Worldspreads

[SB_Beginner]

Drawing clients in using something that isn't actually available seems like misrepresentation to me.

Isn't that called 'bait and switch' and now illegal? Where they offer one thing then when you agree to that they try and switch it to get more money from you. e.g. offering 0pt spreads then you open an account and only being offered 1pt spreads.

I seen it on watchdog(BBC1 UK) last week, it was a completely unrelated industry they were focusing on(carpet cleaners) but I think the principle applies here.

Harry.

 

[ceydababy]

Worldspreads is a disgrace to the industry. Every trade is referred and if it happens to be losing and falling fast they will never let you close it. Each time you try again to click close on the Trade Referral screen they hold it say 2-3 minutes then another screen appears stating "the price has moved, please try again later". This is an impossible way to trade and most unprofessional on their part. Likewise, when you attempt to close a winning trade and especially if you try to catch the spread, they will do the same thing with Trade Referral hoping price will fall against you. Will it damage their business? Only time will tell. It is disappointing given the lengths they went to to send survey questionnaires to all their customers. I can only think this firm is desperate and prepared to adopt any tactics whatsoever to stop traders from making money. They have certainly taken a lot of money from me by the various methods. They close down their website and go on telephone only dealing whenever volatility increases or is expected to increase. This will continue for the whole session. Do I bother to complain to them? No, I suspect it would fall on deaf ears as this outfit is ruthless. Unfortunately, they are fools because eventually they will have no clients left and go out of business. The crazy fact is they do not need to adopt such desperate tactics as most traders will lose money anyway. My strong advice to anybody thinking of opening an account with WS is do not even think about it. They don't deserve to have any clients the way they now operate. I am 100% honest and fair. What on earth is this so called broker playing at? Do they really think they can succeed with such dishonourable tactics. We will see. You have been warned. The people operating this firm should be ashamed of themselves. ps. I was shocked to see T2W advert for this dreadful "broker" and that prompted me to post, probably my first post in 5 years. I was one of the first member group in the prior websites and been in this game a long time.

If things change for the better I will be the first to come back here and post an update as I would not wish to criticise a business without justification.

Kind regards

TX

Long story short....Got 3 days of great service. Come day 4 was getting filled on trades as they moved against me and not getting filled on trades that went my way. When trying to close losing trades I couldn't. After two losses arising from this scenario I called them.

After much debate the customer service guy admitted my account was on referal because "my business wasn't mutually benefical"

Be warned their CEO here is talking guff. IF you make money THEY WILL SCREW YOU

 

[lovejoy21]

Long story short....Got 3 days of great service. Come day 4 was getting filled on trades as they moved against me and not getting filled on trades that went my way. When trying to close losing trades I couldn't. After two losses arising from this scenario I called them.

After much debate the customer service guy admitted my account was on referal because "my business wasn't mutually benefical"

Be warned their CEO here is talking guff. IF you make money THEY WILL SCREW YOU

It seems honesty and transparency is too much to ask from bucketshop marketmakers like WS then judging by your experience. It's a pretty simple business model they have with the zero spreads offer...attract as many new clients as possible and those clients will spreadbet on pairs other than the zero spreads instruments. Clients who successfully spreadbet only on the zero spread pairs are clearly not wanted as WS will make zero money from them.

What I don't understand is why is your account on referral without them discussing it with you and what does being on referral mean? Surely it would be more beneficial to both parties if WS simply discussed your intentions with you etc. and then if they didn't want you as a client then fair enough...but putting someone on referral which from your experience implies a dealy in trade executions without prior warniong is hardly the level of transparency and and honesty one expects from their broker is it?

Maybe WS don't care about the negativity / bad reputation they receive for practices like this as they'll still probably make enough net profit form the promotion.

The CEO hasn't popped in for a while, perhaps he could answer some of the recent posts (I'd also be interested in his views on my long post on SB / market makers versus STP/ECN brokers and the perceived advantages of SB for a serious trader) and explain the company policy on 'account referrals', why this would happen, what is actually means in practice and what their policy is on clients who merely spreadbet the zxero spread instruments.

 

[Arbu]

I considered compiling a lengthy e-mail setting out why your e-mail is not an accurate or fair reflection of how WorldSpreads operates when dealing with its clients, but it would only result in a 'tit-for-tat' exchange of subjective perspectives.

Conor, I was going to start using your Platinum service but I am concerned by traderx's allegations, and even more so by your reluctance to rebut them. I don't see anything wrong with subjective exchanges - we all deal with them all the time. Could you please give us a response on this forum?

 

[phi]

hehehe... CEO Connor Folley got scared.

 

[lovejoy21]

It seems honesty and transparency is too much to ask from bucketshop marketmakers like WS then judging by your experience. It's a pretty simple business model they have with the zero spreads offer...attract as many new clients as possible and those clients will spreadbet on pairs other than the zero spreads instruments. Clients who successfully spreadbet only on the zero spread pairs are clearly not wanted as WS will make zero money from them.

What I don't understand is why is your account on referral without them discussing it with you and what does being on referral mean? Surely it would be more beneficial to both parties if WS simply discussed your intentions with you etc. and then if they didn't want you as a client then fair enough...but putting someone on referral which from your experience implies a dealy in trade executions without prior warniong is hardly the level of transparency and and honesty one expects from their broker is it?

Maybe WS don't care about the negativity / bad reputation they receive for practices like this as they'll still probably make enough net profit form the promotion.

The CEO hasn't popped in for a while, perhaps he could answer some of the recent posts (I'd also be interested in his views on my long post on SB / market makers versus STP/ECN brokers and the perceived advantages of SB for a serious trader) and explain the company policy on 'account referrals', why this would happen, what is actually means in practice and what their policy is on clients who merely spreadbet the zxero spread instruments.

I've been using WS for over 2-3 weeks now and everything has been fine so far...I've had a few trades where entries were delays for 1-2 seconds and 'referrall' came up on the screen...not sure why but it didn't make any difference as I mostly use limit orders.

One thing I have noticed is that their price feed does differ from my other Forex brokers by 1-3 pips at times...not noticed this before on other brokers.

But their platform is very easy to use...one of the best i this regard IMO (I don't use their charts).

 

[gle101]

I've been using WS for over 2-3 weeks now and everything has been fine so far...I've had a few trades where entries were delays for 1-2 seconds and 'referrall' came up on the screen...not sure why but it didn't make any difference as I mostly use limit orders.

One thing I have noticed is that their price feed does differ from my other Forex brokers by 1-3 pips at times...not noticed this before on other brokers.

But their platform is very easy to use...one of the best i this regard IMO (I don't use their charts).

Yes, it might be a good idea of those traders using the zero account with WS to start trading with limit orders, as apparently WS is kind of paranoid when it comes to market orders. I do not believe in zero accounts, no way WS can execute fairly, they have to manipulate the clients in some way or the other in order not to give away money for free.

 

[gle101]

It seems honesty and transparency is too much to ask from bucketshop marketmakers like WS then judging by your experience. It's a pretty simple business model they have with the zero spreads offer...attract as many new clients as possible and those clients will spreadbet on pairs other than the zero spreads instruments. Clients who successfully spreadbet only on the zero spread pairs are clearly not wanted as WS will make zero money from them.

What I don't understand is why is your account on referral without them discussing it with you and what does being on referral mean? Surely it would be more beneficial to both parties if WS simply discussed your intentions with you etc. and then if they didn't want you as a client then fair enough...but putting someone on referral which from your experience implies a dealy in trade executions without prior warniong is hardly the level of transparency and and honesty one expects from their broker is it?

Maybe WS don't care about the negativity / bad reputation they receive for practices like this as they'll still probably make enough net profit form the promotion.

The CEO hasn't popped in for a while, perhaps he could answer some of the recent posts (I'd also be interested in his views on my long post on SB / market makers versus STP/ECN brokers and the perceived advantages of SB for a serious trader) and explain the company policy on 'account referrals', why this would happen, what is actually means in practice and what their policy is on clients who merely spreadbet the zxero spread instruments.

Just a short comment to your post. The SB industry is progressing as a whole. I am really impressed by the service given by most of the SB companies today. For some reason or the other WS seems to be stuck in old ways and habits of client manipulation. I used to like this company, and it is kind of sad to see in what direction they are heading. If this continues, I am quite convinced that they will be run over by the new merging companies and left behind by the more established SB companies. The later understand the challenges the industry faces and try to adapt accordingly.

 

[6am]

Clients who successfully spreadbet only on the zero spread pairs are clearly not wanted as WS will make zero money from them.

I presume that overnight funding charges still apply? Therefore they will make money if the client holds his position overnight.

 

[phi]

I presume that overnight funding charges still apply? Therefore they will make money if the client holds his position overnight.[/QUOTE]

This is correct. And the cost is 100% of the stake. BIG money!

 

[gle101]

I presume that overnight funding charges still apply? Therefore they will make money if the client holds his position overnight.

Still, they have cost for hedging what is not balanced out in the book, even at a higher cost with zero spread.

 

[phi]

Still, they have cost for hedging what is not balanced out in the book, even at a higher cost with zero spread.

first, you quoted 6am - not me. (my quotation did not came out as it suppose to)
second, you trying to defend criminals. poor WS - they have to use "higher cost" hedging.
...so they build in their system cheating on clients to balance out the book. ThaT's just ridiculous absurd!

 

[gle101]

first, you quoted 6am - not me. (my quotation did not came out as it suppose to)
second, you trying to defend criminals. poor WS - they have to use "higher cost" hedging.
...so they build in their system cheating on clients to balance out the book. ThaT's just ridiculous absurd!

Sorry about that, didn't notice it. Please reread my posts on this thread in order to come to a better understanding of my meaning of this subject.

 

[Hotch]

I am unsure whether it was this thread or another, but I recall somebody saying he was having different prices in different windows. While I'm not sure this is the case, I have had a similar issue.

 

[Ross Spur]

I am unsure whether it was this thread or another, but I recall somebody saying he was having different prices in different windows. While I'm not sure this is the case, I have had a similar issue.

It's just that the windows update at different time intervals, I think

 

[Chubbardo]

Not sure when WS made the change but this year they are a joke. It seems if price is moving even 1 pip back and forth you'll be lucky to get filled on a market order. So basically if the market is standing still you can get filled, but what market stands still? Trade order failed after trade order failed... 3-6 times in a row sometimes. Oh and if it moves against you it will be filled in quick time. talk about market makers edge. avoid these guys for now

 

[Ross Spur]

Not sure when WS made the change but this year they are a joke. It seems if price is moving even 1 pip back and forth you'll be lucky to get filled on a market order. So basically if the market is standing still you can get filled, but what market stands still? Trade order failed after trade order failed... 3-6 times in a row sometimes. Oh and if it moves against you it will be filled in quick time. talk about market makers edge. avoid these guys for now

I think you'll find this is related to your recent trading pattern. Have you been making a consistent profit on short-term trades, by any chance?

 

[Chubbardo]

I think you'll find this is related to your recent trading pattern. Have you been making a consistent profit on short-term trades, by any chance?

No new account, and since opening breakeven at best. I'm thinking it applies to all accounts since they bought in the zero spread thing.

 

[Black Swan]

Their new corporate gift-wear range is proving to be a quite a hit...

 

[1984]

Their new corporate gift-wear range is proving to be a quite a hit...

I think there ae laws to deal with idiots like you