WorldSpreads

morning steve and cheers..... clearly a case under D i would of thought .re ad no waiting for dealers and instant etc... thats an impression. but its coming across from cleints also as not being quite true.
Theres weight for argument there I would of thought.
 
I tried doing a little scalp trade this morning to try it out.

Waited 2 minutes to get the exit trade confirmed, even though the market was hardly moving at the time.

OK, the trading screen says it only updates every 20 seconds - but that still leaves over a minute and a half when the price was at my exit but they hadn't filled me yet.

A big disappointment unfortunately.
 
They got to get they platform sorted out very very quickly, or they will have to shut shop, it is not expectable to wait up to 10 sec, never mind 1 min.MarvinS an employee of worldspreads was all over trade2win, where is he now when you want him.
 
In my opinion any company which states that dealing is "Instant" would have to either provide genuine instant dealing or at best a form of execution which mimics instant dealing even if the execution wasnt instant. Any company (and I'm not suggesting that Worldspreads does or doesnt) which sends deals for manual processing and then uses the movement in the market, during submission and execution, as a reason for order rejection can not reasonably claim that they are prepared to offer a service with 'instant execution' as orders submitted to a broker who offered instant execution would never refuse such a trade and the order would be executed at the market price 100% of the time.

FX... Given that most of the spreadbetting co's appear to state in their T&C that they can refuse orders regardless I'd suggest that any form of advertising which appears to imply to the contrary breaches one or more areas of CMAR. You arent allowed to advertise goods or services in a manner which is different than you are actually prepared to offer contractually. If they state that dealing is instant then the T&C of the Customer Agreement must support that claim. If it doesnt a consumer can simply claim that the company is using small print to withdraw advertised claims. If there was a dispute arising from such a situation the consumer would have a very strong claim.

Steve.
 
Worldspreads

Just opened an account with them to take advantage of these low spreads. After reading this will not be depositing money into my account until they get these problems sorted out.
 
Anyone trading with worldspreads today..few! what a day I tell you about it later.
 
fxmarkets said:
11. If you have reason to believe that the bookmaker with which you deal is not acting in accordance with representations that it has made to you, the terms of your customer agreement or the rules of the FSA, you should report it to the Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR. Tel: 0845 080 1800.


hmmm... well the numbers there, first one to report back re any issues........ will be rewarded in heaven.
The FSA regulates complaints under the FSMA. The rules around complaint handling at the FSA under DISP - see http://fsahandbook.info/FSA/html/handbook/DISP. The rules require the consumer to seek a resolution from the firm before taking it up with the FOS. The FSMA set the FOS, formerly the Banking Ombudsman, as the independent body to handle unresolved complaints. The firm have a period of eight weeks to answer the complaint and issue their final response. If the customer is still not happy with their reply then they can take it to the FOS and, irrespective of the outcome, the FOS will apply a fee to that firm, even if it finds in their favour. It could take a while before you get this to the FOS, but they will discuss on their helpline what they may constitute practice that is not deemed to be treating their customers fairly, for which theire is also FSA regulation forthcoming.
The FOS, twell hey're pretty powerless. They can make a firm pay a consumer compensation but they cannot fine the firm. They would report complaints back to the regulator, i.e. lots of complaints on the same subject against one firm would possible warrant a report to the FSA. It's the FSA that regulates the businesses and if they found malpractice then you could see some significant fines.
I believe that execution may be covered under COB7, but COB is not my strong subject under the regulation, I prefer money laundering prevention myself. COB is available here if anyone is interested - http://fsahandbook.info/FSA/html/handbook/COB/7/5. I'm not sure whether this covers SB's or SB instant execution, it just seems to cover stocks and shares. The helpline at the regulator is as follows:

From UK:

0845 606 1234. Call rates may vary.

(Minicom/textphone - 0845 730 0104.)

(Automated leafletline - 0845 456 1555.)
From Overseas: 020 7066 1000 (Main switchboard.)

Email: [email protected]

The FSA does not deal with specific consumer complaints, recommend firms or give legal advice, however, the Consumer Helpline can answer general queries about financial products and services. It can also tell you if a firm is authorised and help 'sign post' you if you have a complaint and don't know who to contact.
 
I would like to say just one thing that I am joining world spreads tommorow.....
I cannot really comment on the frustration of the traders on this forum with world spreads....
Welcome to the world of spreadbetting......If you are trying to scalp you are bound to get issues like this.....These guys are pretty new to the market as well so take that into consideration.
Also I dont think marvin has disappeared.....I guess that he has just had one busy day......
:cheesy:
I am taking myself and my cliental their so let see what happens will keep eveyone updated...
Happy trading everyone
 
I had some conversations with them today and I gather they have had problems with their system which has made proper pricing difficult and meant a lot of referring to dealer
 
rav700 said:
I would like to say just one thing that I am joining world spreads tommorow.....
I cannot really comment on the frustration of the traders on this forum with world spreads....
Welcome to the world of spreadbetting......If you are trying to scalp you are bound to get issues like this.....These guys are pretty new to the market as well so take that into consideration.
Also I dont think marvin has disappeared.....I guess that he has just had one busy day......
:cheesy:
I am taking myself and my cliental their so let see what happens will keep eveyone updated...
Happy trading everyone
Good luck rav700, they stop me trading automatic with instant execution, becuse I was a bit to fast for them. I can only do phone trades with them now :devilish:
 
Hey Rav and other Traders,

No i had not dissapeared but i have been quite busy recently.
I will be contacting all of you personally to discuss, that is all traders that are relevant to this discussion.

Happy Trading!
MarvinS
 
MarvinS said:
Hey Rav and other Traders,

No i had not dissapeared but i have been quite busy recently.
I will be contacting all of you personally to discuss, that is all traders that are relevant to this discussion.

Happy Trading!
MarvinS

Yes mate I know thats why I said you must have had a busy day... :cheesy:
 
rav700 said:
I would like to say just one thing that I am joining world spreads tommorow.....
I cannot really comment on the frustration of the traders on this forum with world spreads....
Welcome to the world of spreadbetting......If you are trying to scalp you are bound to get issues like this.....These guys are pretty new to the market as well so take that into consideration.
Also I dont think marvin has disappeared.....I guess that he has just had one busy day......
:cheesy:
I am taking myself and my cliental their so let see what happens will keep eveyone updated...
Happy trading everyone
rav700 how did you get on?
 
laptop1 said:
rav700 how did you get on?
Sorry mate have been busy opening and closing other accounts...I will post my trade from next week with statements from worldspreads.....
To be honest mate my only issue with worldspreads is it is not an 24 hour trading centre...
My major trading hours are :
7:00 p.m to 2:00 a.m-Range trader +Tokyo open------I cannot use worldspreads for this trading as they are not open 24 hours
5:00 a.m to 8:00 a.m -Uk and Europe opening----I can only use them for an hour
9:30 a.m to 10:00 a.m Uk fundamentals and only zew in europe-World spreads
1:30 p.m to 2:00 p.m- Us fundamentals---These are volatile so I have my doubts about them but will give them a try.....

I also want to use them for ftse and a little bit of forex...........
I have been trading ftse for quite some time and am pretty confident that if these brokers are genuine and do not start b***** sla****in me then I will transfer my ftse funds to World spreads....
But As I said I will be posting my results from Tuesday or Wednesday.....
I know this is a rather bit too much of information......but if you have any ideas of any other brokers that could help me I would appreciate it....
Take care
Happy Trading Rav :cheesy:
 
rav700 said:
Sorry mate have been busy opening and closing other accounts...I will post my trade from next week with statements from worldspreads.....
To be honest mate my only issue with worldspreads is it is not an 24 hour trading centre...
My major trading hours are :
7:00 p.m to 2:00 a.m-Range trader +Tokyo open------I cannot use worldspreads for this trading as they are not open 24 hours
5:00 a.m to 8:00 a.m -Uk and Europe opening----I can only use them for an hour
9:30 a.m to 10:00 a.m Uk fundamentals and only zew in europe-World spreads
1:30 p.m to 2:00 p.m- Us fundamentals---These are volatile so I have my doubts about them but will give them a try.....

I also want to use them for ftse and a little bit of forex...........
I have been trading ftse for quite some time and am pretty confident that if these brokers are genuine and do not start b***** sla****in me then I will transfer my ftse funds to World spreads....
But As I said I will be posting my results from Tuesday or Wednesday.....
I know this is a rather bit too much of information......but if you have any ideas of any other brokers that could help me I would appreciate it....
Take care
Happy Trading Rav :cheesy:
I trade with a futures broker and got a few S/B firms, if they have any offers on such as worldspreads have with 1 pip spreads , I give them a go, but apparently now I can only trade through a dealer. at worldspreads,is it because I double my account with them, maybe that's why :cheesy:

anyway have you looked a twowayfutures. They offer tight spreads Tax free and they hedge you trades 100%. You can chat with Adrian Buthee at twowayfutures, he is very helpful their web site is http://www.twowayfutures.com/
 
laptop1 said:
I trade with a futures broker and got a few S/B firms, if they have any offers on such as worldspreads have with 1 pip spreads , I give them a go, but apparently now I can only trade through a dealer. at worldspreads,is it because I double my account with them, maybe that's why :cheesy:

anyway have you looked a twowayfutures. They offer tight spreads Tax free and they hedge you trades 100%. You can chat with Adrian Buthee at twowayfutures, he is very helpful their web site is http://www.twowayfutures.com/

I don't understand your point. You can double or triple your account with them, if you win or loose that matters only to you. They make their money from the spread and the more you trade with them, the more they make out of it. It's the same philosophy that you see in IB or Twoway futures. They don't offer you a professional platform (that would be very nice) but the spreads are very similar to IB's commissions and Twowayfutures spreads on mini futures contracts. The whole spread business has to change and it will go in the direction of IB and Twowayfutures, those that don't want to change will be cut off. If you are a professional trader then you'll know what I'm talking about. Yes there are a lot of monkeys out there trading with finspreads and similar crap, however those traders have a short life, a small portfolio and even a smaller brain. Traders that are willing to make some progress in this business have already chosen IB or Twowayfutures and I'll tell you more, worldspreads has now the opportunity to attract a number of traders that can't afford IB's and Twowayfutures margins on mini future contracts but are willing to trade it on a low spread. I see worldspreads at an intermediate level, it wants to take on board traders that are unhappy with crap bokers and make itself a name that stands out in terms of professionalism, low spread, low margin and a platform that for sure needs to be improved in many ways, but keeping it accessible to the inexpirienced traders that look for a 1 click fast execution as you do too. You mentioned the problem of referring orders to a dealer, yes it happens sometimes when the market becomes too volatile, again I say it is a limitation of their platform that needs to be resolved as soon as possible, but you really think that it happens to you because you are making great profits with them? No man, if that would happen only to those that make consistently money with them, then worldspreads would become very soon another crap broker as you can see in finspreads and the rest of the worst. Worldspreads is under scrutinity in these weeks, it has to improve a lot in some areas of it's service and make the 1pt spread permanent, then it will become a success story and enter into the realm of the serious brokers. Let's see what happens and by the way it is always wise to trade with more then one broker, so keep the good ones and shut the door to those that offer a spread or commission that is higher in value to the 1pt spread or equivalent commission offered by IB and Twowayfutures. IB and Twowayfutures are top brokers, will worldspreads join them? Let's see, have a nice day.
 
MarvinS
Hey Rav and other Traders,

No i had not dissapeared but i have been quite busy recently.
I will be contacting all of you personally to discuss, that is all traders that are relevant to this discussion.

Happy Trading!
MarvinS

What a load of........

What is wrong with an open discussion on this thread, discussing the ins and outs, the good the bad of the WorldSpreads operation, similarly to how Simon has done on the Capital Spreads thread??

Open and honest discussion is how you develop trust and understanding, and hope to attract new customers. Not by excluding potential customers from the discussion........
 
jtrader said:
What a load of........

What is wrong with an open discussion on this thread, discussing the ins and outs, the good the bad of the WorldSpreads operation, similarly to how Simon has done on the Capital Spreads thread??

Open and honest discussion is how you develop trust and understanding, and hope to attract new customers. Not by excluding potential customers from the discussion........

I totally agree with you, the IB's thread is an excellent example of what can be achieved when the discussion is open and honest. If Marvin is too busy with his work, then I urge worldspreads to get someone else to do the job here.
 
I agree with swissgold

If worldspreads maintain tighter spreads than their competition, and make online transactions automatic and instant - without dealer intervention - then many CMC, Capital Spreads, finspreads, IG index, city index, Cantor index etc. customers will move over to worldspreads.
If trade fills are not automatic and near instant - I would rather pay a wider spread with a broker/dealer that offers this..........i still think that futuresbetting is the best spreadbetting model available, and will be the least problematic due to the fact that it is direct market access.......you know where you stand, and can see the underlying market.......

Do worldspreads intend to maintain a 1 pip EUR/USD & cable spread long-term, or is this a short-term promotion?

Cheers.
 
I don't understand your point. You can double or triple your account with them, if you win or loose that matters only to you.
Hi swissgold sorry but I don't agree with that, it matters very much to the Spreadbetting shop if you are winning or losing since they stand to make or lose money, and this issue becomes more significant the tighter they make the spreads.
It's the same philosophy that you see in IB or Twoway futures.
I haven't looked at Twoway, but I can say it is not the same philosophy as IB. IB is simply a fascillitator, they provide access to the market, allowing you to place your trade there, and dealing with the settlement etc. They have no interest in the outcome. They make their money from the commission. A Spreadbetting shop however makes its own market, and that is what you are trading, if you take the DOW, the standard has been a 4 point spread, if the SB needs to hedge you it can do so on the YM contract at a 1 point spread and yes makes money there, but if they reduce the spread to 1point it now costs to hedge you and therefore one may be inclined to ook for another edge. Now it is true that they won't have to hedge all positions, as many will hedge each other. The point however is that it would be wrong to think that SB's and DA brokers have the same view of their clients
 
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