They said to us 100 Trades a day maximum (50 Entries, 50 Exits). Had to last 1 minute , wasn't allow close the trade near the open, evidently we lost our platinum benefits.
Zero Spread WorldSpreads
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They said to us 100 Trades a day maximum (50 Entries, 50 Exits). Had to last 1 minute , wasn't allow close the trade near the open, evidently we lost our platinum benefits.
If it's that clear-cut they should put it in their T&Cs, but perhaps they don't want to put off clients who make hundreds of losing trades a day. In any case, if they really did make the money from the spread (as per the theoretical way SB works), they'd want everyone to trade as much as possible.
Chalky_trader
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Thanks for the replies
im sure it has been discussed elsewhere but, anyone have a view on the best broker for short term trades.
My system is to trade looking for 10 pts and exit loosers very quickly if they dont go my way.
IG seem pretty good but the 1 pt spread costs me up to £5 a trade (cos i trade up to 5 PP t ;-))
The spread can cost me potentially hundreds of pounds so 0 pts sounds very apealling.
Will IG close me down if i am continually sucessfull too?
im sure it has been discussed elsewhere but, anyone have a view on the best broker for short term trades.
My system is to trade looking for 10 pts and exit loosers very quickly if they dont go my way.
IG seem pretty good but the 1 pt spread costs me up to £5 a trade (cos i trade up to 5 PP t ;-))
The spread can cost me potentially hundreds of pounds so 0 pts sounds very apealling.
Will IG close me down if i am continually sucessfull too?
This is my first ever post, so excuse any faux pas on my part.
I have a zero spread account with Worldspreads and have traded a few times.
My concern is about time taken to fill orders and have experienced a number of occassions where the orders have not been fulfilled at all due to the market moving too quickly. It's a pain to say the least when trying to bank a profit or reduce a loss!
I have accounts at other Spread Betting firms and havent had this problem elsewhere.
Anyone got any similar experinces?
I have a zero spread account with Worldspreads and have traded a few times.
My concern is about time taken to fill orders and have experienced a number of occassions where the orders have not been fulfilled at all due to the market moving too quickly. It's a pain to say the least when trying to bank a profit or reduce a loss!
I have accounts at other Spread Betting firms and havent had this problem elsewhere.
Anyone got any similar experinces?
Chalky - I have an account with IG and trade at differing levels above £5/pt and havent had a problem. I think virtually all trades are executed automatically.
However, I agree with your comments about the 1 pt spread.
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Zero spread = 1 to 5p spread in real life, although it's worse than that when you get contstant rejections and can't close a trade.
Chalky_trader
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In my experience the zero spread works fine, for most of the time.......BUT if you are trying to trade in a fast moving market things get difficult.
When the market makes a move you get cancelled (rejected) trades (because the market has moved they say) and the system generally goes slow. Very frustraing if you ar in a looser and its getting worse.
I spoke to them about it and they said that they have to match up our trades with the market and if the price isnt there then they reject the trade. Problem is it takes a few seconds to resubmit the order and if you then get another rejection it is very frustrating. The same goes from trying to exit a winner when the market is moving fast, this can of course work to your advantage if the market keeps going.
Best option is to set stop losses and limit orders - but that is not ideal.
I do not understand why they cannot come back with a requote rather than a rejection so at least you can exit the trade.
If worldspereads could improve in this area then the system would be excellent, but it is a big concern
Interesting. My view is that the underlying market doesnt offer zero spreads, even on FTSE100, so Worldspreads are in some way having to cover it somewhere, maybe by not pricing to the market.
If you bet small or you lose, no issue. If you bet big or win, then it may cause a problem.
Having read some other posts it appears I'm not alone in having the problems I have had, even though they told me I was.
I didnt get any real assistance with why the problem was occuring. The suggestion was it might have been an IT issue, but their IT dept was not then involved in the matter.
I felt that their concern for my problem was skin deep and there didnt seem to be any sense of urgency or concern about resolving it.
I was betting relatively big and winning, so maybe that was their problem. I dont know.
What I do know, is having tried subsequently, I get referred to trader, like other postees, irrespective of size of trade.
In conclusion therefore, I am not a fan as on balance I dont feel they are as straightforward as they like to pretend. I'm not comfortable with the fact that I was winning and then had a problem, but didnt have a problem before my trades grew in size and success, and when the problems arose there was no attempt to resolve it.
Spread Betting companies need to make a profit on trades, irrespective of whether the customer wins or loses, so a margin is inevitable (unfortunately, because it does eat in to one's profit).
It's a question of finding a company with a small margin and decent platform in terms of speed and reliability.
Chalky_trader
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Hi Slim7
what frequency were you trading when you had the issues? and what kinds of stop / exit distances were involved, IE are you a scalper or position / swing trader.
I spoke to a trader at worldspreads this week and he told me that they has no problems as long as in general the trade were held for a minimum of a minute or more.
Have you been succesful in finding a spreadbetter that gives a consistently good service?
Regards
Chalky
Chalky
I was trading daily and usually twice a day, maybe more. My trades were very quick, probably less than 1 minute in and out.
If I see a profit I take it!
I was usuing the minimum stops offered, although they suggested I increase them by a point or 2 to counter the market movements.
I'm not really experienced enough to offer advice on other companies but like I suspect most people find IG okay. It's just the 1 point spread that I'd love to find an alterntaive to
I would say zero spread can only be offered under certain market conditions and trading style, it must be covered by a counterpart position. The company will not give away free money, so in order to "protect" themselves and to stop you from short term trading they give rejections or even put you on referral to a dealer. The MiFID over rides the user agreement so this kind of individual manipulation is not allowed. The SB companies have not understood this as of yet or doesn't really care. It is only a matter of time the regulators will crack down on SB companies who manipulate on an individual basis. On the other hand, trading with zero spread nothing else is to be expected, and believing you will be treated fair is naive standpoint. Zero spread can only be good for hedging or Swingtrading, nothing else as I see it.
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Chalky_trader
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Zero spreads is surely targeted at short term traders. The current Marketing blurb states that on average traders have saved £8000 each in spread commission.
if you are Swing trading - looking for bigger moves then the 1 point spread becomes insignificant. if you are looking for 4-10 pips then its a different story.
If WS markets at scalpers, which i believe they do, then they shouldnt be surprised when they get them!
You cannot target something towards something that cannot be traded. It is impossible offering zero spread to short term traders. You will simply be restricted in some way or the other if you make consistent profit.
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Zero spreads is just a marketing gimmick to draw punters in with larger deposits. Somewhere on T2W is a thread that was briefly monitored by a WS person. He disappeared as soon as he was asked awkward questions. If you contact them they always try to say it's an IT problem, when it's obviously company policy to make life difficult for clients who make money from short term trades.
You can't blame SBs for wanting to make a profit, but I can't understand how they expect to get away with something that goes against MiFID, as gle points out.
JSMITH07611
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well you see now why they offered it
so that you deposit 5k
then they do ponzi scheme
moneys now gone
worldspreads bankrupt
so that you deposit 5k
then they do ponzi scheme
moneys now gone
worldspreads bankrupt
The Leopard
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Ponzi schemes are perfectly legal in the UK, under certain circumstances.
Ask the Department of Work and Pensions if you don't believe me.
Chaps
Firstly Ponzi schemes are not legal in the UK. Think about it.
Secondly, inferring that Worldspreads have done such a thing is a libelious statement.
Just as well you're not UK based
Many companies in different sectors offering marketing schemes. This was just one of them.
Worldspreads are "covered" by FSA regulation so many traders monies will be protected and guaranteed.
Firstly Ponzi schemes are not legal in the UK. Think about it.
Secondly, inferring that Worldspreads have done such a thing is a libelious statement.
Just as well you're not UK based
Many companies in different sectors offering marketing schemes. This was just one of them.
Worldspreads are "covered" by FSA regulation so many traders monies will be protected and guaranteed.
The Leopard
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Chaps
Firstly Ponzi schemes are not legal in the UK. Think about it.
Secondly, inferring that Worldspreads have done such a thing is a libelious statement.
Just as well you're not UK based
Many companies in different sectors offering marketing schemes. This was just one of them.
Worldspreads are "covered" by FSA regulation so many traders monies will be protected and guaranteed.
Inferring Worldspreads has been running a Ponzi scheme is not libellous (or even libelious). IMPLYING that they have might be libellous, although I didn't even do that.
I merely stated with absolute accuracy that Ponzi schemes are legal in the UK under certain circumstances. If you doubt this, please define what a Ponzi scheme is and I will give you examples of ones operating perfectly legally.
stevespray
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The suggestion of a ponzi seems perfectly reasonable to me. They were clearly relying on peeps depositing large sums in order to access their premium level of service (aka 'Zero Spreads'). Why not offer Zero Spreads to everyone? Because they needed the large deposits to stay afloat! Without peeps paying in they'd have run out of cash much sooner.
Chalky_trader
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Anyone know when we get our deposits back?
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