I think a lot of people understand that part, but the question that has been put several times that you so far have not answerd is why it takes you 2 weeks to determine the price was incorrect and then reverse it. Also is there a limit to how long a trade is subject to reversal?
Capital Spreads fraudulently changed the prices of trade executed 2 weeks ago!!!!!!!!
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I think a lot of people understand that part, but the question that has been put several times that you so far have not answerd is why it takes you 2 weeks to determine the price was incorrect and then reverse it. Also is there a limit to how long a trade is subject to reversal?
lovespreadbetting
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At the moment your firm is not paying for these so called mistakes—its all passed to your customers. It’s the traders who are supposed to guess whether a displayed price is genuine or not if they don’t guess right you punish them by reversing the trades and your firm does not lose even a penny even after admitting that your firm makes these mistakes!!!If FSA or FOS cant help, then financial ombudsman service and Financial Service Athourity are toothless dogs and Britain needs more regulation/regulators..ha ha ha!!
Whether one trader has lost or won…CAPITAL SPREADS should own up the mistake and compensate both traders; THIS IS CAPITAL SPREADS MAKING ERRORS AND THEY PUNISH EITHER TRADER WHO RELIES ON CAPITAL SPREAD’S displayed PRICES. The way I see – these “errors/mistakes” are so often and take 2-3 weeks to pick is CAPITAL SPREADS reverses the trades pocket the profits (if the trader had won); and only compensate the other trader (only if and only if they complain - see some threads on T2W).
To be fair SIMON YOU NEED TO OWN UP TO YOUR mistakes and compensate any losses to any trader and not to try to be a saint and rob Petter to pay Paul for your errors.Your statement "if "WE" make a mistake and a client makes money then good luck to him/her but, if we find the mistake, then please do not bleat about CAPITAL SPREADS being the dishonest party.”..is bollox . At the moment your firm is not paying for these so called "mistakes"—its all passed to your customers . How on earth should one know that this is the wrong price??. Do you offer comparable prices to counter check the prices.
Even your reasoning about the case of a cooker/washing machine wrongly priced at £2.99 instead of £299 is bull ****. …the trader trading SMI future which was priced about 6150 and the SMI spot has been about 6250 or 6300 last month – these cases are not camparable. Most futures are always a couple of points away from the spot – how on earth could traders foretell that CAPITAL SPREADS’s displayed price were not the correct price.
It’s the traders who are supposed to guess whether a displayed price is genuine or not if they don’t guess right you punish them by reversing the trades and your firm does not lose even a penny even after admitting that your firm makes these mistakes!!! What on earth is this???? WHY IT TAKES 3 WEEKS TO IDENTIFY YOUR MISTAKES???
A LITTLE CHANGE TO YOUR SLOGAN (even shorter version) CAN HELP:
"if "WE" make a mistake and "We" OWN IT UP and compensate all clients concerned, then please do not bleat about CAPITAL SPREADS being the dishonest party.”..
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Sorry, it's a mistake. He's actually only made 500 posts if you were long, 1500 if you were short.
By the way is it possible to delete a thread?
Wow wow wow
This is getting out of hand and beyond my intentions of posting this thread. All I wanted was some third party advice but I guess I have to cancel my account and try to close this thread. Sorry mates - I think some of the comments are not fair to CS and I hope to resolve this matter off the forum. Simon I hope you hear from you - I have not yet received any response from CS since I raised this complaint.
By the way is it possible to delete a thread?
Wow wow wow
This is getting out of hand and beyond my intentions of posting this thread. All I wanted was some third party advice but I guess I have to cancel my account and try to close this thread. Sorry mates - I think some of the comments are not fair to CS and I hope to resolve this matter off the forum. Simon I hope you hear from you - I have not yet received any response from CS since I raised this complaint.
By the way is it possible to delete a thread?
lovespreadbetting
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Re: By the way is it possible to delete a thread?
Debate is great for everyone especially Capital Spreads. It means improvement on their service standards. If you shy away you are not helping yourself nor anyone here - perhaps Capital Spreads had bullied you. But if Capital Spreads responds on the Forums and does not respond to your complaint as you say, then Forums are great for you too - to hear their side of story.
Perhaps im speaking bollox again..you may be right. Capital Spreads wins again!! They always win from both rear and front positions!!!!
Debate is great for everyone especially Capital Spreads. It means improvement on their service standards. If you shy away you are not helping yourself nor anyone here - perhaps Capital Spreads had bullied you. But if Capital Spreads responds on the Forums and does not respond to your complaint as you say, then Forums are great for you too - to hear their side of story.
Perhaps im speaking bollox again..you may be right. Capital Spreads wins again!! They always win from both rear and front positions!!!!
capitalspreads
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broadex
no idea I think that you have to ask the thread adjudicator. i would guess your compliant it is with compliance and they will be making an investigation.
actually total rants are no problem as they are generally so mad that they defeat the object of what might otherwise have been a fair enough point. What some fail to recognise is that we do not reverse many trades at all. otherwise these threads would be filled with actual real event moans. We generally only reverse when the trade is blatantly incorrect for either party. No matter what is claimed CS do, of course, reverse trades mades at the clients disadvantage if it has been triggered by a rogue price spike that did not actually occur in the market.
If you stop and think about it there are far more erroneous stop loss orders that we reverse in the client's favour on stupid price prints than there are client getting into new trades ...... as the stop orders will have been sitting on the client account and may be triggered by the rogue event whereas a trade would only occur if the client just happened to be looking at that market at the moment that the price error happened and then managed to trade before the price went back to normal.
sorry to rain on the parade
Simon
no idea I think that you have to ask the thread adjudicator. i would guess your compliant it is with compliance and they will be making an investigation.
actually total rants are no problem as they are generally so mad that they defeat the object of what might otherwise have been a fair enough point. What some fail to recognise is that we do not reverse many trades at all. otherwise these threads would be filled with actual real event moans. We generally only reverse when the trade is blatantly incorrect for either party. No matter what is claimed CS do, of course, reverse trades mades at the clients disadvantage if it has been triggered by a rogue price spike that did not actually occur in the market.
If you stop and think about it there are far more erroneous stop loss orders that we reverse in the client's favour on stupid price prints than there are client getting into new trades ...... as the stop orders will have been sitting on the client account and may be triggered by the rogue event whereas a trade would only occur if the client just happened to be looking at that market at the moment that the price error happened and then managed to trade before the price went back to normal.
sorry to rain on the parade
Simon
lancenicolase
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Just ask HIM.
You're quick to reverse the winning trades. DO YOU EVER REVERSE LOSING TRADES?
lovespreadbetting
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Even if Simon reverses losing trades the point is Captial Spreads NEED TO OWN UP TO ITs mistakes and compensate even the traders in profit and not reverse their trades. So far the justification is that they are robing Petter (traders in proft) to pay Paul (traders in loses) for their "errors".Am i the only here who cant understand why Captial Spreads passes all the costs of these incorrect prices to traders. Imagine if you had profit of £200 on a trade 3 weeks ago and placed a couple of riskier bets this week because you had a profit and suddenly Captial Spreads withdraw that £200 and say we made a mistake 3 weeks ago and you owe us more money to compensate Paul and you exposed. They admit they made mistakes and dont take any of the cost on their books. You are left hanging??? This is not right.Come rain come thunder whether you look at it from any angle Capital Spreads made someone to rely on their prices and made mistakes and they take no blame nor any cost for their actions. Sorry Simon i may sound like ranting but this is not good your business..you are probably trying to save £1,000 at the expense of your reputation.
Why delete a thread just because it's reopened an old can of worms?
This is CS's original response, which isn't very reassuring:
<< As you can see the underlying SMI never actually traded at these prices since the spread was some 500 points wide meanwhile our spread remained fixed a 4 points and so the price displayed on our platform at the time was incorrect. I am sure you can appreciate that this is by no means "cheating" on our part and that if you happened to have traded the other way and lost money, we would have given you your money back.>>
This means that every time the underlying market's spread widens CS's quote will be wrong, so a cynic might suggest that they're knowingly using a system that will generate incorrect prices if anything unusual happens. After days or weeks they can then cancel the trade on the basis that it's an error.
Think back to what happened in the 'flash crash'.
This is CS's original response, which isn't very reassuring:
<< As you can see the underlying SMI never actually traded at these prices since the spread was some 500 points wide meanwhile our spread remained fixed a 4 points and so the price displayed on our platform at the time was incorrect. I am sure you can appreciate that this is by no means "cheating" on our part and that if you happened to have traded the other way and lost money, we would have given you your money back.>>
This means that every time the underlying market's spread widens CS's quote will be wrong, so a cynic might suggest that they're knowingly using a system that will generate incorrect prices if anything unusual happens. After days or weeks they can then cancel the trade on the basis that it's an error.
Think back to what happened in the 'flash crash'.
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capitalspreads
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lancen
ummmm
i think i have answered that one ...
really the answer is truly staring you in the face
the fact is we are far more likely to hear about a client losing trade on a rogue price print than a winning one for the simple and very glaring fact that clients do not often complain about a Winning rogue trade but are (quite understandably) quick to report a losing one.
the point is that this particular trade was only found by us well after the event ..rather showing that we are not 'quick' to take away money ....this one was only found because of other factors not because we were looking for it.
but i am probably just shouting down a deep dark well. If people do not want to understand or listen they wont.
not only this but why should CS just give money away because somebody comments adversely on these threads? that way really would lead to ruin. As I have said we must be consistent even if that is sometimes not being 'nice'.
Simon
ummmm
i think i have answered that one ...
really the answer is truly staring you in the face
the fact is we are far more likely to hear about a client losing trade on a rogue price print than a winning one for the simple and very glaring fact that clients do not often complain about a Winning rogue trade but are (quite understandably) quick to report a losing one.
the point is that this particular trade was only found by us well after the event ..rather showing that we are not 'quick' to take away money ....this one was only found because of other factors not because we were looking for it.
but i am probably just shouting down a deep dark well. If people do not want to understand or listen they wont.
not only this but why should CS just give money away because somebody comments adversely on these threads? that way really would lead to ruin. As I have said we must be consistent even if that is sometimes not being 'nice'.
Simon
Can you please just close this thread please.
lovespreadbetting
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Even if Simon reverses losing trades the point is Captial Spreads NEED TO OWN UP TO ITs mistakes and compensate even the traders in profit and not reverse their trades. So far the justification is that they are robing Petter (traders in proft) to pay Paul (traders in loses) for their "errors".Am i the only here who cant understand why Captial Spreads passes all the costs of these incorrect prices to traders. Imagine if you had profit of £200 on a trade 3 weeks ago and placed a couple of riskier bets this week because you had a profit and suddenly Captial Spreads withdraw that £200 and say we made a mistake 3 weeks ago and you owe us more money to compensate Paul and you exposed. They admit they made mistakes and dont take any of the cost on their books. You are left hanging??? This is not right.Come rain come thunder whether you look at it from any angle Capital Spreads made someone to rely on their prices and made mistakes and they take no blame nor any cost for their actions. Sorry Simon i may sound like ranting but this is not good your business..you are probably trying to save £1,000 at the expense of your reputation.
I agree with Ross ---Why delete a thread just because it's reopened an old can of worms? It will be unfair to T2W forum users not to know the outcome of the "investigation by Capital Spreads". I suggest if you dont get your money back lets start another thread ha ha ha....
Let me go back to work. My boss must be back now.
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lancenicolase
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Quite true... people tend to leave negative feeback and share negative experience.
I give credit to Capital Spreads as I'm currently opening second account with CS... I will use two different strategies (short term and medium term), so it will be easier to have two accounts.
In your defense, in 2007 or so when Brent Crude was $99 I bought it at $99.xx £2 per point on US crude inventory announcement. All of a sudden you system was showing $89.xx, so I was almost £2,000 down. My position wasn't stopped out and the issue was corrected in a matter of seconds. I managed to get out a few hundred in plus.
I agree that if somebody actually managed to buy at $89.xx it should've been reversed as the price was obviously wrong.
lovespreadbetting
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No i dont agree with you. If you had bought oil at 89 and after 3 weeks sold the position and then traded all sorts of products and perhaps taken the money and Capital Spreads knocks at your door to say you owe them money would your reaction be its ok. My point is why should the traders pay for SB's mistakes. I dont understand pple who would support the idea that Capital Spreads should never incurr any loss for their mistake instead the poor trader whoever gained should compensate the losser. And these traders just relied on Capital Spreads prices - why should they pay the price. Its like a law which says some pple are more equal than others. If one makes mistakes then that person -whether Capital Spreads or a trader should pay ;and not paying for Capital Spreads mistakes. It just unfair.
lovespreadbetting
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In your previous trade you said "You're quick to reverse the winning trades..... DO YOU EVER REVERSE LOSING TRADES?" and your next trade is quoted above. What has changed in between. We live in strange times!!!!!!!!!!!!
Seems to me that CS admitted their mistake as soon as they discovered it and have voided the questionable trades. These things will happen. Neither party makes an unfair profit from this episode. I wouldn't want to make an unfair profit, even from a SB firm, and I don't want firms providing a useful (to me) service punished unduly when they make an error. It's a shame they took so long to uncover their original error, but things like that happen too.
SB firms do not provide perfect initial or customer service - big deal. But they're not burglars either.
SB firms do not provide perfect initial or customer service - big deal. But they're not burglars either.
Correcting a gross error that nearly causes you to close a trade or have a heart attack doesn't sound like particularly good service to me.
lovespreadbetting
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Every company has operational risks to manage. Capital Spreads has one - ensuring correct prices are reflected on their site. If they dont manage the risk, and losses are incurred the traders should not bear the losses. So far the losses are passed to traders. Thats wrong. Thats why these errors keep occuring. Capital Spreads should start charging their own income statement for operational losses and improve service. Imagine if you had £10,000 on your account and one month later Capital Spreads knocks on your door to say we priced wrong our products. you owe us £10,000. Oh yes...."I wouldn't want to make an unfair profit, even from a SB firm and you write a cheque to Capital Spreads" ...I doubt it. after nearly causing a heartache to you.
There is need to change the policy here.instead of saying thats the way things are. SB firms pass their mistakes to traders. If i were the Thread Starter i will take this case with Authorities. If blatantly clear - whoever made teh mistake should own up to the mistake and compensate the trader.
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