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I am sure that if a problem exists on Demo, I will also have the same issues on the live account. Today, I tried to close on the GBPUSD on a short, but was unable to do so, loss close to 30 PIPs from that. If wouldn't let me for some reason, and then when it eventually took it and .... You know the story....
Today I was asking them about the bad execution (around 5 seconds on demo) and about spikes in prices.
I've received this answer:
"Dear Mr XXXXXX,
Thank you for trying the MIG platform.
To answer your questions:
1. The delay of the execution on the real accounts rarely above 5 sec, most of the time it is less. Only during the most important news the execution delay can be longer.
2. We know that sometimes the quotes on your market watch are not correct. That is the reason why are changing the data provider within 7-10 days. But even now, when we execute the orders, the prices are always compared with the market prices of several other data providers. So the orders are normally not executed at all.
Please, do not hesitate to contact us if you have any further questions.
Best regards,
Anna Serbinenko
MIG Investments SA"
I have replied:
"As I understand, during important news, the execution time can be above 5 seconds on REAL accounts. This is not good.
I have open a trade today at 15:30 (server's time) and I got a requote. This resulted in 8 seconds and 19 pips of difference between the moment/price when I first clicked "Buy" to the moment when I finaly got my position open.
I appreciate your spreads, however if I can only enter a trade at +20 pips away, then I'm sorry to say that your service is not for me.
I am very worried because I trade intra-day on high volatiliy times when important news are released. Can you do anything to improve this?"
...and received this final answer:
"Dear Mr XXXXXXXX,
As a rule, when there is no important news, the price you see is the price you get. What happened today is that we received a wrong price from the data provider, on our market watch. But we anyway execute all the orders on the real market price. So the order could not be executed on this wrong price. For the same reason, we had many orders to process, and it was the reason of the delay.
The good news is that we are changing our data provider next week and we expect such kind of things not to happen in the future.
Best regards,
Anna Serbinenko
MIG Investments SA"
What do you think? Let's hope that this will make a major improvement because 20-30 pips are VERY important!
I do not believe a single word - I am on a real with them! The best part is I have NOT any limit or stop loss order unfilled even under svere volatility! But during times after Europe close they spike the market themselves /check the 1M Eur/Usd for today and compare it to another MT4 broker/ but do not fill you in these price ranges even if you have a TP there /dont know if a SL is hit during their spikes will they execute- probably yes/ - they say "wrong quotes" - but I do not believe at all
PS. Their Demo executes much faster than their real server!!!
If you're gonna trade with high volatility, search other broker (Saxobank is good on news, maybe u can't buy or sell, but never requotes)
If you're gonna trade in normal conditions chosse Mig because their spread is really good. I've no problems with them since december as i said, and they always replyes suddenly my questions.
I have been trading on a live account with MIG for about 4 months and I am a very frequent trader so I see it all. I started out trading about 20 trades a day and when looking in my journal, I was requoted about 50% of the time, and almost all of the time the requote was unfavorable! I switched my EAs to using limit orders to avoid requotes and in their place I have recieved many supposed "Wrong Quotes"!!! I have never had either of these problems in a year and a half of trading with Oanda! I went to MIG for the MT4 platform to use my EAs, but what good is a EA when I miss a lot of my what would have been profitable trades and when the trades go against me, they fill them. As others have said, they often decide wether or not to give you the trade after it moves against you. The other day the market hit my price about 9 or 10 times and never got filled!!!! And all that talk they say about fixing the problem sooon.... Yeah, they told me that when I first started trading with them 4 months ago, but it's all talk.
They say the demo is the same as the live account but on my demo the eurchf was 2 pip spread and at the same time it was 4 pips on the live account!! The demo always fills the trades while the demo often does not! After complaining over and over again I finally got them to give me the CEO's address and I e-mailed him about the problems and he never even wrote me back and it's been about 2 weeks! I have no choice but to go back to Oanda and find a way to convert my EAs to work with their API auto trading.
It depends on your trading strategy. If you trade one trade a month they are great. If you want to trade EA with them be ready for requote after requote.
I still have a live account with them because they will get a new data feed. They have been saying this for months.