What's In A Name...? Newbee's Beware !!

[Guesty]

What's in a name...? I ask, we've all been called one thing or another over the years, for sure, and most of us take it with a pinch of salt, but when it comes to CMC Deal4Free, they really do mean what they say, "Dummy Client Account"

A friend and I were in full 'Paltalk' mode.(technology, isn't it a wonderful thing). He was on the CMC's 'Dummy Account' and I was on the 'Live' and this is what we discovered.

I feel compelled to share our finds with you all.

Below is a screen print of today's opening on the Dow Jones with 2 different price Boxes. The top price box is taken from their "Live Account" trading platform and the bottom price box is taken from their so called "Dummy Client Account". As you can see, it is lagging some 11 points behind the 'Live Account' prices, only to catch up a short time later but allowing the 'shall I press it, shall I not press it' boys to make their decision, yet in reality, this is not so. The example below, is certainly not a 1 off, I’ve been watching it for some time and believe me, it gets a lot worse especially when the Dow is going full steam ahead!.

So, my advice to any prospecting Spreadbetter's out there..."Newbee's Beware!!" All is not as it seems….

 

[JonnyT]

Cannot say I'm at all suprised given my own dealings with SpreadBet Co's

JonnyT

 

[eminem]

A very interesting point and worth sharing for the benefit of the unwary! Good post.

A lot of the SB companies have come in for criticism over spreads/pricing and this just adds fuel to the fire. Could the dummy account be classified as a form of advertising and/or enticement to open a full account?? If so wouldn't Advertising Standards be interested in the "discrepancies"?

Just my 2p's worth.

 

[FTSE Beater]

Hi Eminem

You make a good point. I'm sure they could be done...but they would soon wriggle out of it. Something along the lines of "It clearly states Dummy"


It might be worth changing your name to Dummy Client Account and see if you get better prices :cheesy:

 

[eminem]

It might be worth changing your name to Dummy Client Account and see if you get better prices :cheesy:

Ha ha, might try that one!! Doubt it will work somehow, much like any complaint against them via FSA or ASA

 

[Bigbusiness]

It makes you wonder if they adjust the quote for different clients to extract the most money out of them. Probably just me being paranoid!

 

[oatman]

They know which accounts are "inside".

 

[FTSE Beater]

Hi Eminem

I agree with you. I can imagine saying to them "I'm going to sue you with my aggressive lawyer" only for them to turn around and say "Only one?"


Hi BigBusiness

Your being paranoid, however if your trading on a large stake size it takes forever to get a fill apparently

 

[lockstock]

Just a thought . Is the DCW - delayed by 15 mins?