Best Thread Capital Spreads

[RS2OOO]

tar,

I was looking at City Index last night as it happens. I couldn't find a screen shot of their charts from their site without actually opening an account, but if they are using IT-Finance charts then yes, that is something I will definitely consider.

I'd also like to give the Capital Spreads poster a chance to reply before jumping ship yet again.

 

[tar]

tar,

I was looking at City Index last night as it happens. I couldn't find a screen shot of their charts from their site without actually opening an account, but if they are using IT-Finance charts then yes, that is something I will definitely consider.

I'd also like to give the Capital Spreads poster a chance to reply before jumping ship yet again.

Yes it is IT-finance . Re the spikes : if it is an obvious fake spike and you pointed that out to them they will re-instate your trades ( or correct it ) .

 

[mrfigure]

RS2000 You are in a position where you can evidence considerable pip difference between the high and lows of one sb compared to another. The question is, can those differences be justified. I would say a very strong no. I would contact them and say you no longer want a reply and have referred the matter to the FSA.

 

[francisfinley]

I can only comment on the USDCHF spike on 20th September as a recent pointer - there was a gap of nearly 200 pips when the market could not have facilitated it.

proof - Fat Finger The Culprit For USD/CHF Gap | ForexLive
Alpari UK SCAM ? - Forex Peace Army Forum

The upshot was that Oanda & GO just reversed the trades that evening/next morning. Alpari reversed the trade up to the point that it dropped around 40 pips.

You can cite the public statements from these companies to your broker if it is a similar situation. If the spikes are only on that broker (you say they are) then just collate as many charts and feeds/prices around that time from other brokers and present that facts of the trade.

If no joy consult the FOS - but as many are saying they are next to useless.

 

[RS2OOO]

I need to just re-iterate that other than the 63 points "lost" (not really lost if the underlying market didn't actually make the prints shown on my platform if I'm to believe the results of their investigation) on the position I closed on Thursday, I have not lost anything through the erroneous spikes shown on Capital Spreads charts over the last week as they did not reach my stop losses.

Ultimately my question is, as this was my first week trading with Caps and in 2 trades I've experienced 2 huge spikes that were not reflected in the underlying, where would I really stand if those spikes had taken me out?

Cross referencing various currency pairs between IG and Caps, it appears that there are many erroneous spikes shown on Caps charts (GBP:CHF 300 point spike down on Friday being another example).

Do these spikes shown in their charts get reflected on their platform and do they take out (or collect) live positions or limit orders?

A few kind posters have answered this question differently, with a couple stating that they will reinstate trades taken out in this way.

But, as much of my trading revolves around major and minor currency pairs, I don't want to be on the phone to them every week arguing over dodgy spikes. I just want to trade fairly, simple as that.

I've looked at direct access brokers, but in all honesty there really are many more benefits over sticking with an SB company, IG are exceptionally good (based on 5+ years of problem free trading), but their new charts are bad, Caps platform is good, their charts are usable, so, I'd happily stay with them if I had confidence they aren't going to take my positions out on random spikes that don't exist elsewhere.

It is hassle moving money between different SB companies in search of a good one and I'd really like to give Caps a chance, but not at the expense of losing a weeks income through one of their spikes.

A confident and well presented reply from the CapitalSpreads poster would probably be enough to put my mind at rest, not that I'm in any way ignoring the great replies received from you guys so far, it would just be good to hear it from the horses mouth.

It would seem obscene to think that if they were as bad as the spikes on their charts imply that they would still have any customers left at all, so I'm sure a response from them here could put my mind at rest, though the responses from their customer services haven't been able to do that thus far.

Also, as it seems to be a problem mentioned by others here but denied by Caps customer services and the Caps poster here, I'd like a more thorough investigation into why their trade ticket showed a quote that executed at a completely different price. Saying it is impossible is not a satisfactory answer - I've seen it with my own eyes and so has another client who argued a similar case further back in this thread.

 

[francisfinley]

hang on a minute. Are we talking about a spike on an IT-finance chart that by and large has nothing to do with the price that cap sreads are actually quoting?

i have seen that before with those charts - the chart spikes and the price on cap spreads didnt spike?

and email them direct - once you have that answer you just show it to them every time there is a spike. answers on here are next to worthless im afraid.

 

[tomorton]

I did have to ring Caps about an erroneous price a few months ago at which they closed one of my positions, but they had identified this as a rogue price even before I rang and reinstated my position within minutes.

 

[RS2OOO]

hang on a minute. Are we talking about a spike on an IT-finance chart that by and large has nothing to do with the price that cap sreads are actually quoting?

i have seen that before with those charts - the chart spikes and the price on cap spreads didnt spike?

and email them direct - once you have that answer you just show it to them every time there is a spike. answers on here are next to worthless im afraid.

No, You may have confused 2 separate issues that I'm referring to.

I was talking about a price shown on their ticket which I executed, but it actually executed at a price 63 points away from what was shown on the ticket when I pressed the button.

The spiking chart issues have not affected my positions to date, so I've not contacted Caps about it, but the was the main issue I was referring to in posts here.

 

[francisfinley]

No, You may have confused 2 separate issues that I'm referring to.

I was talking about a price shown on their ticket which I executed, but it actually executed at a price 63 points away from what was shown on the ticket when I pressed the button.

if you trade amounts that are important to you i suggest you record your screen when you trade and record your phone calls.

63 points on which market - have you any evidence - if its your word against theirs then you need evidence.

 

[Ross Spur]

No, You may have confused 2 separate issues that I'm referring to.

I was talking about a price shown on their ticket which I executed, but it actually executed at a price 63 points away from what was shown on the ticket when I pressed the button.

The spiking chart issues have not affected my positions to date, so I've not contacted Caps about it, but the was the main issue I was referring to in posts here.

Spikes on charts don't mean much, as SBs always stress that they are only indicative. The problem is that you have no other way of knowing what prices were actually quoted.
re. the difference between the price you clicked at and the fill. In a news release situation, the quote could easily have been 63pt away by the time your 'click' reached the part of the platform that executes the trade, even assuming it was automatic, which is probably wasn't anyway.

 

[mrfigure]

'the quote could easily have been 63pt away by the time your 'click' reached the part of the platform that executes the trade'.....

That is unacceptable and I would imagine any trade opened 63pts away from a traders desired entry price would prove very difficult to defend otherwise sb firms are in effect offering a trading platform that is not fit for purpose. If its not fit for purpose then why is it on offer.

 

[RS2OOO]

if you trade amounts that are important to you i suggest you record your screen when you trade and record your phone calls.

63 points on which market - have you any evidence - if its your word against theirs then you need evidence.

Spikes on charts don't mean much, as SBs always stress that they are only indicative. The problem is that you have no other way of knowing what prices were actually quoted.
re. the difference between the price you clicked at and the fill. In a news release situation, the quote could easily have been 63pt away by the time your 'click' reached the part of the platform that executes the trade, even assuming it was automatic, which is probably wasn't anyway.

As mentioned in my original post on this matter (#7010), Caps provided me with a Bloomberg screen shot taken at the time they said I closed the position and that screen shot shows the price I got, not the price shown on the ticket when I pressed the button.

If the price did not exist in the underlying market at the time I pressed the button, fine, I have no issue with that.

My concerns surround the unanswered question which is; Why did the ticket execute at a price different to the price shown on the ticket when I pressed the button?

Caps email response was that it's impossible for the ticket to show a different price to the price that was executed.

Well, it's not impossible because I saw it with my own eyes.

This then raises other questions in that if I couldn't manually close a position at a price shown on the ticket, then what would have happened if I had a limit order or stoploss at that same price?

The issues with the spikey charts is more about whether they would honour re-instatement of a trade if it was taken out at a price not reflected in the underlying market. The response here so far seems fairly positive.

On another forum where I've raised this same issue, one poster claimed to have lost £2000 on a Caps Spreads Cable spike at the time they were running their old and new charts side by side. The spike was shown on the new chart and not on the old chart. The spike was not evident on other Spread Betting firms charts. He says he complained to Caps spreads and they refused to re-instate the trade. This must be treated as anecdotal because I can only account for what has happened to me and the communications I have received from Caps spreads surrounding my particular "complaint".

 

[Ross Spur]

'the quote could easily have been 63pt away by the time your 'click' reached the part of the platform that executes the trade'.....

That is unacceptable and I would imagine any trade opened 63pts away from a traders desired entry price would prove very difficult to defend otherwise sb firms are in effect offering a trading platform that is not fit for purpose. If its not fit for purpose then why is it on offer.

But if the underlying market moved that distance almost instantly, how can it be unacceptable for the SB price to do the same?

 

[francisfinley]

'the quote could easily have been 63pt away by the time your 'click' reached the part of the platform that executes the trade'.....

That is unacceptable and I would imagine any trade opened 63pts away from a traders desired entry price would prove very difficult to defend otherwise sb firms are in effect offering a trading platform that is not fit for purpose. If its not fit for purpose then why is it on offer.

you wont win with that argument on this forum. they just don't get it - see the slm thread!

 

[mrfigure]

But if the underlying market moved that distance almost instantly, how can it be unacceptable for the SB price to do the same?

There is evidence by charts within this thread. The original poster claims the underlying price did not do the same.

 

[francisfinley]

As mentioned in my original post on this matter (#7010), Caps provided me with a Bloomberg screen shot taken at the time they said I closed the position and that screen shot shows the price I got, not the price shown on the ticket when I pressed the button.

If the price did not exist in the underlying market at the time I pressed the button, fine, I have no issue with that.

My concerns surround the unanswered question which is; Why did the ticket execute at a price different to the price shown on the ticket when I pressed the button?

Caps email response was that it's impossible for the ticket to show a different price to the price that was executed.

Well, it's not impossible because I saw it with my own eyes.

This then raises other questions in that if I couldn't manually close a position at a price shown on the ticket, then what would have happened if I had a limit order or stoploss at that same price?

The issues with the spikey charts is more about whether they would honour re-instatement of a trade if it was taken out at a price not reflected in the underlying market. The response here so far seems fairly positive.

On another forum where I've raised this same issue, one poster claimed to have lost £2000 on a Caps Spreads Cable spike at the time they were running their old and new charts side by side. The spike was shown on the new chart and not on the old chart. The spike was not evident on other Spread Betting firms charts. He says he complained to Caps spreads and they refused to re-instate the trade. This must be treated as anecdotal because I can only account for what has happened to me and the communications I have received from Caps spreads surrounding my particular "complaint".

We can only take your word against theirs. What most of these crooks are saying is that they will run your trade at the underlying price which it utter ******** - you should be trading whatever they are displaying.

I will reiterate - record your trading activity at all times and record your phone calls and store any correspondence.

Run it as tight as possible and you will be in a much better position.

 

[RS2OOO]

Recording trading activity is certainly something I've never thought of before, but it is an interesting idea possibly worth looking into when trading larger stakes.

In fear of sounding too repetitive, I've never had this problem with IG, ever, in many years of trading with them. Other than in my early days of searching for a reliable broker, I've never "competitively" traded with another provider before so Caps (which came through recommendation from people I trust) is the only IG alternative I've properly tried.

I do like the idea someone mentioned about using City Index charts but trading on IG's platform. I'm pretty sure I opened an account with City Index a while back, but no idea of my username or password anymore.

But still, I'd like to give Capital Spreads an opportunity to put my mind at rest by responding here before I take any further action.

After all - They did give me £250 cash bonus when I opened my account and I need to trade with them for 3 Months before I can withdraw it!

 

[francisfinley]

Recording trading activity is certainly something I've never thought of before, but it is an interesting idea possibly worth looking into when trading larger stakes.

In fear of sounding too repetitive, I've never had this problem with IG, ever, in many years of trading with them. Other than in my early days of searching for a reliable broker, I've never "competitively" traded with another provider before so Caps (which came through recommendation from people I trust) is the only IG alternative I've properly tried.

I do like the idea someone mentioned about using City Index charts but trading on IG's platform. I'm pretty sure I opened an account with City Index a while back, but no idea of my username or password anymore.

But still, I'd like to give Capital Spreads an opportunity to put my mind at rest by responding here before I take any further action.

After all - They did give me £250 cash bonus when I opened my account and I need to trade with them for 3 Months before I can withdraw it!

it doesnt matter what other brokers do
it doesnt matter what other people say
it doesnt matter about what bonuses you have had

either CS put the trade right if you are right or they dont - simple as.

email them with your evidence and wait for an answer - in the meantime start looking at recording software for your phone and pc.

 

[capitalspreads]

it appears that CS showed the proof about the price. Which does not appear to be in doubt. If you traded at a price and we have sent proof from bloomberg that this was the correct price at that precise moment in time it really is difficult to see what your point is. or what you expect CS to do? you traded at a time and price that acurately reflected the underlying market......end of argument really

re charts

if charts are spiking please reveal to readers on this thread which market you are talking about as they would also, no doubt, like to see this effect for themselves.alternatively there may be a conflicting programme on your pc so i would in the first instance suggest removing cookies etc

simon

 

[RS2OOO]

it appears that CS showed the proof about the price. Which does not appear to be in doubt. If you traded at a price and we have sent proof from bloomberg that this was the correct price at that precise moment in time it really is difficult to see what your point is. or what you expect CS to do? you traded at a time and price that acurately reflected the underlying market......end of argument really

re charts

if charts are spiking please reveal to readers on this thread which market you are talking about as they would also, no doubt, like to see this effect for themselves.alternatively there may be a conflicting programme on your pc so i would in the first instance suggest removing cookies etc

simon

capital spreads/simon,

Thank you for responding to my query.

The proof of price was in the form of a bloomberg screenshot shown at the time Capital Spreads said I closed the position. The screenshot didn't show the precise price I got, nor the exact time shown in my trade history but it was within a couple of pips. As I mentioned previously, I have no complaint if the underlying market matched the price I was given. My concern was that the ticket on the platform gave me/displayed a price 63 points away from the price I got, so, when I pressed the ticket, I was pressing to buy (covering a short) GBP:CAD at 1.5918 but the transaction executed at 1.5981 - 63 points away.

My obvious concerns surrounding this are detailed within my posts of the last 24 hours and I'd very much appreciate your response to these posts, or, an explanation as to why the ticket can show a price that is different to the price that executes.

May I ask that you read post #7010 to fully understand the issues I've raised as this post explains in accurate detail.

I have already revealed to readers both the markets and charts I am talking about in regards to spiking charts, Post #7010 also shows screen shots of 2 charts that spiked whilst I was holding positions. These spikes did not stop me out, but they are clearly a cause for concern.

I did not post a chart of it, but Friday afternoons GBP:CHF spike shown on Caps charts is also a spike for concern as that is another pair I trade regularly.

Again, please read post #7010 and base any responses around the information I've provided within that post.

Many thanks