World Spreads....Any opinions ?

[ceydababy]

Has anyone used this outfit. Opened an account a while back, had a crack with their demo platform on and off for a few weeks and then opened the account.

Was trying them at £1 a point for a week or two and getting instant fills as quick as IG. Started making some cash and liked the platform so upped my size trading anything between £3-5 a point. I traded quite heavily with them from monday of this week on (approx 25-30 trades between 5:30 and 9:00pm) at the aforementioned size.

I made what in the overall scheme of things is a small amount of cash £2.3k and withdrew it today still leaving sufficient balances on the account to trade.

It is then the fun and games began.

Trade 1. Short at 412 (bet is being processed window for about 30 seconds) the price moves to 419 and they fill me. I try to jump at 422 and get a bet is being processed window again as I watch the price climb up and up to 440. I get offered 435 to get out so take it. Instead of a 10 point hit I took a 23 point hit.

Trade 2. Short at 410. This time the market makes movement down as expected (all the while bet is being processed window is hanging there) I get offered a price at 394.

Trade 3. Long at 393. Again bet is being processed window for the longest time, market then spikes up to about 420 pulls back and then they fill me at 393.

Trade 4. AT £1 A POINT. Short at 405 market moves down as expected no fill at all not even a requote. Got a sorry price has moved to far blah blah blah message.

After this I rang up and withdrew remaining funds and will be closing my account.

Before anyone talks about volatile conditions I have been using this account for a few weeks and had no problems until a withdrawl and trading at the larger size.

I spoke with a chap called Omar at World Spreads to see what the hell was going on and his words EXACTLY were " We only really want mutually benefical business" In other words if you are making cash bugger off.

He also told me that if you are taking a position trade you don't care about 16 point slips in price.

Has anyone else had these problems ?? Or am I being paranoid that if you make some cash Spreadbet firms will screw you.

 

[ns1000]

Before anyone talks about volatile conditions I have been using this account for a few weeks and had no problems until a withdrawl and trading at the larger size.

I spoke with a chap called Omar at World Spreads to see what the hell was going on and his words EXACTLY were " We only really want mutually benefical business" In other words if you are making cash bugger off.

He also told me that if you are taking a position trade you don't care about 16 point slips in price.

Has anyone else had these problems ?? Or am I being paranoid that if you make some cash Spreadbet firms will screw you.

Are you paranoid - well partly. I don't think they have the technology or ability to screw you deliberately; you've just been shafted because they can't cope. In all probability, their IT systems are creaking due to load - both in terms of clients logged on and price updates and trades they're trying to process. Looking at IG's accounts, the amount they spend on IT must be way above Worldspreads' capabilities so when it gets busy, things start to pack up. Instead of dozens of deals per minute, the systems are trying to price and credit check hundreds. That's an explanation, but it still means that you're getting a sh1t service. I remember a guy who worked at Nat West Stockbrokers at the height of the tech bubble saying that clients would routinely wait on the phone for 20 minutes or more trying to get through to a dealer.

In normal conditions, WS are probably fine, but I wouldn't rely on them on days like today. Their systems are slow so by the time your trade gets through it's either rejected or goes manual, at the back of the queue.

As for position traders not caring about 4% slippage - what a load of crap.

 

[ceydababy]

Are you paranoid - well partly. I don't think they have the technology or ability to screw you deliberately; you've just been shafted because they can't cope. In all probability, their IT systems are creaking due to load - both in terms of clients logged on and price updates and trades they're trying to process. Looking at IG's accounts, the amount they spend on IT must be way above Worldspreads' capabilities so when it gets busy, things start to pack up. Instead of dozens of deals per minute, the systems are trying to price and credit check hundreds. That's an explanation, but it still means that you're getting a sh1t service. I remember a guy who worked at Nat West Stockbrokers at the height of the tech bubble saying that clients would routinely wait on the phone for 20 minutes or more trying to get through to a dealer.

In normal conditions, WS are probably fine, but I wouldn't rely on them on days like today. Their systems are slow so by the time your trade gets through it's either rejected or goes manual, at the back of the queue.

As for position traders not caring about 4% slippage - what a load of crap.

I agree in part. However, it seems a little coincidental that a cash withdrawl is all of a sudden followed by that sucky service. Furthermore, the comment of "mutually benefical service" what the hell is that supposed to mean.

He also mentioned some rubbish about a gateway and that IG allow more price slippage than Worldspreads. I tried explaining that I rarely get slipped with IG and I had no "gateway" issues until now.

 

[ns1000]

From a commercial pov, they'd be mad to **** you off just because you took some money out given how much they can make from a decent trading account. That said, maybe their traders don't get this.

I love the rubbish this guy has spouted - obviously doesn't understand the meaning of mutual. Wonder how he knows how much slippage IG 'allow'. God knows what a gateway issue is - probably means their IT kit is not up to the job!

 

[PipStar]

ceydababy, your account was definitely flagged after you made your withdrawal which means that all your trades went to the dealer to be approved. Instead of getting automatic execution you were on manual execution. These tactics are to get you to close your account and leave. None of these spreadbet companies will keep winners on their books for too long. And I talk from experience.

 

[laptop1]

Has anyone used this outfit. Opened an account a while back, had a crack with their demo platform on and off for a few weeks and then opened the account.

Was trying them at £1 a point for a week or two and getting instant fills as quick as IG. Started making some cash and liked the platform so upped my size trading anything between £3-5 a point. I traded quite heavily with them from monday of this week on (approx 25-30 trades between 5:30 and 9:00pm) at the aforementioned size.

I made what in the overall scheme of things is a small amount of cash £2.3k and withdrew it today still leaving sufficient balances on the account to trade.

It is then the fun and games began.

Trade 1. Short at 412 (bet is being processed window for about 30 seconds) the price moves to 419 and they fill me. I try to jump at 422 and get a bet is being processed window again as I watch the price climb up and up to 440. I get offered 435 to get out so take it. Instead of a 10 point hit I took a 23 point hit.

Trade 2. Short at 410. This time the market makes movement down as expected (all the while bet is being processed window is hanging there) I get offered a price at 394.

Trade 3. Long at 393. Again bet is being processed window for the longest time, market then spikes up to about 420 pulls back and then they fill me at 393.

Trade 4. AT £1 A POINT. Short at 405 market moves down as expected no fill at all not even a requote. Got a sorry price has moved to far blah blah blah message.

After this I rang up and withdrew remaining funds and will be closing my account.

Before anyone talks about volatile conditions I have been using this account for a few weeks and had no problems until a withdrawl and trading at the larger size.

I spoke with a chap called Omar at World Spreads to see what the hell was going on and his words EXACTLY were " We only really want mutually benefical business" In other words if you are making cash bugger off.

He also told me that if you are taking a position trade you don't care about 16 point slips in price.

Has anyone else had these problems ?? Or am I being paranoid that if you make some cash Spreadbet firms will screw you.

This is a post by you
http://www.trade2win.com/boards/spread-betting/19974-worldspreads-14.html#post431972

I did warn you about them.

 

[ceydababy]

This is a post by you
http://www.trade2win.com/boards/spread-betting/19974-worldspreads-14.html#post431972

I did warn you about them.

Yes Laptop should have heeded the warning. I did question myself if the 2 point dow spread seemed to good to be true it obviously was. Unfortunatley, I'm one of those who when someone tells me the building's burning I have to go and see it for myself and get burnt in the process.

Thankfully to find out they were scammers only cost me about £160 so I am still walking away with their cash. But frankly it is outrageous that a S/BET firm can get away with that. As soon as you make a bit of cash they shut you out.

What sort of a bucket shop operation won't allow a guy to trade freely at sizes of £5 and under. This is SMALL FRY compared to some S/Betters.

To be fair I've not experienced this at all with IG Index. I've never really made much money at Capital Spreads so can't comment !! But I would hope they're ok.

I think being cynical a lot of these small firms make these crazy offers to hook in the mug punters. I have I'm afraid become the mug punter on to many occasions now. Thankfully I haven't lost money through being the mug punter. Just been sorely dissapointed at the service levels delivered from these companies that claim to offer a "more personal service" and want to "work with you" and "help you" and world spreads "geunine 2 point spread on Dow"

I am from now on going to stick to IG Index and occasionally use Capital Spreads. Love him/loathe him at least Simon has the front to take the stick on this forum and keep coming back for more, that says quite a lot about the guy in my book.

PS...If a rep from World Spreads is reading this I was trading IG Index in the last hour of the dow last night and didn't get slipped once. Execution was instant at sizes discussed above (no bigger) When my stop level was triggered I was out in the blink of an eye and when I reached my take profit level I was filled in the blink of an eye AT THE EXACT PRICE CLICKED.

 

[gle101]

Has anyone used this outfit. Opened an account a while back, had a crack with their demo platform on and off for a few weeks and then opened the account.

Was trying them at £1 a point for a week or two and getting instant fills as quick as IG. Started making some cash and liked the platform so upped my size trading anything between £3-5 a point. I traded quite heavily with them from monday of this week on (approx 25-30 trades between 5:30 and 9:00pm) at the aforementioned size.

I made what in the overall scheme of things is a small amount of cash £2.3k and withdrew it today still leaving sufficient balances on the account to trade.

It is then the fun and games began.

Trade 1. Short at 412 (bet is being processed window for about 30 seconds) the price moves to 419 and they fill me. I try to jump at 422 and get a bet is being processed window again as I watch the price climb up and up to 440. I get offered 435 to get out so take it. Instead of a 10 point hit I took a 23 point hit.

Trade 2. Short at 410. This time the market makes movement down as expected (all the while bet is being processed window is hanging there) I get offered a price at 394.

Trade 3. Long at 393. Again bet is being processed window for the longest time, market then spikes up to about 420 pulls back and then they fill me at 393.

Trade 4. AT £1 A POINT. Short at 405 market moves down as expected no fill at all not even a requote. Got a sorry price has moved to far blah blah blah message.

After this I rang up and withdrew remaining funds and will be closing my account.

Before anyone talks about volatile conditions I have been using this account for a few weeks and had no problems until a withdrawl and trading at the larger size.

I spoke with a chap called Omar at World Spreads to see what the hell was going on and his words EXACTLY were " We only really want mutually benefical business" In other words if you are making cash bugger off.

He also told me that if you are taking a position trade you don't care about 16 point slips in price.

Has anyone else had these problems ?? Or am I being paranoid that if you make some cash Spreadbet firms will screw you.

I think when this happens it is best to step back a day or so. Reduce your stake and try again. If the same thing happens, you are on referral to a dealer. No way back after that. I used to trade Worldspreads a lot, but after a year of successful trading I was being put on referral to a dealer. With this kind of client policy Worldspreads will never become a big player in this industry. Swing traders are probably doing fine with them.

 

[Crawsthorne]

Has anyone used this outfit. Opened an account a while back, had a crack with their demo platform on and off for a few weeks and then opened the account.

Was trying them at £1 a point for a week or two and getting instant fills as quick as IG. Started making some cash and liked the platform so upped my size trading anything between £3-5 a point. I traded quite heavily with them from monday of this week on (approx 25-30 trades between 5:30 and 9:00pm) at the aforementioned size.

I made what in the overall scheme of things is a small amount of cash £2.3k and withdrew it today still leaving sufficient balances on the account to trade.

It is then the fun and games began.

Trade 1. Short at 412 (bet is being processed window for about 30 seconds) the price moves to 419 and they fill me. I try to jump at 422 and get a bet is being processed window again as I watch the price climb up and up to 440. I get offered 435 to get out so take it. Instead of a 10 point hit I took a 23 point hit.

Trade 2. Short at 410. This time the market makes movement down as expected (all the while bet is being processed window is hanging there) I get offered a price at 394.

Trade 3. Long at 393. Again bet is being processed window for the longest time, market then spikes up to about 420 pulls back and then they fill me at 393.

Trade 4. AT £1 A POINT. Short at 405 market moves down as expected no fill at all not even a requote. Got a sorry price has moved to far blah blah blah message.

After this I rang up and withdrew remaining funds and will be closing my account.

Before anyone talks about volatile conditions I have been using this account for a few weeks and had no problems until a withdrawl and trading at the larger size.

I spoke with a chap called Omar at World Spreads to see what the hell was going on and his words EXACTLY were " We only really want mutually benefical business" In other words if you are making cash bugger off.

He also told me that if you are taking a position trade you don't care about 16 point slips in price.

Has anyone else had these problems ?? Or am I being paranoid that if you make some cash Spreadbet firms will screw you.

Hi

I had the same problem earlier this year. Once you take a few quid off them they don't like it. In any event their prices are so slow that my advice is to make a bit of easy money then move on!

 

[JTrader]

Has anyone used this outfit. Opened an account a while back, had a crack with their demo platform on and off for a few weeks and then opened the account.

Was trying them at £1 a point for a week or two and getting instant fills as quick as IG. Started making some cash and liked the platform so upped my size trading anything between £3-5 a point. I traded quite heavily with them from monday of this week on (approx 25-30 trades between 5:30 and 9:00pm) at the aforementioned size.

I made what in the overall scheme of things is a small amount of cash £2.3k and withdrew it today still leaving sufficient balances on the account to trade.

It is then the fun and games began.

Trade 1. Short at 412 (bet is being processed window for about 30 seconds) the price moves to 419 and they fill me. I try to jump at 422 and get a bet is being processed window again as I watch the price climb up and up to 440. I get offered 435 to get out so take it. Instead of a 10 point hit I took a 23 point hit.

Trade 2. Short at 410. This time the market makes movement down as expected (all the while bet is being processed window is hanging there) I get offered a price at 394.

Trade 3. Long at 393. Again bet is being processed window for the longest time, market then spikes up to about 420 pulls back and then they fill me at 393.

Trade 4. AT £1 A POINT. Short at 405 market moves down as expected no fill at all not even a requote. Got a sorry price has moved to far blah blah blah message.

After this I rang up and withdrew remaining funds and will be closing my account.

Before anyone talks about volatile conditions I have been using this account for a few weeks and had no problems until a withdrawl and trading at the larger size.

I spoke with a chap called Omar at World Spreads to see what the hell was going on and his words EXACTLY were " We only really want mutually benefical business" In other words if you are making cash bugger off.

He also told me that if you are taking a position trade you don't care about 16 point slips in price.

Has anyone else had these problems ?? Or am I being paranoid that if you make some cash Spreadbet firms will screw you.

The fact you did/do 25-30 trades in 3.5 hours might draw their attention to you.

But over the phone they said to me they dont have a problem with eg. 20 trades in a morning, as long as your not just holding trades open for like 30 seconds or so. An average of maybe 5 minutes was said to be OK.

So holding trades for a very short time is something they dont like - especially if you are only trading on slow prices. But they have recently got a new forex datafeed that is quicker, as the old one lagged & was costing them apprently.

I dont know what effect withdrawing funds should have. Its only logical that a client withdraws funds above what they need for margin requirments, especially in the current climate when banks/FSA can only guarantee £50k.

WS did tell me that they dont like small bet sizes i.e. £1-3 per pip with frequent short time held trades. They gave the impression that they'd find this tye of activity more desirable if eg. trading at £100 per pip. But at small stakes, it is clogging up their system perhaps?

Personally, in a digital/electronic age where things can/should beso precise, and money being a infinate thing that banks create out of thin air, that no institution actually owns,, but is borrowed from whoever on margin etc. i dont see any excuse for a broker playing games with a client at all.

 

[gle101]

The fact you did/do 25-30 trades in 3.5 hours might draw their attention to you.

But over the phone they said to me they dont have a problem with eg. 20 trades in a morning, as long as your not just holding trades open for like 30 seconds or so. An average of maybe 5 minutes was said to be OK.

So holding trades for a very short time is something they dont like - especially if you are only trading on slow prices. But they have recently got a new forex datafeed that is quicker, as the old one lagged & was costing them apprently.

I dont know what effect withdrawing funds should have. Its only logical that a client withdraws funds above what they need for margin requirments, especially in the current climate when banks/FSA can only guarantee £50k.

WS did tell me that they dont like small bet sizes i.e. £1-3 per pip with frequent short time held trades. They gave the impression that they'd find this tye of activity more desirable if eg. trading at £100 per pip. But at small stakes, it is clogging up their system perhaps?

Personally, in a digital/electronic age where things can/should beso precise, and money being a infinate thing that banks create out of thin air, that no institution actually owns,, but is borrowed from whoever on margin etc. i dont see any excuse for a broker playing games with a client at all.

Yes I agree, that is extremely many trades in a short period of time. Anyway the industry is changing, this kind of limitations will not be around for long as regulation and competition is increasing.

 

[JTrader]

Yes I agree, that is extremely many trades in a short period of time. Anyway the industry is changing, this kind of limitations will not be around for long as regulation and competition is increasing.

worldspreads needs another sb to come along and offer 1 pip day time spreads without any restrictions. They will soon re-adjust. As it is, they think they are offering a brilliant servce just cos they have 1 pip spreads. But 1 pip spreads are of no value if you cant -
1) trade when you want for however long yuou want
2) trade whatever size u want.

 

[JTrader]

Has anyone used this outfit. Opened an account a while back, had a crack with their demo platform on and off for a few weeks and then opened the account.

Was trying them at £1 a point for a week or two and getting instant fills as quick as IG. Started making some cash and liked the platform so upped my size trading anything between £3-5 a point. I traded quite heavily with them from monday of this week on (approx 25-30 trades between 5:30 and 9:00pm) at the aforementioned size.

I made what in the overall scheme of things is a small amount of cash £2.3k and withdrew it today still leaving sufficient balances on the account to trade.

It is then the fun and games began.

Trade 1. Short at 412 (bet is being processed window for about 30 seconds) the price moves to 419 and they fill me. I try to jump at 422 and get a bet is being processed window again as I watch the price climb up and up to 440. I get offered 435 to get out so take it. Instead of a 10 point hit I took a 23 point hit.

Trade 2. Short at 410. This time the market makes movement down as expected (all the while bet is being processed window is hanging there) I get offered a price at 394.

Trade 3. Long at 393. Again bet is being processed window for the longest time, market then spikes up to about 420 pulls back and then they fill me at 393.

Trade 4. AT £1 A POINT. Short at 405 market moves down as expected no fill at all not even a requote. Got a sorry price has moved to far blah blah blah message.

After this I rang up and withdrew remaining funds and will be closing my account.

Before anyone talks about volatile conditions I have been using this account for a few weeks and had no problems until a withdrawl and trading at the larger size.

I spoke with a chap called Omar at World Spreads to see what the hell was going on and his words EXACTLY were " We only really want mutually benefical business" In other words if you are making cash bugger off.

He also told me that if you are taking a position trade you don't care about 16 point slips in price.

Has anyone else had these problems ?? Or am I being paranoid that if you make some cash Spreadbet firms will screw you.

Ring back, and fight out EXACTLY what they meant/mean by this. Report back what they say. You never know, your presumptions could well be wrong.
Find out why you have been put on dealer referal, and find out what you need to d owith your trading style (or whatever else) to be taken off dealer referal.

 

[ceydababy]

Ring back, and fight out EXACTLY what they meant/mean by this. Report back what they say. You never know, your presumptions could well be wrong.
Find out why you have been put on dealer referal, and find out what you need to d owith your trading style (or whatever else) to be taken off dealer referal.

He confirmed and then double confirmed that I had not been put on Dealer Referral so I'm not sure what to ask him to get off dealer referall when they are claiming I'm not being referred.

In terms of the mutually benefical I did ask at the time and he sounded in a bit of a corner and trapped off something about balancing books.

 

[JTrader]

He confirmed and then double confirmed that I had not been put on Dealer Referral so I'm not sure what to ask him to get off dealer referall when they are claiming I'm not being referred.

In terms of the mutually benefical I did ask at the time and he sounded in a bit of a corner and trapped off something about balancing books.

You/we need to know EXACTLY what this means....

 

[gle101]

He confirmed and then double confirmed that I had not been put on Dealer Referral so I'm not sure what to ask him to get off dealer referall when they are claiming I'm not being referred.

In terms of the mutually benefical I did ask at the time and he sounded in a bit of a corner and trapped off something about balancing books.

It is quite simple. If you don't have instant execution you are on referral to a dealer. They informed me on the phone that I was on referral to a dealer.

 

[JTrader]

I have found Worldspreads to be very open and honest when i had a query with them. 10 times more open, honest and reasonable than CMC.

As they said, it is good for the clients to establish a good client - broker relationship, and this is applicable with any broker.

If you have a query with them, phone them up, speak to them nicely, and there is a better chance they will show you the same respect.

If your trading style is the problem, find out why it is a problem. And find out what you need to do to your trading style so that they will not consider/stop considering you a problem - be it fewer trades, trades that last longer etc.

Find out specific details about how many trades is too many, and how short a time is too short a trade though, then you know where you stand...

 

[ceydababy]

I have found Worldspreads to be very open and honest when i had a query with them. 10 times more open, honest and reasonable than CMC.

As they said, it is good for the clients to establish a good client - broker relationship, and this is applicable with any broker.

If you have a query with them, phone them up, speak to them nicely, and there is a better chance they will show you the same respect.

If your trading style is the problem, find out why it is a problem. And find out what you need to do to your trading style so that they will not consider/stop considering you a problem - be it fewer trades, trades that last longer etc.

Find out specific details about how many trades is too many, and how short a time is too short a trade though, then you know where you stand...

I agree, I wasn't rude or abusive to them on the phone I really don't believe that gets you too far. I did tell Omar I was bemused as to why all of a sudden I was getting problems having previously spoken to him when I opened the account and he assured me short term trading was fine.

Personally I don't think I should adapt my style to suit world spreads. If they don't like my "style" of trading then I go to someone who does. I would point out that if I was losing and doing short term trades my fills would be instant so trading style is in my opinion a red herring. I believe the fact I was winning is what has made them think twice about our mutually benefical relationship.

This to me means nothing. It can never be mutually benefical. Either I lose or they lose so don't see the mutual benefit there.

 

[JTrader]

If worldspreads go bust, what happens to a UK clients cleared account funds?

Are they safely covered by the Govts./FSA's £50,000 rule?

 

[ceydababy]

If worldspreads go bust, what happens to a UK clients cleared account funds?

Are they safely covered by the Govts./FSA's £50,000 rule?

You'd never make enough cash out of them to see £50k ! I was struggling at £3 a point let alone hitting them for £100 !