capitalspreads said:swissgold
amazing.. the web link is a promo/advert it would take me (not the sharpest pencil in the box) about 2 minutes to read .... anyone who freely states "i've been looking at this web page for a long time" would be welcome as a client of ours at any time. The advert is to get people to look at our simulation/demo platform and give SB a go in safety! Only 15% of our demo account holders actually go on to open a live account which means that we lose out on 85% of them who decide after losing 'funny money' using the Sim site that SB is not for them. Our competitors have no such compunction and (aside from limited demos from one or two) just launch clients into real money from day one.
Sorry Marvin
if it is permanent then fine I was just reporting on a conversation I had when calling your dealers as a prospective client where I was told that the offer was only available for a limited time.
If you are able to offer it as a permanent spread then all credit to you. As you cannot possibly hedge within those spreads you must therefore hope to God that your clients lose money! If the management is forced to widen the spreads at sometime in the future please remember your comment here.
From these boards I see you are already rejecting a large number of trades and any consistent winners get placed on 'refer to trader' (as was one of our staff) or words to that effect, this is blatantly unreasonable but quite a good way of ensuring that you only end up with serial losers. Or, as with another client, pleading to be allowed to make 3 or 4 trades a day on his account. How kind of you to allow a client to trade with his own money in such a fashion!
I would love to trade on the Worldspreads platform but unfortunately, on application, I was rejected as presumably I was expected to be a winner (obviously they never saw my trading account with City Index!) we have never rejected an employee of another SB company.
Anyway... enough said .. we do not have arguments with other SB companies and we wish Worldspreads all the best as the more clients and companies who enter the market the better. You will notice that I have not gone to your Worldspreads thread to comment a similar level of respect would be welcome.
As a matter of fact FXmarkets has given us just as hard a time of it on occasion when we did not come up to his expectations.
good trading
Simon
I apologise for converging on your thread but it is a pleasure to of got your attention, noting you are a director of a publicly listed company. I apologise for the miss-communication regarding the 1 pip spreads that we are currently offering and the impression that was made regarding this being purely an offer.
I hope that God is not the only factor for clients to make money in the financial markets as suggested. I would prefer to add that the majority of clients that have signed up to WS are market savvy and rely more on both technical skills and previous trading experiences to make a judgment of the markets. This is definitely one major aspect of the UK derivatives market that has changed in the past few years.
So far the 1 pip spreads has been very successful, both feedback from the majority of our clients and from the vastly experienced risk traders that we have on our desk. Our clients have been under the impression that with currency spot prices at 1 pip and the major index rolling futures at 1 pip, this provides greater transparency of prices. Our management agree that our pricing feed needs rectifying in order to facilitate the increasing demand for the interest we have had. We have had nearly 1000 new accounts in the past month on the basis of this offer and, it is a shame that you will never be able to meet the increasing demand. However if as you put it, our management have got it wrong our spread will only increase by 1 pip to 2 in most cases and at present that looks highly un-likely.
Simon, if you let me know the name of your staff that was referred and please let me know who said “winners get referred to traders” I shall look over our recorded tapes and get that referred to the FSA. If your staff have been unduly discriminated against please let me know.
The client that as you call it, pleaded to be allowed to trade 3 to 4 trades a day has subsequently been resolved in a sensible way. We do not talk down to our clients but resolve things in a sensible business manner. I had been in communication with the trader and we agreed to settle the matter amicably.
WS has the up most respect for clients and we believe that the industry has been lacking transparency and I respect your firm as the singular company to come on this bulletin board and express and answer some genuine opinions. However I believe the industry which has been rather archaic is due for a real transformation as it catches up with the real needs of the derivatives trading market. May I state, that in no way being a bad remark upon Capital Spreads, a true market leader. Well Done Simon!
Regards
MarvinS