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.
A lot of companies use cap spreads platform, with their own badge.
Generally I like the Cap Spreads platform.
I do like the fact that if you trade overnight your profits are shown based on your original entry price and are not closed and re-opened each day which makes it much more work to keep tabs on your positions
I have been with Capital for several years, and in general not bad, despite their rather lax response to any suggestions. Specifically I trade the DAX, which has a 2 point spread but a few days ago I opened with Worldspeads, and WOW, what a difference. INSTANT FILLS, and only a 1 point spread. Despite that their server went down twice this week, but its a breath of fresh air to have a spreadbetting service that feeds directly off the futures, doesn't skew the spread and gives a faster fill than a futures broker.
Firstly, in terms of the spreads offered, CS is very competitive on some markets, and roughly equivalent to competitors in most. Unfortunately, they seem to have a myriad of IT and Customer Service issues which make them a difficult company to deal with. They do not employ dealers overnight to look after their 24 hour markets, and their pricing engine has several weaknesses which leads to rogue prices occurring frequently. Clients can get stopped out on incorrect prices, and orders can be filled at incorrect levels. They are aware of the issue, and seem unwilling or unable to correct it. This leads to clients having their trades adjusted the following day if they have been incorrectly stopped out or have traded on an incorrect price. Their failure to correct this problem as of this date does not inspire confidence.
While their staff are polite and helpful in general, they are less amiable when dealing with account issues. Withdrawals are a problem, and are generally not processed in a timely manner or on the first request. They have recently had problems with their systems which led to incorrect debits from clients accounts. Unfortunately they appear to have a "act first, ask questions later" policy when it comes to account adjustments, and it is a matter for the client to call and argue for a solution. However, in my experience, they have always paid their liabilities (even if it has been overly complex to arrange a withdrawal).
I feel it important to mention their attitude to fills in this review. Other SB firms do take different approaches, and it is important to know how CS approach this. With TradIndex, you can place "market orders" and are filled at the next available price, regardless of whether the market has moved in your favour or against you. With CMC, in a fast moving market, if you attempt to buy or sell at a price you can be re-quoted, and can choose to accept the new price or not trade. This also applies whether a market has moved in your favour or against you. With Capital Spreads, if the market has moved outside the spread by the time a dealer gets your order (depending on the market and activity on your account you may get automatically filled or it may go to a dealer), your order is filled only if the price is within the original spread or has moved against you. You will not get filled if the market has moved in your favour.
This seems a little unfair, as in a fast moving market the price will be correct at the time you trade, and you cannot cancel the order while it is pending a fill, and sometimes this can be as long as forty seconds. Unnerving to say the least in a fast moving market. No other spreadbetting company does this to my knowledge. With TradIndex, you will get a fill on a market order at the next price, and with CMC you can cancel an order at any time before a dealer fills it. With Capital Spreads it is at their discretion whether to fill you at all, and this will depend on whether the market has moved in your favour or not.
In summary, Capital Spreads falls short of any reasonable client expectation that they would provide services with reasonable skill and care. Platform issues aside, their customer services leaves a lot to be desired, which is most unfortunate. When your own funds are at stake, and the markets being as challenging as they are, problems with a bucket shop make it impossible to trade effectively.
2/10 - for their good spreads and their initially helpful staff. I regret to advise that I have seen necessary to close my account, so I will be contacting them to arrange this shortly. If there are any further difficulties in closing my account, I will post them here.
I've been with CS for some time now. Spreads are good, service is very good. Dont trade the news with them, they jam up! I use a seperate screen for all charting (MetaTrader). Very happy If they used MetaTrader I would be theirs for life!
I like the spread on S&P, I think it's the most narrow I've come across in Spread firms. Don't like the Java API though, customer service pretty good. I wouldn't rely on their charting though, as it's based on their quotes, which can vary from the futures quotations, so TA patterns would not be 100% reliable, best to use another platform/feed for charting IMHO. So far a satisfied client. P.S. I actually switched from a US brokerage firm to this firm.
Ive been with CS since July 05 and have had no problems at all. Their charting package is fine, however doesn't have volume for some reason. In terms of spreads they are competitive, as for customer service, they're great; always quick to answer the phone and adjust/amend a position.
Just to inform you that Capital Spreads do now do real-time charts and they're pretty useful. Could be a bit more featureful, but I'm happy. This is my first entrance into spread betting so I don't know how it compares to others.
having been with CS for a short while now; for me, I can say the following :-
compared to other products on offer, my first impression of the trading platform is that it is somewhat behind the others in terms of facilities. and the markets on offer could be broader.
also I wasn't all that keen on the charts.
it should be remembered though, that the site is fairly new, and the CS team appear fully commited to improving the offering and listening to their clients needs.
the platform has in fact proved perfectly functional in all aspects for my needs. [trades, orders, stops, etc]. the team are very helpful, particularly with newcomers.
their policy is to aim for fairly tight spreads generally, with only a VERY SMALL MARGIN REQUIRED. [i.e. you don't have to leave your trading capital in a zero-interest account unless trading it !].
I would definitely defend any harsh criticism of CS, as I know they are trying hard and are sure to improve over time.