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By DominicWalsh · Posted
By DominicWalsh · Posted
By DominicWalsh · Posted
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Question
Ricky66
I am an experienced user of share dealing platforms having used TD direct, Iweb and Xo in the past. I have traded many " market makers" stocks in the past on other platforms and bought through standard limit orders and sold via limit orders as well as on quote. Furthermore I have easily been able to put stop losses in place through the platform to successfully mitigate risk. ON IG I could not see the ability to place a standard limit order on a market makers stock such as cssg or even a stop loss type order. I phoned through and was told that on market makers stocks you:
A. have to phone through to place a stop order ie the platform does not offer that facility and
B. If you want to place a standard limit order on ie. not DMA then you can by phoning through and paying £40 for the privilege.
I was able to place stop losses and limit orders through other platforms simply on the platform at no extra cost other than the dealing commission if it executed.
I also tried on IG using DMA on a market makers stock and placed an order BEFORE the Auction at the highest possible buy price ie the OFFER quote price if buying immediately and yet it was on the books through the auction and after on the open and NEVER filled . Even though i could buy instantly at quote at that price. No viable explanation was given.
I really believe unless I am missing something major here that these are fundamental flaws that are basic requirements of a share dealing platform.
Just to make it absolutely clear I can place a stop loss or limit order in an instant on other platforms on ALL types of stock and if the price reaches that which I have chosen will always execute albeit with sometimes slippage.
It is a real pity as IG looks on the face of it to offer real promise.
Am I missing something here? as I am surprised by all this
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