Over the past 2 weeks i had placed a couple of trades on Capital Spreads and which were executed. I even closed some of the positions and took some cash out. However this week i realized my account credit balance of £5k was reduced to negative balance. Without warning or advice from Capital Spreads. When I called Capital Spreads, i was told that all the trades executed in the past 2 weeks were being reversed because their trading system had "MISPRICED" the products, therefore my account profit of about £3k was reversed. When I raised the complain in writing they said they will reply in any event within 8 weeks from the receipt of your complaint. In the meantime my account has been made red (in debit) and I can’t trade for 8 weeks!!
These positions were genuine trades done over 2-3 weeks and when I made a profit, they withdrew the deals. I find this unfair and cheating to investors/ traders. This is real cheating. Imagine if I bought a car 2 weeks ago and sold it after. And the original seller comes back to me and say, by the way the price I sold you the car was incorrect, you now owe me more money. This is in essence what Capital spreads is doing. If any business operated this way, then for deal executed deal is not a guaranteed deal with this company. They can look at this anyway they wish but when the deal has gone through in the books the deal is done. One can do not back off on deals you do not like. If I backed out on all the deals I lost on over the years I would be £20,000's pounds better off. I cannot believe a big company like Capital Spreads would do such an ungentlemanly trick over a mistake on their side. I was expecting that there would be some explanation apart from we will get back you in 8 weeks time!!. They did not apologise or admit to be at fault.
These were Equity Indices. I bought one SMI September future index at 6120 and the SMI spot index was 6300. After 2 weeks Capital Spreads say the price of the SMI September future index was mispriced by their system at 6120. It should have been more close to spot at 6300.
These positions were genuine trades done over 2-3 weeks and when I made a profit, they withdrew the deals. I find this unfair and cheating to investors/ traders. This is real cheating. Imagine if I bought a car 2 weeks ago and sold it after. And the original seller comes back to me and say, by the way the price I sold you the car was incorrect, you now owe me more money. This is in essence what Capital spreads is doing. If any business operated this way, then for deal executed deal is not a guaranteed deal with this company. They can look at this anyway they wish but when the deal has gone through in the books the deal is done. One can do not back off on deals you do not like. If I backed out on all the deals I lost on over the years I would be £20,000's pounds better off. I cannot believe a big company like Capital Spreads would do such an ungentlemanly trick over a mistake on their side. I was expecting that there would be some explanation apart from we will get back you in 8 weeks time!!. They did not apologise or admit to be at fault.
These were Equity Indices. I bought one SMI September future index at 6120 and the SMI spot index was 6300. After 2 weeks Capital Spreads say the price of the SMI September future index was mispriced by their system at 6120. It should have been more close to spot at 6300.
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