How could a demo platform bet get onto my live platform???
I have been using LCG's new SB platform for around two months and in general found it good, but two weeks ago I had a really bad shock. My trading was not going well on the live account, so I decided that I must revert to the demo account to try to iron out my mistakes. Of course, the demo's 10k practise money is nothing like the couple of hundred pounds on my live account, so with 10k I was not at all concerned if the trade went against me temporarily as I expected the general trend to continue. I trade the UK 100 and it was heading downwards (late April 2016). I place my usual 1 sell bet on my demo account with a take profit some 50 pips lower, I checked the demo screen had taken the bet and it was running ok. I had to leave my screen for the rest of the day, and when I came back I was horrified to see my live account on the screen and all the remaining funds in my live account had been used up after being stopped out by having no margin left after the index had gone initially in the opposite direction to what I anticipated. I sent emails to LCG two times without getting a response. By coincidence, as I am writing this review, I got an email from LCG saying it was my responsibility to ensure my trades were placed correctly - which I had done at the time.
I also concur with other posters that on several (most) occasions the index level I clicked on at entry/closing was rarely what I actually got - always to my disadvantage. Because of the issue with the demo account switching to the live account I just cannot continue with LCG any longer. Has anyone else experienced such a problem. The platform is new and there could easily be software issues.
I have been using CS for few years now and finally decided to close my account. The company has good and bad sides in my view. So I will try to give a fair review and hopefully it will help someone.
So good points first.
1. The spreads are good. I compared with few other brokers and found CS often gave the same or better.2. CS has reward scheme, which is helpful in cost if trade a lot.3. CS chart system is pretty good. I am talking the new platform here.4. Customer service is ok until you start reaching out for the complaint department.5. Have daily editorial over email which have some value, but problem as well. (I personally wont trade those tips)
Now the bad points and why I decided to close my account.
1. The execution is always a problem. I place different bet sizes from time to time, and the execution seems very inconsistent, especially when the market is moving quickly. i.e. if the market is moving rapidly, and you see a price you like to open/close a trade, its hard to get what you see on the screen. There are number of times when the price move in my favour but I cant close until the market settles down a bit.2. They have a dealer approval procedure but you never know when and what bet size it would be triggered. I.e. few weeks ago I placed a rather large bet on US tech 100 (NASDAQ emini as far as I understand). When I open the trade, everything went through without problem (no dealer approval). Few mins later the price moved in my favour, clicked the close trade button and dealer approval kicked in and lasted about 30-45 secs and my closing order was rejected. At that time, the price was against me. So I had to close with a lost. This issue had happened few times. I do short term day trading only and those things hit me badly. I dont think it would be an issue for longer term traders though.3. The general attitude towards to customers problem is always thats your problem sir. I am not talking their general customer service guys. I am talking when you reach the complaint department. In 2014, there is one day their system had some sort of pricing issue and US tech was on a very unusual quote. I spot it and took advantage. I made some good money in short time so I closed the trade. The next thing I noticed was CS opened a new trade for me without even talking to me and as result I ended up with a lost. Its like a ghost in the shell. I raise a complaint and they referred me to section 3 point 9 of the Terms and Conditions. But later on I found the section 3.9 was ruled by FSA not to use as unfair to customers almost 10 years ago. All CS did was to have the same section using a different English. And when you explain to them, they dont even care. I did report this to FCA and still waiting on outcome. But I have to say this is not the main reason why I closed my account, no. 1 & 2 are.
Conclusion: In my view, if you are a long term trader, CS is pretty good. But if you are short term trading fan like me. Stay away as the risk is high. Also lurkerlurker did a review and mentioned CS is always "act first, ask questions later" when problem happens. Its very true and they have absolutely all the power to do whatever they want. If you are not a fan of that, I would suggest stay away as well.
Just a quick comment following the update of the new Capital Spreads platform.
I really like some of the new changes and find the execution quite a bit quicker.
I find it a lot easier to navigate now, with the ability to amend orders on current positions from the "open positions" window. The old platform was a little clunky at this bit.
I trade FTSE 100 stocks there every day, and find the spread costs the lowest around too.
In my opinion, the best solution in the market for my stock trading needs.
This is one of the few platforms that have the accurate charts of 5 day a week bars in line with New York close (and not a 6 day a week bar which count Sunday as a day start for a few hours then goes to Monday as another bar<<< this generated wrong charting for those who will be using indicators).
Their mobile abb is not as great as IGIndex but is ok to check trades (poor for charts).
My main positive is accurate New York close charts (5 bars a week not 6) and small spreads.
I have used Cap Spreads for a while but have experienced problems with orders getting filled in periods of normal volatility. This has usually happened when I have closing a trade manually.
They don't seem to have a satisfactory answer for the problems. I have decided to test the intertrader platform and it seems to be quicker with no issues. Same group, London Capital and same platform.
unauthorised market executions on account
Has anyone experienced capitak spreads platform executing markets which you believe was not done on your side. I have experienced this twice now with capital spreads and each time they say it is on my side. I have escalated this both to the Financial Ombudsman. I think it has to do with old orders in their system that does not get cancelled by their system although I have cancelled them.
Anyone experienced this. This is very alarming. I am definitely considering to close down my account with them.
frankly, i wouldn't use them -- i used to compare their prices with others and capitals spreads quite often quoted prices that were much higher or much lower. Other than that, their graphics package allowed you to select very few indicators to plot with your charts such as -stochastics, moving averages, and a couple of others - literally you have a choice of about 5 lousy indicators for gods sake!! In addition, the owner has also openly condemned scalpers -- now is this not the prerogative of the trader to be a scalper or not to be a scalper??
Bunch of losers rejecting 1 a point trades. In fine competition with ETX. They are just a waste of space.
i was rejected about 10 times today by the dealer referral during market hours trying to close out just a small position. They were deliberately holding my trades until it went in their favour to accept and reject if it goes against them. It's a bit pathetic really.