You're joking! I've just wired some funds to them, and was about to use them for the Dow while the other bucket shop sorts themselves out.
I'm getting pretty sick of this. I decided to try telephone trading (I can buy or sell at a price, and I know I am getting that price) with that bucket shop instead, but that went pear shaped when the dealer made several mistakes with my order and I was on the phone for 15 minutes trying to sort it out as they were deciding to start opening and closing positions on my account. So, it looks like you get messed about with on Internet trading with dealer intervention, and phone trading is useless also. I would postulate that the dealers are making mistakes due to the ridiculously high volume of orders that they are having to deal with now that automatic fills have been disabled on index futures.
To be fair and balanced: usually, the dealers at the firm in question are very professional. I put todays mistake down to being too busy. Also, they have adjusted my account to what the balance should be had their dealer not made a mistake. I am awaiting further information as I have reported the issue in writing (due to the contract terms on disputed bets).
To be further fair and balanced, I've had an account with this lot for six weeks and it feels like I know half their staff personally. This is not necessarily a good thing, when you are having to call to complain about bad fills, sloppy quotes, phantom cash adjustments in your account (turns out they were having problems with their payment processing provider), trades reversed on bad price (turns out they were having problems with their pricing engines), etc etc.
I may name this bucket shop in due course, and am seriously considering closing my account. If I feel the need to do so, I will be starting a thread here, complete with dates, times, issues, screenshots, other verifiable stuff for your viewing pleasure (or to give the Direct Market "Masters of the Universe" something to laugh at).
Meanwhile, recommendations for a DMA broker who does the YM and offers accounts to British folk would be appreciated. Preferably one which does not require a deposit of $50k or evidence of $100k liquid funds.
Once again, I am reminded that I trade in a bucket shop.
bucket shop
n.
1. A fraudulent brokerage operation in which orders to buy and sell are accepted but no executions take place. Instead, the operators expect to profit when customers close out their positions at a loss.
