World Spreads Platinum Account

[magibird]

So I was looking at opening a WS Platinum account and was wondering if anyone here has one and what they make of it?

Sounds good with a 0 pip spread on the Eur I will be looking to trade at about 5-10 pounds a pip and a lot of my trades are 10-20 pip stops with initial targets of about 20 pips maybe carrying for more,

do you think I'll have any problems with them only I've been reading some bad reviews about them and wondering if anyone here trades particulary with their platinum account and preferably are succesfull (earning an income trading at least) and what they think of it?

Thanks
MB

Oh btw I mainly trade forex so would be interested to hear from people who use it for Euro

 

[lancenicolase]

I have a normal account with them... I opened it to participate in £100k competition in December (so I don't really trade with them anymore).
I didn't have a problem and they refunded the money without problems... it's just I don't like their trading platform.

 

[MarcoRoss]

So I was looking at opening a WS Platinum account and was wondering if anyone here has one and what they make of it?

Sounds good with a 0 pip spread on the Eur I will be looking to trade at about 5-10 pounds a pip and a lot of my trades are 10-20 pip stops with initial targets of about 20 pips maybe carrying for more,

do you think I'll have any problems with them only I've been reading some bad reviews about them and wondering if anyone here trades particulary with their platinum account and preferably are succesfull (earning an income trading at least) and what they think of it?

Thanks
MB

Oh btw I mainly trade forex so would be interested to hear from people who use it for Euro

I have a platinum account with WorldSpreads and I have a problem.
http://www.trade2win.com/boards/general-trading-chat/138922-i-have-problem-worldsprads.html

 

[Visaria]

They don't like people scalping them for a few ticks here and there, especially on the zero spreads markets. The few problems i have had with them, namely bad fills, have generally be resolved. I've had withdrawals processed fine, last one was in October.

However MarcoRoss (see above) claims to have a problem with a withdrawal. Advice to Marco: withdraw what you can, then contact the FSA. Alternatively, ask the WS rep on here first to see if he can shed some light.

My gut feeling is that they think you have been a naughty boy in some respect, and that's why they are investigating and denying payout. I don't think they are in financial difficulty just because their share price is down for the year (so is the price of most financial firms like Barclays etc).

Perhaps you care to shed some light on what you have been trading, your strategy etc?

 

[MarcoRoss]

However MarcoRoss (see above) claims to have a problem with a withdrawal. Advice to Marco: withdraw what you can, then contact the FSA. Alternatively, ask the WS rep on here first to see if he can shed some light.

I can not withdraw even one pound now.

If Iwant to make a complaint to the FOS or notify the FSA, I must have the official answer from WorldSpraeds, but I can not contact them.

 

[MarcoRoss]

I don't think they are in financial difficulty just because their share price is down for the year (so is the price of most financial firms like Barclays etc).

WORLDSPREADS
(LSE: WSPR.L Ticker: 2357Y8 / ISIN: IE00B2357Y89)
Last Trade: 36.88
Trade Time: 11 Nov 15:38
Change: Down 7.12 16.19%

info from WORLDSPREADS Share Price | WSPR.L- Yahoo! UK & Ireland Finance

but no one lost on Friday 16% and an account at Barclays works well.
I am just worried about my money

 

[Visaria]

I can not withdraw even one pound now.

If Iwant to make a complaint to the FOS or notify the FSA, I must have the official answer from WorldSpraeds, but I can not contact them.

Just ring them up and ask why you can't withdraw. Tell them you need some answer to give to the FSA/ FOS.

 

[MarcoRoss]

Just ring them up and ask why you can't withdraw. Tell them you need some answer to give to the FSA/ FOS.

I told them; but they said to me: I can talk only with one person about my cause from the complaints department, but he can not talk because he is not in the office today (still the same answer)

Already waiting 2 weeks for response from customer service (but they say the can not help me) and one week of the complaint department (they are not in the office)

 

[Ross Spur]

Maybe you should use the funds to open a short in WorldSpreads?

 

[JamieM]

After Losing our (My brother and I) platinum account (Downgraded to normal) for scalping.

Record:

21/10/2011 Deposit £100 (Deposit)
02/11/2011 Refund £-15,480.52 (Withdrawal; Successful)

Since then we have been on "Dealer Referral" and have had all trades rejected.
That's from £100 -> £15,000 in 6 Trading Days

Did we dodge the bullet on this one and got out before they started rejecting people withdrawing?

 

[Chalky_trader]

What do YOU define as Scalping?

were you just taking 2-3 pts or were you looking for 10 Plus pts?

also what size trades were you managing untill they cut you off?

 

[JamieM]

What do YOU define as Scalping?

were you just taking 2-3 pts or were you looking for 10 Plus pts?

also what size trades were you managing untill they cut you off?

The record above was with a normal account (1 Spread)

To us scalping is taking Anywhere from 1 - 6 points profit, cutting trades that go against more then 1 point. (Short time)

start off with £1, compound upto £49, takes about 4 - 7 trades correct trades to compound to £49, We didn't trade above £49.

 

[Ross Spur]

I'm surprised you can cut losses to 1pt with any SB, especially WS with its minimum stop distance? What were you trading?

 

[Chalky_trader]

Thanks for the replies

I also look to compound up my trades but MUCH less agressively than you typically starting off with 1 and maxing out at

I guess you only need a couple of winners to make a decent profit.

Were you using trailing stops at all?

Also - have you found a broker that you can succesfully compound up with?

Please mail me at whitdav1@gmail .com if you have and dont want to post the reply here

Thanks again

 

[JamieM]

I'm surprised you can cut losses to 1pt with any SB, especially WS with its minimum stop distance? What were you trading?

You can do it with any SB company if you press the Close Button on the ticket.

 

[Ross Spur]

You can do it with any SB company if you press the Close Button on the ticket.

Assuming you're talking about indices and major FX, in my experience you'd be doing very well to close trades going the wrong way at anything like a 1pt average loss, and if you set a stop that close it would be taken out by noise 99% of the time. Were you somehow taking advantage of what SBs refer to as 'stale prices'?

 

[JamieM]

Assuming you're talking about indices and major FX, in my experience you'd be doing very well to close trades going the wrong way at anything like a 1pt average loss, and if you set a stop that close it would be taken out by noise 99% of the time. Were you somehow taking advantage of what SBs refer to as 'stale prices'?

What is a stale price?

 

[Pi3141]

What is a stale price?

BUMP!

Can anyone shed any more light on what a 'stale price' means and also whether it's actually legal to trade using these prices?

Thanks

 

[Ross Spur]

BUMP!

Can anyone shed any more light on what a 'stale price' means and also whether it's actually legal to trade using these prices?

Thanks

Basically, a 'stale' price is an inaccurate quote given by a SB. The tricky bit is that we (the clients) are apparently supposed to recognise when a price isn't correct and shouldn't be surprised if the SB later reverses a trade made using the misleading price.

 

[instant]

world spreads aim listing suspended.

my account has been suspended .. funds frozen.. no new trades allowed... and they have just announced that they are investigating 'financial irregularities'

just as well i only had a few thousand quid with them.
To be honest did not use them much anyway but it does not look good