Thursday, March 22, 2007

This stinks!

So I roll up - bright-eyed and bushy-tailed to put through my first CFD trade. Get the computer going, log into my account.... and find that I can't see any shares listed. That's Stink#1.

So I call IG Markets, and am told that "My Shares" will be activated in 10 minutes. Sure enough, that happens. The next thing I know, I get an email from IGM saying that unless I make 4 trades a month, I'll have to pay $38 for access to ASX prices. Not only is that wierd, coming AFTER I've signed up, its also stoopid since everyone else (and I mean Tricom) gives me free data - even on a demo account! That's Stink#2.

I think - OK, we'll try to work with that - let's get our orders in. Which leads me to Stink #3 - and this one smells. I could not place a single order!! LHG trading @ $3.16, I try to place a Buy @$3.01 with a SL @ $2.95 - I could almost hear Carol Beer saying "Computer says No". ZFX trading @ $16.33, I try to place a Sell @ $17.15 and, again, I get "Computer says No".

Fed up, I went about my day - and for the last 2 hours have been comparing Marketech's platform with Tricom's. I now think Tricom's is vastly superior to both IGMs and Marketech's in terms of breadth of low margin products (such as the NY Gold/Silver mini) offered; but most importantly at least I can put an order through, even if its outside market hours! Methinx a switch to Tricom is on the cards. Now, does IGM have a "cancellation fee" policy? That would really piss me off.

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