Fins Ain't Wot They...

[Visaria]

I have asked this precise question to them a short while ago.
They said you cant have multiple accounts, and segregate monies.
( I wanted to separate a "live" trading account from a smaller "system test" account where I could mess about with new ideas with real money. )
They said NO.

I am sure I read somewhere( may have been CMC ) that the other person can open their own account and give you written permission to access and trade their account for them.

I have two accounts with CMC for the reason that I do some short term trading in one and longer term stuff in another.

 

[stevespray]

Looks like Fins having a few problems with the platform this afternoon. Just piddling about with a binary and it went off.

Steve.

 

[Visaria]

Looks like Fins having a few problems with the platform this afternoon. Just piddling about with a binary and it went off.

Steve.

Are u talking about their new platform? Would you say it's better than the old one?

 

[stevespray]

Are u talking about their new platform? Would you say it's better than the old one?

Not used it that much but the newer platform has a nicer feel about it. Seems to be having a few teething problems though. A friend of mine thinks its a bit slow. Could be because the bulk of customers are now trading through the new platform and that is slowing things down. It's most troublesome on the binary bets where rejections based on price movements seem to have increased - again it could be a bandwidth issue. The problem is that after a rejection the system wont quote you again until a period of time has passed. This seems rather unfair if you've just attempted to trade and had it rejected.

Steve.

 

[MarvinS]

Piddling around - what went off? something under your desk......

 

[Pat494]

Not only is the new platform slower ( 2 mins compared to 1.5 mins ) half the page is out of view. Needs a bit more work on it chaps !!

 

[Phil Mibbutz]

Didn't FS introduce the New Improved Flash-based platform because it was going to be so much faster than the old Java one?

 

[reidami]

reidami

Didn't FS introduce the New Improved Flash-based platform because it was going to be so much faster than the old Java one?

Im still using the old java because I cant get the new one to work. I downloaded it and installed it but I cant get it to run. Seems like Im not missing much.Im on AOL with Internet Explorer. I think I will try Netscape. Can anybody help?

 

[chestney]

Im still using the old java because I cant get the new one to work. I downloaded it and installed it but I cant get it to run. Seems like Im not missing much.Im on AOL with Internet Explorer. I think I will try Netscape. Can anybody help?

I have been using the new platform for a few weeks, with AOL, without any problems.

Although I do open it with Internet explorer, I don't know if that makes any difference.

Finspreads advised to make sure the latest version of flash is installed.

Hope this helps

 

[MarvinS]

It is a nice new re-designed platform. Well done finspreads! However i must admit this new trading platform does not put them on par with other platfroms. I have heard stories of the system crashing! Traders give them time to sort out teething problems.

 

[tomorton]

Finding new platform slow to load and loading meter continuously says 0% so you think its not going to work. But quicker to process commands like entering orders. Can't right-click on various features to open them in new window but more panes available on main view. Nice to be able to sort positions by name, date, profit etc.

 

[zzaxx99]

I've found the new Fins platform very slow, and I can only get it to connect at all from home. This version is even worse than the last version at working through firewalls - can't get any data at all on this one.

 

[FXSCALPER2]

Hey Marvin,

I am trading forex with CMC (not spread betting). I am currently looking at Finspreads and I notice their prices are sometimes out by a lot (3 pips and more!!). I remember you talking about 'VETTING'. Can this price difference be an attempt to manipulate prices and effectively make the spread wider than it looks? Thanks for any answers.

 

[MarvinS]

It depends are you looking at scalping the spot price or the IMM futures? The FX spot that you are trading can have a wide spread too. SB's firms can't afford to skew prices, typically on GBP= or EUR= most firms are 3 spread on the rolling contract. You should actually follow the price of the SB firms and compare them to the spot FX price, you may even notice sometimes you get an even better quote than the underlying. Most firms price FX rolling off the spot price but i think there is a slight permutation on the pricing - i will have to get back to you!
As for 'VETTING' - yes i would say the only reason SB's vet trades and not in an animal sense, is to make sure the price you are being quoted is correct. Spreads have narrowed quite alot and it is easy for a price feed in the underlying to be wrong.

 

[FXSCALPER2]

It depends are you looking at scalping the spot price or the IMM futures? The FX spot that you are trading can have a wide spread too. SB's firms can't afford to skew prices, typically on GBP= or EUR= most firms are 3 spread on the rolling contract. You should actually follow the price of the SB firms and compare them to the spot FX price, you may even notice sometimes you get an even better quote than the underlying. Most firms price FX rolling off the spot price but i think there is a slight permutation on the pricing - i will have to get back to you!
As for 'VETTING' - yes i would say the only reason SB's vet trades and not in an animal sense, is to make sure the price you are being quoted is correct. Spreads have narrowed quite alot and it is easy for a price feed in the underlying to be wrong.

Thanks Marvin. I have been watching the Finspread price and comparing it to CMC's. There is definitely something very strange going on. For example, Finspreads show GBPUSD bid 53 while CMC is showing 56/59. If you then go short at 53, you would then expect to be able to get out at a lower price, say when offer is 23. The thing is by the time the price starts to go down, it is adjusted so CMC will also quote 26 at the exact same time. In other words, the spread you get is 6!! I thought this was a one off, but as I kept looking I found it happens all the time.

In addition, they have this annoying habit of saying 'indicative' and lock you out. Maybe what I saw doesn't happen every day, but for the last 24 hours, a scalper would have been ripped off with Fins.

 

[MarvinS]

I understand your point if you are a scalper you really need a price that is tradeable pretty much all the time. I cannot see why a trading platform has to be indicative on a regualr basis as you say! I dont think it is that bad.

In regards to GBP= rolling - both companies may have a different price feed for this contract. On the flip side CMC's price could be wrong, i will check this out when i get into the office.

 

[MarvinS]

FXSCALPER - spread betting firms price the rolling spot currency from the spot currency price. Some will take a price off the bid/offer and wrap a spread around it. Others take off the mid point. I can only assume someone has a slower price feed.

 

[FXSCALPER2]

FXSCALPER - spread betting firms price the rolling spot currency from the spot currency price. Some will take a price off the bid/offer and wrap a spread around it. Others take off the mid point. I can only assume someone has a slower price feed.

Thanks Marvin. You are very kind.

 

[MarvinS]

To be honest you are dealing at market price on a 3 pip spread, but i can understand your concern re: skewing of prices. I have been of the opinion that one should open an account with across the board SB firms and trade at the best price that is available to you at the time. No harm in getting the best deal for yourself for any 1 given trade.

 

[FXSCALPER2]

To be honest you are dealing at market price on a 3 pip spread, but i can understand your concern re: skewing of prices. I have been of the opinion that one should open an account with across the board SB firms and trade at the best price that is available to you at the time. No harm in getting the best deal for yourself for any 1 given trade.

I have been trading with various brokers over the years and they all have their faults. I am watching Fins. Thanks for your help Marvin.