Finspreads Binary Spreads

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TruthTrader

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Has anyone else noticed Finspreads' binary spreads are expanding?

I'm regularly quoted 10 points between 35 and 75.

Perhaps they should spin off their binary offering under the name ELASTIC SPREADS.
 
Yes, I highlighted the situation back in the summer. Since then there have been several increases in the size of the spreads. It would appear that a number of Finspreads customers are slightly more clever than they are!

Here is a thread I started back then....

http://www.trade2win.com/boards/showthread.php?t=20098

I've practically given up trading them since they dont want to quote me on anything larger than £1. I'm guessing that the really clever people have several accounts with different companies and therefore open on one account and then either run until expiry or close on another account where unhindered. The bottom line is that the only way they can effect the customers profitability is to make the spreads much larger and thus increase the costs of trading. My guess is that they will get larger still if people carry on winning. The nature of these bets means that successful clients will increase stakes and unsuccessful clients either bet small or dont bet full stop. The bottom line for the bookie is an aspect of their business which can cost them a lot of money.

Steve.
 
DO NOT TRADE BINARIES WITH THESE PEOPLE.

In addition to the elastic spread [I was being quoted 12 points at mid-market this week], if the underlying moves quickly or gets choppy, they will PULL THEIR QUOTE so you CAN'T TRADE until it settles down. If you are on the wrong side of the move, you are butt-fcuked, with no chance of getting out. LEGALITY of this, anyone???

Excerpt from the Finspreads dictionary: 'Caveat Emptor: Wop for GFY'
 
I read on another forum the following descriptions for a financial betting firm:
"I noticed the coloured shape are now doing intraday hourly markets."
"Chelsea's home colour and the middle of Madison Gardens "
"the blue mob"
As I'm not from the UK, and most of you guys seem to be, can anyone tell me to which firm they are referring? Thanks!
 
dgproject said:
I read on another forum the following descriptions for a financial betting firm:
"I noticed the coloured shape are now doing intraday hourly markets."
"Chelsea's home colour and the middle of Madison Gardens "
"the blue mob"
As I'm not from the UK, and most of you guys seem to be, can anyone tell me to which firm they are referring? Thanks!
Click to expand...

They are talking about www.finspreads.com
 
Update: Finspreads are now either unable or unwilling to make a continuous market in their hourly binaries. Whichever is the case, they are not credible as a counterparty. Take my advice, and take your cash elsewhere, where you may have an outside chance of winning.

Advice for Finspreads: If you achieve charitable status, you will be allowed to ask for donations directly, and won't incur the onerous costs of offering a 'trading' facility. Food for thought?
 
TruthTrader said:
Update: Finspreads are now either unable or unwilling to make a continuous market in their hourly binaries. Whichever is the case, they are not credible as a counterparty. Take my advice, and take your cash elsewhere, where you may have an outside chance of winning.

Advice for Finspreads: If you achieve charitable status, you will be allowed to ask for donations directly, and won't incur the onerous costs of offering a 'trading' facility. Food for thought?
Click to expand...

Wow, no supprise really....first they widen the spreads to 12 around 50...it's only natural for them to slowly wind down.
 
Excellent comment by TruthTrader on Finspreads. I found them very quick to activate my order where I had made an error and very slow to do so where I was spot on. Also, they seem to 'lose' limit orders after they are activated for quite a long time, so it is impossible to edit a stop or profit take limit exit order. Not actually illegal, but arguably very sharp practice. Certainly it negates their advertising about being a good place for novices to learn.
 
Have you guys been very successful trading with them? The spreads I see are around 4-6 points normally, what time of day do you see the 12 point spreads?
 
jules101 said:
Have you guys been very successful trading with them? The spreads I see are around 4-6 points normally, what time of day do you see the 12 point spreads?
Click to expand...


Jules

If what you say is true, then you and I are being quoted (widely) different prices.

These people do not deliver the services they advertise, and members of this forum should be aware of that.

TT
 
Their system is horrible.

Take ages to give quotes and as someone highlighted they pull their quotes suddenly. Very dangerous if you have an open position, especially in markets like binaries.

.
 
Last edited:
If anyone has the time/inclination/resources to sponsor a legal challenge to their shady behaviour, I will certainly contribute witness testimony at least. TT
 
TruthTrader said:
If anyone has the time/inclination/resources to sponsor a legal challenge to their shady behaviour, I will certainly contribute witness testimony at least. TT
Click to expand...
I am with you on this a well... I dont mind spending any money dragging them to court :eek:
 
If I am not mistaken binary bets are not included in the FSA remit. Standard spreadbetting malpractice is a difficult thing to prove. Spreadbetting companies clearly do get away with sharp practice, but proving it is another matter
 
Pippppin said:
Has anybody got anything positive to say about Finspreads?
Click to expand...
They used to be good up until around 2004. Their staff were the best and would always give you the benefit of the doubt. They would manually watch stops and if your stop was hit and then market rebounded, they wouldnt fill you.

But since then I think their whole policy has changed and they are left with a hugely inefficient platform with aggressive attitude towards their clients.
 
Pippppin said:
If I am not mistaken binary bets are not included in the FSA remit. Standard spreadbetting malpractice is a difficult thing to prove. Spreadbetting companies clearly do get away with sharp practice, but proving it is another matter
Click to expand...

I don't think it would be very difficult. Take consistently pulling quotes as an example: their published material includes trading hours; if enough clients can attest to not being able to trade for periods when they should be able to, then we have proved the service they advertise is not the service they deliver. I'm no lawyer, but it sounds unlawful to me. Don't need FSA regulation: standard commercial law should suffice.
 
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