Withdrawals

[lurkerlurker]

This is a thread to discuss how SB firms feel about withdrawals.

I have been advised that SB firms do not like withdrawals, especially frequent or unusually large ones. I have experienced differing treatment from SB firms due to frequency of withdrawals. Apparently it is extra hassle for them, and quite a few firms "red flag" those who withdraw more than once per month.

Does anyone else have an anecdote to share regarding SB withdrawals. Perhaps you know a little more about SB firms policy in that regard, or you feel you have been treated differently by an SB firm due to "excessive" withdrawals.

Is once per month an advisable limit, or should we look to withdraw even less frequently than this? What about withdrawals following large windfall profits (Dow shorts on trend days for example)?

 

[the blades]

This is a thread to discuss how SB firms feel about withdrawals.

I have been advised that SB firms do not like withdrawals, especially frequent or unusually large ones. I have experienced differing treatment from SB firms due to frequency of withdrawals. Apparently it is extra hassle for them, and quite a few firms "red flag" those who withdraw more than once per month.

Does anyone else have an anecdote to share regarding SB withdrawals. Perhaps you know a little more about SB firms policy in that regard, or you feel you have been treated differently by an SB firm due to "excessive" withdrawals.

Is once per month an advisable limit, or should we look to withdraw even less frequently than this? What about withdrawals following large windfall profits (Dow shorts on trend days for example)?

I've had periods when I've withdrawn every week from CMC and IG, without any issues. Then again, I've never experienced a skewed price and judging by the experience of others on here, I'm beginning to wonder if I'm from another planet anyway

UTB

 

[Jack o'Clubs]

ditto the Blades (with the same firms too).

 

[PipStar]

What's the experience of those who have withdrawn regularly from Capital Spreads?

 

[lurkerlurker]

What's the experience of those who have withdrawn regularly from Capital Spreads?

Oh dear, I was expecting CS to crop up! Actually, I rather selfishly started this thread expecting those more knowledgeable than me to share some pearls of wisdom, but your contribution is valid nonetheless. I just don't really know a lot about this, but I can tell you about my own experiences.

With CS, I made a few too many withdrawals (in both amount and frequency), and was placed on dealer intervention (and was treated to particularly bad fills with no opportunity to pull an unfilled order). I'm sure you've seen me rant over at the CS thread about this, and I am not the only one.

Further, I have not had one single withdrawal request actioned the first time. I have had to call or email more than once (after leaving a few hours for the first request to be actioned) in order to get them to put it through. I think this may be unofficial policy as I have read several other posts on the boards here which state that twice is usually the magic number.

 

[billywiz82]

I have spread betting accounts with IG, City, CMC, and C.S and have never had any problems having a refund when required; I have even had 2 on the same day on one of my more profitable days! I was initially surprised that it took 3 working days for it to get back to my account, but then again the UK does have a somewhat backward banking system compared to the rest of Europe, and it is no different to any other bank transfer.

Sounds like you have been a victim of human error lurker! Why can't computers run the world, surely it would be a much better place!!

 

[jkplay]

This is a thread to discuss how SB firms feel about withdrawals.

I have been advised that SB firms do not like withdrawals, especially frequent or unusually large ones. I have experienced differing treatment from SB firms due to frequency of withdrawals. Apparently it is extra hassle for them, and quite a few firms "red flag" those who withdraw more than once per month.

Does anyone else have an anecdote to share regarding SB withdrawals. Perhaps you know a little more about SB firms policy in that regard, or you feel you have been treated differently by an SB firm due to "excessive" withdrawals.

Is once per month an advisable limit, or should we look to withdraw even less frequently than this? What about withdrawals following large windfall profits (Dow shorts on trend days for example)?

Okay lurker...... From reading some of your other post's you seem like a fairly smart guy.

It's a bit paranoid to think the firms will notice or in someway restrict cash withdrawals and give you ''special treatment''.

If you withdraw and pay money in after every trade it is still fully in your rights to do so (ridiculous as that would be!). Your name may become familiar sight for payment executives but other than that I don't see how or why they would treat you differently for your withdrawals?

Im sure the board will get an essay explaining why you think you get special treatment in regards to payments but think logically... not creatively.

JK

 

[lurkerlurker]

I have heard from some people I trust connected to the industry that withdrawals aren't appreciated. I was just looking for some further informed comment here. Sorry if I appear a little paranoid.

 

[gle101]

Oh dear, I was expecting CS to crop up! Actually, I rather selfishly started this thread expecting those more knowledgeable than me to share some pearls of wisdom, but your contribution is valid nonetheless. I just don't really know a lot about this, but I can tell you about my own experiences.

With CS, I made a few too many withdrawals (in both amount and frequency), and was placed on dealer intervention (and was treated to particularly bad fills with no opportunity to pull an unfilled order). I'm sure you've seen me rant over at the CS thread about this, and I am not the only one.

Further, I have not had one single withdrawal request actioned the first time. I have had to call or email more than once (after leaving a few hours for the first request to be actioned) in order to get them to put it through. I think this may be unofficial policy as I have read several other posts on the boards here which state that twice is usually the magic number.

I have never had a withdrawal issue with any SB company or any broker for that matter. Are you sure that it is the no. of withdrawals and the amount itself that made Capitalspreads put you on intervention by a dealer? This sounds highly unlikely to me, honestly isn’t there something else that made CS hesitate in this matter? Don’t misunderstand me, I don’t mistrust anything you are saying, but what you are describing is very far away from the level of support and service that I have experienced from Capitaspreads. Yes there are issues at CS that needs to be addressed, but I wonder if they aren't intelligent enough to keep from messing it up with withdrawal issues.

 

[jkplay]

I have heard from some people I trust connected to the industry that withdrawals aren't appreciated. I was just looking for some further informed comment here. Sorry if I appear a little paranoid.

Of course they aren't appreciated... they want you to trade with all your winning's and withdrawals are a sign you arn't going to up your stakes and keep trading.

There is no link between withdrawals and dealer intervention.