OfentseIG
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Posts posted by OfentseIG
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On 08/10/2022 at 15:27, Phrilly said:
Looking to place a limit buy order for £5K in value and quoted charges of £55.25, I thought it was £3 a deal, am I missing something?
Phil
Hi @Phrilly
Thank you for reaching out.
can you please confirm which shares you were purchasing?
Thanks, OfentseIG
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18 hours ago, Masey said:
What time do the different markets open at, uk time? Thank you.
Hi @Masey
We are normally open 24 hours a day, from 11pm on Sunday (9pm for forex) until 10pm on Friday night (UK time). For markets that do not trade 24 hours (for example shares), you can find specific dealing hours in the deal ticket ‘market info’ tab.
Weekend Markets are currently available from 8am (UK time) on Saturday through to 10:40pm on Sunday (8:40pm for Weekend FX).
All the best, OfentseIG
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16 hours ago, Dedex said:
I accidentally added 2 MT4 accounts, both as live spread bet accounts. I only require 1 live and 1 demo.
How can i remove one of these accounts?
Hi @Dedex
Thank you for reaching out, we are happy to assist.
If you want to close an account, please send an email to helpdesk.uk@ig.com
In order to close an account the request must be in writing via email.
All the best, OfentseIG
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3 hours ago, greenscorpio1000 said:
Thank you but unfortunately for the time being I am only able to trade via mobile
Unfortunately we do not have this feature on the mobile app. You can only access the Swap rates on the web platform. The screenshot attached is an indication of todays rate (now at -2.67) which will be a charge on the account. Please note that open positions held through 10pm (UK time) on Fridays will be adjusted for three days’ worth of funding to cover the weekend.
All the best, O.D
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On 30/09/2022 at 10:14, GeoffreyofPimlico said:
How to cancel or change an Order?
Thank you for reaching out and for taking our call today.
As mentioned above, if you encounter such an issue, please send an email to helpdesk.uk@ig.com with the name of the market, the error message and the time of the trade/attempt. This will help us investigate further.
All the best, OfentseIG
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On 13/09/2022 at 00:01, Razzarino said:
Does no-one have any advice about this? Was hoping this forum might actually be helpful.
Hi @Razzarino
Apologies for the inconvenience this may have caused you.
Please kindly note that we checked our trade book and could not find the rejection reason. In future, if you encounter such an issue, please send an email to helpdesk.au@ig.com with the name of the market, the error message and the time of the trade/attempt. This will help us investigate further.
All the best, OfentseIG
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3 hours ago, greenscorpio1000 said:
Having gone short on London Coco spot, I am now debited for overnight fees,(previously credited) I may hold this trade for several more weeks, the fees have peaked to a high over last couple of days ,I am wondering if the charges will continue to rise or maybe decline ,
Appreciate any feedback
Thanks for reaching out.
You can use the platform to check how much the daily charge would be. You can add the Swap bid (Rate used to calculate your overnight funding) on the platform by searching Cocoa- London >> Right click on it and add to Watchlist >> Add the Watchlist to your Workspace.
Once this is done, click on the three lines next to 'Market' on the top left and add Swap bid/Swap offer to view the expected daily rate. You simply take this rate and multiply it by your size to estimate the daily interest payment on your account.
Overnight Funding = Bet Size x Rate
- Negative number is a charge
- Positive Number is a credit
Using an example with the figures shown in the above screenshot, if you are short London Cocoa with bet size GBP2, your overnight funding will be GBP2 x -2.36 = -GBP 4.72 charge
We have an example on How we calculate Overnight Funding for Commodities on our website. This will give you a clear indication if this will be a credit or a debit in your account.
All the best, OfentseIG
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14 hours ago, Sybin said:
Hello,
I submitted all my documentation and activated my account over a week ago. My documentation says its been verified but my account still says IG is processing my application. I haven't been able to add funds or get anything setup. Wondering if there's anything support could do to help move this along?
Thank you for your time,
Chris
Hi @Sybin
We apologize for the delay and thank you for sending over your details. I have asked our team to contact you back at the earliest. Whilst you have uploaded all documents, the account team still need to manually activate your account after proper verification. We will contact you soon.
Thanks for your patience, OfentseIG
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On 03/10/2022 at 03:32, Martinius said:
On 28/07/2022 there were two trades shown as Corporate-Action for my McEwen Mining Inc shares. One was a sell action selling my total quantity of old shares with no price. The other was a buy action buying back approximately 10% fewer new shares, again at no cost. I think this was for a consolidation to arrive at a situation where I had 1 new share for every 10 of the old shares. On 19/08/2022 there was what appears to be a tidy up operation to account for 7 of the old shares which did not equate to a whole new share.
I assume the mathematics of this worked OK. However it has left me with the situation where my profit or loss for the McEwen shares does not show up properly. It shows the market value of these shares to be practically the same as the profit, which it would do if I bought them at no cost.
How can I adjust the figures to give me the real profit or loss of these shares in particular, and my portfolio as a whole?
Hi @Martinius
Unfortunately we cannot discuss account queries on the IG community platform, as this is a public platform. I have sent you an email regarding your position.
If a company performs a stock consolidation your original position will be closed at your original opening level and size, ensuring no profit or loss is realized. A new position will then be opened to reflect the ratio of the consolidation. The book cost would have to be edited to reflect the true cost. You can also edit your book cost on the platform.
All the best, OfentseIG
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On 02/10/2022 at 13:32, Kgrp74 said:
I don't understand how the currency gain plays out if you hold USD denominated shares since I should have a massive gain on my account given the fact it is a GBP account (and you dont allow us to hold multiple currencies like IBKR does)
Hi @Kgrp74
Thank you for reaching out.
HMRC rules don't allow you to hold foreign currency in an ISA, but you can still buy international shares.
The gains on currency conversions are only seen and credited in the account once you sell the shares if the currency rate is favorable to you. We also have to consider the 0.5% spread added to the exchange rate and commission charges which would normally offset your profits.
Thanks, OfentseIG
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On 01/10/2022 at 11:09, Steveblaze said:
Please forgive me for this very silly question but I’m new to options trades and just can’t get my head around one bit.
I understand the Call and Put part of the contracts but what I can’t get a grip of is why is get a buy or sell option for each as well.
for example. Say I think the SP will hit 3300 in 2 weeks time then I’d want to Buy and Put option at that price. Why do I also get the option to Sell a put at that level too?
If I’ve understood it right if I sell a put at that level am in assuming all of the risk on that trade if the market goes up? I’m the insurer rather than the insured? Is that right?
thanks for any help
Hi @Steveblaze
Thank you for reaching out.
Simply put, buying a Put option is a bearish strategy. This is a strategy that you would employ if you were bearish about the prospects of the underlying markets, or if you thought the price is likely to remain the same. You are buying the right, but not the obligation to sell a certain product at a certain price at a set date. Therefore, if the price goes down you, the option holder, would execute the right to sell at a higher price but if the price goes up you will not execute the right to sell at a lower price, therefore you lose the premium.
Whereas when selling a Put option, you would employ this strategy if you thought the market price is likely to remain the same or to rise. You are selling the right, but not the obligation for the option holder to sell you a certain product at a certain price at a set date. Therefore, if the price goes up the option holder will not
execute the right to sell you a product at a lower price, consequently you keep the premium, but if the
price goes down the option holder will execute the right to sell you a product at a higher price thus
causing you a loss.Have a look at How you can trade options
All the best, OfentseIG
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On 02/10/2022 at 05:54, boup09 said:
Could you please remove pending orders from margin requirements?
In other brokers (such as IB), only opened positions count in maintenance margin value, not pending orders.
Hi @boup09
Thank you for reaching out.
We took a business decision to include initial margin of pending orders. The purpose of this was to reflect the margin requirement status on the account. This is to protect our clients from placing new trades which might result into a margin call as soon as the position is opened.
Thanks, OfentseIG
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On 05/10/2022 at 12:58, CJ-TradingFloor said:
Hi
What are the ways to deal shares with IG and what are the commission/costs for share dealing.
Thanks
Thank you for reaching out.
You can deal shares on a leverage accounts (SpreadBets or CFDs) or through non-leverage accounts (Share dealing or ISA). Have a look at how to trade shares with IG. You can also find Share Dealing Fees and Charges on our website.
Thanks, OfentseIG
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Hi @Dicko9
Thanks for reaching out.
Please kindly note that IG is an execution only broker. That means we only execute trades as per clients' instruction but do not offer investment advice.A junior ISA is something you could explore, but unfortunately we do not offer this type of ISA in IG. Or ideally, you can contact a financial advisor for more assistance.
Thanks, OfentseIG
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2 hours ago, KCD said:
What are the rules on hitting a stop loss? I've had a couple of occasions where the price has got to less than 1 point and I've been stopped out. I was under the impression the limit would have to be touched or passed for it to be activated, and not to be within say 1 point. My stop loss was supposedly hit at 0828 with a price of 75.21 (where my cursor is) the period high is shown as 75.21 but you can clearly see the price didn't reach it. Any thoughts please?
Hi @KCD
Thanks for reaching out.
As you were holding a short position, you would need to look at the Ask/Buy price on the chart. Looking at your screenshot you are viewing the Mid Price. You can change the Price setting by right clicking on the chart >> Price >>Ask. Your stop triggered due to the Ask price reaching your stop level and closing your position at a slippage of -0.03
Slippage is when the price at which your order is executed does not match the price at which it was requested. This most generally happens in fast moving, highly volatile markets which are susceptible to quick and unexpected turns in a specific trend. I have attached a screenshot to shoe the Ask Price at 08:28
All the best, OfentseIG
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14 hours ago, Martinius said:
I have opened positions on a couple of US shares. I want to set a stop loss but I can't see anywhere to set one. Eventually after hours of looking I found that you cannot set a stop loss.
I note from a reply from many years ago (August 2016) that you cannot put a stop loss on an open position. It stated: On a share dealing account, you cannot simply attach a stop/limit OTC, but rather have to work a stop or limit order on the exchange to close a position. Therefore, if you have a level at which you would like to close a position, you need to enter a sell order to work in the market, until the price is reached and as many shares are sold as possible. Is this still the case?
This brings up related questions.
If I have bought the shares at $100 and want to sell if the price goes down to $96 Do I put in an order to sell at $96?
If the price goes up to $105 and I wish to sell, do I have to amend the existing order to sell at $105 rather than $96?
Could I get into a mess if I tried to put in an additional sell order @ $105 as well as the one at $96? - in which case I would have two different orders trying to sell the same shares.
Hi @Martinius
That is correct.
For a stop order on a share dealing account, placing a stop order would work a stop order in the market. Once the trigger level reaches, it works at market until full size is filled. Please kindly note that once the stop level is triggered and your sell order works at market, the aim of the order would be to fill your full size and would give you a price at market. If you choose the level $96 and the market reaches $96, it either sells all your shares at $96 depending on the volume or starts to close your position at the next available price until the full size is filled.
Using your example, depending on the length of time the order will be in the market for, if you want to sell if the price goes down to $96, you have to place an order to sell at $96. If the price goes up to $105 and you wish to sell at the new price, you would have to amend the existing order to sell at $105 rather than $96.
It would not be possible on a share dealing account to place two sell orders. This would give you the rejection reason "you are selling more than you currently own".
All the best, OfentseIG
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12 hours ago, YomboSB said:
Hi
I am a trading newbie, wondering if any one can tell me why the min trading size varies from one instrument to the other ?
0.5 in some and 1 in some ??
Hi @YomboSB
Welcome to IG Community.
Different minimum sizes give different minimum exposures per market. There are different minimum exposures our desks are willing to take per market. This is purely based on the exposure we are willing to offer as the minimum for that market. For example, the standard minimum size you can take for FTSE 100 is 0.50 on a spread bet account. Using the current price of 7037, your exposure in the market would be 3 518.5 (0.5 x 7037). So that's the exposure size we are willing to offer our clients.
All the best, OfentseIG
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13 hours ago, Amur3001 said:
So I'm down to the last few dollars of a 2500 account and so have had to tighten that belt buckle a lot. I've done more reading and research and decided to back test. The results were good so decided to try it live. But.....ig opened my order 5 points from where it should of and closed it within 0.5 points of the stop loss. Can anyone tell me why? Yes I'm annoyed at the money I've lost but it was spare money that I decided to try and day trade with. Yes I've made huge mistakes and hopefully learnt off them. But....it seems like one mistake has been putting in orders instead of watching every minute of stock data on the screen and purchasing at the desired price. Whats the point of orders that can't be executed correctly with all the technology available to brokers. I could understand if it was back in the 80s and 90s using telephones. Rant over but would still like an explanation please
Hi @Amur3001
We are sorry to hear that you are not satisfied with your opening or closing prices. Slippage occurs when a market moves suddenly during the few seconds between when an order was placed, and when it was executed by a broker or on an exchange. This most generally happens in fast moving, highly volatile markets which are susceptible to quick and unexpected turns in a specific trend.
The price difference can be either positive or negative depending on the direction of the price movement, if you are going long or short, and whether you are opening or closing a position. You can minimize your exposure to slippage by trading during a market’s most active hours and by going for highly liquid markets, preferably those with low volatility. You can also use Use guaranteed stops and limits on your trades to help mitigate the effects of slippage. Here's a link which clearly defines Slippage and how to avoid it
Thanks,
OfentseIG
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On 03/10/2022 at 10:11, Jabroni8 said:
Hello All,
I've come across a random issue in PRT (within Spreadbet) whereby the 4hr candle for US markets is not synchronised compared to UK, Germany, etc. Normally, the 4hr 'countdown' starts 00:00, then 04:00, 08:00, 12pm, etc......this is the time pattern i see for UK 100 however for US 500, taking today as the example; the 4hr candle should of started at 08:00 but instead it's starting at 09:00.
Does anyone else get this problem or have any suggestions how you fix this? I don't have this issue with PRT CFD, I've compared my settings between both PRT instances and they are the same.....yet I get this bizarre issue in PRT Spreadbet platform.
Any help would be appreciated.
Thanks
Hi @Jabroni8
The current time zone set on your ProRealTime(PRT) platform is UCT+01:00 Europe/London. The time zones chosen affects all data including times displayed in charts, order lists and tick by tick lists. If you want the time setting on your PRT charts to match the IG Web platform time zone, please use the time zone UCT+00:00. You can change the time zone by selecting settings on PRT Toolbar > Time zones and Trading hours and click on Display all data in this time zone.
You can have a look at this post on our forum on how to enable custom trading hours and weekend data.
All the best, OfentseIG
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7 minutes ago, CJ-TradingFloor said:
Hi,
I am new here on the community. I wanted to find out where can I get more information how to get exposure to an IPO. Please anyone kindly share some info how to participate in IPO stock trade.
Thanks.
Welcome to IG Community.
Have a look at How to trade an IPO from our website. You can register your email address to get the latest IPO news from the same link attached.
All the best, OfentseIG
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6 hours ago, Ptuh said:
Hi, any one can assist with the best strategy ( indicators to use)to trade SA T40?
Hi @Ptuh
Welcome to IG community.
What type of trader are you? Scapler, day trader, swing trader, position trader, algorithmic trader or event-driven trader?
To answer your question, you can have a look at this member's recent posts on trading strategies:
Another source that can assist with your trading strategy is this article by our Senior Market Analyst: How to trade SA40 Index
All the best, OfentseIG
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14 minutes ago, Nickhoots said:
I did not know that this existed on ig until i received an email for feedback. Can anybody call me with more info.
Nick
Hi @Nickhoots
For more information, please visit the link ProRealTime
If you still need more information, you can email us on helpdesk.uk@ig.com.
All the best, OfentseIG
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On 10/09/2022 at 05:17, CloudStock said:
Hi, its tax time in Australia, wonder when will the annual statement be available ?
Hi @CloudStock
Thanks for reaching out. The Income Annual Statements are out and available on your MyIG > Statements tab. If you have not yet received your income statement, this means you have received dividends on complex products and statements linked to these will be available by the end of October.
All the best, OfentseIG
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S&P 500, Dollar, VIX Index, ISM, Employment and USDJPY Talking Points:
- The Market Perspective: USDJPY Bearish Below 141.50; Gold Bearish Below 1,680
- Risk appetite continued its charge to star the new month with an impressive 3.1 percent Tuesday rally from the S&P 500
- Fundamentals remain a serious contrast to market progress, and it is likely only a matter of time before the speculative charge meets reality
Oct 5, 2022
Written by John Kicklighter, Chief Strategist for DailyFX.com-
1
MR
in IG Chart Support - Charts, MT4 and PRT
Posted
Hi @dwcwuxi
Thanks for reaching out. We are sorry to hear that you are not satisfied with the IG platform.
Please try the following troubleshooting steps when you experience such issues. If the problem persists and affects your trading, please call our dealing line +61 (3) 9860 1734 or email helpdesk.au@ig.com with screenshots of the issue.
All the best, OfentseIG