That's that done Jim again sorry, I never meant to cause a problem but I understand where your coming from.
Thanks for the heads up montmorencyt2w, I always wondered what that was for.
That's that done Jim again sorry, I never meant to cause a problem but I understand where your coming from.
Thanks for the heads up montmorencyt2w, I always wondered what that was for.
montmorencyt2w
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hmmm....good find there actually @JD. Now that they have changed their own rules, I think they now have a case to answer, after saying things like this not so long ago:
That article would appear to be directly aimed at FXCM, closely followed by CMC Markets, with a little sideswipe at "latency traders" for good measure.
Wonder what this is referring to?
That article would appear to be directly aimed at FXCM, closely followed by CMC Markets, with a little sideswipe at "latency traders" for good measure.
Wonder what this is referring to?
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I had read this article a while ago, it was the link that Trading Gurus posted that brought it to my attention again. I think there definitely is a case to answer, I just hope that SLM come on to answer our concerns soon.
I also think it was aimed at FXCM and CMC because they seem to be SLMs major competition at the moment.
It seems that they know something we possible don't. May it be LCG that he is referring too?
montmorencyt2w
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Could be!
Smart Live Markets
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Hi
Why not wait and see?
Just because we have announced that we are moving to new variable spreads it does not mean that we are going the way of FXCM. In fact I can tell you we are most certainly not.
I would very much welcome anyone to keep an eye on our spreads especially over figures and compare them to the so called market leaders.
Some companies just use these instances as an excuse to widen their prices far wider than the 'real' market, which frankly is disgusting. We will not be doing that. Our prices, should still be some of the tightest available in the market.
Since conception, we at SLM have continuously tried to provide clients with the best possible service. That is not just about spreads, but includes all aspects of the business. I hope our customer service is efficient and knowledgeable, our swaps and financing are some of the best and nobody on the planet offers the range of markets on MT4 that we do.
Yes we have widened the EurUsd from a one point fixed spread to a variable target spread of 1.5. I thoroughly expect this spread to be less than that for the majority of the time. We have also significantly cut the spreads of about 50 others, including several of the major crosses.
We have done this as sadly there is always a minority of people, who while they could not trade themselves out of a paper bag, take great pleasure in trying to have FX providers over by dealing on what is occasionally a fantastic price compared to the real market. So the minority spoil it for the majority, and everyone loses. I guess that is a lesson on life for some people.
But that said, I genuinely believe that these changes, which will barely be noticed by real traders, will be for the long term benefit of everyone.
Also please rest assured that we will do everything that we can to continue to be competitive and cut spreads where possible.
Kind regards
Paul
SLM
Come on Paul, that's a bit of a dismissive attitude. Whilst there are no doubt some full-on experienced traders on Trade2Win, are you dismissing all novices who 'couldn't trade themselves out of a paper bag' as scalpers and abusers? I find your attitude a bit insulting to those 'retail' traders such as myself who have come to SLM for the accessibility and low deposit requirements, to be pooled with abusers and loop-hole hunters. It all comes down to a fear of the unknown and a lack of understanding - I think you should be trying to reassure we, your customers, of your good intentions rather than trying to dismiss us as ignorant or inexperienced. As I've stated before, simply make the behaviours that you do not consider appropriate/sporting/fair known to your users - I had not seen any reasons to drive you to variable spreads in your press releases or notifications.
Talk about U-turns!If SLM can identify those clients who supposedly spend their lives waiting to make a fraction of a pip out of 'latency', why not just close their accounts? I also don't follow the idea that 'real traders' won't notice a change from 1pip fixed spread to a wider, variable spread.
It would perhaps be reassuring if we knew what the maximum EU or GU spread was on a typical day?
It would perhaps be reassuring if we knew what the maximum EU or GU spread was on a typical day?
alan5616
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Some of those naughty brokers are at it again. Only, this time, they've been nailed
http://forexmagnates.com/fxdd-slapped-with-class-action-suit-as-well-full-details/
http://forexmagnates.com/fxdd-slapped-with-class-action-suit-as-well-full-details/
Funny how when some traders make money, from a spreadbet company point of view it's always as a result of latency, arbitrage or somehow taking advantage of your system. Of course you spreadbet companies are always squeaky clean, no games, no running stops, no requotes, no platform freezing at convenient times, you are just plain honest. :clap:
In fact you are just using this as an excuse to introduce a supposedly interbank feed with variable spreads that will widen over time and with a significant increase in slippage. You have lost any edge you ever had over the competition.
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Smart Live Markets
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Hello
My comments seem to have been misunderstood.
We are 100% committed to helping clients get access to world financial markets using a great platform and tight spreads. Nothing has changed!
The only real problem has been providing a 1 point fixed Eur/Usd price over figures, that is why that is going up slightly and we have reduced over 50 others.
We also do not have any 'stealth charges' unlike other companies and our FX financing is market rates.
As I have said before I am delighted when clients make money, as it is in all our interests, but however cynical you want to be about it we are not here to be picked off by a few people by providing a 1 pip price fixed all the time in the Eur/Usd.
Yes we could just close these accounts, but that is not addressing the issue in the long term. The simplest thing to do is what we are doing.
I also, by the way, do not accept your 'accusations' of freezing platforms, requotes etc. We are totally committed to giving our clients a seamless trading experience which is fully automated, and to that end we have, but of course with the odd glitch, which are hopefully few and far between.
Only a week to go, so why not wait and see. If it is the end of the world as you seem to think then you can tell the world and move on. Or just maybe it wont be !!
I genuinely believe you will actually be impressed, but of course that is a big call and only time will tell.
We do appreaciate all your comments, even the negative ones, but we have to balance those against a long term plan to grow a sustainable business.
Kind regards
Paul
SLM
Smart Live Markets
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Hi
We are not going from 1 pip to 10 or anything silly. It is going to what is called a 'target spread' of 1.5. I actually expect it to be lower than that for a lot of the time.
As a refernce last non farm payroll the price would have been 1.5 or less all morning then with 30 seconds to go it went to 2 wide, as it was for 30 seconds after. For a nano second when the figures came out it went to 5, but blink and you would have missed it.
If that seems unreasonable then I am sorry. We could always go down the route of some other brokers and stop trading over figures or just knock or requote every trade. But that is not what we are about. We are trying to build a business where we provide a good and reliable platform and keep all customers happy.
Our sole aim has always been the clients experience. That is why, I hope at least, if you read most of the comments on all of the forums, people have been very happy with our offering and customer service behind it.
I know we will never please all of the pople all of the time, and of course spreads is always a hot topic. But as I keep saying to people, wait and see. At least give us the benefit of doubt until you have seen the result.
Regards
Paul
SLM
Smart Live Markets
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Hi
For the record I am pretty sure I did NOT say that novices could not trade themselves out of a paper bag. It was in fact a reference to those serial and experienced individuals who do nothing else but try and deal on a latent or 'too good' a price compared to the real underlying market.
We are here 100% to help novices and experienced traders. Please see my other comments further down.
We have not pooled you or anyone in as 'abusers' or anything else, and I am sorry if you got that vibe from my reply.
We have reduced over 50 spreads. This is as a result of moving to variable spreads. The EurUsd is going up a fraction. We could have kept the spreads fixed and just widend the EurUsd to say 1.5, which incidentally it has been on our MT4 FX/CFD platform for over six months.
But we decided that this would be a better and long term more sustainable move.
If we are wrong then we could always revert back to fixed spreads or maybe introduce fixed spreads for those with smaller accounts if they think that would be of benefit to them.
As I keep saying, please just wait and see. Personally I honestly do not think you will notice much of a change.
Regards
Paul
SLM
montmorencyt2w
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Fair enough Paul. Appreciate your coming on here.
I am delighted that you are delighted when clients make money.
It is my firm intention to delight you as much as possible over the coming months as I increase my size per pip!
I will report back here in due course either way.
I am delighted that you are delighted when clients make money.
It is my firm intention to delight you as much as possible over the coming months as I increase my size per pip!
I will report back here in due course either way.
Tenapenny
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Fair enough Paul. Appreciate your coming on here.
I am delighted that you are delighted when clients make money.
It is my firm intention to delight you as much as possible over the coming months as I increase my size per pip!
I will report back here in due course either way.
Looking forward to being delighted myself!
Looking forward to being delighted myself!
Although I'd be delighted to see as many people as possible being delighted, realistically, any spread bet company that doesn't make more profit when clients lose would seem to have a flawed business model. I think the narrow (or in some cases non-existent) spreads available now are made possible partly by the habit of punters to let losers run and close winners early, partly because the main markets tend to self-hedge.
My feeling is that by increasing the EU spread SLM will lose a lot of throughput on that market, which will have a knock-on effect on other parts of the business. So even if this does get rid of the lurking latency louts, the bottom line will suffer. As long as other SBs hold fixed 1pt spreads, I expect SLM will have to do another U-turn in a few months.
I've been live with SLM for 4 weeks now with 5-10 trades a day. Great customer sevice, 1 order not filled and one weird platform freeze followed by random price spike that did hit my stop when I was trading £6 pips instead of my usual £1 pips but I seriuosly doubt SLM created this problem to earn themselves about £70?
I'll certainly be sticking with them throughout the transition to variable and, as requested, will wait and see before passing judgement. I actually welcome these adjustments to SLMs trading parameters, I think it shows that they plan on being here for the long haul and must be profitable. I mean how hard is it to close an acconut and move on if they get it wrong?
but I seriuosly doubt SLM created this problem to earn themselves about £70? I'll certainly be sticking with them throughout the transition to variable and, as requested, will wait and see before passing judgement. I actually welcome these adjustments to SLMs trading parameters, I think it shows that they plan on being here for the long haul and must be profitable. I mean how hard is it to close an acconut and move on if they get it wrong?
Never tried to close an acconut myself, but it sounds tricky.
I can confirm that i claimed just over a week a go under this & my account was credited within an hour.
I dont know if this offer is still available as its off thier website (but it was when i opened my account) so fair play to them for honouring my request.