City Index stop loss hit with slippage

[twinj]

Has anyone else experienced slippage on stop losses with City Index or any of their white labels? If it is a large slippage, it will be evident but it is the small slippages of 1-2 points that can be most annoying.

What is also annoying is their information on trades is lacking either the opening time or the closing time. Can someone tell me what the time indicates in the trade history? Is it the opening time or the closing time?

The concerning trade is their Germany 30 Daily thu spread at 13:02:16 which they closed at 6555. My wife tells me that the trade survived after the highest point. Then a few seconds later, the trade disappeared when the price was lower.

What makes it more suspicious is that they normally have an automatic response email to acknowledge receipt. Two emails have been sent. The first one concerning this stop loss and the second entirely different matter. Acknowledgement has come for the second but not for the first.

You may say she should phone but she is not good at spoken English so you can imagine what would happen over the phone.

Will keep you updated on this matter.

 

[twinj]

Well more strange. Tried to open their tick chart of the instrument and the following comes up:

Error code 15.
Please contact your customer support for assistance.

 

[The Leopard]

What was your stop level?

 

[ZEN archer]

Wouldn't touch them with a barge pole

 

[twinj]

My wife had 6555. So it is not different to the level they closed the trade. However, it was the way the trade closed. If examining a tick by tick chart, I don't think it went up to that level. I wanted to see their tick by tick chart but there is some error and I can't.

 

[counter_violent]

Whenever people talk about negative slippage on stops...they should also consider positive slippage on limit closes.

By comparing both sides, you get a better idea if the broker is playing by the rules or not.

 

[twinj]

Regarding their charts, I just heard that I have to use another German 30 chart so cannot see for sure.

 

[twinj]

To be fair, it does seem to have managed to just clip it in a fraction of a second and went down. But this is on the chart. What bugs me still is that my wife was looking at the screen and she insists that she did not see the price come up on the deal ticket. But once again, as it is too close to call, City Index wins.

Will see how they respond but since no acknowledgement still, I wonder if they will even bother replying?

 

[Ross Spur]

Worse than that, yesterday the quotes were miles out, then you couldn't even log in. Even this morning it was delaying and not accepting trades. In my experience they don't reply to e-mails.

 

[pete100]

Is there any advantage in using City Index over IG Index? Never have a problem with IG.

The above posts could be describing the antics of Deal4free(often called Steal4free), several years ago (CMC Markets).

I bought one of the first video capture units, to live record the trading screen(including the cursor) after they persistently filled lots of trades at prices different from the price I clicked on - and they were ALWAYS in their favour.

As soon as I did this and sent them a tape to prove one of the very bad fills they got really ratty in phone calls as they knew they couldn't blag their way out of my challenges.
(Try live recording your trade entry and exit with some City Index deals and it will conclusively show if they are at it or not).

It all became too much agro using Deal4Free in the end, talking to sarcastic 19 year old wide boys, and I gave up on them - it was like dealing with a bunch of thieves and worse.

They opened a dealing room in Australia and it generated hundreds of posts on forums from their clients, experiencing exactly the same thing.

 

[twinj]

Whenever people talk about negative slippage on stops...they should also consider positive slippage on limit closes.

By comparing both sides, you get a better idea if the broker is playing by the rules or not.

I am not sure on what you mean because I don't use limit orders but it seems that you can be filled at a better price? Even so, I am not sure whether it is relevant? If a stop loss is hit, the client loses much more than what he may gain in a positive slippage in a limit order with all other things remaining constant. So my conclusion is, if one adds a random number generator say which makes the price fluctuate, it will be in the favour of the spread betting company. What do you think?

The opinion above is not directed at City Index.

 

[twinj]

Worse than that, yesterday the quotes were miles out, then you couldn't even log in. Even this morning it was delaying and not accepting trades. In my experience they don't reply to e-mails.

It seems you are right. The latter email has been replied to but not the former.

 

[twinj]

Is there any advantage in using City Index over IG Index? Never have a problem with IG.

The above posts could be describing the antics of Deal4free(often called Steal4free), several years ago (CMC Markets).

I bought one of the first video capture units, to live record the trading screen(including the cursor) after they persistently filled lots of trades at prices different from the price I clicked on - and they were ALWAYS in their favour.

As soon as I did this and sent them a tape to prove one of the very bad fills they got really ratty in phone calls as they knew they couldn't blag their way out of my challenges.
(Try live recording your trade entry and exit with some City Index deals and it will conclusively show if they are at it or not).

It all became too much agro using Deal4Free in the end, talking to sarcastic 19 year old wide boys, and I gave up on them - it was like dealing with a bunch of thieves and worse.

They opened a dealing room in Australia and it generated hundreds of posts on forums from their clients, experiencing exactly the same thing.

I applaud you for your efforts. You had ample examples of something suspicious. This is only one case. I suppose what makes matters worse for my wife is that the DAX had just touched the stop loss and then ended up significantly down after the JPMorgan announcement.

 

[twinj]

Have you ever come across a situation where you have a stop loss and a deal ticket open. You are looking at the deal ticket and the stop loss disappears without seeing the price of your stop loss in the deal ticket? Maybe it was so fleeting that your eyes couldn't register?

 

[Ross Spur]

To be fair, I have occasionally had positive slippage from Fins/City. Having said that, I think all SB 'slippage' is artificial.

 

[ZEN archer]

Wouldn't touch them with a barge pole

I've used them and closed the account as soon as they started with slippages in their favour. There were not only slippages, but some other things as well. I called them few times and complained about it - complete waste of time. I was thinking to complain to FSA, but eventually gave up and closed the account.

I wish somebody warned me beforehand.

PS 'Wouldn't touch them with a barge pole' - heard it from an experienced spread bettor/ trader afterwards.

 

[counter_violent]

I am not sure on what you mean because I don't use limit orders but it seems that you can be filled at a better price? Even so, I am not sure whether it is relevant? If a stop loss is hit, the client loses much more than what he may gain in a positive slippage in a limit order with all other things remaining constant. So my conclusion is, if one adds a random number generator say which makes the price fluctuate, it will be in the favour of the spread betting company. What do you think?

The opinion above is not directed at City Index.

I used to run a spot gold strategy always in the market, no stops only limit closes. The positive slippage I received accounted for half of all my spread and transactional costs. Something to think about !

 

[SimonK]

IGIndex is just as bad for slippage. A friend got slipped 100 ticks on gold the other day.

Funny how they always promote instant execution, no requotes, yada yada. But as most SB brokers, they make money by trading against the client. So they got to do something to take your funds and that is in the form of slippage.

 

[Ross Spur]

IGIndex is just as bad for slippage. A friend got slipped 100 ticks on gold the other day.

Funny how they always promote instant execution, no requotes, yada yada. But as most SB brokers, they make money by trading against the client. So they got to do something to take your funds and that is in the form of slippage.

Yes, I don't remember ever having positive slippage from IG, but always the worst negative slippage, for any excuse.

 

[SimonK]

Yes, I don't remember ever having positive slippage from IG, but always the worst negative slippage, for any excuse.

Yep, and I could name a few more guilty parties, like FXCM for instance.
Delayed execution on some of these bucket shops is also par for the game. Always love the "context busy" message on MT4 spreadbet brokers, LOL.

The only solution is a real futures broker, like Mirus Futures for instance. However I am hoping that FP Markets will prove me wrong on my feelings about spreadbetting.