Are Fins getting worse?

mercury7

Member
78 0
Most of this week, during the most important times of the day for trading, Finspreads close their trading platform, and use only telephone trades only.

It's now 8.30 am, and you cannot get through on telephone lines which are supposed to be open at 7.15 am, instead they have a recorded voice informing you their opening times!!!

By my small standards, I have a reasonable amount of cash with them, am concerned a bit that in historical terms in the past some firms have gone belly-up when this sort of thing happens regularly?
Anyone any ideas?
 

Trader333

Moderator
8,655 981
The market for Spreadbetting business is quite competitive so why not close your account and move to someone like Capital Spreads who appear to have a good reputation. I should say though that I dont use Spreadbetting companies for trading.

Paul
 
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mercury7

Member
78 0
Fins

Yes, I agree Paul, may move to Capital Spreads.

Being competitive though, brings the thought to mind that it would be a good reason for the s/b firms to try harder to please customers. Just a thought anyway.
Kevin
 

rglenn

Well-known member
379 4
This is defininetly a ploy used by SB companies to scupper clients when the trend is strongest in a particular direction.

I have been noticing myself that this tends to happen quite regularly with Fins especially with their new platform.

I personally think that they have built this into their new platform that when the trend is moving favourably in the clients favour then it switches automatically to phone trading which is totally useless in these fast moving market conditions.

I agree with Paul that it is time for people using them to start switching to a more favourable platform until they get their act together.

Fins are now totally rubbish especially for those who are system trading.
 

DESKPRO

Active member
120 0
I moved my money from Fins to Capital Spreads. Found loads of problems with the new Fins platform which was very frustrating. So far Capital spreads has been very stable. Like the ability to open new orders online should the index hit a particular value.

Even though I dont use Tradindex I got an email from them saying they will be making enhancements to their platform including ability to move stops
 

eminem

Active member
185 1
Don't know if this is possible or not but those who dislike Fins and are looking to move to someone like Cap Spreads when it comes to the money transfer bit and closing the Fins account why don't you ask if the money can be transferred direct from Fins to Cap Spreads, if enough people do this then maybe Fins will get the message!!
 

tomorton

Legendary member
8,420 1,343
Fins' new platform much more stable recently and less likely to crash/freeze than the old one, but 'telephone trading only' a regular problem during times when the market is moving quickly. A nuisance for me but not a serious problem as I don't day-trade.

But if you do what about having a back-up account with another SB firm so if all else fails you can at least open a contrary position to one which you can't close with Fins and which is going the wrong way without a stop? And why not set a stop when (as soon as) you go in? I've found Fins reliable in closing at my stops, even if not 'Guaranteed'.
 

rglenn

Well-known member
379 4
Tomorton

I agree with you that they are alright for longer term trading.

However, I am currently trying to trade on a intraday basis using a system that depends on fairly precise entry and exit points.

I have recently enquired about future changes to their platform with negative feedback.

So I guess this is the end of our previous business relationship!
 

smallfry

Junior member
25 0
tomorton, I believe there is a term for what you propose, and it's called 'arbitrage' !!

When/if the s/b firms find out you're doing it, then you'll have your account closed.

But then that could be a blessing in disguise.

There is actually a good way to get your account closed at Finspreads: do what I did and keep on complaining.

With me it was 3 strikes and you're out. Pity I'd found a hole in their system (after I ended my contract their I hasten to add, so no risk of insider trading), but they don't like being told they're wrong!!

Spreads firms are duty bound to act on and investigate every complaint. So the more you raise, the more you get noticed.

The other problem you could run into is finding someone to talk to...People are leaving Finspreads to go to other firms such as City Index and Man (I wonder why...)

Simon
 

axthree

Active member
185 0
I,ve followed the threads regarding the different SB co's.
I use Tradindex who I've found to be quite good. I haven't yet used the new platform, launched today, but it looks quite good.
I also got a pleasant E-mail recently from Capital Spreads, offering their services. They don't seem at all pushy, which I like and I've enjoyed the exchanges with their guy on another thread.
I'm very small time and wondered about opening an account with them. Thoughts please?
 

EagleRock

Guest
43 0
Take a good look at TradIndex. Their new platform is vnice. They have gone for speed and I undestand that in 2wks time the ability to move stops anywhere will go live (at present although they've tested the functionality - they want to let new system settle down, so stop moving cannot go beyond original entry price but restriction only just for the next 2wks). This via talk to very helpful guy over the phone. He indicated that very interested in feedback concerning new system and he added that TradIndex will be stressing this moving stop (online) functionality very heavily in the near future.
The site navigation to me is very transparent and the design is uncluttered too. The unlimited 'player' account with resettable-at-any-time 20k balance is 100 percent identical to the 'investor' account cept one can loose 20k play money and magically reset and have another go... This live account emulation is to me great - exactly the same. The guy said they have many 'player' account holders which just play... and have never for years of TradIndex running every done live bets.
I think a SB that allows individuals to use their system as-if real surely says something good about them - course money making is what they in SB racket for anyways but well... that's my tuppence worth (geewiz - as much as that!!!)
Of course.... all comments carry the IMHO caveat emptor + lector too!
 

axthree

Active member
185 0
Have now used the new Tradindex platform for a few live trades.
A great improvement. Used it whilst drinking the bottle of rather nice Rioja they sent me for Christmas. The losses I made last year don't sting so much now.:D
Don't drink and trade!!
Speed is greatly improved but I'm sure I'll find something to whinge about if I try hard enough. :cheesy:
 
 
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