Best Thread Capital Spreads

ross

this is really a bit more of the conspiracy theory.

Yes we credit the account immediately (and your bank account gets debited immediately) BUT (and it is a big BUT) we do not actually get the money for two days (at least).

The same goes in reverse.. client asks for money... we send money back to card... we get debited immediately by the bank but you (the client) do not get the cash for a few days.

Please do not blame the Spread Betting companies for this ..... it is totally a deliberate policy of the banks. In reality the entire banking industry gets at least two/three days (and over a weekend four/five) free money on every single penny spent anywhere using debit cards. Calculate the interest value of this money over the course of a year!

Simon
 
capitalspreads said:
ross

this is really a bit more of the conspiracy theory.

Yes we credit the account immediately (and your bank account gets debited immediately) BUT (and it is a big BUT) we do not actually get the money for two days (at least).

The same goes in reverse.. client asks for money... we send money back to card... we get debited immediately by the bank but you (the client) do not get the cash for a few days.

Please do not blame the Spread Betting companies for this ..... it is totally a deliberate policy of the banks. In reality the entire banking industry gets at least two/three days (and over a weekend four/five) free money on every single penny spent anywhere using debit cards. Calculate the interest value of this money over the course of a year!

Simon
Click to expand...

OK, I wasn't specifically talking about CS and I understand that banks like to keep everyone's money somewhere only they can use it for as long as possible. However, at least one SB used excuse after excuse to delay refunds, quoting bogus FSA regulations, etc.

As we all know that the majority of spreadbetters lose, you're not really taking much of a risk in crediting accounts before the funds grind through the banking system. If the money didn't arrive, what would you really stand to lose, unless it was used as margin to put on some ridiculous bet that couldn't be hedged (which I'm sure you wouldn't do)?

Going the other way, we don't have the money until it actually lands. Just ask any ex-Worldspreads customers how that can go wrong!
 
ross

touche

the Worldspreads debacle will be mentioned many times in the next year or so. I have to say though that in all truth there are some very weird and wonderful regulations that suddenly pop up when money transfers get mentioned. As Spread Betting/cfd companies we get lumbered into the 'High Risk' category for money laundering from the regulators point of view. This means that we must operate under a stricter criteria than, say, such paragons of virtue as bookmakers/ebay/brass plate companies in obscure countries across the globe

in reality if a payment is delayed it is because something has flagged up (often a tiny item). Before sending the money back (no matter how small the amount) everything must tally.

Simon
 
Hi Simon,

I'm sure you have been asked this a gazzilion times over the nine years you've been responding to questions, but hopefully you'll forgive my reluctance to search the near thousand pages for the answer. Do you allow simultaneous Long and Short bets in the same market - if not why not and any plans to allow them in the near/distant future.

Thanks
 
x4x

unfortunately we do not allow this and (to be honest) it is not such a major requirement of clients that we are looking to introduce it soon. Although it is on the development schedule

on the other hand you can get the same affect by opening a dual cfd/spread bet account and go long in one and short in the other (just ask our customer support team). there is possibly a tax effect to be considered but you should be fine?! or you can buy one delivery date and sell another.

it used to be actually illegal in the USA to allow this ability (not sure if this has changed) and we have always been a bit dubious about the practice as effectively it is the same as having no position but you are getting charged for the two positions overnight

on another note i see that another thread is complaining about transfers from IG in just the same way as people have recently commented on us . unfortunately it is just not our fault.

simon
 
Simon, I think its great that you come on here and have the patience to answer members questions, some you may of answered time and time again, You do not get drawn into petty arguments when people slate your company for whatever reason but come back with intellectual answers to there problems, I for one would have no problem dealing with capital spreads when i open a live account.
You will never please all of the people all of the time. Keep up the good work..
 
thanks mike

in truth most of the comments are reasonable questions. the clients with axes to grind are as entitled their opinion as i am. i might disagree but.... that's life/markets/the big Wahonie

simon
 
capitalspreads said:
x4x

unfortunately we do not allow this and (to be honest) it is not such a major requirement of clients that we are looking to introduce it soon. Although it is on the development schedule

on the other hand you can get the same affect by opening a dual cfd/spread bet account and go long in one and short in the other (just ask our customer support team). there is possibly a tax effect to be considered but you should be fine?! or you can buy one delivery date and sell another.

it used to be actually illegal in the USA to allow this ability (not sure if this has changed) and we have always been a bit dubious about the practice as effectively it is the same as having no position but you are getting charged for the two positions overnight

on another note i see that another thread is complaining about transfers from IG in just the same way as people have recently commented on us . unfortunately it is just not our fault.

simon
Click to expand...

Thanks for your reply.

I currently trade with IG but wanted to give your fixed spreads a go - I have recently been trading the DAX, IG widen this to 2 pre London and 10 overnight!

I trade intraday but like to hold if I feel I am in at a good level - if I get a reversal signal I take it whilst keeping my 'base' trade open. A good example is yesterday, I was short the DAX at 6236 - during the course of the morning I had 3 reversal signals which cost me 10 pips each, but it made the ride down to 6091 a whole lot more comfortable. It's a shame you don't offer this facility - I do need the tax advantage that SBing offers and to trade anything other than the DFB would take away any spread advantage.
 
x4x

i fully understand the psychology involved here . the point you make as to 'protecting' a position whilst remaining actively involved is well made.

and it is difficult, if you have closed a position, to justify getting in again but if you have two positions (one long one short) this makes it easier to pick a point.

i will look at where this is on the product lists and give a better answer if possible

simon
 
From my experience it was a bit complicated to withrdraw funds for the first time from my accounts held with different SB companies - they would ask to send statements etc.

Afterwards (after the first withdrawal) it's been straight forward - it takes few working days for money to arrive. One of them offers same day transfer for a fee.

My favourite is where you don't have to send emails or chat/talk to anybody - just click on the withdrawal and enter the amount. If I'm not mistaken that's the only one with this facility.

PS I've always withrawn funds to the accounts from which I origianlly funded my SB accounts. I guess that's one of the requirements for whatever reason.
 
Last edited:
capitalspreads said:
x4x

i fully understand the psychology involved here . the point you make as to 'protecting' a position whilst remaining actively involved is well made.

and it is difficult, if you have closed a position, to justify getting in again but if you have two positions (one long one short) this makes it easier to pick a point.

i will look at where this is on the product lists and give a better answer if possible

simon
Click to expand...

....and because I can't overlap the trades I would only be able to re-enter back short once stopped out of each prospective long, which would have been at least 10 points lower each time, making the total cost for covering at least 63 points. And to keep my stop loss above the day's high I would have to keep increasing initial risk by an additional 10 points each time, making my whole strategy unworkable.

Would appreciate any definitive answer or update in due course. Thanks.
 
x4x

u can put in 'new orders' to buy/sell double the open position (instead of using a stop) which would then cut and reverse. these can be set within 4 pips of the current price.

using 'new orders' cannily gives quite an addition to the functionality

simon
 
Dear Simon,

today GFT changed their WTI and Brent spread from 0.05 to 0.04. IG Index and ETX Capital also have a 0.04 spread on both the front month oil markets.

Wouldn't it be possible for LCG/Capital Spreads to also

I love your service and execution, so I would immediately come back trading with CS with lower oil spreads.

Best regards
 
i will have a look

Oil is quite liquid so there should be no problem. My dealers hate me calling the tune !

Cheers

Simon
 
It has been pointed out that our competitors actually have a flexible spread. so their price will go down to 4 pips (if there is liquidity and a very tight underlying) but also widens out to 6/7/8 points when the pricing fades

we are 5 pips all the time (except in the wee small hours). I will still ask to see if something can be done but watching the price action this morning i can see why my dealers sometimes need all the protection they can get!

Simon
 
Hi Simon many thanks for answering queries, much appreciated. I like CS. I don't really have any queries. A couple of suggestions though, as follows-
Would be good to be able to change my password from the web platform- I don't think I can do that at the moment.
Would be good have a daily statement showing balances etc., rather than just trade confirmations, which don't actually include your account balance. IG do this well, I think, though I prefer CS over IG in many respects.

Best wishes

Mike
 
Anyone comment on the market squawk provided with the live accounts. Any good or who provides the feed.
 
neil324

i would also like some comment on the market squawk from clients as it is difficult to see what impact/usage it is receiving as the linkage goes through a cloud system that we cannot (at the moment) analyse.

hogfish
password security is being altered at the moment but not sure of release dat

account balances etc... if you look at 'all account transactions' in the bottom window there is a download at the Top Right Hand Side of the window that allows a 3month statement of every single movement on your account. I download it into excel but other formats are available

Simon
 
ok Simon thanks for the reply, found the link, downloaded my transaction history, excellent.
 
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