The Ombudsman has come to the decision that there were no grounds to dismiss my complaint...and is now going to consider the merits of my complaint.
This is good news, don't you think?
Hi,
Have a look at the website igindexarecheats.co.uk. Its presently undergoing some IT work but will show lots of things IG have done over he last 10 years or so to clients such as yourselves. Try contacting the guy behind it too as IG will be very surprised as to the amount of dissatisfied clients there are who would love to get their hands on the information he is about to receive from an ex employee.
Have a look at the website igindexarecheats.co.uk. Its presently undergoing some IT work but will show lots of things IG have done over he last 10 years or so to clients such as yourselves. Try contacting the guy behind it too as IG will be very surprised as to the amount of dissatisfied clients there are who would love to get their hands on the information he is about to receive from an ex employee.
Greetings everyone,
My experience of slippage with IG Index couldn't be more different. I have an account with IG Index and recently began trading in small size in the FX spot majors, mainly EURUSD. Of my last eleven trades, five have incurred slippage on the stop i.e. the majority of stops on my losing trades have all been slipped. All but one of the slipped stops occurred outside any significant news release. No exit limit order has ever been slipped and entry has been almost instantaneous with no requotes.
The average slippage is 2.88 points, the smallest 1.35 points and the largest 7 points following a news release and executed at the maximum spike price excursion.
I did contact IG Index saying the percentage of slipped stops seemed quite high but they replied that such slippage is "... both fair and reasonable...the only way to fully eliminate such a risk would be to trade with a guaranteed stop in place..." Their attitude was politely dismissive.
I understand and accept slippage does occur and is part of the process, but to have around 50% of stops slipped an average of 2.88 pips outside news events in the worlds most liquid markets, on balance of probability, suggests some sort of bias. I am still trading the account but now considering a move elsewhere. Anyone else have similar experiences with IG Index? Does anyone else track the average slippage on their losing trades and, if so, what is the average outside news announcements in the FX spot majors? Cheers all.
B
Black Swan
Unless you want/need to avoid tax, (and on that basis must be a very succesful player/trader) or you need to trade securities not available elsewhere, anyone trading forex specifically through an SB firm is deranged...
Couldn't agree more
Hi Black Swan,
I agree the sort of slippage I have experienced with IG Index is enough to send an otherwise sane person deranged but can you expand on your reasons why you believe trading forex via SB firms is deranged and what do you believe to be the best option?
I find your comment particularly interesting as in your Trade2Win Profile you state your preferred trading instruments include Spot Forex Spreadbetting and your preferred spreadbetting broker is IG Index?
Last edited:
Hoggums
Senior member
- Messages
- 2,176
- Likes
- 878
There's a lot of IG bashing going on here, so I thought I'd share my experience with you to balance the equation.
I had a fat finger error recently which resulted in me selling a FTSE option at £158 per point instead of £12 per point (don't ask). Immediately realised my error so closed the position straight away resulting in a £500 loss.
I was going to put that down to experience when IG options desk phoned me up wondering what was happening, after explaining my mistake they reversed my trade out giving back my loss.
So it's not all about fleecing the customer.
I should also say that they were quite clear that this was a one off and they were not going to make a precident of thi - before any of you get funny ideas!
I had a fat finger error recently which resulted in me selling a FTSE option at £158 per point instead of £12 per point (don't ask). Immediately realised my error so closed the position straight away resulting in a £500 loss.
I was going to put that down to experience when IG options desk phoned me up wondering what was happening, after explaining my mistake they reversed my trade out giving back my loss.
So it's not all about fleecing the customer.
I should also say that they were quite clear that this was a one off and they were not going to make a precident of thi - before any of you get funny ideas!
I have re-read but doing so did not expand on your reasons why you believe trading forex via SB firms is deranged or illustrate what you believe to be the best spot fx trading option.
Given that your profile states your preferred trading instruments include spot forex spreadbetting and your preferred spreadbetting broker is IG Index, and given that you originally replied...
"Unless you want/need to avoid tax, (and on that basis must be a very succesful (sic) player/trader) or you need to trade securities not available elsewhere, anyone trading forex specifically through an SB firm is deranged..."
Are you saying that you speadbet forex or securities not available elsewhere because you are a very successful trader and need to avoid tax? Maybe I am becoming deranged, I'm certainly confused, because your profile also states you are located in Monaco where there is zero capital gains tax to pay?
Hoggums, Always good to have balance on any issue. In my case, it is simply factual information that around 50% of my stops are slipped by an average of 2.88 points in the most liquid spot FX markets. All but one of the eleven trades in question were outside news announcements. On the balance of probabilities, this seems highly irregular.
Rather than bashing IG Index, it would be beneficial for all of us who trade spot FX with IG Index to know the degree of slippage others are experiencing in order to determine if this is a common occurrence.
So come on everybody, don't be shy, get on your keyboards and let us know if you ever experience "overly regular" stop slippage with IG Index, spot FX or otherwise?
B
Black Swan
I have re-read but doing so did not expand on your reasons why you believe trading forex via SB firms is deranged or illustrate what you believe to be the best spot fx trading option.
Given that your profile states your preferred trading instruments include spot forex spreadbetting and your preferred spreadbetting broker is IG Index, and given that you originally replied...
"Unless you want/need to avoid tax, (and on that basis must be a very succesfull player/trader) or you need to trade securities not available elsewhere, anyone trading forex specifically through an SB firm is deranged..."
Are you saying that you speadbet forex or securities not available elsewhere because you are a very successful trader and need to avoid tax? Maybe I am becoming deranged, I'm certainly confused, because your profile also states you are located in Monaco where there is zero capital gains tax to pay?
Clear as day to me...ho de ho..
scose-no-doubt
Veteren member
- Messages
- 4,630
- Likes
- 954
Paradox
So, if you had made a fat finger profit, would they have rang you and claimed the money back?
Phoning up and "wondering what was happening" describes the calibre of their service quite aptly.
B
Black Swan
I'm with Hoggums, IG are an outstanding SB firm.
Well Swanny, you and Hoggsy must be the only ones who do.
