Barred!

trader_dante

trader_dante

Veteren member
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I just got barred from VDMspreads via a nice short email.

Your account is to be closed and your money refunded. No reason given.

Never once traded on a false price but did complain quite a few times for severe and unneccessary slippage across multiple markets.

Why do I feel so proud?
 
I'd be surprised if he was barred for losing money :cheesy:

These spreadbet companies are all the same. Some don't close your account, they just make it impossible for you to trade until you leave voluntarily.
 
freaks.jpg


one.... of.... us
 
good for you! it shows they're scared of you.

did you notice any platform performance issues / slippage / requotes before this happened?

could you guess at what trading size that got yourself onto their radar?

or did it come out of the blue?
 
trendie said:
good for you! it shows they're scared of you.

did you notice any platform performance issues / slippage / requotes before this happened?

could you guess at what trading size that got yourself onto their radar?

or did it come out of the blue?
Click to expand...

There were severe performance issues in the form of slippage. I've posted about this before. They were slipping me badly on everything even at low stakes. I asked them to close my account but they requested ID to transfer the money back. In the meantime they froze my account. They said the ID was required by the FSA. I didn't send it in for a few weeks - they followed it up and I said I'd be willing to give them another go and see if they had cleared the issues up. At that point they said they were not going to allow me to continue, they were closing the account and I would have the money transferred back immediately without the ID needed.

Perhaps they just thought I was a problem customer. I was consistently growing the account but I wouldn't have thought the performance would have been perceived as threatening in any way...the one thing I am wondering is whether the initial ID request was a delay tactic.

Oh well, I was just trying them out. Back to my old favourites, Capital Spreads' various white label incarnations ! :)
 
your username wasn't trader_dante or something on it was it :LOL:?

they've probably also reported you behind your back for money laundering or suchlike...
 
why r you still piddling about with the bookies dante? you pay more in spread/slippage then you would in tax if your doing decent size.
 
trader_dante said:
There were severe performance issues in the form of slippage. I've posted about this before. They were slipping me badly on everything even at low stakes. I asked them to close my account but they requested ID to transfer the money back. In the meantime they froze my account. They said the ID was required by the FSA. I didn't send it in for a few weeks - they followed it up and I said I'd be willing to give them another go and see if they had cleared the issues up. At that point they said they were not going to allow me to continue, they were closing the account and I would have the money transferred back immediately without the ID needed.

Perhaps they just thought I was a problem customer. I was consistently growing the account but I wouldn't have thought the performance would have been perceived as threatening in any way...the one thing I am wondering is whether the initial ID request was a delay tactic.

:)
Click to expand...

Although the variable spread is annoying, I've never had any significant slippage issues with VDM when using small stakes.
However, when I tried to withdraw my funds they said they'd need ID before I could have my 'profit', because of FSA rules. It doesn't quite make sense that they allow people to open accounts and deposit money without the same precaution.
Whether this has anything to do with the FSA is doubtful, though. AN other SB company once claimed they needed certain docs because it was an FSA requirement. I checked with the FSA, who said that there were only guidelines - ie. the SB co was telling porkies, which seemed to interest the FSA person.
VDM can't have it both ways. By handing over your money with no ID they have either admitted that they lied or have broken FSA rules! Report them immediately.:)
 
Yeah I was in the same situation. I think they wanted me to carry on trading in the hope that I would lose what I made. They obviously like to play silly games.
 
On the question of providing ID, I was once trying to draw money out of a Fixed-Odds (binary bets type stuff) firm. In order to establish my ID I had to provide my electricity meter number ... had never come across that one before!

I tried looking on the actual meter, but the only number(s) I could find were not the kind of number they were looking for. It turned out that it's printed on the bottom of the bill (which they didn't bother telling me at first) - I had never noticed this before.
 
they probably have some beavis and butthead types sat up there thinking up ways to slow down money withdrawals.

"huh-huh-huh... yeah, yeah, ask him for his water meter number too. huh-huh, and a picture of his wife"
 
Think I'll have another go at withdrawing my huge profits, and if they ask for more silly ID I'll refer them to this thread.
 
trader_dante said:
. . . I asked them to close my account but they requested ID to transfer the money back. In the meantime they froze my account. They said the ID was required by the FSA. . . .
Click to expand...

The implication is that any funds remitted by an FSA registered firm to any client required ID . . . ?

B0ll0cks with a capital "B". :(
 
A Dashing Blade said:
The implication is that any funds remitted by an FSA registered firm to any client required ID . . . ?

B0ll0cks with a capital "B". :(
Click to expand...

Any FSA firm can ask for ID if they suspect anything dodgy might be going on.

If this is a smaller outfit they probably overapply the rules just to cover themselves.
 
Last edited:
Doesn't even have to be FSA registered, so long as there's more than 10k in fact there may be an obligation on any firm due to money laundering innit
 
I think it is all about Money Laundering rules from the FSA. It's a bit ironic how they'll take your money very quickly off you but put hurdles in the way of you getting it back. But to be fair they have to follow rules on knowing the ID of the client to leave a papertrail in case there is a laundering problem...
 
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