hi, all. i have just opened an account with IG markets. when i wanted to register for L2 platform, the customer service guy strongly suggested me to stay with L1. His rationale is that L1 get more finanical products and its commission is cheaper and L1 provides market price as well. I am a bit confused casue i thought L2 with DmA is better than L1. I am expecting opinion from those who are using Ig markets.
thanks for your help.
Kauri
22nd-February-2007, 01:13 AM
hi, all. i have just opened an account with IG markets. when i wanted to register for L2 platform, the customer service guy strongly suggested me to stay with L1. His rationale is that L1 get more finanical products and its commission is cheaper and L1 provides market price as well. I am a bit confused casue i thought L2 with DmA is better than L1. I am expecting opinion from those who are using Ig markets.
thanks for your help.
I trade L2,it has DMA, any other way is trading with a market maker (bookie). Forget about commission, ask him about the spread with the L1 platform. I've used both and would never go back to the Market Maker model. Lack of transparency, orders not getting filled, and spreads widening...
Porper
22nd-February-2007, 05:09 AM
hi, all. i have just opened an account with IG markets. when i wanted to register for L2 platform, the customer service guy strongly suggested me to stay with L1. His rationale is that L1 get more finanical products and its commission is cheaper and L1 provides market price as well. I am a bit confused casue i thought L2 with DmA is better than L1. I am expecting opinion from those who are using Ig markets.
thanks for your help.
I use IG, and definitely go for the DMA L2 platform.Don't even think about using the L1.
markrmau
22nd-February-2007, 05:52 AM
I don't use ig, I use marketech.
I think the market maker model has been unfairly judged - probably because of some dodgy practices by early cfd providers.
With marketech, i can set my buy or sell price. marketech charges a .1% spread (which is their commission) and a trade is done. It isn't DMA, but I don't care how marketech (well actually saxo bank) hedges the trade.
If I was silly enough to do the equivalent of buy at market and there was a gap in the depth, then yes the buy price would be a little unpredictable.
So if ig can allow you to set the 'trade price' on L1 then it should be ok - but check because i dont use them.
The only real disdvantage with MM model is that it is difficult to participate in open / close auction.
edit1: oh 1 other disadvantage with MM -
with DMA, your bid will appear in depth. With MM,you will only buy if there is a sell offer at your price. So you are put at a slight disadvantage as far as order queuing goes.
edit2: actually, I might be wrong with edit1. will have to check next week
Dr Doom
22nd-February-2007, 08:27 AM
I've tried both, and assuming you are new to cfd's I would recommend to stay with L1, as you can do 'controlled risk' trades. As for being a market maker, IG have the underlying prices and depth so if the depth is there you usually get your order filled, in my experience. As a standalone system however it's pretty average, so I use my 'normal' Etrade webiress account to watch the market properly, then place an order with IG if I need too. If you are new to cfd's I recommend you use the controlled risk feature.
markmau, you are right with edit 1, your order only gets filled if the depth is there
Tekmann
22nd-February-2007, 09:09 AM
Í'm assessing IG as well and wondered few other things.
Is the software tool they provide webbased (constant internet connection required) or pc desktop based?
Is it advanced by way of charting and supportive tools, or primative yet to be developed?
Are they down often, or do they have good uptime records and good customer service when smelly things hit the fan?
I believe you can elect to switch of asx feeds initially($38.50) till you want to trade them....and only use US, UK, etc feeds which cost nothing if you want to learn the tool. Is this correct....????
flyhigher
22nd-February-2007, 05:08 PM
Thanks for your guys' help. I just traded my cfd today and noticed that bid and ask spread is 1 or 2 point away from actual price. I will stay with L1 for a couple of days.
Hi, tekmann
"Is the software tool they provide webbased (constant internet connection required) or pc desktop based?"
It is webbased software and needs constant internet connection.
"Is it advanced by way of charting and supportive tools, or primative yet to be developed?"
Primative as far as I know.
"Are they down often, or do they have good uptime records and good customer service when smelly things hit the fan?"
Not sure. I am just with them 2 days.
Kauri
22nd-February-2007, 05:46 PM
Í'm assessing IG as well and wondered few other things.
Is the software tool they provide webbased (constant internet connection required) or pc desktop based?
Is it advanced by way of charting and supportive tools, or primative yet to be developed?
Are they down often, or do they have good uptime records and good customer service when smelly things hit the fan?
I believe you can elect to switch of asx feeds initially($38.50) till you want to trade them....and only use US, UK, etc feeds which cost nothing if you want to learn the tool. Is this correct....????
Web Based... but gives live charts down to 1 sec intervals....
I have only seen them offline once in the last 12 months... and around 3 times since i signed up over 4 years back
ASX feed is free... well I have never paid for it, and never been asked to.
Primitive charting... compared to a lot of the free delayed charting services that people post it more than matches them... live intervals from 1 second up through mins, hours etc.
Kauri
22nd-February-2007, 05:48 PM
and the indicators available if you are into them... they also have fibs etc
kennas
22nd-February-2007, 05:51 PM
Is there a price dif between 1 and 2?
Kauri
22nd-February-2007, 06:11 PM
Is there a price dif between 1 and 2?
Kennas
Browse through this page, it explains most of it, and links to others. The main reason I went to L2 was DMA. No matter their claims and protestations, DMA is the only way to trade CFD shares.
http://www.igmarkets.com.au/content/sh_range_of_markets.html
They are based just down the road from you, drop in.. :D they also hold regular free seminar nights around Aussie, if you don't mind putting up with a spiel from Aus Stock Report ( I think it's them) tagged on.
Our Australian office is now located at:
Level 7, 417 St Kilda Rd, Melbourne VIC 3004.
Tekmann
22nd-February-2007, 06:42 PM
Thanks Kauri & Flyhigher
For taking the time to post screenshots and general info...
Couldn't see Fibs or Gann stuff, but supprised to see adx & pvi in there..
They own A.S.R as they promoted it to me 2, when I asked for educational material...which ASR wasn't IMO...
Tekmann
Kauri
22nd-February-2007, 06:57 PM
Thanks Kauri & Flyhigher
For taking the time to post screenshots and general info...
Couldn't see Fibs or Gann stuff, but supprised to see adx & pvi in there..
They own A.S.R as they promoted it to me 2, when I asked for educational material...which ASR wasn't IMO...
Tekmann
Tekman,
I don't actually use this as my charting programme, so don't know all the ins ands outs, have found the fib/gann etc under objects...
I wondered why they pushed ASR so much, now it becomes clearer.
Tekmann
22nd-February-2007, 07:11 PM
I wondered why they pushed ASR so much, now it becomes clearer.
I don't think they try to hide it through company structures, which can''t be said for some others....
But eitherway there good passive money in the masses subscribing to a report, and certainly could be used for good or evil purposes IMO.
