I recently did a short USD/SGD trade which hit its profit target when the market reopened after the weekend. The market opened well below my profit-taking limit order, but I got out at the level of the limit order, not at the prevailing market level. Somebody therefore pocketed the difference.
The IG helpdesk just said that this was company policy, so I wrote to the chief executive about it. Today John Noble, Trading Director, called and explained that they had been treating limit orders as if they were orders left with an FX dealer, who, behaving as a market maker, would cheerfully fill an order away from the market if it would be profitable so to do. Because of my letter, they decided to change the policy for small retail clients and have paid the difference on this particular trade into my account. This makes sense to me, because I don’t really want my profit-taking limit orders to be in the market — rather, I want to use the IG software as if it was my own well-staffed trading desk, with instructions to get out if the market breaches a certain level.
This was a quick and thoughtful response and I am very impressed. IG Index really has first-rate customer service (and readers may be aware that my expectations are quite high).