Goodbye Finspreads jan 4th 2007

[splorff]

They merged with City Index, didn't they? I see that they are listed as authorised with the FSA in the City Index box, but unauthorised under their own name. You'd need to check that out a bit more, but that could be the way to go for a legitimate complaint, or just say that you are going to write to FSA if there is no satisfaction.

http://www.fsa.gov.uk/register/firmMainSearch.do

Split

Hi Splitlink
Yes I have read that city index and finspreads are one and the same. Thanks for the link to the FSA.

 

[splorff]

Hi evolution go find something else to feel. I suggest your beano, maybe your marbles. The grown-ups are talking..

Hello, Splorff!

I'm feelin ya bud, i'm feelin ya. But never fear, a bloke i know who's mate goes in our local knows a good solicitor. He specialises in this type of thing!

I'll pm you his mobile number.(if you want that is?)

Listen, you'll get your money back, and some. Know what i mean?

This guy, or should i say solicitor, that my mate knows is very subtle. First he writes a few letters, nothing nasty, nothing rash or silly. Then...

Well, let me just say this, who ever is responsible for 'nickin' your money better leave town matey, If they don't pay up,...know what i mean?

I mean, they don't want to be gettin' tied up and dangled over the Thames, for a poxy few k.


Remember, splorff!

Write a silly thread, get silly replies!

EASY!

 

[splorff]

Stop using Finspreads/city index and use WorldSpreads - from an outsiders point of view you get more reliable prices and narrower spreads.

Good advice Marvin. I'm moving to worldspreads, I was thinking of twoway spreads, but see a prior post I've added that was written by someone else regarding them. I don't like what I've read about them.

 

[counter_violent]

Stop using Finspreads/city index and use WorldSpreads - from an outsiders point of view you get more reliable prices and narrower spreads.

What do you mean ....outsiders point of view ?

 

[NASFUT]

Hi evolution go find someting else to feel. I suggest your beano, maybe your marbles.

 

[NASFUT]

You can always rely on the gullable people in life to believe sh*te like this thread.

 

[splorff]

You can never rely on data coming from broker - NEVER.

God advice Romik.
I assumed that a spread betting firms only interest in the proceedings was their spread, and hence the outcome of the trade would make no difference to them, ie which party won or lost.


Since then I have been told that on the daily Dow, not only will finspreads get the spread but any loss you make too. I can see now how highly motivated they are. Quite possibly the de-connection of their data streaming to my pc may well have been deliberate. I am told that this is possible.

It is amazing just what information can be retrieved from a pc.

Information was retrieved from Dr Shipmans pc which confirmed that the Dr had re - written patient files retrospectively to make their deaths seem more natural and plausable.

Other instances of computers telling tales have convicted paedophiles.

I am now wondering if it is possible that a comuter expert could prove any of the following

1/ That my pc's data streaming supply was dis-connected from finsspreads site.
2/Thats this did not happen to other users (as I am assured)
3/ that c-bot did not go down on the 5th Jan ( as I am assured) c-bot is the server that finspreads refer to I think.

 

[splorff]

If I was trading with a spreadbetting company and betting the amounts that Splorff bets, I would not change to another spreadbetting firm. I'd make a clean break and go to a broker.. The spreads are closer-everything is cheaper, but you pay tax. Well, you have to make money to pay tax, anyway, so if you lose a spreadbet that advantage has gone, regardless. Lose to a broker and you knock the loss off your winnings at the end of the year. In any case, you have to make 8000 pounds before you have to pay it, so make that much before worrying about it.

My advice is, if he leaves Fins he should move to a broker unless he intends to reduce his stake size.

Split

Good advice which I shall heed Splitlink. I think I'll try interactive brokers and for smaller stakes world spreads

 

[Directional]

Thanks for the link.I had a look at this outfit and it seems ok but after delving a bit deeper into their site and clicking through to twowayspreads.com it transpires they use Finspreads for their "platform & back office".....hmmm!

twowayspreads is a seperate division for those punters who want to bet in smaller increments than the underlying market, or who cant fund their account upto the £5k minimum. Its not DMA - its just the same old SB service you get from any other non-DMA SB firm, and it would seem to be a Fins white-label if your observations are correct.

TwoWayFutures is the real deal direct-market-access spread-betting, meaning the SB is a broker and your trades are placed on the underlying market. They clear through GHF if I remember correctly. Nothing to do with Fins at all. All the benefits of a broker such as IB but tax free.

 

[romik]

IMO SB's strength is in swing type trading, for position trading I think a cost of carry becomes an issue, but for 1-3 week hold period SBs are OK and benefit can be derived. Also, a matter of stops is not such an issue as in daytrading. I tried scalping EUR/USD via CS and it wasn't too bad, in actual fact a lot of the time their quotes were behind another source that I use, but overall I prefer them for swing trading/hedging.

 

[Splitlink]

Good advice which I shall heed Splitlink. I think I'll try interactive brokers and for smaller stakes world spreads

That's OK. I have an account with both Fins and IB but, remember, you can still lose a lot of money if you get the direction wrong and have no stop in place. Pardon me for being repetitive, I have your wellbeing in mind and I'm probably old enough to be your dad, anyway.

Split

 

[dcarrigan]

God advice Romik.
I assumed that a spread betting firms only interest in the proceedings was their spread, and hence the outcome of the trade would make no difference to them, ie which party won or lost.


Since then I have been told that on the daily Dow, not only will finspreads get the spread but any loss you make too. I can see now how highly motivated they are. Quite possibly the de-connection of their data streaming to my pc may well have been deliberate. I am told that this is possible.

It is amazing just what information can be retrieved from a pc.

Information was retrieved from Dr Shipmans pc which confirmed that the Dr had re - written patient files retrospectively to make their deaths seem more natural and plausable.

Other instances of computers telling tales have convicted paedophiles.

I am now wondering if it is possible that a comuter expert could prove any of the following

1/ That my pc's data streaming supply was dis-connected from finsspreads site.
2/Thats this did not happen to other users (as I am assured)
3/ that c-bot did not go down on the 5th Jan ( as I am assured) c-bot is the server that finspreads refer to I think.

was trading using live ecbot on friday, carnt remember it going down?. correct me if i am wrong anyone.

 

[fibonelli]

To clarify for me and everyone else, phew!

TWF is a UK agent of FB. FB is Gibraltar regulated (under FSC) firm allowing spread betting on financial futures and commodities and also on equities all on a DMA basis. FB will only take on customers who are "professional investor". The downside is that you lose protection under the FSC.

TWS is indeed a white label of Finspreads.

 

[splorff]

was trading using live ecbot on friday, carnt remember it going down?. correct me if i am wrong anyone.

Hi dcarrigan
Would you happen to know if c bot is the "server" to which finspreads refer ?

 

[Jack o'Clubs]

CBOT/ECBOT is the Chicago Board of Trade futures market, and the electronic platform thereof. Fins would be getting the futures price for the Dow from here. I was trading ECBOT all Friday and saw no outages. On the other hand it is possible that Fins' feed to/from CBOT was disrupted at some point - it can happen.

 

[splorff]

That's OK. I have an account with both Fins and IB but, remember, you can still lose a lot of money if you get the direction wrong and have no stop in place. Pardon me for being repetitive, I have your wellbeing in mind and I'm probably old enough to be your dad, anyway.

Split

I can see you are right Splitlink. I am in the process of upgrading to broadband. Next I am going for Sierra data streaming supply. And having read that IB is not tax free will probably be going to worldspreads. The thing to do I guess is to not pay attention to the SB firm you use, but the independent provider chosen- Sierra in my case. I am awaiting my wedge back from finspreads at present so will be out for a while. I shall bone up on stops too. Good luck in your trading.

 

[splorff]

CBOT/ECBOT is the Chicago Board of Trade futures market, and the electronic platform thereof. Fins would be getting the futures price for the Dow from here. I was trading ECBOT all Friday and saw no outages. On the other hand it is possible that Fins' feed to/from CBOT was disrupted at some point - it can happen.

Thanks Jack

 

[JTrader]

I don't think it is a good enough excuse for any spreadbet dealer to say that "Client A" lost £X amount today because our server went down.

If the server of a direct market access broker went down (who have no vested interest in whether clients win or lose money), or the exchange's server went down - then this seems more acceptable.
But finspreads seem to have a vested interest in seeing clients lose money. Therefore if any spreadbet dealer says to a client - "I'm sorry you lost £x amount, it's not our fault, our server went down." I would be thinking -

A) Thats not a good excuse in my book.
B) Where's my compensation please.

The only way dodgy spreadbet dealers are going to clean up their acts is if they are made accountable for their failings.

What had happened to their backup server, and the backup server to their backup server? Were these all "down" also??

 

[Jack o'Clubs]

Suggest you read the Worldspreads thread Splorff before you decide that they're the answer to your problems! They're still a bookie, so the fundamental issues still arise. Unless you've used all of your capital gains allowance this year, or are being taxed on an income basis as a trader, I suggest you concentrate first on honing your trading with the best and cheapest brokerage (eg IB) and only worry about the tax issues as they arise.

 

[Splitlink]

I can see you are right Splitlink. I am in the process of upgrading to broadband. Next I am going for Sierra data streaming supply. And having read that IB is not tax free will probably be going to worldspreads. The thing to do I guess is to not pay attention to the SB firm you use, but the independent provider chosen- Sierra in my case. I am awaiting my wedge back from finspreads at present so will be out for a while. I shall bone up on stops too. Good luck in your trading.

Sierra is a chart service. It does not provide data, you'll have to get that from somewhere else and download it to Sierra. IB does that free but, if you want an independent service you should get some advice so that you get the best for the price. There's, also , Sharescope, but I don't know the cost but you get data plus chart with them.There's, probably, a special platform where guys get together on here. If you ask on the live chat, as well, on how they get their data they, also, will give you some ideas.

Cheers

Split