Be-aware of finspreads

[simonbrew]

I'm a newbie doing s/b only for FTSE 350 shares, and I've been happily using CMC & Capitalspreads within their market limitations (CMC: no orders, Cap: No FTSE250 dailys).
I was thinking of opening a Fin a/c because they offer FTSE350 rolling dailys. If Fin is dodgy, which broker would anyone recommend for FTSE350 dailys?
IG
City Index
Easy2spreadbet
AN Other?

Yours in hope..

 

[nobrainer]

Oh dear, stop moaning!
Naturally they will try and stop you from winning if you consistently win money off them.They are bookies after all!!
Take it like a man and move on to greener pastures. All the good traders have moved on from the likes of cmc etc after having similar problems. You are presumably a scalper so just move onto direct access and pay some tax and trade without hindrance. If you are any good, you will be a lot happier and won't have to trade with 4 or 5 different accounts in other people's name either!!

 

[rols]

Oh dear, stop moaning!
Naturally they will try and stop you from winning if you consistently win money off them.They are bookies after all!!
Take it like a man and move on to greener pastures. All the good traders have moved on from the likes of cmc etc after having similar problems. You are presumably a scalper so just move onto direct access and pay some tax and trade without hindrance. If you are any good, you will be a lot happier and won't have to trade with 4 or 5 different accounts in other people's name either!!

At last the Emporor's Clothes come off!

 

[Vaco]

This is nothing new,

We all know that if you want to daytrade spreadbetting is not the best way to go about it, however even if you use direct access you could still find yourself having trouble getting filled where you want when you want.

I've tried both and the biggest difference is that you can c y ur not being filled when using direct access if you can read the lvl 2 data with the sbs u just sit there getting frustrated.

 

[Visaria]

I do agree that you should stay away from spreadbet companies as a whole but finspreads....is a disaster....with little morons who are paid commision to fail trades literally...timings of trade execution are dependant on the profit that you make and I can give a guarantee...
A total disgrace......I have got a proven track record of profits from them on several accounts...and I can show you exaclty when they execute their manipuative tactics funny how all of the start when you start earning between 2,500 to 2,800 mark......
They have a system call com+2 which I found out from an insider who used to work their and I was disgraced.
They find out traders who are trading with a particlar technique and then they monitor their accounts...this person is paid 3% of the trading account if he finds the technique used to make consistent profits and then comes the hit.....
I have proof and I am not the sort of person to just say something without proof....
I am not moaning cos I have made losses but am moaning because I have walked out with handsome profits but they limit you very badly......
I have had enough of finspreads.....and I was going to post this when the screwed up my last account.....
STAY AWAY....
(I have never posted negative comment about any signal or platforms before...but when I heard about the system that they are using).........Please stay away from them if you wanna make money...
Best of luck happy trading...

Rav, would you be kind enough to post the proof please?

 

[DaxDestroyer]

Rav700, I agree that most SB companies, and in particular Finspreads, initially will execute 99% of your trades, but will begin to monitor your trades if you are winning more then you are losing then they begin to play dirty tricks, i.e. on non-volatile days a trade can 30sec to a minute to be executed, if the price has not moved by that time.

They just don't like the 5% of traders that do well, but they should be happy enough with the 95% that don't - they should be investigated and there activities monitored on a regular basis with heavy fines for dirty tricks.

It is like you hear in the old ages, a BUCKETSHOP

They even save the execution fees by just standing against your trades as they are sure, most people fail

Therefore I trade plain exchange listed products and I klick myself, so nobody to blame

 

[DaxDestroyer]

Oh dear, stop moaning!
Naturally they will try and stop you from winning if you consistently win money off them.They are bookies after all!!
Take it like a man and move on to greener pastures. All the good traders have moved on from the likes of cmc etc after having similar problems. You are presumably a scalper so just move onto direct access and pay some tax and trade without hindrance. If you are any good, you will be a lot happier and won't have to trade with 4 or 5 different accounts in other people's name either!!

Nobrainer? you should get rid of your first 2 letters

 

[Trojen]

"Therefore I trade plain exchange listed products and I klick myself, so nobody to blame "[/QUOTE]



Good operations there DaxerD. Gone the same way, after similar tricks and shananigans by GT (spreadbetter)

 

[Bluebelle]

Ive had enough of finspreads. Can't transfer funds because their funds transfer platform has a 'glitch' (which it's had for at least 6 weeks in my experience) so have to do everything by phone and, in my personal experience when I tried to sort it out, their customer service is terrible. Closing my account at the end of the period.

 

[splorff]

I agre with the poster- stay away from finspreads

Search my posts for my story with these people

 

[lurkerlurker]

Ive had enough of finspreads. Can't transfer funds because their funds transfer platform has a 'glitch' (which it's had for at least 6 weeks in my experience) so have to do everything by phone and, in my personal experience when I tried to sort it out, their customer service is terrible. Closing my account at the end of the period.

I just opened an account with them, and realised that their margin requirements were a bit cheeky compared to other SB outfits and the spreads on some markets were a little wide.

However, I had an issue trying to put funds into the account, and did it over the telephone. Then I phoned back to get them out again! They tell me the GBP/JPY spread isn't coming in any time soon (from 10 spot).

 

[donaldduke]

I have found IG Index to be bad on instruments and timeframes they cant or dont want to hedge.

Losing traders can trade as often and and whatever size they please.

Winners are interfered with.. the aim is to cap the amount of money a winner makes, they tollerate a small percentage of consistent winners as long you dont win much but on the otherside allow unlimited losses from a large pool of consistent losers.

I would expect most SB do this to intra day traders. IG happen to be the one i use.

 

[Bluebelle]

I just opened an account with them, and realised that their margin requirements were a bit cheeky compared to other SB outfits and the spreads on some markets were a little wide.

However, I had an issue trying to put funds into the account, and did it over the telephone. Then I phoned back to get them out again! They tell me the GBP/JPY spread isn't coming in any time soon (from 10 spot).

That's the problem I had and it's lasted for at least 6 weeks that I'm aware of. I raised it with them and they told me it was a technical issue which they hadn't been able to resolve. I spoke to some gorilla called Kevin who was so rude and unhelpful I asked to speak to the guy who runs Customer Services. Got through to the head of customer services who was no more helpful (although a bit more personable than the gorilla) : he didn't even know that there was a problem !!! Stikes me as institutional incompetence/unhelpfulness and I'm closing the account.

 

[TomTom]

Finspreads are simply con artists, just like other spread betting companies.
Had stops hit exactly to the point of there high / low of the day and they have then sent a letter to me that they track the under lying futures with there quotes and when the price moves away from the actual index they then refer there quote back the index in question.

Indeed Knowing someone who works for that comapny he tells me that he dont know how custersmers can generate money from a finspreads account.


Stay Well Clear .

 

[Lee Shepherd]

Finspreads are simply con artists, just like other spread betting companies.
Had stops hit exactly to the point of there high / low of the day and they have then sent a letter to me that they track the under lying futures with there quotes and when the price moves away from the actual index they then refer there quote back the index in question.

Indeed Knowing someone who works for that comapny he tells me that he dont know how custersmers can generate money from a finspreads account.


Stay Well Clear .

Lol,

You obviuosly have had bad experiences with SB's (go DMA and get over it dude), Looking back through some of your posts it would start to appear that you are on a one man crusade to ban ALL spreadbetting companies based only on your experiences with some.

Well, you know someone at Finspreads that told you, 'dont know how custersmers can generate money from a finspreads account',(lol, do they still work there or have they been fired by any chance for giving false impressions) now you know someone that has been generating profit for many years with this said company.

Me.

I am one of many on their books.

 

[Splitlink]

I just opened an account with them, and realised that their margin requirements were a bit cheeky compared to other SB outfits and the spreads on some markets were a little wide.

However, I had an issue trying to put funds into the account, and did it over the telephone. Then I phoned back to get them out again! They tell me the GBP/JPY spread isn't coming in any time soon (from 10 spot).

Cheeky? That's a curious expression.

Maybe, the margins are higher than elsewhere, I don't know, but that works both ways. If there is enough money in the account then the client has no problem. What they do show is that the company is not prepared to accept trades from small accounts, in the prevailing markets, in case the account goes into the red.

Personally, I see nothing unusual in that. In fact, Instead of cheeky, I would call it prudence.

The important part, as far as the client is concerned, is

1) that the spreads are small and there is no bias.

2) That the accounts and trades are managed in a professional manner.

Margin does not enter into it.

 

[TomTom]

Good to know you like them Lee, how long you been working for that firm then LOL

 

[Lee Shepherd]

Good to know you like them Lee, how long you been working for that firm then LOL

Dude,

I've been on here long enough for few good members to know that isn't the case, I've also met many face to face, I have also never actively promoted them.

I will, however defend them against constant barrages of sh1t from a single person (as I would with any company, and I have).

Now, dont get me wrong, I'm not actively attacking you personally, I'm just saying calm down with the ranting, it get's boring and its all you ever talk about, this site is for chatting and sharing experience's ect, not constant spam ranting.

This SB is crap and this SB is crap and dont touch none of them cos their all crooks, YET, you still actively use them yourself.

If you dont like them, go direct access.

either way, you've made your point (on every occassion), now move on, its been well over 1 year since you started your pointless crusade.

By the way, if you want a job with Fins, just let me know...lol

 

[TomTom]

Hey Lee, point taken M8. I will send you my CV then LOL
Still hate them LOL

 

[gfrost]

Lee,
Do you think that the majority of complaints about SB's are "sour grapes". I read these threads with interest as I used to have a SB account but moved to IB with direct access. I must admit I have looked into re-opening a SB account to avoid paying Mr Darling 0.5% every time I want to buy UK shares. I know most people say just pay the tax, but I think I pay the chancellor enough as it is.

One thing that does concern me about SB's, is that it's in there interests for the client to lose, although surely not to the point where they go elsewhere.

Have you not had any of the "tricks" played on you that other posters are complaining about ?
The only thing I noticed when I had my SB account, was that they would re-quote when the price went against them, but if the price went in my favour it would stay the same, but that was many years ago.