Bug in igot.com futures trading? Just lost over $225

iuc

newbie

Activity: 10

Merit: 0

I received the wire transfer today. It took six business days, which is within the time period they indicated:

Quote

Please note: it may take 3 to 7 business days to receive your payment in your verified bank account. Established accounts can expect money within 3 business days.

I'd been a bit worried after Googling igot and reading about a number of issues people have had with them, but my experience has been good.

iuc

newbie

Activity: 10

Merit: 0

Quote from: Amitabh S on January 19, 2015, 01:07:07 PM

Did they also erase your doubts about why your order was executed? Were you wrong in assuming the meaning of a "trigger" or is there a bug on their site?

There's no bug in their site, it's just that their future trades aren't explained very well on their help page. They only offer one type of future order (a limit order), but they don't call it that.

Amitabh S

legendary

Activity: 1001

Merit: 1004

Quote from: iuc on January 19, 2015, 03:55:06 AM

Wow! igot just erased any doubts I had. As a one-time goodwill gesture they reversed my trades, putting me back where I started. That's what I call great customer service.

Their response times to support requests are slow (usually 24 hours), but they appear to have just one person working on the support desk.

The only part of their service I haven't tested is how long it takes to withdraw currency to your bank account. Stay tuned...

Did they also erase your doubts about why your order was executed? Were you wrong in assuming the meaning of a "trigger" or is there a bug on their site?

ninjaboon

legendary

Activity: 2128

Merit: 1002

Quote from: iuc on January 19, 2015, 03:55:06 AM

Wow! igot just erased any doubts I had. As a one-time goodwill gesture they reversed my trades, putting me back where I started. That's what I call great customer service.

Their response times to support requests are slow (usually 24 hours), but they appear to have just one person working on the support desk.

The only part of their service I haven't tested is how long it takes to withdraw currency to your bank account. Stay tuned...

good customer service and congrats on getting your funds back.

iuc

newbie

Activity: 10

Merit: 0

Wow! igot just erased any doubts I had. As a one-time goodwill gesture they reversed my trades, putting me back where I started. That's what I call great customer service.

Their response times to support requests are slow (usually 24 hours), but they appear to have just one person working on the support desk.

The only part of their service I haven't tested is how long it takes to withdraw currency to your bank account. Stay tuned...

iuc

newbie

Activity: 10

Merit: 0

The latest update is that they said they'd reverse the transaction and this should happen in about 24 hours. That was three days ago.

Think they might be taking the piss?

iuc

newbie

Activity: 10

Merit: 0

They're very slow to respond to tickets.

Julie at igot "sees my point" and is going to raise the issue with Rick to see what can be done. She said to allow a few days to get back to me. It could just be a delaying tactic - we shall see.

ninjaboon

legendary

Activity: 2128

Merit: 1002

Quote from: iuc on January 03, 2015, 08:57:18 PM

I guess I'll just have to wait until I hear back from them.

I assumed it would work the same way as a future buy order on a stock exchange (order not triggered until the stock trades at your trigger price).

This gives me a sick feeling in my stomach, especially since the price is now down to $287.

Someone I know was using igot to sell some btc today.
So did they get back on your ticket yet?

Usually if the current price was USD $ 300, I'd put in a buy order (limit) for a lower price eg USD 250 (to grab a good deal while I was away from the PC). In your case, it was the reversed.

iuc

newbie

Activity: 10

Merit: 0

I guess I'll just have to wait until I hear back from them.

I assumed it would work the same way as a future buy order on a stock exchange (order not triggered until the stock trades at your trigger price).

This gives me a sick feeling in my stomach, especially since the price is now down to $287.

bonds

member

Activity: 65

Merit: 10

Quote from: iuc on January 03, 2015, 08:29:56 PM

The reason I set my buy price at $315 is I didn't want to buy until bitcoin was in a confirmed uptrend.

The igot help page says a future buy ordered won't be triggered until the market price (which they display on their home page) reaches your trigger price. The market price was $15 below my trigger price!

If Igot works like other exchanges, the market price is usually the price of the latest trade. But exchanges will still let you place sell orders for more than that, basically attempting to do the same thing you were, but with a sale. On Bitstamp right now for instance, there are sell orders from $278 to $306.

It's possible Igot does not work like an exchange though and they just took the opportunity to shaft you. Other than taking a quick look at the site, I'm not familiar with their service.

iuc

newbie

Activity: 10

Merit: 0

The reason I set my buy price at $315 is I didn't want to buy until bitcoin was in a confirmed uptrend.

The igot help page says a future buy ordered won't be triggered until the market price (which they display on their home page) reaches your trigger price. The market price was $15 below my trigger price!

bonds

member

Activity: 65

Merit: 10

While I'm not sure why you would wait for the price to go up to buy, it sounds like someone had a sell order for $315 and your buy grabbed it. Wouldn't call it a bug, since what you requested was what happened.

iuc

newbie

Activity: 10

Merit: 0

Firstly, before anyone asks why I'm using igot, they were the only bitcoin exchange I could find that accepts bank deposits in my local currency (New Zealand dollar).

This morning, when the bitcoin price was hovering around US$298-300, I created a future buy order on igot that would be triggered if the bitcoin price increased to US$315. What happened next was my future buy order was executed immediately at the price of US$315!!!!! I think my heart skipped a couple of beats at that point.

I've opened a support ticket with igot, but it says to expect a response in 24 hours. I've requested that they reverse the trade at no cost to myself. Hopefully they'll do the honourable thing. If they don't, is there anything I can do?

Here's a couple of screenshots to prove I'm not making this up (the timestamps are for my local time zone, which is GMT +13 hours):

http://s15.postimg.org/58w5h2ld7/Capture_1.jpg

http://s17.postimg.org/tyl990pun/Capture2.jpg

Topic: Bug in igot.com futures trading? Just lost over $225 (Read 1014 times)