Interactivespreads

[gle101]

There is a new player on the block!

A new spread betting company that will soon open their doors to us traders! www.interactivespreads.com. As they have now started to accept client account applications, they should go live within a few days. I would like to start this thread in order to discuss what you guys think of them, if and when you start trading with them. How do they compare with the other SB companies like IGindex, Capitalspreads, Worldspreads and the others that are more established, that have been in business for quite a long time? One thing is for sure, we need some more competition in this industry. Today it looks like the spread betting companies are not taking care of and putting the value on their client stock the way they should. They are not really listening to the traders’ wishes and concerns. I guess that this situation is rapidly about to change as the competition grows. SB companies that do not cherish their client stock will find themselves to be out in the cold sooner than they think.

I think it is in order for me to say, that I am not working or have been offered employment at this company. However, as I understand, the company in question is jointly owned by a Swedish company and an Irish company. It has therefore caught a special interest for me as a Swede. I have tested their demo platform and it looks very promising indeed. This company has huge potential, especially because the Swedish component has been in this business for quite a number of years, over which they have developed their own platform solution and trading system. Also the Swedish company has recently launched their FX service in Sweden a couple of months ago www.iflexfx.com. If they run the spread betting division in the same way they run their FX service, the other SB’s have to look very carefully at this new contender. I am trading live with iflexfx.com and, speaking for myself, I haven’t found a better retail Forex broker. Oh yes, they need to sharpen their platform functionality a bit. From what I have come to know, their in house developers are in the process of introducing new and interesting platform functions. These new platform facilities will also be transferred to the www.interactivespreads.com platform as it is actually the same system for both operations.

 

[Slorm]

Probably worth opening a demo account first and seeing how it goes. The site is unclear as to what instruments they trade and what the spreads are. From the few entries in the market overview the spreads look very tight but the same instruments do not show in the product information.

I'm not sure that being registered with Ireland's Customs & Excise as a Bookie counts for much in the way of client protection, I'd prefer to see FSA registration and some details as to how client funds are held.

The homepage claims and I quote "Increase your investing and trading profits substatially by trading through InteractiveSpreads FOR FREE!" (forgetting about the typo) there's no such thing as free, the cost is in the spread.

Some new blood to liven up the competition would be a good thing but I'd want to know a lot more about them before risking my cash at present.

 

[gle101]

Probably worth opening a demo account first and seeing how it goes. The site is unclear as to what instruments they trade and what the spreads are. From the few entries in the market overview the spreads look very tight but the same instruments do not show in the product information.

I'm not sure that being registered with Ireland's Customs & Excise as a Bookie counts for much in the way of client protection, I'd prefer to see FSA registration and some details as to how client funds are held.

The homepage claims and I quote "Increase your investing and trading profits substatially by trading through InteractiveSpreads FOR FREE!" (forgetting about the typo) there's no such thing as free, the cost is in the spread.

Some new blood to liven up the competition would be a good thing but I'd want to know a lot more about them before risking my cash at present.

A good thing when it comes to iflexfx.com is that there is no minimum deposit required to open a live account. I guess the same will apply for www.interactivespreads.com. I think that there is also the possibility of opening an account in different currencies. If that is the case, a stake with 1 swedish crown isn't much, so there isn't really much to lose initially . I don't know what kind of protection you get in Ireland, maybe somebody on this forum could elaborate on this. Opening a demo account is good for getting a better view over spreads and getting used to the platform, but it can never substitute for real trading. When it comes to the protection of money at www.iflexfx.com, the company is located in Sweden, so Swedish law applies. Accounts are segregated and secured by a deposit guarantee up to 250.000 Swedish crowns (the same state guarantee that the banks have here in Sweden). Hopefully the accounts at interactivespreads are segregated and secured, but I really don't know what laws apply for Ireland. There is also the difference between a Forex registered company and a Spread betting company on the grounds that Forex is taxable.

 

[jkplay]

Don't touch them!

''InteractiveSpreads is a division of Trade For Free, Ltd which is a registered bookmaker with Customs and Excise in the Republic of Ireland''

Regulated by FSA? Aparently not...

Member of any exchange? Not acording to their website

Trade For Free.... what a lazy name... totaly trying to rip off Deal 4 Free ( Now CMC Markets)

From what I can see they arn't an IB or white label partner with any of the big boys.

I am all for supporting enterprise and the ''underdog'' if you like, not when it comes to speculating on the financial markets with my money.

I want a firm with 24-Hour dealing +customer service, massive liquidity, FSA regulation and of course a good platform and spreads.

No WOW features, poor looking website and no FSA regulation.

Stay clear if I where you

 

[jkplay]

plus a 4 point spread on eur/usd btw!!!

 

[gle101]

plus a 4 point spread on eur/usd btw!!!

Yes I also notice the wide spread on EUR/USD. iflexfx offer variable spread on EUR/USD, 1 point spread under "normal" market conditions. Hopefully they will offer a better spread on the currencies pair as they go live.

 

[gle101]

Don't touch them!

''InteractiveSpreads is a division of Trade For Free, Ltd which is a registered bookmaker with Customs and Excise in the Republic of Ireland''

Regulated by FSA? Aparently not...

Member of any exchange? Not acording to their website

Trade For Free.... what a lazy name... totaly trying to rip off Deal 4 Free ( Now CMC Markets)

From what I can see they arn't an IB or white label partner with any of the big boys.

I am all for supporting enterprise and the ''underdog'' if you like, not when it comes to speculating on the financial markets with my money.

I want a firm with 24-Hour dealing +customer service, massive liquidity, FSA regulation and of course a good platform and spreads.

No WOW features, poor looking website and no FSA regulation.

Stay clear if I where you

I will for sure give them a try and see how they perform live. Name and a flashy website, I couldn't care less. In my book spread, execution and platform functionality is what counts. This together with secured accounts of course.

 

[jkplay]

and they have variable spreads (always look for fixes spreads), a very basic platform and how can their execution compare with the straight through order matching of the large marketmakers. Its impossible for an irish bookie to achieve in the early days.

I was excited when i saw interactive spreads as the title as I thought they may be a divison of Interactive Brokers. But aparenly they are a unregulated mix of cmc and ib lol

Im sure your an employee pal so im sorry for ruining you t2w promotion but im trying to give another view for sb novices so they can make a decision based on the facts

 

[gle101]

and they have variable spreads (always look for fixes spreads), a very basic platform and how can their execution compare with the straight through order matching of the large marketmakers. Its impossible for an irish bookie to achieve in the early days.

I was excited when i saw interactive spreads as the title as I thought they may be a divison of Interactive Brokers. But aparenly they are a unregulated mix of cmc and ib lol

Im sure your an employee pal so im sorry for ruining you t2w promotion but im trying to give another view for sb novices so they can make a decision based on the facts

I agree facts are what is interesting. For one thing I am not employed by interactivespreads, and that is a fact. I have been around this forum for quite a while and have nothing to gain by promoting them. Time will tell how well they will perform.

 

[c6ackp]

One thing to be aware of with iflexfx...

The spreads look too good to be true on the demo system - and they are...

For euroyen, the spread on the live system is 2 pips wider!

[eur/usd and gbp/usd are very tight though - e/j seems to be the odd one out]

HTH
c6

 

[gle101]

One thing to be aware of with iflexfx...

The spreads look too good to be true on the demo system - and they are...

For euroyen, the spread on the live system is 2 pips wider!

[eur/usd and gbp/usd are very tight though - e/j seems to be the odd one out]

HTH
c6

I agree, the same spread should be quoted at the demo account.

 

[c6ackp]

I agree, the same spread should be quoted at the demo account.

I spoke to someone at iflexfx : this was just an IT oversight on the yen rates & will be fixed this evening. So live/demo prices should be consistent next week.

 

[gle101]

I spoke to someone at iflexfx : this was just an IT oversight on the yen rates & will be fixed this evening. So live/demo prices should be consistent next week.

Ok, fair enough.

 

[gle101]

Interactivespreads goes live!

I just got an email from Interactivespreads saying that they go live today (Tuesday). It will be very interesting to see how well they perform and execute.

 

[lurkerlurker]

I don't get a warm fuzzy feeling knowing that they are registered with the Customs and Excise as a Financial Bookmaker. Further, their T&Cs look strikingly similar to Capital Spreads! Read for yourself - I'm talking about the same turn of phrase, paragraph numbers, etc.

 

[lurkerlurker]

I don't get a warm fuzzy feeling knowing that they are registered with the Customs and Excise as a Financial Bookmaker. Further, their T&Cs look strikingly similar to Capital Spreads! Read for yourself - I'm talking about the same turn of phrase, paragraph numbers, etc.

Actually, I'm just going to come out and suggest that Interactive Spreads stole the T&Cs from London Capital Group. As far as I am aware, there is no "Insolvency Act 1986" on the Irish statute books.

 

[lurkerlurker]

Interactive Spreads are Fraudulent?

Does anyone care to comment on "Interactive Spreads". They are a new Irish financial bookmaker, who appear to have plagiarised their Terms and Conditions from London Capital Group. At first I thought that it may be coincidental, however as far as I am aware, there is no "Insolvency Act 1986" on the Irish statute books. Further, our statutory instruments aren't binding on the Irish either, including the "Financial Services (Client Money) Regulations 1991".

Exhibit A: Standard Capital Spreads T&Cs
Exhibit B: Interactive Spreads T&Cs

Read both for yourselves, paying particular attention to the paragraph numbers and certain UK specific terms (and legislation no less!)

Some particular gems stand out

"15.6 Any query or dispute in respect of any trade or conversation, together with details of the time and date of the trade or conversation must be communicated to us as soon as you become aware of it If the dispute or complaint is not satisfactorily resolved it should be referred, again with all details, to the Customer Support Desk of InteractiveSpreads and, if not then resolved to your satisfaction, should be further referred to our Compliance Officer Customer Service. Should you be in any way dissatisfied with the resolution of any dispute you have the right to refer the matter to the Financial Ombudsman Service. In circumstances of this occurring the matter should be referred to the Ombudsman within 28 days of the Compliance Officers’ resolution of the dispute. "​

(my emphasis - I didn't know the Irish came under the FOS, or that "Customer Service" is their compliance officer)

 

[gle101]

Does anyone care to comment on "Interactive Spreads". They are a new Irish financial bookmaker, who appear to have plagiarised their Terms and Conditions from London Capital Group. At first I thought that it may be coincidental, however as far as I am aware, there is no "Insolvency Act 1986" on the Irish statute books. Further, our statutory instruments aren't binding on the Irish either, including the "Financial Services (Client Money) Regulations 1991".

Exhibit A: Standard Capital Spreads T&Cs
Exhibit B: Interactive Spreads T&Cs

Read both for yourselves, paying particular attention to the paragraph numbers and certain UK specific terms (and legislation no less!)

Some particular gems stand out

"15.6 Any query or dispute in respect of any trade or conversation, together with details of the time and date of the trade or conversation must be communicated to us as soon as you become aware of it If the dispute or complaint is not satisfactorily resolved it should be referred, again with all details, to the Customer Support Desk of InteractiveSpreads and, if not then resolved to your satisfaction, should be further referred to our Compliance Officer Customer Service. Should you be in any way dissatisfied with the resolution of any dispute you have the right to refer the matter to the Financial Ombudsman Service. In circumstances of this occurring the matter should be referred to the Ombudsman within 28 days of the Compliance Officers’ resolution of the dispute. "​

(my emphasis - I didn't know the Irish came under the FOS, or that "Customer Service" is their compliance officer)

Good that you have pointed out the similarity. However, I must say that I don't like the title you are using. I myself would be more careful not to use this kind of expression to get your point heard. For all we know this might not at all be a copyright issue. If you have some interesting information about the Customs and Excise of Ireland, and how they operate I would be all ears.

 

[lurkerlurker]

Good that you have pointed out the similarity. However, I must say that I don't like the title you are using. I myself would be more careful not to use this kind of expression to get your point heard. For all we know this might not at all be a copyright issue. If you have some interesting information about the Customs and Excise of Ireland, and how they operate I would be all ears.

The fact is they claim they have a legal contract to be governed by Irish law and then make reference to UK Acts of Parliament and Statutory Instruments. Perhaps not as far as fraudulent, but it is quite obvious that rather than take the time and effort to draw up a clear, fair, and legally binding contract which protects the interests of them and their punters, they decided to do a cut and paste job from a competitor in the hopes of taking a shortcut to a professional image. I'm sorry if the language I use is provocative, but to pass that attempt off as a binding contract on both parties where financial services are involved is nothing short of dishonest, if not fraudulent.

I wouldn't touch this company with an eighty foot barge pole, on the basis of a clearly unprofessional cut 'n' paste job. I don't even know if a contract containing general terms can be copyrighted, but I do think that cutting and pasting entire documents from competitors is unethical. Further, copyright issues aside, a copied contract from a different jurisdiction is wholly inadequate.

I'm not terribly sure how the Irish C&E work - however, it appears there is no seperate regulatory body involved and perhaps they have chosen to regulate financial spread betting in a similar manner to betting on horses or the weather, which wouldn't take into account the nature of financial spread betting. The UK FSA effectively recognise it as a form of CFD by another name, and appear reasonably alert in regulating firms. I can't say I get the impression that the Customs and Excise of Ireland have a similar department looking after SB/CFDs.

Also, the only reference Interactive Spreads make to segregating client monies refers to the terms of a UK statutory instrument. Do they even segregate client funds? Where? Are they required to? I don't feel safe about this one guys. Perhaps if gle101 or another interested party would email them, link this thread, and ask for their comment in public we could perhaps address some of this.

 

[gle101]

The fact is they claim they have a legal contract to be governed by Irish law and then make reference to UK Acts of Parliament and Statutory Instruments. Perhaps not as far as fraudulent, but it is quite obvious that rather than take the time and effort to draw up a clear, fair, and legally binding contract which protects the interests of them and their punters, they decided to do a cut and paste job from a competitor in the hopes of taking a shortcut to a professional image. I'm sorry if the language I use is provocative, but to pass that attempt off as a binding contract on both parties where financial services are involved is nothing short of dishonest, if not fraudulent.

I wouldn't touch this company with an eighty foot barge pole, on the basis of a clearly unprofessional cut 'n' paste job. I don't even know if a contract containing general terms can be copyrighted, but I do think that cutting and pasting entire documents from competitors is unethical. Further, copyright issues aside, a copied contract from a different jurisdiction is wholly inadequate.

I'm not terribly sure how the Irish C&E work - however, it appears there is no seperate regulatory body involved and perhaps they have chosen to regulate financial spread betting in a similar manner to betting on horses or the weather, which wouldn't take into account the nature of financial spread betting. The UK FSA effectively recognise it as a form of CFD by another name, and appear reasonably alert in regulating firms. I can't say I get the impression that the Customs and Excise of Ireland have a similar department looking after SB/CFDs.

Also, the only reference Interactive Spreads make to segregating client monies refers to the terms of a UK statutory instrument. Do they even segregate client funds? Where? Are they required to? I don't feel safe about this one guys. Perhaps if gle101 or another interested party would email them, link this thread, and ask for their comment in public we could perhaps address some of this.

Yes we need facts about how Customs and Excise of Ireland are operating when it comes to SB companies. There must be a lot of SB companies that are located in Ireland and are under Irish jurisdiction.

On the other hand, I also think it is a good idea to find out more information on your paragraph as follows;

"Also, the only reference Interactive Spreads make to segregating client monies refers to the terms of a UK statutory instrument. Do they even segregate client funds? Where? Are they required to?"

I totally agree on this, one must know this before deposit any large sums of money. I see what kind of information can be found and post it on this board.