Ive been considering opening an account with Capital Spreads and have been testing their demo platform, but taking a scan across the market, they seem to be some way behind the innovations of competitors who are offering big advantages:-
·3 point spreads on major FX pairs/ no spread at all on VOD from one enterprising company.
·Guaranteed stops (slippage can be a major hazard and I now see that CS have a new warning on their frontpage stoplosses are automatically allocated with every bet that you make but are not guaranteed you may lose more than your initial deposit apparently small SBs with low-capitalisation are not allowed by the FSA to guarantee stops, as it could undermine their financial position.......so the 'punter' pays instead.....)
·24hr trading quite an advantage for covering after hours trading moves in US markets/Asian markets, and essential for 24hr FX trading (with CS closing at 21.15 you miss all this, and when they open at 7am the market could have gapped over your stop if you held overnight, leaving you with a very unpleasant bill from CS)
Having tried the CS demo platform, I can only observe that it is very basic, cumbersome and apparently underdeveloped (rushed to market..?); hence the comprehensive wishlists frequently posted above not being able to set your stop/ limit prior to trade entry and not being able to close part of your position stick out like sore thumbs .having to use different windows to open/close/ adjust stops & limits does not help (the automatically allocated stop eats most of your account - dangerous...!)
However, I do like the plain black and white price display constantly flashing reds/greens etc are uneccessary .
The excellent FXCM trading platform might be a suitable model for CS to work towards.
Capital Spreads certainly need a good helpdesk/customer relations and the CEOs ongoing T2W clinic (appreciated .!) to mitigate the considerable shortcomings of the operation.
Have been using CapitalSpreads for about 6 months now, and as I have been relatively happy with them for this long I would recommend them to others to try.
I have only been trading FX with them.
Their platform is very quick and simple to use so you don't waste time going through clunky interfaces. Their customer services (by email) have always been rapid to respond, courteous and accommodating.
They are not as advanced when it comes to placing things like limit orders, and they have a minimum stop size which I find annoying.
I quite often get slippage of 1 pip when placing trades. However I haven't seen any of the other usual SB "tricks" so am pretty happy with this.
Their spreads on cable and eur aren't as competitive (at time of writing) at 5 and 4 respectively as CMC which is 3 on each.
All in all a good, solid, simple and fast service, the only criticisms really on the features side.
Ive been using these for 2 months now and have found they are generally very good, especially on the spreads. The support is pretty good and they seem to deal with issues in a acceptable and prompt manner.
The only problem I have had is with stops not being hit for a long time (although they do honour the price the stop is set at). Also if you role over a position they remove you old stops/limits and in my case didn't put them back on. I asked them about getting real-time charts and have been told they are looking into this, but are yet to find a supplier at a reasonable cost.
No other problems and much better than the others I have used. I would recommend them to anyone, especially someone new to SpreadBetting.
With my last SB company the price on the screen was not the price you paid, then you were penalised a wider spread for having a deposit account. (Amazing really, you pay money into their bank account and they charge you more for the privalidge) also the total profit and loss which was displayed on screen was no where near the closing price.
Capital Spreads convinced me to use them last November, a virtual and real account was set up in minutes. Their trading Platform is very simple to use and What you see is what you get, quick and reliable.
After using their simulated account for some time I have now done 15 trades for real. I am happy to say that every one of the trades was filled at the screen price, and the stops were activated at the correct level. The site is sooooo easy to use. Inputting to your portfolio is hassle free as is removing. But the best thing is when you want to exit a trade. Simply press close, the screen comes up with the 'opposite' trade button. No chance of mistakenly doing another trade. Wonderful!.
Just opened up a Capitalspreads account and have traded my first few trades. As a newcomer to the SB market I feel that I can give areasonable view of their offering. The online trading interface looks clean and simple and is a joy to use. They still need and isots guide to it though and I could have used it for my first trade as I pushed the trade button by mistake and waited half an hour before I realised nothing was going to happen. After a quick call (and they were very helpful) I was up and running. Still not sure of all the market terminology for the indices but I guess you learn quickly enough. The spreads are as close as any other as far as I can tell, and they are very helpful on the phone. I'll keep you updated how I get on but overall I would say they rate very well.