IG vs Forex Ltd

Discussion in 'Brokers' started by foreigner, Jan 18, 2014.

  1. foreigner

    foreigner Est. 12480 Hours and Counting

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    Make no mistake people, this is what we're up against..

    Top chart is IG index bottom chart is Forex Ltd.

    [​IMG]

    Thought you were safe selling the second test of the LO high with a 30 pip stop? think again..
     
  2. jack

    jack Administrator Staff Member

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    While both are market makers (which is not a bad thing in itself, but does explain part of the price difference) I'm not surprised that IG is worse off here.

    The kicker: MT4 prints charts based on the 'bid' price only. If you were to short, like in your example, the 'ask' quote would be what triggers your stop, so potentially both brokers could have stopped you out depending on how wide the spread was during that spike up.
     
  3. TommyL

    TommyL Member

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    IG Index are famous for that behaviour.

    I use Alpari (UK) and would recommend them to anyone. The spreads stay fair, even during news events and I never worry they are going to gun a few pips higher or lower to take my stops.
     
  4. foreigner

    foreigner Est. 12480 Hours and Counting

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    IG Strikes Again...

    [​IMG]

    Forex Ltd.
    [​IMG]
     
  5. jack

    jack Administrator Staff Member

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    Yeah, perhaps you should look for a broker that uses an agency model (DMA, ECN, STP, insert your marketing acronym of choice..) instead of IG.

    There are some good market markers / dealing desk brokers out there, but it doesn't appear that you're using one. :p
     
  6. foreigner

    foreigner Est. 12480 Hours and Counting

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    Re: IG vs Oanda vs Forex Ltd

    For those that are new, take a look at my previous post in particular the "incomplete" candle on the IG platform!

    Its clear that some Spread betting brokers 'blockout' OTE retrace zones on their platform preventing price from reaching the level effectively reducing the number of good entries and lowering our probability of success, I wish I knew this 2 years ago..

    Below, Three Charts Three Different Stories..

    Forex Ltd tests the 4hr orderblock and 618 but not the old high.

    Oanda avoids the orderblock and 618 and somehow adds a 4hr candle and tests the old high.

    And good old IG misses the mark altogether.

    [​IMG]
     
  7. Tansen

    Tansen Well-Known Member

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    Re: IG vs Oanda vs Forex Ltd

    Interesting... with that said though at the same time Oanda has filled me for very dumb prices ignoring the spread and giving me something several pips away to hit my stop during non-news non-volatile hours... then again there was one time it literally gave me the market price for some reason lol. It was a USD/CAD trade and I showed Jack the position I took he said price NEVER touched it and if you looked at the Oanda feed it was to the pip as in it literally ignored the spread and gave me the price they get it at.
     
  8. jack

    jack Administrator Staff Member

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    Re: IG vs Oanda vs Forex Ltd

    It was "high tick", not an off market fill.

    The market did touch your order's limit price, but only once, and right down to a few pipettes (1/10th of a pip) your limit order was set to. So the 'near impossible fill' was more about getting a fill where price pretty much never went against you, and you couldn't have set it any further away and still gotten filled. It just ran up, filled your short, and then ran down for you by 100+ pips.

    Getting the 'high tick' or 'low tick' is just an uncommon thing. Usually people who get trades like that aren't trying for it, it just happens.
     
  9. Tansen

    Tansen Well-Known Member

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    Re: IG vs Oanda vs Forex Ltd

    Yeah but Oanda's spread on USD/CAD is that of 2-3 at times, to me that's a miracle to be right on the money.
    Maybe Oanda loves me?


    http://www.youtube.com/watch?v=_n5E7feJHw0
     
  10. foreigner

    foreigner Est. 12480 Hours and Counting

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    Wheres Wally?

    [​IMG]
     

    Attached Files:

  11. foreigner

    foreigner Est. 12480 Hours and Counting

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    There are two broker scams that can be seen in the charts;

    1. Stop Raids where the broker will push pricing 10 pips or more further than the interbank rate.

    2. Optimal Entry Blocking where the broker will prevent price from entering optimal trade zones.

    From what Ive seen Forex ltd's pricing is more accurate than IG, Oanda, Alpari and fxcm.

    Also its worth mentioning that your video is about forex.com not Forex Ltd which is a UK broker.
     
  12. jack

    jack Administrator Staff Member

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    Whoops, my mistake. Was just trying to lighten the mood.
     
  13. foreigner

    foreigner Est. 12480 Hours and Counting

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    Lighten the mood?! are you fucking serious? have you ever made any real money in life? I mean anything? Do you know what its like to be swindled out of your hard earned cash by the so called mentors and brokers in this business? Have you considered how many people are not lucky enough to have stumbled across this website before its too late?

    I would say, at the very least, its the responsibility of the administrators of these websites to make newbie traders aware of the scams, This should be on the front page instead of that useless disclaimer, but no its all about "lightening the mood"?!

    Get serious man, then if you want to lighten the mood watch this;)

    https://www.youtube.com/watch?v=Gb1HrBCVOCU
     
  14. rod178

    rod178 Well-Known Member

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    LOL how did you get hold of that recording of me torturing another Broker?
     
  15. jack

    jack Administrator Staff Member

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    Easy there... it was just something I thought was funny. If you noticed earlier, I did agree with you and suggest alternatives in this thread and the other one you started.

    I'm also considering putting up a quick guide to help people sort out bad brokers.. I'm just trying to figure out how best to present it, since most sites claiming to do just that are really marketing pages in disguise and I don't wish to come off that way. (Actually, maybe that's something you'd like to contribute to?)
     
  16. foreigner

    foreigner Est. 12480 Hours and Counting

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    Its tricky, from what Ive seen a broker can start out ok then "adapt" his system. Profitable traders will always be the focus, so capital preservation should be top of the list in my opinion.

    Id love to help out in this area.
     
  17. foreigner

    foreigner Est. 12480 Hours and Counting

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  18. foreigner

    foreigner Est. 12480 Hours and Counting

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    Re: IG

    Today IG slipped me 20 pips from my stop loss!

    I was using an EA and MT4 to execute a stop order at market, IG just ignored my attempts to close the trade, even after price had consolidated around the stop level!

    I couldnt even close the trade manually!

    I contacted IG and after a couple more tries I managed to close the position, they said "well, it did go a couple of pips in your favor before you closed it" Ye funny that..

    What with this and the previous issues as detailed in this thread, I definitely wont be using them again.
     
  19. foreigner

    foreigner Est. 12480 Hours and Counting

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    IG have just announced lower charges for guaranteed stops! YEAY!!

    So now theyre going to charge you less to not rip you off. BONUS!!

    In my experience slippage is not the problem with IG, its price feed manipulation and ignoring your exit orders altogether.

    As soon as your on the back foot they will kick you when your down, absolutely despicable. You have been warned.
     
  20. Alpha-Bet

    Alpha-Bet Well-Known Member

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    Foreigner, can I interest you in IG's Sprint options...... ;D

    _______________________________________________________________


    Sprint options currency

    If your account's default currency is AUD, USD, GBP, or EUR, all sprint options will be denominated in that currency. If not all sprint options will be in AUD.
    Settlement

    Sprint options cannot be closed out before expiry.

    All sprint options that expire at an unchanged level, ie they expire at the exact strike level of the option, will result in you losing 50% of your premium. This applies to all markets.

    Your profit or loss on the option is only considered due and payable once the option has expired. In the unlikely event the option does not expire, the option will be voided and your stake will be returned to you.
    Forex

    All forex sprint options will settle against the midpoint of our price rounded to one decimal place for the relevant market at the time of expiry.
    Stock indices

    Sprint options on all stock indices will settle against the cash print of the market at the time of expiry. We will use the market level that is in our internal pricing system at the time of expiry.
    Commodities

    All US Light Crude Oil and Spot Gold sprint options will settle against the midpoint of our price for the relevant market at the time of expiry.
    Minimum expiry times

    The minimum expiry times per market are listed below:
    Wall Street 60 Seconds
    GBP/USD* 60 seconds
    EUR/USD* 60 seconds
    AUD/USD* 60 seconds
    USD/JPY* 60 seconds
    USD/CAD* 60 seconds
    USD/CHF* 60 seconds
    USD/CAD* 60 seconds
    USD/CHF* 60 seconds
    EUR/JPY* 2 minutes
    GBP/JPY* 2 minutes
    FTSE 100 2 minutes
    Japan 225 2 minutes
    Spot Gold 2 minutes
    US Light Crude Oil 2 minutes
    US 500 2 minutes
    Germany 30 2 minutes
    Netherlands 25 5 minutes
    Australia 200 5 minutes
    France 40 5 minutes
     

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