Best Thread Capital Spreads
These guys ask for screenshots of your bank statements?!!! I would do it to get my money out of this hole then tell them where to shove it.
SmartLiveMarkets have processed my withdrawals without any docs supplied. Exactly the way it should be. Im sure others are the same.
Time to vote with your mouse and click on over to other sites imo.
SmartLiveMarkets have processed my withdrawals without any docs supplied. Exactly the way it should be. Im sure others are the same.
Time to vote with your mouse and click on over to other sites imo.
capitalspreads
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we only ask for screen shots/print outs when we have no proof of where the money came from. If other companies do not do what we believe to be our regulated responsibility then more fool them.
I really do not see the problem here. Take a screen shot of your bank account showing the transfer to Cap Spreads and email it to us. It should take about as long as it took me to type.
The vast majority of clients just deposit using their debit/credit cards or using bank transfers where CS can see which account or card the bulk of the money has come from. Where this is not the case we need proof. As per my last message this is really to protect clients from fraud. Unfortunately as some have commented this does come across as treating everyone as a criminal (try seeing from our side though where we have these fussy/fuzzy rules applied to us which are very difficult to interpret let alone implement)
it benefits CS not one jot to annoy a client (we just lose a client)... at 0.5% interest we can hardly even be accused of holding onto money to earn income... but we do not know if a client trying to get us to ignore our rules is actually a regulator checking up on us or really a crook sounding plausibly angry
Simon
PS. dmt257
perhaps you ought to forward your comment onto the FSA fraud/moneylaundering division. I do not think that your provider will thank you for it though. Theoretically Joe Bloggs could ring up/email claiming to be you and get them to transfer your money to their account.
I really do not see the problem here. Take a screen shot of your bank account showing the transfer to Cap Spreads and email it to us. It should take about as long as it took me to type.
The vast majority of clients just deposit using their debit/credit cards or using bank transfers where CS can see which account or card the bulk of the money has come from. Where this is not the case we need proof. As per my last message this is really to protect clients from fraud. Unfortunately as some have commented this does come across as treating everyone as a criminal (try seeing from our side though where we have these fussy/fuzzy rules applied to us which are very difficult to interpret let alone implement)
it benefits CS not one jot to annoy a client (we just lose a client)... at 0.5% interest we can hardly even be accused of holding onto money to earn income... but we do not know if a client trying to get us to ignore our rules is actually a regulator checking up on us or really a crook sounding plausibly angry
Simon
PS. dmt257
perhaps you ought to forward your comment onto the FSA fraud/moneylaundering division. I do not think that your provider will thank you for it though. Theoretically Joe Bloggs could ring up/email claiming to be you and get them to transfer your money to their account.
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mickandpete
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Simon , please excuse me if this issue has been raised before but this thread is too huge to browse.
First let me explain my personnal situation. I have a very basic account , which does not me to go overdrawn , which I use for all my internet transactions. This I believe insures that I can only lose by way of fraud the amount in this particular account the balance of which I monitor.
I actively "gamble" using this account .
I have an account with BETFAIR ( with whom you have connections via TRADEFAIR ) . Their system allows me to withdraw money electronically to my bank account at will. The system is quite simple and has the added benifit of showing Total Credits and Withdrawals to this card thereby showing total profit or lose from this card.
I like this system very much because phsycologically I find that when "gambling" via the internet money just becomes "numbers" and loses its real value. By crediting and withdrawing money frequently the numbers return to reality.
I find having to phone to withdraw money from you very inconvenient.
Would it be possible to install a similar system to that used by BETFAIR ,who have all the similar regulations to comply with as your company ??
First let me explain my personnal situation. I have a very basic account , which does not me to go overdrawn , which I use for all my internet transactions. This I believe insures that I can only lose by way of fraud the amount in this particular account the balance of which I monitor.
I actively "gamble" using this account .
I have an account with BETFAIR ( with whom you have connections via TRADEFAIR ) . Their system allows me to withdraw money electronically to my bank account at will. The system is quite simple and has the added benifit of showing Total Credits and Withdrawals to this card thereby showing total profit or lose from this card.
I like this system very much because phsycologically I find that when "gambling" via the internet money just becomes "numbers" and loses its real value. By crediting and withdrawing money frequently the numbers return to reality.
I find having to phone to withdraw money from you very inconvenient.
Would it be possible to install a similar system to that used by BETFAIR ,who have all the similar regulations to comply with as your company ??
capitalspreads
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mikeand pete
it might look like you can withdraw at will but...... just try to change your bank account and see how far you get.
with us you do not have to phone.. you just click on the withdrawal button (in the 'payments' button) and fill out the withdrawal request. If there are no probs our staff will transfer the money back within a few minutes.
We are looking at an auto withdraw feature as i write but there will always be limitations as people continually change their cards/bank accounts/use cards that cannot be refunded to.
We really do take our Fraud and ML responsibiities seriously.
Simon
it might look like you can withdraw at will but...... just try to change your bank account and see how far you get.
with us you do not have to phone.. you just click on the withdrawal button (in the 'payments' button) and fill out the withdrawal request. If there are no probs our staff will transfer the money back within a few minutes.
We are looking at an auto withdraw feature as i write but there will always be limitations as people continually change their cards/bank accounts/use cards that cannot be refunded to.
We really do take our Fraud and ML responsibiities seriously.
Simon
Simon
I decided to try out capital spreads and I am not too happy at the moment because I had £4 a point on the ftse and I saw the market was going to turn against me and decided to take 3 points profit and at the end of the open position it says close, click and it doesn't close, I ring customer support who tell me I have to select sell on the dealer ticket. Whats the point of having close there in the first place if when its clicked it it doesn't close the trade off and it does not say any where its not a 1 click close button and its totally misleading having it there if its not a 1 click close button. I could of closed from the dealer ticket if it was made clear the button wasn't a 1 click dealing button. I think I should be compensated for the 3 points because I thought I was closing the trade. Why does your minimum stop value change from one day to the next. Why should I stay with capital spreads if you customer support can't do a small good will payment for the confusion the close button has caused.
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You know when it doesn't matter what you do some days things don't go right, well the unclear close button has cost me this morning because when I was arguing with the woman at capital spreads I missed when I would of entered again to see the market have a 40+ point rise. When ODL were there before being taken over they would of credited the few points straight away, god I miss them.
I decided to try out capital spreads and I am not too happy at the moment because I had £4 a point on the ftse and I saw the market was going to turn against me and decided to take 3 points profit and at the end of the open position it says close, click and it doesn't close, I ring customer support who tell me I have to select sell on the dealer ticket. Whats the point of having close there in the first place if when its clicked it it doesn't close the trade off and it does not say any where its not a 1 click close button and its totally misleading having it there if its not a 1 click close button. I could of closed from the dealer ticket if it was made clear the button wasn't a 1 click dealing button. I think I should be compensated for the 3 points because I thought I was closing the trade. Why does your minimum stop value change from one day to the next. Why should I stay with capital spreads if you customer support can't do a small good will payment for the confusion the close button has caused.
edit
You know when it doesn't matter what you do some days things don't go right, well the unclear close button has cost me this morning because when I was arguing with the woman at capital spreads I missed when I would of entered again to see the market have a 40+ point rise. When ODL were there before being taken over they would of credited the few points straight away, god I miss them.
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It is frankly your own personal responsibility to learn how the platform operate.
tar
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u didnt c the worst of it
DeusExMachina
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You know when it doesn't matter what you do some days things don't go right, well the unclear close button has cost me this morning because when I was arguing with the woman at capital spreads I missed when I would of entered again to see the market have a 40+ point rise. When ODL were there before being taken over they would of credited the few points straight away, god I miss them.[/QUOTE]
LOL. Shouldn't have been wasting time arguing over 12 measly British pounds then should you.
LOL. Shouldn't have been wasting time arguing over 12 measly British pounds then should you.
gle 101 it has nothing to do with knowing how a platform works when a button says close it should mean close, it doesn't say close but it won't close until you push another button. it clearly said close what should mean close. So does the buy button mean sell or the sell button mean buy or press the buy or sell button and maybe your trade will be placed or closed but maybe nothing might happen. I have used most platforms out there and any other company what has a close button when pressed closes the trade, even world spreads new platform closes the trade. The woman on the other end of the phone said some of our clients like it not to close the trade and highlight the sell or buy button they need to press, its to stop them pressing the wrong button. How stupid, if the closed button closed the trade they wouldn't need to get confused over a simple task of remembering if they were short or long and pressing the right button, I bet a 4 year old could get that right, I mean, if capital spreads clients are so stupid they will get confused pressing buy or sell then maybe they shouldn't be trading. Its plain rediculous or do they think all their clients are thicko's
"Shouldn't had been arguing over measly 12 british pounds" it was not the £12 what was the isssue but the a misleading button on the platform and it annoyed me a bit so I phoned up.
My day got even worse when passenger side window on my wouldn't close after opening it, so as I said it was one of those days where nothing went right and if something was going to go wrong it did.
"Shouldn't had been arguing over measly 12 british pounds" it was not the £12 what was the isssue but the a misleading button on the platform and it annoyed me a bit so I phoned up.
My day got even worse when passenger side window on my wouldn't close after opening it, so as I said it was one of those days where nothing went right and if something was going to go wrong it did.
DeusExMachina
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Sorry, I wasn't clear enough with the point I was trying to make. What I was trying to get at was that you blamed the fact that you missed a trade (and profit) because you were arguing on the phone over the close button. Hindsight is a wonderful thing.
All in all, I agree with gle101, it is definitely upto you to make sure that you know how all areas of the platform work. After all, a good workman never blames his tools ...
Sorry, but you should first practice on the demo account before you go alive, to put the blame on the SB in this case is not good trading practice.
gle I will blame the SB and its something I don't normally do and tell me how many people go on a new platform and trade on demo, very few. I quite like capitals platform and nobody can get away from the fact the button is misleading, but I suspect I haven't been the only one to do what happened but thankfully I didn't make a loss. Thats all I have to say about the matter because its happened and I will put down to experience.
"Sorry, I wasn't clear enough with the point I was trying to make. What I was trying to get at was that you blamed the fact that you missed a trade (and profit) because you were arguing on the phone over the close button. Hindsight is a wonderful thing"
The entry was 5880 yesterday where I would of gone in and later that day I went in at 5882 so I know I would of taken the trade, probably would gone in a point or two higher than 5880. If I don't take a trade when its there thats down to me and arguing on the phone and not concentrating on the market is down to me and I am not blaming the SB for that, all I was saying I was having one of those days where nothing seemed to have gone right and everybody gets those days at sometime or the other and apart from the my car window going wrong yesterday as well I have had to have the boiler fixed, get a light fitting changed in the kitchen and change a radiator all in the last week. Its the case if something can wrong it has, I am now waiting for the TV to blow up or something else to go wrong.
"Sorry, I wasn't clear enough with the point I was trying to make. What I was trying to get at was that you blamed the fact that you missed a trade (and profit) because you were arguing on the phone over the close button. Hindsight is a wonderful thing"
The entry was 5880 yesterday where I would of gone in and later that day I went in at 5882 so I know I would of taken the trade, probably would gone in a point or two higher than 5880. If I don't take a trade when its there thats down to me and arguing on the phone and not concentrating on the market is down to me and I am not blaming the SB for that, all I was saying I was having one of those days where nothing seemed to have gone right and everybody gets those days at sometime or the other and apart from the my car window going wrong yesterday as well I have had to have the boiler fixed, get a light fitting changed in the kitchen and change a radiator all in the last week. Its the case if something can wrong it has, I am now waiting for the TV to blow up or something else to go wrong.
Although I'd agree that can be confusion over what some platforms mean by 'close' (try Spreadco!), it seems strange not to familiarise yourself with a new SB by using a demo account, if one is available.
Ambrose Ackroyd
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I certainly do.
Mad not to IMHO !!!
This close button thing isn't just about he should have practised on the demo account, but he also (if he hasn't already & with no disrespect to our friend in question) should have studied the trading instructions *and* read + understood the entire terms of business, before putting any real money on anything to do with any Spread Better. I have to agree with the others on this, on reading this thread: put it down to experience and learn from it. For most of us, £12 is a small price to pay for a good lesson. Take it like that, and you won't feel so bad about it all.
You are also missing an important point, by having the Ticket confirmation after clicking close you are given the option to close part of your position by changing the size amount accordingly. This is important as it allows you to close part of your position rather than only being able to close the whole position, for example if you were 10 points in profit and trading £2 per point you could close £1 per point locking in £10 profit but not entirely exiting your position, you could then trade the remaining £1 per point how you like, for example moving stop to breakeven guaranteeing £10 profit whatever happens. IG has the same function as do other platforms so its not unusual, rather a useful function. The only other option Capital could do is to allow the size to be changed on the open positions section which would then allow part position to be closed in 1 click.
arabianights
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Simon,
Out of interest:
1) How many "average clients" is an average one of your top 10 clients worth to you
and
2) What proportion of your volume is done by the biggest 5% of your active traders?
Out of interest:
1) How many "average clients" is an average one of your top 10 clients worth to you
and
2) What proportion of your volume is done by the biggest 5% of your active traders?
capitalspreads
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arabian
as you may be aware we do not offer credit or waived margin and we insist on stops on all positions. This means that we tend not to attract the "big" traders who demand special services/allowances. This means that our top 5% of clients are not a particularly large percentage of our total revenues. As a matter of fact CS does not actually have a single active 'professional client' at the moment.
This is as we want it. We want our risk to be "The Market" and NOT "Our Clients".
Simon
as you may be aware we do not offer credit or waived margin and we insist on stops on all positions. This means that we tend not to attract the "big" traders who demand special services/allowances. This means that our top 5% of clients are not a particularly large percentage of our total revenues. As a matter of fact CS does not actually have a single active 'professional client' at the moment.
This is as we want it. We want our risk to be "The Market" and NOT "Our Clients".
Simon
