Finspreads - what a disgrace!

notouch · Jun 8, 2006

In spite of the bad reviews they get from posters on this forum I signed up for a Finspreads account and thought I'd try them out today. I was planning to capture the EUR/USD's almost inevitable decline if the ECB raised interest rates by only 25bps and didn't signal "vigilance" in the press conference. But just after the press conference had started the system went down

. It stayed down for at least half an hour. If these clowns can't even keep their system up in times of volatility they shouldn't be offering a financial spread betting service. I've already withdrawn my funds from this Mickey Mouse operation and will never touch them again.

fxmarkets · Jun 8, 2006

All these places have a button you know....... a special button.. from which fat fingers ,from giddy heights, swoop down and transmit a swift prod.

The button is red, worn and well used , a label next to the well used red button simply reads , ha ,ha,ha.

thanks for sharing notouch.

lets be careful out there.

Fx.

rav700 · Jun 8, 2006

notouch said:
In spite of the bad reviews they get from posters on this forum I signed up for a Finspreads account and thought I'd try them out today. I was planning to capture the EUR/USD's almost inevitable decline if the ECB raised interest rates by only 25bps and didn't signal "vigilance" in the press conference. But just after the press conference had started the system went down . It stayed down for at least half an hour. If these clowns can't even keep their system up in times of volatility they shouldn't be offering a financial spread betting service. I've already withdrawn my funds from this Mickey Mouse operation and will never touch them again.

I dont blame you mate....sorry to hear about your losses with them...

fxwinner22 · Jun 12, 2006

finspreads are and always have been very poor. New platform makes no difference whatsoever.

started by trading with them a good few years ago. moved very swiftly.

trader_dante · Jun 12, 2006

Friday night they misquoted the USD/JPY September contract by about 150 ticks above the actual price.

They were pricing it at 113.90.

Imagine the upset that could cause in a sizeable position.

The "price" stayed the same from the Friday close until Monday morning.

thepoliteone · Jul 7, 2006

wtf prices!

Can anyone explain firstly the 10pip gap at approx 12:35, and then the slightly noticeable 65 MINUTE gap in the chart? Jeez, if anyone needs proof that spreadbetting companies are hooky, there you go...

-TPO.

trader_dante · Jul 7, 2006

I've noticed this before...

Slapshot · Jul 7, 2006

This is the chart from IG Index who incidently use the same data provider IT-Finance....

notouch · Jul 8, 2006

I think the data comes from IG or Finspreads (or whoever), IT-Finance just chart the data they get from them.

No idea about the 10 pip gap but 65 minute gap would have been one of Finspreads' "telephone trading only" moments.

eoincasey · Jul 8, 2006

Never had a problem using Finspreads although have only been using it a few months. I found their platform easier to use than IG's for some reason. Does no one else agree on this?

rav700 · Jul 8, 2006

eoincasey said:
Never had a problem using Finspreads although have only been using it a few months. I found their platform easier to use than IG's for some reason. Does no one else agree on this?

The first few months are always cool mate.....................
There are loads of bad post on this trading forum and people like myself have posted for a reason....Best of luck with your trading but I would not be suprised if you had some issues sooner or later................

foolonthehill · Jul 9, 2006

The only thing I can think of is, that the US Non farm payroll figures were due out at 1.30pm GMT and Finspreads didn't want anyone to trade the annoucement?

DG

Priceman · Jul 9, 2006

I use finspreads but now only during calmer periods during the day; 'indicative' comes up sometimes at open, near close, during news periods etc etc etc. They are the most basic company you'll find out there. They aren't great and IMHO rely on the 95% who lose money. That's why they advertise quite heavily I think. IF you want to trade longer time periods and know your entry/ exit levels (and they don't coincide with news events hitting them) then finspreads are OK... but only OK

that's my 50cents for what it's worth, let's hope someone from finspreads actually reads this and acts.... nah of course they wont ! They're still taking most to the cleaners.

eoincasey · Jul 9, 2006

rav700 said:
The first few months are always cool mate.....................
There are loads of bad post on this trading forum and people like myself have posted for a reason....Best of luck with your trading but I would not be suprised if you had some issues sooner or later................

Well thanks for the warning. I haven't seen a positive comment here on them so obviously most have had a bad experience. Maybe I should switch before the seemingly inevitable train wreck. Who would you recommend? I do have an unused acc with IG but like I said I've found Finspreads platform to be more clear. Do IG ever suspend their internet access cos this seems to be a recurring theme here with complaints about Fins.

chestney · Jul 9, 2006

eoincasey said:
Well thanks for the warning. I haven't seen a positive comment here on them so obviously most have had a bad experience. Maybe I should switch before the seemingly inevitable train wreck. Who would you recommend? I do have an unused acc with IG but like I said I've found Finspreads platform to be more clear. Do IG ever suspend their internet access cos this seems to be a recurring theme here with complaints about Fins.

After a while the fills take a little longer, but you just put that down to your imagination.

Then you end up finding you only get filled, if the price has gone against you.

Volatile times lead to a "Price Indicative" meaning you can't trade.

The final insult being a fill 10 pips against you, and it doesn't show as an open trade initially, but only in the profit and loss account.

Only when moving to someone like Oando, do you realise how trading accounts should operate.

Quenkish · Jul 18, 2006

I withdraw all my money from them as a result of the bad publicity that they recieve on this site.

I concur with the positive comments about Oanda.

laptop1 · Jul 19, 2006

If you have a legitimate complaint against your SB broker and it is unwilling to accept any responsibility to resolve your compliant fairly. You next step would be Financial Ombudsman...FSA...If then your SB broker tries to shirk responsibility or claims that the customer agreement absolves it, the next step would be. Name and shame them, go to a few papers or share magazines. and places like T2W.. and never let go of it.

The problem is SB brokers get away with it, because people cant be bothered to put a complaint in.. "Well, guys changed you thinking" if you have an issue, take it on. the more who do this, the better place it will be for us traders.

To all spreatbet firms, traders are getting much smarter and wont take any nonsense like they did a few years back. take note!

martin brown · Jul 19, 2006

Finspreads should be shutdown, as with all SB companies.

Allowing clients to add to losing postions, while refusing directional breakout trades is daylight robbery.

Do SB client trades ever reach the market?

If not, then SB companies ONLY interest is making you blow your account!

Simple as.

aren · Jul 19, 2006

Great feedback, I am a totally newbie in this and went for SB thinking I make lots of TAX free money !!?? Unfortunately Finspread does a good job on advertising and making themselves look good. But after a few weeks I notice things are just don't seem right (even with my inexperience in this field).

Everything said above is in fact correct, their charting facility is actually not very good and their platform consumes all my PC resources ! I am quite a bit down already even trading with very little bets !?

System hangs many times during the day and you get very unexpected unreal fills, and there are really weird gaps in the prices and charts (like the time has been lost or disappeared... !? ). I got a couple of positions that are badly down now but at first opportunity I close them and say good bye to Fins.

Thanks for great advice and feedbacks here I wish I've found this forum before....

A.

Pippppin · Jul 19, 2006

aren...you sound like the sort of customer Finspreads and the spreadbetting companies love..

open a speadbetting account with little idea of what you are doing....seduced by the idea of tax free profits (not much use if you make a loss)...lose quite a bit of money....shut your account.....Finspreads move onto the next punter...

Finspreads - what a disgrace!

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