WorldSpreads

[MarvinS]

Priceman in case you had not been reading this thread according to one or two others and apparently WS has a system that you should avoid at all costs. i.e. one that goes down all the time and is un fair to all traders, especially those that trade with Laptop's.

NS100 - did you see the gap lower on the Dow futures today at the figure. 40 points!

Laptop - are your queries being answered by our back office team or is this just an ongoing rant. Please give it a break on here - there are sensible traders wishing to voice opinions. You have made your point now stop acting like a child.

Bradford - points taken but you always get a poor meal up North, is that not part of the attraction? I think someone has gone a tad OTT on this board. To his dis-pleasure we are still signing up mega amounts of clients but we are still in our infancy in the UK.

Any views apart from an obcessed rant is productive....

 

[Priceman]

Marvin, I have read the thread with great interest and am still waiting to see if there are more positive replies about WS before getting my money taken away from yet another company !

I do hope you are a great new company that will develop in the UK so that I can defend you in the future and say these initial occurances that others are going on about were just teething problems.

I will still wait a while and follow the progress on here and other boards. Or maybe I should just dive in and give you a shot and speak from my experiences...

Thanks for replying anyway.

 

[MarvinS]

It is always nice to speak to a trader with a decent moral conviction. I speak to ex LIFFE traders and people that have just started trading but nothing excites me more than a trader that can make a definate rationale decision themselves.

As i have always said the markets are always and will always be apart of the fabric of us! Who you deal with is up to you...

Keep in touch Priceman!

 

[MarvinS]

Bradford - I can see your point it would take millions to find the holy grail, quite true!
Why does one get comments coming from other systems that they go down during crucial times or traders get poor spiked out fills on orders.
I would lie though my back teeth to admit we can offer all and everyone that Holy Grail of a system! But we are still here and we are still offering a 1 pip spread. I am attempting not to sound patronising or arrogant but we do offer 1 points spreads and the majority of our clients are benefting from this. However if you are being referred, the referred price is as accurate to the market price as we can possibly make it.
As i say to some clients that are calling me and asking me to be taken off referral, you may trade over the phone at Market price in the markets we offer 1 spreads! And if you compare us to other platforms that in some cases have been around for 2,3, or 6 years - we are striving to compete and will make leaps and bounds to offer you this... I will stand by this and on this bulletin board!

 

[Phil Mibbutz]

A worrying lack of complaints on this thread recently. Is everyone now happy with WS, or what?

 

[Bintrader]

I suspect, they like me took the easy dosh and moved on.

A worrying lack of complaints on this thread recently. Is everyone now happy with WS, or what?

 

[laptop1]

Only mugs left, the ones who couldn't make money if you give them 0 spread.

I will let you know the decision of the Financial Ombudsman Service, when this dispute has ended.

 

[c6ackp]

Only mugs left, the ones who couldn't make money if you give them 0 spread.

I will let you know the decision of the Financial Ombudsman Service, when this dispute has ended.

I opened a "play" account with WS. I doubled it and they closed my account...

 

[stevespray]

I opened a "play" account with WS. I doubled it and they closed my account...

Any reason stated?

Steve.

 

[c6ackp]

Any reason stated?

Steve.

Further to your telephone conversation with our Head Dealer, Mike O’Loan we confirm that your account is now closed from further trading.

As explained to you, we are in an unfortunate position where sometimes our price feeds are slow and it would appear that you have been taking full advantage of trading off slow prices as opposed to trading on correct market prices when offered.

We operate a fully hedged book so it is irrelevant to our company performance whether a client makes money or not. However, we do not appreciate clients who deliberately trade off slow moving prices when they are clearly aware that the price is a few seconds out of date.

We therefore regret to inform you that as of today, your account with Worldspreads has been closed from any further business.

The ironic thing is that I was experiencing the complete opposite of delayed prices. The platform is excellent for the first 30 minutes, but if you win something they quickly modify your account execution method. Once you get to the very slow re-quote stage it's almost impossible to trade the fast moves (off 1min charts).

This is because you have to wait >20 seconds for a quote and when the quote arrives it's not delayed, it's the correct market price. So, once the optimal entry point had passed, I ended up rejecting most of the quotes because the price was so bad.

I think they conveniently interpreted this as trying to trade off delayed prices. It could be just a neat way of bouncing anyone with any skill off the system.

I have nothing at all against these guys, it was all just a bit of fun (I only traded at the minimum stake level on this account anyway) to pass the time.

For swing trading I'm sure a WS account would be fine. Although for any longer term trading the difference between 1 and 3 pips is pretty marginal. Don't expect to be allowed to scalp cable with a 1pip spread though.

c6

 

[wasp]

Surely if their price feed is slow its their problem and they either cease business till they have a price feed which is up to scratch or deal with their own inadaquencies and except this will happen.

I just can't believe you can run an SB with a slow price feed (unless of course the excuse option was part of the whole business plan in the first place!).

 

[laptop1]

c6ackp quote
Further to your telephone conversation with our Head Dealer, Mike O’Loan we confirm that your account is now closed from further trading.

As explained to you, we are in an unfortunate position where sometimes our price feeds are slow and it would appear that you have been taking full advantage of trading off slow prices as opposed to trading on correct market prices when offered.

We operate a fully hedged book so it is irrelevant to our company performance whether a client makes money or not. However, we do not appreciate clients who deliberately trade off slow moving prices when they are clearly aware that the price is a few seconds out of date.

We therefore regret to inform you that as of today, your account with Worldspreads has been closed from any further business.
''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''

c6ackp

Regards to WS financial promotions, it would appear that they are breaching specific FSA rules on how to promote their business. In this regard, it is likely that the FSO would be interested to hear the fact that WS promotions are possibly in breach.

If WS are to promote your interface as an instant execution trading system then you should expect to receive this level of service. If WS are not able to deliver this level of service due to a lack of system capability then it would suggest that the firm should not actually be in the business of promoting instant execution, as they are not able to substantiate this claim. Which could make a case to review SYSC that They may be breaching SYSC section by having inadequate systems for worlspreads intended use?


If WS are not able to deliver this, whether that is through a lack of system capability or as a result of parameters within their procedures that disallow a certain type of investor from instantly executing trades, why this was not advised in their promotional material

C6 you have not been treated fairly and should write to the FSO..If you dont wish to do so. Give me you name and you last letter from WS and I will forward you name with 2 others traders who are in dispute with them. This is not in isolation to you and is in fact systemic across a number of cases I know of, whereby worldspreads is likely to change tack when presented with investors that make profit with worldspread

RGS

 

[c6ackp]

C6 you have not been treated fairly and should write to the FSO

Unfortunately, in this business, "fairness" is in pretty short supply. Just like bookmakers, the spreadbet companies don't have to take bets off anyone they don't want to. If a company is offering tighter spreads than the underlying market then the only way they can make money is to attract punters and weed out the others (scalpers and news-mongers).

I don't feel unfairly treated as it's pretty normal for this industry. I've already been barred from the following...

Ladbrokes FX
FXPlayer
FXPlayer Pro

It's all part of the game and shouldn't be taken too seriously, IMHO.

c6

 

[Phil Mibbutz]

WS's data feed may have been slow in the early days, but they seem a lot faster now. The problem is that the platform can't keep up (20s refresh), so every window can show a different price!

 

[stevespray]

c6ackp quote
Further to your telephone conversation with our Head Dealer, Mike O’Loan we confirm that your account is now closed from further trading.

As explained to you, we are in an unfortunate position where sometimes our price feeds are slow and it would appear that you have been taking full advantage of trading off slow prices as opposed to trading on correct market prices when offered.

We operate a fully hedged book so it is irrelevant to our company performance whether a client makes money or not. However, we do not appreciate clients who deliberately trade off slow moving prices when they are clearly aware that the price is a few seconds out of date.

We therefore regret to inform you that as of today, your account with Worldspreads has been closed from any further business.
''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''

c6ackp

Regards to WS financial promotions, it would appear that they are breaching specific FSA rules on how to promote their business. In this regard, it is likely that the FSO would be interested to hear the fact that WS promotions are possibly in breach.

If WS are to promote your interface as an instant execution trading system then you should expect to receive this level of service. If WS are not able to deliver this level of service due to a lack of system capability then it would suggest that the firm should not actually be in the business of promoting instant execution, as they are not able to substantiate this claim. Which could make a case to review SYSC that They may be breaching SYSC section by having inadequate systems for worlspreads intended use?


If WS are not able to deliver this, whether that is through a lack of system capability or as a result of parameters within their procedures that disallow a certain type of investor from instantly executing trades, why this was not advised in their promotional material

C6 you have not been treated fairly and should write to the FSO..If you dont wish to do so. Give me you name and you last letter from WS and I will forward you name with 2 others traders who are in dispute with them. This is not in isolation to you and is in fact systemic across a number of cases I know of, whereby worldspreads is likely to change tack when presented with investors that make profit with worldspread

RGS

What is "SYSC" please?

Steve.

 

[laptop1]

c6

Traders like you self,just move on to another S/B and don't take the complaint forward to other bodies such as FSO or FSA so on...c6 you got a case for compensation, I have been in talks with some bodies and they are in breach of a lot of issues. This is why they are getting away with it, becuse traders like youself move on to the next firm to be treated the same...All because they have an inadequate systems for worlspreads intended use. If they cant deliver what they say or advertise they should not be allowed to operator.


quote stevespray
What is "SYSC" please?

Senior Management Arrangements, Systems and Controls

 

[stevespray]

c6

Traders like you self,just move on to another S/B and don't take the complaint forward to other bodies such as FSO or FSA so on...c6 you got a case for compensation, I have been in talks with some bodies and they are in breach of a lot of issues. This is why they are getting away with it, becuse traders like youself move on to the next firm to be treated the same...All because they have an inadequate systems for worlspreads intended use. If they cant deliver what they say or advertise they should not be allowed to operator.


quote stevespray
What is "SYSC" please?

Senior Management Arrangements, Systems and Controls

Thanks for the reply re SYSC.

Just to make a few comments re complaints and the FSA & Financial Ombudsman Service.

I’ve actually had a complaint going forward with The Financial Ombudsman Service (FOS) for a couple of years regarding IG Index’s dealing procedures. Some of my complaint relates to a number of points that you have mentioned. In their media IG appear to promise immediate execution at the price quoted to you through their internet dealing platform. The T&C also appear to support this claim but when push comes to shove IG say that they don’t offer that service. Not only do they not offer that service, when you press them on the issue of execution IG will basically make up things that don’t appear to be written in the Customer Agreement. In the case of my complaint IG basically delayed an order I placed to close an open Dow Cash position by sending it for manual execution. In doing that the deal was delayed almost 1 minute. In that time period the market moved against my order and IG refused the deal on the grounds that ‘the price was no longer valid’. This dealing procedure is clearly a variation from the dealing service which is clearly promoted in their promotional media. They state that ‘the price you see is the price you get’. The FOS have written to me and suggested that the company delaying orders in this manner does not benefit or advantage the company and therefore is not unfair towards the customer – Obviously as experienced traders we know that the company gains a massive advantage in treating orders in this manner but the FOS seems completely naïve to the points which I have presented to them. I am of course preparing further material to present to the FOS and it is my intention to visit their offices to demonstrate how this ‘cheating’ occurs and benefits companies who take advantage of that situation.
To be honest the FOS seems to be acting as a further form of protection for the company’s compliance department. The company have actually written to me stating that my order satisfied all the terms demanded by the Customer Agreement but have stated that there are other conditions which are not listed. The FOS appears to be deliberately trying to avoid a confrontation with IG on such a claim. The FOS is doing this by trying to interpret certain terms and conditions in such a manner as to circumvent obligations laid out by previous terms and conditions. The Ombudsman also contradicts himself badly on numerous points which it makes in his latest letter to us. He states that the company must treat all customers fairly but then goes on to say that it seems okay for the dealing staff to get a period of time to check a price which was being quoted almost 1 minute earlier. In ‘checking the price’ the Ombudsman implies that the company is allowed to take price movement, which has occurred during order processing, into consideration when ascertaining whether the previously quoted price was valid for the moment in time in which it was quoted. To the experienced futures trader this is of course laughable but how do we show the Ombudsman that he is writing nonsense?

In my complaint the FOS take no notice of anything that IG’s advertising states. They state that this is a wider issue of advertising which appears to have no bearing on the case. That is why I asked about SYSC. I need to know the exact rules on what the company is allowed to state in its advertising. The FOS originally advised us that a complaint could be made based on advertising so long as the advertising related direct to what is termed as a ‘regulated activity’ – quoting and execution of spreadbets are recognised as a regulated activity but the Ombudsman is again deliberately evasive on confronting the issue head on and instead deliberates over whether the advertising has any direct bearing on the complaint itself. Implicitly the advertised services do have a direct bearing and one of my lawyer friends is pulling his hair out over the Ombudsman’s attitude towards the company’s obviously apparent misrepresentation of the service which it is claims that it is prepared to offer. In other literature the company clearly states that all orders are executed immediately but again the Ombudsman ducks the issue.

I am now presently drawing up a further reply to the FOS which will clearly outline the errors in the latest reply. Ultimately this may require direct court action to resolve the matter. Somewhat ironically the Ombudsman may have inadvertently stated that the company have breached another section of the Customer Agreement. In trying to get the company out of one blind ally the Ombudsman may have sent them down another. According the evidence provided by the FOS I can now reasonably claim that the company failed to provide me with a valid quote when the Customer Agreement states that they must do so.

We’ll see what happens next – don’t hold your breath!

Steve.

 

[Priceman]

FOS taking backhanders from SB companies ! Nah that's ridiculous, are you mad !

Stranger things have happened/ could happen

 

[c6ackp]

laptop / Steve

Yes, you guys are spot on - it all stinks.

FXPlayer (finspreads) have refused to deliver £680 worth of prizes which I won on their website.

Direct access is definitely the only way to go...

c6

 

[MarvinS]

Client just let me know the new pricing is 1 sec faster then e-signal. Does anyone use E-signal?