Worldspreads upgraded!

[Jack o'Clubs]

Mate, CS/IG/CMC/WS/FINS - they are all spread betting companies and they don't hedge your business! They rely on 2 way business and people that eventually churn themselves to death or novices. Do you really think a pro would trade with a SB firm?
My point being whats the difference between CS or WS they both want you to loose eventually, and thats coming from the inside...

Letter from worldspreads
We operate a fully hedged book so it is irrelevant to our Company performance whether a client makes money or not. We do, however, do not appreciate clients who deliberately trade off slow moving prices when they are clearly aware that the price is a few seconds slow.

(from Laptop's post #191 on this thread).

Does that mean WS (and by extension MarvinS when he was employed by them) were lying in their letter to Laptop? Perish the thought....

 

[klw]

Yeah and i believe him too! What would you call a big hitter? £100 or 200 a point...
You are absolutely right there are some relatively large sized clients around, to give an example when i was on the options desk at fins we had a client that wanted to write £100k per point of an S&P option span margin of £4m+. So i suppose every so often you do get Whales around but in general spread betting clients are of the smaller scale traders.

I take your first reply as being sarcastic : hmmm I doubt wether he would have the time to be interested in something as menial as this. Your example you quote is totally over the top re. big hitters they are very rare I would guess. I am talking about regular larger bets.It is not important what I think is a big hitter,your former employer has made the decision for us by limiting trades to £100 a point so by definition it must be there and up.

I totally agree in the main spread betting traders are smaller scale traders.

 

[cc1]

"Mate, CS/IG/CMC/WS/FINS - they are all spread betting companies and they don't hedge your business! They rely on 2 way business and people that eventually churn themselves to death or novices. Do you really think a pro would trade with a SB firm?
My point being whats the difference between CS or WS they both want you to loose eventually, and thats coming from the inside..."


Well i beg to differ from someone who claims to have good knowledge of the industry but of course they hedge the winning punters. If you trade large enough you can watch them do it on the order book. Try putting 50ppt through on SVT and you'll see more often than not CS just take the volume off the book within a minute of you placing the order. Fins do the same although they like to work the book more depending on what L2 looks like. CMC take on more risk but on certain stocks its easy to see them hedging. On others they appear to just absorb it but it's fairly hard to tell as they often appear to hedge for slightly more shares than I bet.
Oh, and if you phone Fins to trade you can here the dealer shouting across the office to their dealing desk repeating the trade you've just made so they can do the hedge.

 

[The Pear]

I never bother about how they make their money, frankly. What matters to me is that they provide a reliable, mutil function order platform with good execution. I have no idea what you are saying, buddy.

FX2 - spot on. We use SB companies as a mechanism to try and make money tax free. What we want is a platform that is reliable, fast and says what it does on the packet. If WS has latency issues it should not be in the business. No SB business should want its clents to blow up as there is significant cost in getting that client in the first place. SB companies hedge RISK (wheter it be real or percieved) which typically means maintaining limits on their books and once breached they do something about it. It also makes sense to manage good traders. If they feel that they are being'picked-off' its a problem with them or their systems NOT the client.

 

[JTrader]

Has anyone who has been taken off instant execution with an SB company, considered opening another account on behalf of a friend or relative, and trading from that account?
If they take that account off instant execution, you could then open another account on behalf of Uncle Herbert etc.?

 

[MarvinS]

"Mate, CS/IG/CMC/WS/FINS - they are all spread betting companies and they don't hedge your business! They rely on 2 way business and people that eventually churn themselves to death or novices. Do you really think a pro would trade with a SB firm?
My point being whats the difference between CS or WS they both want you to loose eventually, and thats coming from the inside..."


Well i beg to differ from someone who claims to have good knowledge of the industry but of course they hedge the winning punters. If you trade large enough you can watch them do it on the order book. Try putting 50ppt through on SVT and you'll see more often than not CS just take the volume off the book within a minute of you placing the order. Fins do the same although they like to work the book more depending on what L2 looks like. CMC take on more risk but on certain stocks its easy to see them hedging. On others they appear to just absorb it but it's fairly hard to tell as they often appear to hedge for slightly more shares than I bet.
Oh, and if you phone Fins to trade you can here the dealer shouting across the office to their dealing desk repeating the trade you've just made so they can do the hedge.

I worked at Fins for a while and as far as i am aware they ran a rather large book on FTSE 100 shares. The small cap stuff they would look to back to back, however alot of their risk was offset with IFX's CFD desk. I don't know what they do things now as they are now City Index, but i am sure alot of the risk is cross pollinated between both firms.

Again any good trader worth their weight in gold knows how order books work, and ways of reading order books better than SB firms.

For the most part my discussions have been in reference to trading FX & Indices!

 

[MarvinS]

Letter from worldspreads
We operate a fully hedged book so it is irrelevant to our Company performance whether a client makes money or not. We do, however, do not appreciate clients who deliberately trade off slow moving prices when they are clearly aware that the price is a few seconds slow.

(from Laptop's post #191 on this thread).

Does that mean WS (and by extension MarvinS when he was employed by them) were lying in their letter to Laptop? Perish the thought....

Come on guys lets not get personal here * just to clarify i once worked in the spread betting industry and i am trying to share my experiences. Whether you believe them to be wrong i can only tell you from someone that has worked in the industry for 6 years and worked with one of the first SB online trading systems.

I am not singing the tune of any company or SB firm and again i am not going to slag off any of them either.... Apart from CMC :cheesy:

 

[Crap Buddist]

he who see's smoking gun might feel its discharge, thwwwaaaack...

Letter from worldspreads
We operate a fully hedged book so it is irrelevant to our Company performance whether a client makes money or not. We do, however, do not appreciate clients who deliberately trade off slow moving prices when they are clearly aware that the price is a few seconds slow.

(from Laptop's post #191 on this thread).

Does that mean WS (and by extension MarvinS when he was employed by them) were lying in their letter to Laptop? Perish the thought....

how can clients be "clearly" aware of a slow price, "when" the price "may" not reflect the underlying :?: :idea:

It just seems a bit silly , thats all.

 

[Priceman]

Come on guys lets not get personal here * just to clarify i once worked in the spread betting industry and i am trying to share my experiences. Whether you believe them to be wrong i can only tell you from someone that has worked in the industry for 6 years and worked with one of the first SB online trading systems.

I am not singing the tune of any company or SB firm and again i am not going to slag off any of them either.... Apart from CMC :cheesy:

Hi Marvin, I still haven't set up that Worldspreads account yet :cheesy: have got as far as applying, then got scared they'd take me to the cleaners .

Why would you slag off CMC? Are they the company that WS aspires to is that why? Or can't you comment for legal reasons?

 

[FXSCALPER2]

CMC called a couple of weeks ago and aksed, 'sir, you have a few thousand pounds in your account but you are not trading', I said, 'that is correct'. The man asks, 'any reasons'? I told him, 'nope'. I know what he must have been thnking. How come I leave money there for ages and do absolutely nothing with it? Well, the thing is when you have an ECN and you are agressively day trading with them, it is like driving a nice smooth car and then you get these clanky SB companies who do all sorts of annoying things.

With CMC SB, you first enter your position, which will be refered to a dealer if you are any good at scalping, then you open another thingy to put your stops and limits; they have no trailing stops or 'if done' orders. If you try to get out of a position, they will requote you at a funny price or say 'call to trade'. You call some dickhea'd who in most cases will do it for you. All this to get in and out of a single position!! But I still have my money there. WTF?!

WS are in a league of their own. You can't do anything with that excuse of a platform. They have comedians in the customer service department who don't know their **** from their elbow. Marvin reckons they have a lot of 'expertise'. What can one say, eh? They are just too much, better leave it there. I couldn't bring myself to leave money there, so I withdrew all my money and that is that.

Now, I have been scalping happily all day long. I use an ECN and this is what I do: I click to get in and I click to get out and it is done! Complicated, eh? I don't need to waste too much energy dealing with all the rubbish. I didn't put anything above £10/pip with a SB all week and I didn't plan it that way, it just kinda happened by itself. Just do what makes sense and dump this ****ers.

Good weekend fellas. Ciao!

 

[MarvinS]

Hi Marvin, I still haven't set up that Worldspreads account yet :cheesy: have got as far as applying, then got scared they'd take me to the cleaners .

Why would you slag off CMC? Are they the company that WS aspires to is that why? Or can't you comment for legal reasons?

I suppose each SB firm has its own unique crapness and good points. I won't comment on CMC as they have done very well, but just slagging them off as every other client i have spoken to seems to moan about them.

Have you tried saxo bank or gft, their platforms are superb!

 

[logit]

I thought i'd take a look at the worldspreads platform as I always like to see what my other options are. I've been using the Capital spreads platform to date.

Maybe i'm missing something, but the WS platform seems much less user friendly than CS one. It doesn't seem as intuitive to place stops and it seems you can't place OCO and if done orders?

Also, is there a way to see the price charts of each instrument, as I cant seem to find them?

Thanks

 

[JTrader]

I can sometimes click on the deal ticket buy/sell "buttons", and it doesn't execute my trade, so have to click a 2nd time to enter/exit.

This could be down to a faulty mouse technique, but i strongly doubt it.

Also, what about getting logged out (maybe due to inactivity) when you've not been active on the WS site for some minutes.

Anyone experiencing these problems with WS?

Thanks.

 

[watsone]

I can sometimes click on the deal ticket buy/sell "buttons", and it doesn't execute my trade, so have to click a 2nd time to enter/exit.

This could be down to a faulty mouse technique, but i strongly doubt it.

Also, what about getting logged out (maybe due to inactivity) when you've not been active on the WS site for some minutes.

Anyone experiencing these problems with WS?

Thanks.

I'm not experiencing any problems with execution, neither am i being logged out due to inactivity!

 

[Chubbardo]

After a week and a half of trading profitably... Worldspreads have put me on dealer referral. Took 4 attempts to get out of my last position over the space of 15 minutes. Withdrawn my funds... time for a new broker.

 

[Jack Hughes]

After a week and a half of trading profitably... Worldspreads have put me on dealer referral. Took 4 attempts to get out of my last position over the space of 15 minutes. Withdrawn my funds... time for a new broker.

Try Fins/City Index. Tighter spreads, better platform and I haven't had any trouble with delayed trades or referral... although that could be because I haven't made any money off them recently.