22 replies to this topic

[HDB]

Has anyone managed to discuss this with a IG staff?

 

The SA40 offering from IG replicates the underlying Safex Alsi40 contract during normal market hours i.e. 8:30 to 17h30. The spread cost is fixed and not variable. When underlying Alsi40 spread is below a minimum threshold, IG spread will be fixed at 10 points, when underlying spread widens they add 4 points either side. The best way to check this is to have the underlying ALsi contract alongside it and compare the spreads, they will be the same except for the fixed spread cost added. When a market loses liquidity it is natural for a spread to widen. Yesterday with US closed, liquidity was lower and might be a reason for a wider spread at times.

The extended hours of their offering see their spread widening to fixed 30 points. This is a cool product if you are worried about gap risk in the morning.

 

Anyways if you are unhappy or unsure just phone them.

 

Smurison you seem quite jacked up about IG.. 

 

I have one question...will IG bid/spread price be more or less the underlying value of the Alsi TOP 40?  If not, why not?

[vlam]

Standard Bank is good if you want broad-based financial services i.e. Stockbroking, CFDs, Warrants, Futures etc. IG specialises in leverage in terms of just a CFD offering for now. Costs are less with IG for CFDs on shares 0.2% vs Standard 0.35%. IG also give live prices without having to pay extra and have good technology in terms of Charting, mobile apps etc. They also have a option to try out a demo account, not sure if Standard do. Depends on what products you need as to whats best for you

 

Thanks smurison01 - appreciated!

 

I'm going to open an IG account this week - already started the paperwork.  Maybe I'll look at warrants and futures going forward, but one step at a time

[smurison01]

How do they compare with Standard Bank's platform?

 

I'm currently using Absa stockbroking...but I want to start using leverage if at all possible.  Is that possible for long term positions and what platform should one look at?

Standard Bank is good if you want broad-based financial services i.e. Stockbroking, CFDs, Warrants, Futures etc. IG specialises in leverage in terms of just a CFD offering for now. Costs are less with IG for CFDs on shares 0.2% vs Standard 0.35%. IG also give live prices without having to pay extra and have good technology in terms of Charting, mobile apps etc. They also have a option to try out a demo account, not sure if Standard do. Depends on what products you need as to whats best for you

[smurison01]

Has anyone managed to discuss this with a IG staff?

 

The SA40 offering from IG replicates the underlying Safex Alsi40 contract during normal market hours i.e. 8:30 to 17h30. The spread cost is fixed and not variable. When underlying Alsi40 spread is below a minimum threshold, IG spread will be fixed at 10 points, when underlying spread widens they add 4 points either side. The best way to check this is to have the underlying ALsi contract alongside it and compare the spreads, they will be the same except for the fixed spread cost added. When a market loses liquidity it is natural for a spread to widen. Yesterday with US closed, liquidity was lower and might be a reason for a wider spread at times.

The extended hours of their offering see their spread widening to fixed 30 points. This is a cool product if you are worried about gap risk in the morning.

 

Anyways if you are unhappy or unsure just phone them.

[vlam]

How do they compare with Standard Bank's platform?

 

I'm currently using Absa stockbroking...but I want to start using leverage if at all possible.  Is that possible for long term positions and what platform should one look at?

 

[HDB]

I don't have a problem with IG for day trading.... One rule with Ig though...never have an overnight open!!

Edited by HDB, 02 September 2014 - 10:11 AM.

[BBW]

What other brokers can be used with after hours trading? With them you must have like 300 points margin otherwise they take you out.

Yes, "in d land vd blindes is eenoog koning"! In fact, IG reminds me a lot of our president; getting away with all that they do...!

[CPvanWyk]

What other brokers can be used with after hours trading? With them you must have like 300 points margin otherwise they take you out.

[BBW]

Just a quick warning once again to all prospective clients: BEWARE of this sly operator! Just before 17h30 today their spread on the SA40 Cash suddenly jumped from +-20 points to more than 50 (yes FIFTY) points, just for a few seconds; I guess in order to take out some of their valued clients' (who were long) stops. This is how these scoundrels operate, so watch out!!

(P.s.: I had no positions at the time; just something I noticed)

[Goliath]

Normal share buying and selling works fine for me, won't make millions in a day.. but slow and steady wins the race!

[Platinummelt]

They are an illegitimate online trading broker that no one seems to be regulating, I have recently laid criminal charges against them and have a story that is going to be aired on Mnet's Carte Blanch. they know exactly what funds/margin/equity one has and will create patterns to fool the most experienced trader and if they can't do it during hours they will do it after hours. Rather invest in shares than trying to trade with them. i have been in contact with the Serious economic offences unit under the " Hawks " and hope to put some of there staff behind bars in due course. There is a website overseas called IGMARKETCHEATERS, some big shot is taking a class action against them, there are some stories on that site which will confirm they are a bunch of crooks. Louross u got an email?

. 

[Platinummelt]

They are an illegitimate online trading broker that no one seems to be regulating, I have recently laid criminal charges against them and have a story that is going to be aired on Mnet's Carte Blanch. they know exactly what funds/margin/equity one has and will create patterns to fool the most experienced trader and if they can't do it during hours they will do it after hours. Rather invest in shares than trying to trade with them. i have been in contact with the Serious economic offences unit under the " Hawks " and hope to put some of there staff behind bars in due course. There is a website overseas called IGMARKETCHEATERS, some big shot is taking a class action against them, there are some stories on that site which will confirm they are a bunch of crooks. Louross u got an email?

. 

[louross]

I Have done many deals with them, always thought there is something fishy going on. 

Platinummelt, can you please tell a bit more.

[Krypt0n1te]

Perhaps you should read HDB's post one more time.

Nope, not working for them.

[Platinummelt]

Would also like to know as you haven't posted anything concrete.

As soon as I am able to attach my file I will.

[Platinummelt]

The Alsi futures has its own price ticker via metastock and Ig have there own price quotes for the futures. Don't they? Why do you mention the futures contract when I am clearly using the Sa Top 40 as an example=J200? Do you work for them??

Edited by Platinummelt, 14 April 2013 - 08:33 PM.

[Krypt0n1te]

You are trading for four years and you do not know the difference between the J200 and the ALSI Futures?
Or am I reading the whole thing wrong?

[Platinummelt]

Ok...Lets get one thing very clear. Forex and Alsi trading ( except using Safex) is not regulated. Hence anyone offering these services can go what they want. Remember one thing which is so so important. Each company ( I like to call them bucket shop operators) has there own buy and sell rate . In other words there is no so call one official rate that they use. It all depends on the supply and demand at that time on their system.  To make this more easy to understand by way of an example using forex, the low of theEuro/dollar rate at 1pm south african time may by 1.3015 by one dealer while another dealer may have it 1.3012 . So if you are trying to say you were stopped out at 1.3013 which you feel it never reached, you got no chance of proving this because their is no such "official regulated low". You just have to accept what low their system gives you. Thus this type of unregulated trading makes it very open for dealers ti manipulate your stops to get you out. In fact manipulation is where they make their most profits. Remember they are market makers and the market maker same like the casino can never lose..

 

 

For cfd share trading most of these unregulated dealers however do use the official prices from JSE  without spreads so no chance of manipulation here. However a few dealers still use the spread between buying and selling for there commissions and do not buy the underlying share and here there is still a chance for manipulation exactly like forex transactions. 

 

I for one will never use anyone besides regulated JSE brokers offering cfs like PSG. I pay 100% more in comm but i have peace of mind. I dont trade the alsi so never have had any actual problems with IG markets for example.

 

Hope this helps...

That makes a lot of sense, thanks bud. I am using a live feed from Reuters via Metastock using th J200 but there price difference is sometimes over 200 points away from my graph pricing, they surely must know this and use it to there advantage. After hours it is a lot worse. 

[Platinummelt]

I have been trading with them since Dec 12.  I see you made some posts in other threads.  Can you provide comparative evidence to show how the differences in prices has negatively affected traders?  Will be interesting ....

I have a couple of screen shots, can somebody tell me how to upload them or paste them. do you trade thr Top with them and if you do which charts do you use? I have been working on Metastock Pro for 4 years and use the J200 chart. I have clips showing a 200-300 point pricing difference excluding there spread. I have taken it up with them but they haven't replied yet.

[HDB]

Ok...Lets get one thing very clear. Forex and Alsi trading ( except using Safex) is not regulated. Hence anyone offering these services can go what they want. Remember one thing which is so so important. Each company ( I like to call them bucket shop operators) has there own buy and sell rate . In other words there is no so call one official rate that they use. It all depends on the supply and demand at that time on their system.  To make this more easy to understand by way of an example using forex, the low of theEuro/dollar rate at 1pm south african time may by 1.3015 by one dealer while another dealer may have it 1.3012 . So if you are trying to say you were stopped out at 1.3013 which you feel it never reached, you got no chance of proving this because their is no such "official regulated low". You just have to accept what low their system gives you. Thus this type of unregulated trading makes it very open for dealers ti manipulate your stops to get you out. In fact manipulation is where they make their most profits. Remember they are market makers and the market maker same like the casino can never lose..

 

 

For cfd share trading most of these unregulated dealers however do use the official prices from JSE  without spreads so no chance of manipulation here. However a few dealers still use the spread between buying and selling for there commissions and do not buy the underlying share and here there is still a chance for manipulation exactly like forex transactions. 

 

I for one will never use anyone besides regulated JSE brokers offering cfs like PSG. I pay 100% more in comm but i have peace of mind. I dont trade the alsi so never have had any actual problems with IG markets for example.

 

Hope this helps...

Edited by HDB, 14 April 2013 - 05:54 PM.