CAPITAL SPREADS - LONDON CAPITAL GROUP LTD to be investigated by FSA

[thebard]

If you have any complaints against CAPITAL SPREADS - LONDON CAPITAL GROUP LTD

COMPLAINTS INCLUDE REGULAR AND SYSTEMATIC PRICE FEED FREEZES and switch over to phone trading during fast markets and importatnt news announcements.

I would lodge them with the FSA - they are interested, they are listening and they have "heard" of CAPITAL SPREADS before.

The FSA number is 0845 080 1800.

 

[ns1000]

I think you're exaggerating the situation here. Am I wrong in saying that all that's happened is that you've rung the FSA and complained about CS? Hardly suggests that they're going to be investigated unless I've misunderstood.

 

[thebard]

I don't care what you think. Use them and get ripped off yourself. And you have misunderstood.

 

[Trader333]

The FSA will not be interested at all because they are a betting company and not a trading company. It would be like having the FSA investigating William Hill or any other bookie. Your only hope is trading standards and even that is largely a waste of time based on past experiences that I have had.


Paul

 

[Hoggums]

If CS are suffering technical problems how is that fraud? There's no way you could prove that the system freezes are anything other than technical issues in high demand periods. The FSA are hardly going to do anything about that when phone trading was still available.

Again switching to phones in fast markets - exactly how is that against the law? You clearly haven't read their terms and conditions.

Were you over-leveraged with no stops in place?

 

[Disinformer]

The FSA will not be interested at all because they are a betting company and not a trading company. It would be like having the FSA investigating William Hill or any other bookie. Your only hope is trading standards and even that is largely a waste of time based on past experiences that I have had.


Paul

Are spread betting companies not regulated by the FSA rather than the gaming commission - or are you saying despite that they wont care

I've noticed these price freezes seem to crop up mostly when the market gaps - which could mean high volume rather than sinister play on their part.

 

[thebard]

For the record: CAPITAL SPREADS price feeds never "went down" in 2005 - both price feeds and charts worked together in real time during fast markets. The issue started in 2006 and has continued to crop up with increasing regularity.

High volume is irrelevant - other trading companies including spread betters don't have issues with the frequency that occurs at INCAPABLE SPREADS.

Only ever use very wide stops. Trade size is irrelevant. Slippage is one thing - this is something else. Profitable positions that loose a quarter of their profitability because of the time it takes to exit by phone is not slippage (nearly a £1000 in one case). I don't some traders understand the net winning to losing trades component aspect of a spread betters live "book."

 

[donaldduke]

Good luck with your crusade. Maybe if enough people complain CS will get wrist slapped and fined, but somehow i doubt it.

 

[ch4cb]

Bard, I see that your 15 posts on trade2win have all been saying the same thing about the same company. Although I appreciate you may be slightly aggrieved about a particular trade, this is a forum for debate not headlines!

I also believe that if you are not happy with a spread betting company you need to complain to the Financial Ombudsman if the firm has not resolved your issue in 8 weeks, not the FSA. I'm sorry but I do not have their number!

Hope this helps.

 

[thebard]

No, I think you'll find that there were a few original comments I posted and not surprisingly there were other posts which I have responded to and surprise surprise a lot of them also think CAPITAL SPREADS are a bunch of thieves.

And since when did pointing out the number of posts a member has made become an effective way of making what is your attempt at... what?... Trying to stop me commenting on a crap company? Censuring my views? Trivialising the issue with "Although I appreciate you may be slightly aggrieved about a particular trade."?

I suggest you think about the concept of the area of the forum that I was originally posted in - FOREX MARKETS, FOREX BROKERS.

 

[DEBB]

For the record: CAPITAL SPREADS price feeds never "went down" in 2005 - both price feeds and charts worked together in real time during fast markets. The issue started in 2006 and has continued to crop up with increasing regularity.

High volume is irrelevant - other trading companies including spread betters don't have issues with the frequency that occurs at INCAPABLE SPREADS.

Only ever use very wide stops. Trade size is irrelevant. Slippage is one thing - this is something else. Profitable positions that loose a quarter of their profitability because of the time it takes to exit by phone is not slippage (nearly a £1000 in one case). I don't some traders understand the net winning to losing trades component aspect of a spread betters live "book."

Hi there I see that you have had some dealings with capital spreads in the past and I seem to also be having a lot of problems with them,they changed the look of the site earlier this year and it crashed almost everyday,i have persisted with them as I thought that this was down to teething problems but they seem to become more and more unreliable,the biggest issue that ive found is that theres never a problem opening a trade,but closing it is almost impossible some times and they say to phone up and close it,but by the time ive done that some if not all my profit is depleted and im left with losses,im at my wits end with them and want to put my money elsewhere,have you any suggestions thanks debb

 

[gle101]

People taking too much of a risk, is very common on these boards. One should estimate and take into such consideration technical problem as a part of the risk profile. We all know CS have had technical issues during the past year. With the new platform transformation ahead in late May, the service might be significantly improved after this upgrade.

 

[DEBB]

People taking too much of a risk, is very common on these boards. One should estimate and take into such consideration technical problem as a part of the risk profile. We all know CS have had technical issues during the past year. With the new platform transformation ahead in late May, the service might be significantly improved after this upgrade.

I agree that technical problems should always be a factor when calculating risk,but why use a platform that repeatedly has problems when there are others that are far more reliable and if it was anything like the last upgrade earlier this year then I cant wait

 

[rwb]

I agree that technical problems should always be a factor when calculating risk,but why use a platform that repeatedly has problems when there are others that are far more reliable and if it was anything like the last upgrade earlier this year then I cant wait

Exactly, and why waste time getting involved in a complaints procedure especially with FSA who will do zilch about it partly because they are so inept but more likely they won't understand the problem anyway.
If someone is having a problem with their SB company, there are plenty of others to move on to and if possible, open accounts with as many as you can. The solution here is not in complaining but doing something constructive and positive about it otherwise your losses and frustration will just get worse as your mental state deteriorates.

 

[gle101]

Exactly, and why waste time getting involved in a complaints procedure especially with FSA who will do zilch about it partly because they are so inept but more likely they won't understand the problem anyway.
If someone is having a problem with their SB company, there are plenty of others to move on to and if possible, open accounts with as many as you can. The solution here is not in complaining but doing something constructive and positive about it otherwise your losses and frustration will just get worse as your mental state deteriorates.

Good way of putting it.

This time the upgrade will be an entirely new platform. Dealingdesk and Saxospreads are using this new platform. I believe many of CS problems lately is of a technical nature, hopefully it will be solved with the platform transformation. Yes I agree, we all have a choice to move on, there ar quite a few good options besides CS these days.

 

[TheHoneyMonster]

The FSA will not be interested at all because they are a betting company and not a trading company. It would be like having the FSA investigating William Hill or any other bookie. Your only hope is trading standards and even that is largely a waste of time based on past experiences that I have had.


Paul

That is not at all true.

CS are regulated by the FSA.


As for switching to phone trading during fast markets. If this happened more than once, i would no longer trade with such a set of bandits.

 

[Trader333]

CS are regulated by the FSA.

I know but this issue is not one the FSA will have any interest in as it is not covered by their remit and that is what I was referring to.


Paul

 

[Bakuli]

Hi Traders,

I am just re-posting a post that I have included in the brokerage section. As this thread is about Capital Spreads, I thought it would be appropriate for me to post it here as well. Below is an exact copy of that post.

...........................................................................................................

Any concerns with Capital Spreads ?
Hi Traders,

I would like to get some feedback from traders using Capital Spreads (UK based spreadbetting broker) about their trading platform and whether they have any issues with them.

Recently I am starting to notice a certain behaviour from Capital Spreads trading platform which looked suspiciously manipulated to cause "inconvenience" to traders when placing their orders especially when trading well (personal experience)

This is what happened to me and I would be grateful for any feed back from Capital Spreads users so that we can stop this unfair practice or to warn others of it !

I currently make use of buy/sell stops for my trading strategy and very rarely market orders. A while back Capital Spreads improved their platform to make it very convenient for traders to place their trades with a new user friendly version of Order Ticket.

Please refer to the picture of this latest version Order Ticket I have attached to this post.
With this latest version of Order Ticket, traders just need to use the buttons to adjust their stakes, stoplosses, limit orders etc. There is no need to type in the market price, stakes, SL, etc as was required with the older version of the Order Ticket.

The issue I had with Capital Spreads lately was that they kept switching me back to the old version of Order Ticket, creating much inconvenience to me because I have to type in the price, the stakes, then click another button to go to another ticket to adjust the stop loss which I have to calculate myself and type in the market price where I want the stop loss to be at. You can imagine how inconvenient and time consuming that is to a trader. The new version is user friendly and has no need for any calculation as all you need is to adjust the SL button to show the number of pips you want to use as stop loss and the calculation is done automatically.

Now my problem with Capital Spreads only happened lately when I have become better in my trading and am not losing to them as I have been doing frequently for the last 2+ years. I kept being switched back to the old version Order Ticket whenever I am trading well and then switched back to the new version when I have had a few losses. To me that smelt of manipulation on Capital Spreads part to cause the winning trader as much inconvenience as possible. I cannot see any other reason than that.

They have since reverted me back to the new version since I complained by email although no response was received.



Thank you for reading this post.....I look forward to any responses.

 

[Black Swan]

Hi Traders,

I am just re-posting a post that I have included in the brokerage section. As this thread is about Capital Spreads, I thought it would be appropriate for me to post it here as well. Below is an exact copy of that post.

...........................................................................................................

Any concerns with Capital Spreads ?
Hi Traders,

I would like to get some feedback from traders using Capital Spreads (UK based spreadbetting broker) about their trading platform and whether they have any issues with them.

Recently I am starting to notice a certain behaviour from Capital Spreads trading platform which looked suspiciously manipulated to cause "inconvenience" to traders when placing their orders especially when trading well (personal experience)

This is what happened to me and I would be grateful for any feed back from Capital Spreads users so that we can stop this unfair practice or to warn others of it !

I currently make use of buy/sell stops for my trading strategy and very rarely market orders. A while back Capital Spreads improved their platform to make it very convenient for traders to place their trades with a new user friendly version of Order Ticket.

Please refer to the picture of this latest version Order Ticket I have attached to this post.
With this latest version of Order Ticket, traders just need to use the buttons to adjust their stakes, stoplosses, limit orders etc. There is no need to type in the market price, stakes, SL, etc as was required with the older version of the Order Ticket.

The issue I had with Capital Spreads lately was that they kept switching me back to the old version of Order Ticket, creating much inconvenience to me because I have to type in the price, the stakes, then click another button to go to another ticket to adjust the stop loss which I have to calculate myself and type in the market price where I want the stop loss to be at. You can imagine how inconvenient and time consuming that is to a trader. The new version is user friendly and has no need for any calculation as all you need is to adjust the SL button to show the number of pips you want to use as stop loss and the calculation is done automatically.

Now my problem with Capital Spreads only happened lately when I have become better in my trading and am not losing to them as I have been doing frequently for the last 2+ years. I kept being switched back to the old version Order Ticket whenever I am trading well and then switched back to the new version when I have had a few losses. To me that smelt of manipulation on Capital Spreads part to cause the winning trader as much inconvenience as possible. I cannot see any other reason than that.

I have written to them to voice my concerns and told them I would investigate the matter further and make a formal complaint if I find anything unfair and unethical in their business practice. Strangely enough, I have now the new version of Order Ticket since my email of complaint. However, this is not going to stop my mission of finding out if other Capital Spreads users are experiencing the same issue.

Thank you for reading this post.....I look forward to any responses.

 

[ns1000]

Hi Traders,

I am just re-posting a post that I have included in the brokerage section. As this thread is about Capital Spreads, I thought it would be appropriate for me to post it here as well. Below is an exact copy of that post.

...........................................................................................................

Any concerns with Capital Spreads ?
Hi Traders,

I would like to get some feedback from traders using Capital Spreads (UK based spreadbetting broker) about their trading platform and whether they have any issues with them.

Recently I am starting to notice a certain behaviour from Capital Spreads trading platform which looked suspiciously manipulated to cause "inconvenience" to traders when placing their orders especially when trading well (personal experience)

This is what happened to me and I would be grateful for any feed back from Capital Spreads users so that we can stop this unfair practice or to warn others of it !

I currently make use of buy/sell stops for my trading strategy and very rarely market orders. A while back Capital Spreads improved their platform to make it very convenient for traders to place their trades with a new user friendly version of Order Ticket.

Please refer to the picture of this latest version Order Ticket I have attached to this post.
With this latest version of Order Ticket, traders just need to use the buttons to adjust their stakes, stoplosses, limit orders etc. There is no need to type in the market price, stakes, SL, etc as was required with the older version of the Order Ticket.

The issue I had with Capital Spreads lately was that they kept switching me back to the old version of Order Ticket, creating much inconvenience to me because I have to type in the price, the stakes, then click another button to go to another ticket to adjust the stop loss which I have to calculate myself and type in the market price where I want the stop loss to be at. You can imagine how inconvenient and time consuming that is to a trader. The new version is user friendly and has no need for any calculation as all you need is to adjust the SL button to show the number of pips you want to use as stop loss and the calculation is done automatically.

Now my problem with Capital Spreads only happened lately when I have become better in my trading and am not losing to them as I have been doing frequently for the last 2+ years. I kept being switched back to the old version Order Ticket whenever I am trading well and then switched back to the new version when I have had a few losses. To me that smelt of manipulation on Capital Spreads part to cause the winning trader as much inconvenience as possible. I cannot see any other reason than that.

I have written to them to voice my concerns and told them I would investigate the matter further and make a formal complaint if I find anything unfair and unethical in their business practice. Strangely enough, I have now the new version of Order Ticket since my email of complaint. However, this is not going to stop my mission of finding out if other Capital Spreads users are experiencing the same issue.

Thank you for reading this post.....I look forward to any responses.

Absolute mountain out of a molehill.

I doubt very much they targetted you and switched the type of ticket you use, and even if they did (and I doubt it's technically possible for them to do this, let alone waste time 'identifying' winnign clients) are you really going to claim that it stops you making money? The old tickets were fine for years.

There are plenty of other firms who will take your winning business, so I'd suggest that you just take it to a shop that can give you the tools you need.