Job Category of a Full Time Spreadbetter?

This is a discussion on Job Category of a Full Time Spreadbetter? within the Spread Betting & CFDs forums, part of the Commercial category; Hi Tom, Originally Posted by tomorton Well Tim, I might be wrong. But how will we know?. Yes indeed, good ...

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Old Aug 15, 2015, 12:59pm   #16
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Hi Tom,
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Originally Posted by tomorton View Post
Well Tim, I might be wrong. But how will we know?.
Yes indeed, good point. Clarification from the horses mouth would be helpful. @highbury fx @Jason Rogers @capitalspreads @LLSS - please can any of you guys outline the policy of the firms you're with regarding clients wanting to make large withdrawals?

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Originally Posted by tomorton View Post
The SB firms won't say much - security; the clients who knowingly breached their contracts and got away with it aren't going to confess - they may even still be doing it; the clients who unknowingly got away with it won't know to tell us anything..
Yes, I take your point. But, equally, how will the SB firms themselves know when the client has breached the contract? I've never been asked any further questions after opening and funding the account by any of the 3 SB firms I've had accounts with. I would think it very odd if they suddenly started making checks and asking questions when I want to withdraw profits. After all, why don't they ask the same questions on the occasions when I've lost money hand over fist!!! When I blew up my account 10 years ago, I didn't get a friendly rep' on the phone wanting to know whether or not I was in breach of contract and, had I been, I'm sure they wouldn't have refunded my losses!

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Originally Posted by tomorton View Post
But think of parallels - how hard it is to get an insurance claim, or a refund on some sub-par goods or services, or to get unfair charges reimbursed, or to get a tax rebate, and how long it takes. Its certain that SB firms will go through just as stringent checks before releasing money. And at this point, if we're talking about profits, not deposited funds, its not your money.
Parallels Tom? I'm not convinced. I think withdrawing profits which the SB firm can see how you've made is a very different proposition to making an insurance claim or getting a refund for sub-par goods or services. The only time I've ever heard of SB firms refusing to pay out is if they think the client is in breach of their T&Cs, for example by using an arb' algorithm to scalp profits etc. Other than that, it's when a freak spike occurs due to an in house software glitch, and then they claw back the profits. So long as the profits have been earned fairly and squarely, they have no earthly reason to stop clients from withdrawing them at any time. There may be security issues preventing clients from withdrawing large amounts in quick succession - just to ensure that the money is being withdrawn by the client and not by criminals. Otherwise, what's the point? Allowing clients to open accounts but not allowing them to withdraw profits - or making the process difficult and long winded when they do - is a sure fire way to drive customers into the arms of competitors.
Tim.
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Old Aug 15, 2015, 6:20pm   #17
Joined Feb 2002
If I lose £10k at spreadbetting, breaching the SB firm's T&C in doing so, then that's my look-out, why would the firm object?

But if I made £10k using their services, and their T&C say I was not entitled to use their services, they stand to save themselves £10k if they can show I breached our contract - they would no longer be bound by it. So its unreasonable to think they will not check clients' compliance and will not enforce a breach of contract.
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