Does anyone use IG for trading forex. I am thinking of switching to them from FXCM and would appreciate any feedback from anyone who does please. I am also currently looking at their demo account using the ProRealTime platform. Has anybody noticed the discrepancy in the open, high, low, and close prices shown on IG's ProRealTime platform? After much questioning IG finally told me they are actually based on the mid-bid/ask price and NOT the actual bid price as the majority of other trading/charting packages do. Can anybody explain why they would possibly do that? I’m at a loss for anything other than a slight of hand going on here. They also say at the bottom of their charts that prices are only indicative which hardly instills confidence in them with me. Would be interested in hearing anyone’s current experience with IG before I consider switching to them.
I'm sure you can change that in the settings. Everyone's prices are always indicative. When you make a trade you are the one making an offer to buy or sell...it's up to the other side whether they want to accept or not. Chill out, newbie.
Also, after a lengthy discussion with IG you can not change the indicated price on the chart in the settings. In talks with PRT the chart price shown on the chart is down to the vendor and what they wish to use. Other vendors who use PRT use the actual bid price, whereas for whatever reason, IG choose to use a mid-price which means that the price you see on your chart is completely different from what all other traders are seeing on theirs; not to mention the affect it might have on whatever close based priced indicators you choose.
Don't use IG then, use someone else. Unless you have cleaned all the others out in your 40 year career in which case, congratulations! I use various firms for forex, (Ayondo Markets, Spreadco, City index et al) where you can change the chart setting so that it charts the bid or the offer or the mid, up to you. Amazed you can't to this with IG tbh.
Think I've only ever used 5 brokers over the course of my trading career with the usual to and fro battle as to who was going to clean who out...LOL; still here though. Thanks, will have a look at some of the other forex brokers you mention. Unfortunately IG don't let you change the price used on their 3rd party PRT platform. Bid/ask prices are the actual prices traders are prepared to buy/sell at at that instant and at that level. Indicative depends on your definition with indicative generally meaning suggestive. The charts I currentlyuse in futures give the actual bid price, NOT mid-bid/ask, and the difference between the chart prices you base your entries on and the price you get filled at being down to slippage. All I'm asking is that the actual O,H,L,C given on the chart is the actual not a mid based price. You are right though, for trading forex I will choose a different broker who uses the actual price on their charts.
I strongly advise you do not switch from FXCM to IG. Being regulated and approved by so many official regulators does not make it safe. It's not about you not understanding about leverage either. Whether its 50 million (people do for tax reasons, well played uk.gov.reg) or 500 gbp its not the point. If you don't believe me ask them 'what is the percent of equity to margin below which you are allowed to do anything you want with my money'. If they can't answer that's okay i suppose but then really they should try to put some bounds on the prices or margin otherwise it seems risky to me. Account types, segregated money are beaurocrat funded lies and should be ignored. Although you may think its okay if you keep >90% in cash its not. What if we have a volatile day and sterling moved 3 big figures, they can times margin by 10 say eurusd is 1/2 and take all your money and its very very hard to get it back unless you claim to have been misled and don't know what you are doing. It's not necessary to have to take these risks with criminals to access the market, it's reasonable for there to be rules in markets and its bad if noone follows them, this isnt a bitcoin exchange. The assumption will be you were gambling otherwise otherwise you wouldnt be at IG- this notion is actively promoted by IG/regulators etc so that they can never be seriously charged. 5mm, 10mm, 100mm doesnt matter. I really hope those people that said that were right.
Professional return streams don't look like IG. They understand about volatility and risk which you do not. They likely also know about statistics, AI and that selling an option is more risky than than selling the same amount of a 1 delta future in the underlying. You can tell this because on the average month they lose or make more than than the total over twelve months.