Prospreads - when is margin not margin

Had an interesting issue with a so called margin call today, i.e. my position on ES Mini was closed whilst i was still in margin (by 15 pips on the ES Mini).

My position would have turned into a profit. Im so pissed off. I have emailed Simon Brown to see what he thinks. Its not a lot of money as I was only trading 1 contract. (still £350).

We shall see if they value my business and make good their premature action as i have traded over 300 contract trades in the last few months.

I have to say until today I was relativly happy with these guys, I was able to trade on their discounted volume deal so the whole experiance really suited me.

I will post the result good or bad.

Prospreads did have the decency to call me direct on the matter, unfortunatly Dashing Blade was correct and I am certainly in the catagory of "client they dont want".
They did point out that their T&C allow them to close any position at their discretion, this was never in doubt even by me. This was an issue that discretion on the part of ProSpreads could have paid them dividends - for the sake of £350 they loose thousands per month in fees from me. It probably cost them more than that to aquire me as a customer. Unfortunatly now is the time to move on. I use IG index for my forex trading and will now add futures to that list. The guys at Prospreads are a good personable bunch and I will miss them and their trading platform.

bsmart21 said:

Prospreads did have the decency to call me direct on the matter, unfortunatly Dashing Blade was correct and I am certainly in the catagory of "client they dont want".
They did point out that their T&C allow them to close any position at their discretion, this was never in doubt even by me. This was an issue that discretion on the part of ProSpreads could have paid them dividends - for the sake of £350 they loose thousands per month in fees from me. It probably cost them more than that to aquire me as a customer. Unfortunatly now is the time to move on. I use IG index for my forex trading and will now add futures to that list. The guys at Prospreads are a good personable bunch and I will miss them and their trading platform.

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my understanding is that you have to have a 5th of the margin required to trade intra day, which i gather is $700 for 1 S&P, but i would also like to point out that you can run a position if already in the trade below the required level at there discretion, until the funds in your account get low. Reading between the lines, you didn't have enough funds to run the position.??

pit pony said:

my understanding is that you have to have a 5th of the margin required to trade intra day, which i gather is $700 for 1 S&P, but i would also like to point out that you can run a position if already in the trade below the required level at there discretion, until the funds in your account get low. Reading between the lines, you didn't have enough funds to run the position.??

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Im not disputing this???

My point is the position was closed before the stop, the stop was within margin (by 15 pips on ES). Im not disputing the fact that they were not within their rights to do this, just that the principle of this could be questioned. Prospreads have not conned or diddled me in any shape or form. Im just pissed that my position was not allowed to run its course and in this case be in profit, without hitting the stop or margin. When brought to the attention of Prospreads the value of £350 was in their eyes greater than the £3000 per month they get in fees.

Im not asking for a losing trade to be refunded here. I dont really care about the £350. Its the principle. Their platform should not allow a trade to be made that falls outwith their rules, I had a stop that was within margin.