the order at the time the customer sends it. I also questioned the compliance department several times on the telephone and to be honest they were tied in knots. After a couple of weeks I received a letter from their legal department…..This is the best bit……They claimed that they weren’t breaching the customer agreement because there were other terms and conditions which were not listed in the customer agreement which allowed the dealers to refuse any order which they wanted. Clearly their letter back to me showed that they still didn’t actually have a grasp of the points that were being made in the customer agreement. The powers that be are still investigating my complaint and I have submitted a 20 page document to the relevant authority outlining the numerous ways that IG Index seem to ignore agreements made in the customer agreement not to mention the promises that they make to their customers in their various adverts.

The truth is that the companies adopt these manual dealing procedures to increase the cost of trading to the customer. Have you noticed that they don’t allow you to cancel and order which is pending? Interesting how the customer agreement states that you are allowed to do this. Again, they know that by not allowing you to cancel a pending order they can ‘pick you off’ if the price improves from your perspective. They realise that if you could cancel an order you’d simply cancel and resubmit the order based on a better price. All these little ways they just try to tip the balance in their favour.

Steve.

Steve, I know we talked about it over personal email last summer!

 

[Greed Is Good]

In my experience,all trades were quickly accepted with bin except tunnel bets which were manual,but now i am constantly delayed.

As soon as you become a consistent winner regardless of amount or the bet type they tag your account to manual and thats it.

When you have a few losing trades it goes back to auto unless you have a long consistent winning track record with them in which case you stay on manual forever regardless (like me).

Still possible to prosper though as half the time their delay can cause market movement in your favour. Obviously the other half is the major problem...

Do not believe they will ever change because if everyone was always on auto they would get totally slaughtered by a few big players and it only takes someone playing @ £100 PP to have a few big winners per day consistently to quickly make a lot of money. That used to be me but after one too many sell price rejections scaled back to no more than £10 PP ever and even then only if I was sure the trade allowed an exit which took into account their underhand tactics so I had a plan B (hedge in the other direction to cover your losses).

Any other method is almost giving them your bank account & a free reign to dip into it as & when.

 

[apples10]

I see that the FTSE Hourlies are now listed under the Binary products tab.
However, there's no prices on the 8-9am (perhaps because the market is down over 20), maybe they'll start after 9?

Lets hope they now start rolling forward the introduction of other markets.

 

[leunt]

I'm slowly giving up on cityindex,i believe their execution is worse than cantor now,at least with the latter if you place a trade and it gets timed out it's rejected,but with city the process is repeated again and again untill they accept it or reject it,ie "price is wrong....",that's why i haven't been trading the hourlies.

 

[Visaria]

City seem to be always closed for their ftse hourly - doesn't look like they have much confidence!

 

[Bintrader]

If you look in their terms and conditions you will see all the currect bets mentioned, so I don't see any scope for additional markets. Then again City aren't really serious are they?

I see that the FTSE Hourlies are now listed under the Binary products tab.
However, there's no prices on the 8-9am (perhaps because the market is down over 20), maybe they'll start after 9?

Lets hope they now start rolling forward the introduction of other markets.

 

[Visaria]

If you look in their terms and conditions you will see all the currect bets mentioned, so I don't see any scope for additional markets. Then again City aren't really serious are they?

LOL. My offers to trade have been rejected 7 times already by City this morning!!!! They were only for £5 a point as well!!!!

 

[stevespray]

City seem to be always closed for their ftse hourly - doesn't look like they have much confidence!

I suspect they dont have much confidence if they insist on these prehistoric manual dealing proceedures. Any bookie which acts like that is simply insuring that they make a profit so there seems little point in betting against them does there?

Steve.

 

[Clement Attlee]

The only places to trade where the market maker can't back away is Tradesports or Betfair. TS has real market makers but no FTSE or DAX markets yet.

 

[BinarySoft Chris]

The only places to trade where the market maker can't back away is Tradesports or Betfair. TS has real market makers but no FTSE or DAX markets yet.

Tradesports/Intrade does have FTSE markets - daily and midday up/down, and has DAX daily up/down, last time I checked them the liquidity was very low, I'll have another look again on Thursday

 

[apples10]

LOL. My offers to trade have been rejected 7 times already by City this morning!!!! They were only for £5 a point as well!!!!

I'm still finding it OK, maybe it's to do with internet connection? I'm only getting a reject in about 1 in 10 trades, but I try and avoid trading in the last 5-mins.

I'm dealing quite actively on City now, did over 20 trades yesterday.

To avoid noticing the time to trade I've learnt to do the following; hit the deal button, write the trade in my diary, look back up - it's very rare that the transaction hasn't got a 'been accepted' in this time.

I also find that if a trade is rejected, just enter it again and its accepted, sometimes even at a lower level.

 

[Visaria]

I'm still finding it OK, maybe it's to do with internet connection? I'm only getting a reject in about 1 in 10 trades, but I try and avoid trading in the last 5-mins.

I'm dealing quite actively on City now, did over 20 trades yesterday.

To avoid noticing the time to trade I've learnt to do the following; hit the deal button, write the trade in my diary, look back up - it's very rare that the transaction hasn't got a 'been accepted' in this time.

I also find that if a trade is rejected, just enter it again and its accepted, sometimes even at a lower level.

Yes, to be honest, they have improved measurably from my last post - hope it continues.

 

[Greed Is Good]

http://www.msnbc.msn.com/id/11857526/

Market timing abuse issue on a different scale but well you get the idea...

 

[c2h5oh2o]

PLEASE EXPLAIN "SWITCHED TO MANUAL" PLEASE

I've just had a chat with a guy on the help desk of binarybet about worldspreads to see what the difference is between the 2 companies. From what he said it seems that worldspreads is not part of the IG group. He said it was a 'white label' arrangement (an expression that I was not familiar with). The deal is, as I understand that Worldspreads have a feed off the the IG binary computer and use their prices, presumably for a fee. If all this is right , then the very successful punters who after making a killing, find it difficult to trade with IG/BB because they get switched to manual - could open up a new account with worldspreads.

WHAT DO YOU MEAN SWITCHED TO MANUAL PLEASE ?!

 

[apples10]

WHAT DO YOU MEAN SWITCHED TO MANUAL PLEASE ?!

When the SB company 'eyeball' your trade before accepting it, this delays the dealing process and means you get many failed deals, in fact it begins to feel like you only get a fill on a price that immediately moves 10 points against you ! It's very irritating and most people shift SB company once this starts to happen.