prospreads.com

This is a discussion on prospreads.com within the Spread Betting & CFDs forums, part of the Commercial category; Originally Posted by johnnn The reason I'm on this thread is because I'm considering the relative merits and demerits of ...

Reply
 
LinkBack Thread Tools Search this Thread
Old Jul 15, 2011, 7:55am   #401
Joined Jan 2006
Re: prospreads.com

Quote:
Originally Posted by johnnn View Post
The reason I'm on this thread is because I'm considering the relative merits and demerits of Prospreads and Interactive Brokers. Of course there are several considerations, but the ones I've come to focus on are:

1) PS - basically what is their model? It's not just that ordinary SB companies take the other side to their clients, it's that they use underhand means to screw clients out of sustained winnings. They can do this because they make their own market. But they don't do it because they make their own market - a company could in principle make its own market and be honest. Just nobody's heard of an honest ordinary-SB firm, because basically they're bookies and if clients chuck their money away they try to encourage them to chuck more away, in their direction. In fact they're worse than high-street bookies because a high-street bookie's vig is about 11% whatever happens - and once they've taken it, the rest of the money that's bet goes to the winners. (OK this is a massive over-simplification , but in principle a high-street bookie wants to be flat on all outcomes)

So - what I really want to know is when do Prospreads hedge (fully and automatically, in relation to a specific order they've received from a client, and as soon as they can), and when don't they? Hopefully they will reply publicly. This is where I'm hoping they distinguish themselves from ordinary-SB firms, not just in the fact that the prices they quote are real market prices, which keeps getting trotted out but doesn't give the whole picture.

2) Interactive Brokers - I haven't looked at them so closely yet, but their customer service seems dire (just going by pre-sale experience here) compared to PS's. I've told them how much I'd be putting up, i.e. low-to-mid 5 figures (GBP) to start with, and they haven't even bothered replying to my emails. Various websites say how **** their CS is.

But is that particularly bad? Does it just come from them aiming at bigger clients, and if smaller clients get the same functionality (if not the attention and courtesy) of bigger clients, well that at least seems to be a good thing.


Lastly - Riogordo - isn't it 85K if Barclays go under, or do client a/cs come under different riles from personal a/cs?
You are right it has gone upto 85k. even better.
riogordo is offline   Reply With Quote
Old Jul 15, 2011, 10:55am   #402
Joined Jul 2009
Re: prospreads.com

I'm still waiting for feedback and replies to very good questions raised by a few of us. I myself have nothing against PS either, I have no motives at all, I'm just really careful who I trade with, that's why I have been in this business for years. A fool doesn't look before he leaps. Again, why the £500k clear equity?
Truth Seeker is offline   Reply With Quote
Old Jul 15, 2011, 11:59am   #403
Joined Jul 2010
Re: prospreads.com

Quote:
Originally Posted by Truth Seeker View Post
I'm still waiting for feedback and replies to very good questions raised by a few of us. I myself have nothing against PS either, I have no motives at all, I'm just really careful who I trade with, that's why I have been in this business for years. A fool doesn't look before he leaps. Again, why the £500k clear equity?
TS - you reflect my thoughts.. i'm looking before leaping. Would like to know hear a few more answers.... The adhoc hedging? the rather large sum of equity required which will surely put many out of the picture..certainly myself lol.

My thinking is , is that if you have confidence with the broker you trade with then that is the bedrock. All else is then in your hands to play the market & not the market and a twelfth man.

who do you currently trade with may i ask?
kerching is offline   Reply With Quote
Old Jul 15, 2011, 2:19pm   #404
Joined Jul 2011
Re: prospreads.com

Is it okay if I'm merely just interested in seeing the responses to the questions? I have no future plans about it... but the questions are valid and deserve a response.
market_bull is offline   Reply With Quote
Old Jul 15, 2011, 2:31pm   #405
Joined Jul 2009
Re: prospreads.com

Quote:
Originally Posted by kerching View Post
TS - you reflect my thoughts.. i'm looking before leaping. Would like to know hear a few more answers.... The adhoc hedging? the rather large sum of equity required which will surely put many out of the picture..certainly myself lol.

My thinking is , is that if you have confidence with the broker you trade with then that is the bedrock. All else is then in your hands to play the market & not the market and a twelfth man.

who do you currently trade with may i ask?

I currently trade with Oanda, FXCM, GFTUK, IG (swing trades). I'm looking at trading with PS for one particular type of trading method which will need good execution and enable me to load up over time without any worry of order fill problems.
I would rather go the Tax free route, but if they don't tick all my boxes, I will bite the bullet and go the Tax route with another non sb broker.
To add I have a couple more dormant sb accounts whom I have traded with before but not been 100% happy with so just left some money in just in case they improve in the future.

Last edited by Truth Seeker; Jul 15, 2011 at 2:38pm.
Truth Seeker is offline   Reply With Quote
Old Jul 15, 2011, 4:12pm   #406
Joined Jul 2010
Re: prospreads.com

cool - no probs with any of those 3?
kerching is offline   Reply With Quote
Old Jul 15, 2011, 4:34pm   #407
Joined Jul 2009
Re: prospreads.com

Quote:
Originally Posted by kerching View Post
cool - no probs with any of those 3?


Oanda, is good in normal market conditions, and you can load up with no real fear of any sinister tricks, expect slippage from time to time, but a no go around news times as they widen their spreads, I trade on 5/15m charts with no real problems. Disadvantage - You pay tax on winnings.
FXCM, is ok in normal market conditions for 30 min/hourly+ trades but the spreads need to be reduced for me to load up, avoid around news times and scalping as they can slip you like crazy.
GFTUK, again, ok to use around normal market conditions but for slower trades (30min +) as they too, slip you if you scalp.
IG, well I have been with these guys for years and have all my charts set up with their excellent Pro Real Time Advanced charting platform and my own customised indicators, I use these for my swing trades (4hr, Day, Weekly) trades.
I'm looking at PS primarily for scalping, (trades I will be in for up to 5 mins at a time), so need to be able to load up with no fear of the usual tricks sb firms play when you're trading this swiftly. So far I see obstacles
that don't need to be there, but as I said, I will move forward to a non spreadbetting firm if needed to achieve my goals, but I would sooner line PS's pockets rather than hand over more cash to the ConDem t@ssers.

Last edited by Truth Seeker; Jul 15, 2011 at 5:12pm.
Truth Seeker is offline   Reply With Quote
Old Jul 15, 2011, 4:43pm   #408
Joined Jul 2009
Re: prospreads.com

To add, after a few rounds of boxing with Peter Crudas the owner of CMC, they are now working on implimenting a few of my suggestions to their trading platform, and once the required upgrade has been finished I will open an account and have a bash to see if their execution is as fast as they claim, and as it's no dealer as well, hopefully it will work out ok. We will see if it fits my plan and I will report my findings either way.
Truth Seeker is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)