Worldspreads upgraded!

[gle101]

Probably had to happen sooner or later. But will they return to 1pt spreads if they find they've suddenly lost most of their business? As WS don't offer any 'extras' (charts, etc) , have a creaky platform and their spreads on everything else are wider than elsewhere, why use them?

Well, I agree, and I must admit it is kind of hard in the long run keeping a 1 point spread on DJ. Still, WS have 1 point spread on the FTSE and EUR/USD, so I would gladly trade with them if they put me back on instant execution again. Maybe now is the time that I can look forward to a welcome back email.

 

[jm99]

It's a con. Bring in the punters, then pull the carpet from under their feet.

LOL

it was a loss leader, unsustainable. only surprise is how long they ran it for. eurusd and ftse spread still "cheaper" than actual market, so suspect the spread will widen in due course.

 

[FXSCALPER2]

Well, I agree, and I must admit it is kind of hard in the long run keeping a 1 point spread on DJ. Still, WS have 1 point spread on the FTSE and EUR/USD, so I would gladly trade with them if they put me back on instant execution again. Maybe now is the time that I can look forward to a welcome back email.

Told ya, lol. Only kidding! If they actually allow instant execution, scalping on GBPUSD with 2 pips, it is still superb value. Here is a guarantee: they won't.

 

[JTrader]

LOL

it was a loss leader, unsustainable. only surprise is how long they ran it for. eurusd and ftse spread still "cheaper" than actual market, so suspect the spread will widen in due course.

Possibly so,
but how do you know? Have you examined their company accounts?

Don't believe it just cos thats what they told you!

 

[klw]

More moaning I'm afraid.

Dax rolling future entry this afternoon ( long ) . Price started to move up so I tried to move my stop loss up with it and coulden't get it any closer than 6 ticks from the W/S bid price e.g. dax price was 7001 - 2 and the closest I could get was a stop sell at 6995, 6 points away. I tried about 15 times to get to the normal 5 points away but it just kept coming back with the normal " closing orders should be at least 5 ticks away from the market price " or whatever it says. I tried at various price levels but could not get the standard 5 points away.

I phoned W/S who said it was to with the " rounding up of the price " whatever that means and they did manually adjust ithe stop to 5 points away whilst I was on the phone,but I don't want to have to do that every time I want to move my stop loss. The dax then moved up again and when I tried to move my stop loss up it was still only accepting it at 6 points away so in effect you have to phone them to get them to manually adjust the stop loss to 5 points away at each point the dax moves up.

5 points away for a stop loss is too big for my short term trading let alone 6, this an erosion of a traders edge,couple it with an increase to 2 points on the £/$ and YM and it makes you wonder if all is well at W/S.

Anybody else notice this happening ?

 

[Phil Mibbutz]

More moaning I'm afraid.

Dax rolling future entry this afternoon ( long ) . Price started to move up so I tried to move my stop loss up with it and coulden't get it any closer than 6 ticks from the W/S bid price e.g. dax price was 7001 - 2 and the closest I could get was a stop sell at 6995, 6 points away. I tried about 15 times to get to the normal 5 points away but it just kept coming back with the normal " closing orders should be at least 5 ticks away from the market price " or whatever it says. I tried at various price levels but could not get the standard 5 points away.

I phoned W/S who said it was to with the " rounding up of the price " whatever that means and they did manually adjust ithe stop to 5 points away whilst I was on the phone,but I don't want to have to do that every time I want to move my stop loss. The dax then moved up again and when I tried to move my stop loss up it was still only accepting it at 6 points away so in effect you have to phone them to get them to manually adjust the stop loss to 5 points away at each point the dax moves up.

5 points away for a stop loss is too big for my short term trading let alone 6, this an erosion of a traders edge,couple it with an increase to 2 points on the £/$ and YM and it makes you wonder if all is well at W/S.

Anybody else notice this happening ?

It's always happened, I think, except when WS first started, when there didn't seem to be a minimum distance for stops. At one time they had the min set to about 15pt for days, and only changed it when I rang up to ask, which made me wonder how many people were trading with them!

 

[logit]

Could someone help me out with how to put a stop loss on with WS. I'm having a play on their demo platform and it seems much less user friendly than than the Capital Spreads platform, where it is easy to add stops and OCO/IF DONE orders. Thanks

 

[ZEPPO]

An interesting question

Could someone help me out with how to put a stop loss on with WS. I'm having a play on their demo platform and it seems much less user friendly than than the Capital Spreads platform, where it is easy to add stops and OCO/IF DONE orders. Thanks

Now that is an interesting question; three weeks ago I sent them (WS) an e-mail asking them just that, and to date have received no answer.
So I opened up a demo account with CS.
Still I am curious - how do you place these type of orders with WS, if at all?

Eduardo

 

[MarvinS]

I disagree that the 1 pip spreads offering was a loss leader! In fact it raised some eyebrows in the spread betting market and FX markets. All in all this was good for you the traders, as other firms reacted.
I agree with the statement that it was unsustainable to a certain degree, as any system needs to be up to scratch to handle such traffic.
It would be interesting to see who actually had traded with WS from day 1 and if there have been any marked improvments. From the look of the thread none. Which is not promising from a development point of view. Perhaps if you made a list of areas that you sought could improve then someone may take notice.

Regards
Marvin
(Still in Hong Kong - but celebrating Chinese New Year! Gung Hai Fat Choi!!!)

 

[gle101]

I disagree that the 1 pip spreads offering was a loss leader! In fact it raised some eyebrows in the spread betting market and FX markets. All in all this was good for you the traders, as other firms reacted.
I agree with the statement that it was unsustainable to a certain degree, as any system needs to be up to scratch to handle such traffic.
It would be interesting to see who actually had traded with WS from day 1 and if there have been any marked improvments. From the look of the thread none. Which is not promising from a development point of view. Perhaps if you made a list of areas that you sought could improve then someone may take notice.

Regards
Marvin
(Still in Hong Kong - but celebrating Chinese New Year! Gung Hai Fat Choi!!!)

Hi Marvin, how are you doing, I hope everything is well in Hong Kong.

Suggestions for improving the platform have been seen on and off on this thread. However, as I understand it, nothing has actually resulted in any improvement of the platform. It has been a while since I have been trading at Worldspreads, so I don't actually know what has been happening during this time. I also feel, that the marketing director should monitor and participate, from a marketing point of view, on an important thread like this one. Maybe when he settles down in his role at the company, he will join this board and participate more actively.

 

[tokool]

Why has world spreads increased DJ to 2pts?

Hi guys, I got an email from worldspreads to the effect that the have changed their charges and have doubled their margin on the Dow from one point to two points due to increased volatility. So will they go back down to one point EVER? I am a bit disappointed as it is hard enough making money with one point spread, let alone two.

Thanks

 

[MarvinS]

Hi Chaps,

I will be honest making a 1 pip spread on the Dow futures is hard enough, in effect you are going better than the markets best bid/offer. I do not think it is the markets volatilty that is a cause for concern, more so the fact that clients are making money on a 1 pip spread on the Dow. What i like about WS is that they will always attempt to offer things on a fair and level playing field. Try finding the Dow futures with a spread of less than 2 with any of the other spread betting firms.

All in all WS matches IG/Cap Spreads/ Finspreads. I would suggest trying them out first by using a demo account....

 

[JTrader]

Hi Chaps,

I will be honest making a 1 pip spread on the Dow futures is hard enough, in effect you are going better than the markets best bid/offer. I do not think it is the markets volatilty that is a cause for concern, more so the fact that clients are making money on a 1 pip spread on the Dow. What i like about WS is that they will always attempt to offer things on a fair and level playing field. Try finding the Dow futures with a spread of less than 2 with any of the other spread betting firms.

All in all WS matches IG/Cap Spreads/ Finspreads. I would suggest trying them out first by using a demo account....

Loss leaders are used to establish a market item/brand. Once the item is established, the manufacturer can then increase prices with the hope of retaining clients due to the quality of their product. A standard ploy in the business world. (learnt this watching coronation street last night!)

 

[top trader]

Hi guys, I got an email from worldspreads to the effect that the have changed their charges and have doubled their margin on the Dow from one point to two points due to increased volatility. So will they go back down to one point EVER? I am a bit disappointed as it is hard enough making money with one point spread, let alone two.

Thanks

TOKOO-

I haven't received an email but what do you mean by "THEIR CHARGES"?

THANKS

 

[gle101]

TOKOO-

I haven't received an email but what do you mean by "THEIR CHARGES"?

THANKS

WS have changed their spread on Dow (Wall st Rolling daily) from 1 spread to 2 spread. Also the same goes for GBP/USD. Honestly, there shouldn't be a big fuss over this, if you still enjoy instant execution, I think it is still quite a good deal.

 

[MarvinS]

Loss leaders are used to establish a market item/brand. Once the item is established, the manufacturer can then increase prices with the hope of retaining clients due to the quality of their product. A standard ploy in the business world. (learnt this watching coronation street last night!)

So true, in fact lets make it clear spread betting companies are in the business of making money from their spreads! What is wrong with that? Some traders choose to trade via a spread and even if they are paying more in spread or comms, it can balance out in the long run. Spread betting would not exist otherwise.

Gle is correct, i would prefer a near instant execution and would be more willing to pay more for that. Yes or No?

 

[JTrader]

So true, in fact lets make it clear spread betting companies are in the business of making money from their spreads! What is wrong with that? Some traders choose to trade via a spread and even if they are paying more in spread or comms, it can balance out in the long run. Spread betting would not exist otherwise.

Gle is correct, i would prefer a near instant execution and would be more willing to pay more for that. Yes or No?

Hi
I think the thing that bothers some people may be that when a spread increases by just one pip, to many intraday traders, this be the difference between being a net winner or a net loser - especially for newbies.
Granted, WS are ahead of the SB pack with forex at the moment, but if they were to say double their EURUSD & AUDUSD spreads, some existing clients may take their bat and ball elsewhere - due to the annoyance of having their bottom line profits significantly reduced, and feeling as though they have been handicapped in some way.

 

[MarvinS]

Hi
I think the thing that bothers some people may be that when a spread increases by just one pip, to many intraday traders, this be the difference between being a net winner or a net loser - especially for newbies.
Granted, WS are ahead of the SB pack with forex at the moment, but if they were to say double their EURUSD & AUDUSD spreads, some existing clients may take their bat and ball elsewhere - due to the annoyance of having their bottom line profits significantly reduced, and feeling as though they have been handicapped in some way.

I agree to increase spreads or costs is not good, however if you hold up your hands and say we as a company cannot afford to offer 1 pip spreads in certain markets, however what we will do is bring some of the markets that we offer 1 pip spreads, inline with the rest of the competition. If clients think they are being handicapped then i am sure they will go and take their business elsewhere! That is competition and each client looks for the best spread for the market he/she trades. I may trade the FTSE with Saxo Bank at half a pip spread and £3 comms per lot but i don't get the best rates on FX, so i may look to WS. Or at anyone given time i may have CMC's platform up whom i may feel more comfortable trading with. Again the traders propensity to trade is not always the spread, it can be the price! In fact i may have 5 trading platforms open at any one time, it could be a spread bet or direct futures.

I would say WS have not tried to significantly reduce traders profits in certain markets, in fact they have attempted to bring parity whilst keeping some of the core markets a 1 pip spreads.

 

[JTrader]

I would say WS have not tried to significantly reduce traders profits in certain markets, in fact they have attempted to bring parity whilst keeping some of the core markets a 1 pip spreads.

I agree, WS doubling GBPUSD spread is perhaps to some extent understandable, and withstandable - due to how fast GBPUSD can move etc. and for some traders this may be a blessing in disguise if the 2 pip spread puts them off trading GBPUSD - if they were doomed to fail anyway - whereas EURUSD may be better suited to them.

If WS were to suddenly double their EURUSD spreads, I for one would be annoyed, and it would raise major questions about my continued trading with WS, as a 2 pip spread would significantly reduce my EURUSD profitability.
I would understand that this would make WS no worse than the major SB competition, but when i opened an account with WS, i did so as they have shown innovation, and had hoped they would continue to improve the SB industry from a customers point of view - and would not, following loss leading gimmicks fall back in line with the dodgy competition - such as CMC, CS, IG finspreads etc. who I'd have little confidence in, if trying to trade profitably through them.

 

[FTSE in mouth]

Hi Marvin

Am I to assume that with your continued input that you are still working for WS? Or are you in HK?

Cheers

FIM