capitalspreads
Experienced member
- Messages
- 1,452
- Likes
- 79
Farce etc...
hmmmm it seems that you have different experiences to me. When i use our competitors the deal acceptance times and rejection numbers appear pretty much the same as ours.
We will be going to automated trading for smaller sizes in the near future.
I must repeat the comment that I have made over and over again. We are a spread betting company not an FX company. People always complain about FX fills never about anything else. FX platforms quote about 30 markets have major banks backing up liquidity etc etc ...if the price moves whilst you are trying to trade you get nothing .. on the otherhand with SB companies the price is effectively held until the dealer confirms it. Frequently this means you get a good price to trade on but it also means that this 'good' price may be rejected. I cannot see how this differs from a real platform. If you trade and the market moves against you as you trade then you will be filled .. if the market immediately moves away from you you will miss the price. This happens to us all the time on our FX hedging.
Everyone always says 'I will complain to the FSA' .... The procedure is quite clear ..complain to us...(unlike some of our competitors we will at least answer you fairly quickly)....if not pleased then raise it to our compliance officer...if still not happy raise it with the financial omnbudsman service....the omnbudsman is independant of the FSA and will only even look at complaints if you have gone through the full complaints procedure already.
There are some 10 spread betting companies and 100's of FX providors (we do have a private client FX unit ouselves, Capital Forex). If anyone feels that we are unfair/cheating etc etc they can always move (in about 20 minutes of account opening boredom). That said, it is odd how our client retension numbers are some two times our competitors (those who give this info in their reported figures).
We always work on improving services but sometimes due to the success of our platorm our trade growth exceeds our technical improvement lines. As I have said we are moving to autotrade acceptance in many markets and are constantly improving systems etc.
On the orders front.. as you correctly state you will get your order fill and generally at the price requested BUT we must check that the order has been fairly hit as there are many spikes pricing errors etc etc ... and we quote over 2000 markets. It is vary easy to see whether an FX price is hit but not so easy when you are talking about a 'widening' quote on a share caused by lack of liquidity. In many of the FTSE 250 stocks the bid offer can widen to 20 or 30 points due to lack of liquidity on the LSE. This may 'trigger' a stop but would be unreasonable of us to activate. I do not know how our competitors deal with this but we wait to see whether further liquidy enters the market. Sometimes a stock can remain on the triggered (red lined) file for half of the trading day. This does take time but is the fairest way of do it. Again we will be moving to automated triggers on some markets (probably FX and indices) in time.
Cheers
Simon
hmmmm it seems that you have different experiences to me. When i use our competitors the deal acceptance times and rejection numbers appear pretty much the same as ours.
We will be going to automated trading for smaller sizes in the near future.
I must repeat the comment that I have made over and over again. We are a spread betting company not an FX company. People always complain about FX fills never about anything else. FX platforms quote about 30 markets have major banks backing up liquidity etc etc ...if the price moves whilst you are trying to trade you get nothing .. on the otherhand with SB companies the price is effectively held until the dealer confirms it. Frequently this means you get a good price to trade on but it also means that this 'good' price may be rejected. I cannot see how this differs from a real platform. If you trade and the market moves against you as you trade then you will be filled .. if the market immediately moves away from you you will miss the price. This happens to us all the time on our FX hedging.
Everyone always says 'I will complain to the FSA' .... The procedure is quite clear ..complain to us...(unlike some of our competitors we will at least answer you fairly quickly)....if not pleased then raise it to our compliance officer...if still not happy raise it with the financial omnbudsman service....the omnbudsman is independant of the FSA and will only even look at complaints if you have gone through the full complaints procedure already.
There are some 10 spread betting companies and 100's of FX providors (we do have a private client FX unit ouselves, Capital Forex). If anyone feels that we are unfair/cheating etc etc they can always move (in about 20 minutes of account opening boredom). That said, it is odd how our client retension numbers are some two times our competitors (those who give this info in their reported figures).
We always work on improving services but sometimes due to the success of our platorm our trade growth exceeds our technical improvement lines. As I have said we are moving to autotrade acceptance in many markets and are constantly improving systems etc.
On the orders front.. as you correctly state you will get your order fill and generally at the price requested BUT we must check that the order has been fairly hit as there are many spikes pricing errors etc etc ... and we quote over 2000 markets. It is vary easy to see whether an FX price is hit but not so easy when you are talking about a 'widening' quote on a share caused by lack of liquidity. In many of the FTSE 250 stocks the bid offer can widen to 20 or 30 points due to lack of liquidity on the LSE. This may 'trigger' a stop but would be unreasonable of us to activate. I do not know how our competitors deal with this but we wait to see whether further liquidy enters the market. Sometimes a stock can remain on the triggered (red lined) file for half of the trading day. This does take time but is the fairest way of do it. Again we will be moving to automated triggers on some markets (probably FX and indices) in time.
Cheers
Simon
Last edited:
