Best Thread Capital Spreads

[capitalspreads]

grantx

i thought i had answered

I am not a lawyer but I assume that there is some final date beyond which a correction cannot be made. (unless you are the government of course for whom retroactive legislation appears to be all the rage). CS is unlikely to impose a correction beyond a few months or so but the client can, of course, impose a correction on CS up to the legal time limit.

For some reason seven years springs to mind ... but i may be out by a decade or so!

T&C's can only do so much and the overiding legal position obviously overides any offending term (otherwise anyone could just put anything in their terms that they liked). I am not sure that I mentioned the FSA at all in any answer to this question.

Simon

 

[grantx]

Simon,

Let's try and simplify this.

Example: If bet GBP/USD is going to rise, and I accept the price on the screen, at what point will I know the trade has been accepted without question, beyond reasonable doubt, indisputably, unequivocally, unambiguously (ignoring the possibility of errors)?

Would you like me to write this in lower case with a thick crayon?

By the way, I've just downloaded the T&C, all twenty-odd pages (someone aiming for a record?)

Grant.

 

[nine]

Deleted a bunch of posts. Keep it civil please.

Should FXSCALPER2 or someone who seems to be him post rudely on the thread then please hit the complain button.

 

[laptop1]

I am welcome here just as much as the next person, however, just like everybody else, we don't have to keep hearing the same rants from the same person complaining about the same thing attacking the same person just because he represents a company and you feel unjustified and 'ripped off'.
.

Do you work for CS or what?.....Look FXSCALPER is asking a basic question, that Simon will not answer, I wonder why???????????????

Dishonest. Capital Spreads?

does anyone actually realise how many regulatory hoops we, as an SB company, have to jump through these days.

In four years of doing business.

CAPITAL SPREADS HAS NEVER BEEN FOUND GUILTY OF ANY MISCONDUCT TOWARDS A CLIENT BY ANY REGULATORY AUTHORITY. I WILL GO FURTHER AND STATE THAT WE HAVE NEVER, NOT EVEN ONCE, BEEN APPROACHED BY THE AUTHORITIES TO DEFEND ANY ACTION MADE BY US IN THE ENTIRE FOUR AND A HALF YEARS OF DOING BUSINESS. WE HAVE NEVER BEEN TAKEN TO COURT BY A CLIENT OR BEEN MADE SUBJECT TO COURT PROCEEDINGS.
Simon

Well Simon this does not surprise me, because you have all the angles covered written in your small print.

Any sensible questions out there? or has this thread just about had its day and fallen prey to the virus that seems to infect so many public comment arenas these days.

Simon

Yes, there is, it's a nice simple question for you.Answer fxscalper about having an option in place to cancel a trade while waiting for one of your dealers to fill you. If a trader has to wait anything over 5 to 10 seconds for a fill, a client should have that option to cancel a trade, I am sure your IT department can implement "reject, re -quote or fill" not a lot to ask.


To be honest , I do not know why you all put up with it. I have been through it, it's hard enough to fight the market, without having to fight a spread bet firm on top of it.

 

[stevespray]

Grant, Simon did give an answer to the question in post #4108. According to him the time frame for a binding contract depends on the conditions in the 'Terms and Conditions' user agreement. As I understand it, you cannot get a given time frame for the actual finalization of the contract.

I quote Simon.
"the 'contract' is the 'Terms and Conditions' agreed by the client when he opened the account plus any alterations made since then. IT IS NOT THE TRADE CONFIRMATION. The trade and order confirmation emails are merely information pertaining to individual deals done but they are still subject to the 'Terms and Conditions' and, as such, both CS and the client must abide by the T&C's as the final arbiter. Every single financial broker/bank/exchange/SB on the planet will have a similar caveat somewhere in their client agreement."

Polite response with no expletives!

I believe that this response is misinformation. I’m in the process of double checking a few things but my understanding is as follows (sorry if some of this repeated – it just needs emphasizing since it is true).
Firstly it is perfectly legitimate for the T&C to control the opening and closing (ie the formation) of contracts between the firm and the client. However, under the present laws the client has the basic RIGHT to know exactly the moment at which a contract is formed. This is because the client also has the RIGHT to know when his / her ‘offer to contract’ is ‘on the table’ and hence not yet accepted – this therefore provides the client with their RIGHT to withdraw an offer right up to the moment at which acceptance occurs. Therefore all these points go hand in hand. I don’t think that there is any doubt that individual spread bets represent individual contracts in their own right – Section 412 of the Financial Services and Markets Act seems to make this very clear. People have made comments along the lines of “The issue of a contract note does not signify that a contract has actually been formed” – this appears utter nonsense on two levels; Firstly it’s called “A contract note”. Secondly, and far more importantly, there is nothing written in the T&C which shows or implies that a contract is formed at any point other than the point at which the “Trade Accepted” ticket appears on the screen.

We cannot therefore accept a situation where a contract may or may not exist – the law simply doesn’t allow it. If the trade, after a “Trade Accepted” notice has been issued, is still not really a binding contract then the client still retains the right to withdraw their offer to trade even though the “Trade Accepted” notice has been issued. From a legal perspective the formation of a contract is a ‘two way street’ – there can never be a situation where such a contract is binding on one party whilst not binding on the other. Any attempt through T&C to synthetically produce such a situation would be wholly unenforceable. If such a situation were allowable then every firm entering contracts online would simply place such a clause in its contract – clearly they don’t.
The law perceives that the vendor is afforded sufficient protection by having the right to refuse / reject clients ‘offers’ which the vendor does not find attractive. Spread bet firms are no different than any other businesses which have to operate under English law.

Steve.

 

[tar]

AUD/USD ROLLING DAILY spread has been widened from 2 pips to 3 pips

 

[grantx]

Nine,

"Deleted a bunch of posts...hit the complain button". Your concern for members' sensibilities is very touching. The last thing anyone wants is to upset (corporate) members.

Grant.

 

[gle101]

Nine,

"Deleted a bunch of posts...hit the complain button". Your concern for members' sensibilities is very touching. The last thing anyone wants is to upset (corporate) members.

Grant.

He did the right thing, the thread just went out of hand. It would be nice having a healthy and constructive discussion about CS and related issues.

 

[arabianights]

The other way of looking at it is that we are traders, not the women's institute*.

A robust discussion is natural - it would be nice if people stopped being so easily offended. See that hormones thread...

*who can apparently be quite feisty, or so my granny says.

 

[Phil Mibbutz]

If Simon and all his staff were living in cardboard boxes and trawling dustbins for their meals I might feel sorry for them, but CS is apparently making a healthy profit, so why not just answer the questions rather than bleat?

 

[Lee Shepherd]

Any one with urgent/important issues regarding dealing with Capital Spreads can either email them: [email protected] or phone them directly on 020 7456 7020.

Anyone that does trade with Capital spreads and does not like the service, complain and if not resolved, find another company to deal with, theres plenty out there.

Anyone that does Not deal with Capital Spreads but are looking into dealing with them, give them a trial run and see what you think.(use your own opinion)


Also, thanks go out to Nine for clearing up this thread.

I think we're all adult enough to communicate with each other respectably and without rudeness.

 

[FXSCALPER2]

If Simon and all his staff were living in cardboard boxes and trawling dustbins for their meals I might feel sorry for them, but CS is apparently making a healthy profit, so why not just answer the questions rather than bleat?

Because he can't. So to my question of why he doesn't give traders the option to cancel trades while the dealer waits to fill them, he could say: 'we will do that', get on the phone with an IT person and sort it out. While he is at it, he can get them to enable his platform to "accept" or "requote". Or he can admit it is a problem but will take time to solve and give an estimate of when he thinks it can be fixed. He would also make sure that 'rejected' trades do not appear as filled trades when the client is not looking. Once he tells people what he intends to do and when, they can then trade eslewhere until he fixes the problems.

Instead he and his supporters complain. Simon can stop all this by just acknowledging the problems and fixing them. The fact that he doesn't is what I find astounding.

Nine,

You can ask me to stop being rude, but surely you don't want to tell me to stop commenting on this. I just cannot believe you said that mate.

 

[ceydababy]

Deleted a bunch of posts. Keep it civil please.

Should FXSCALPER2 or someone who seems to be him post rudely on the thread then please hit the complain button.

Bit heavy Handed NINE. I may not agree with the way FXSCALPER words his posts but is deleting them off and pretending they were never posted the way to handle this situation ???

There were other members saying that they felt the posts were a little OTT and I believe in self policing rather than the hand of a heavy handed moderator stepping in to remove posts.

Surely this is a forum that should encourage free speech and as such a member should be allowed the express themselves however they wish to within reasonable boundaries.

Whilst FXSCALPERS posts might have been Direct and Repetitive at points at no point in my opinion were reasonable boundaries overstepped.

It's a sad day for T2W when members posts are deleted because they have been forceful with an opinion.

Once again, I certainly am no supporter of the way FXSCALPER writes his posts, but surely Simon is big enough and ugly enough to fight his own corner without the need of a moderator stepping in to remove posts deemed offensive/direct.

 

[shortorlong]

Bit heavy Handed NINE. I may not agree with the way FXSCALPER words his posts but is deleting them off and pretending they were never posted the way to handle this situation ???

There were other members saying that they felt the posts were a little OTT and I believe in self policing rather than the hand of a heavy handed moderator stepping in to remove posts.

Surely this is a forum that should encourage free speech and as such a member should be allowed the express themselves however they wish to within reasonable boundaries.

Whilst FXSCALPERS posts might have been Direct and Repetitive at points at no point in my opinion were reasonable boundaries overstepped.

It's a sad day for T2W when members posts are deleted because they have been forceful with an opinion.

Once again, I certainly am no supporter of the way FXSCALPER writes his posts, but surely Simon is big enough and ugly enough to fight his own corner without the need of a moderator stepping in to remove posts deemed offensive/direct.

I disagree here. there are a million way to make the same points without descending into pointless aggression and rudeness. If a poster cannot moderate his or her language and contribute in a civilised way then I don't want to hear it. it's just unnecessary. .. anyway back to the discussion.

 

[Physicsman]

What FXScalper is saying is of the utmost importance. How he was saying it may have been a little abrasive, but every reader's tolerance is different. To me I expect trader's to be agressive so it was fine with me.

To delete the posts with those incredibly relevant and important questions raised by FXScalper, which also shows Simon just plainly ignoring them and going on a rant of his own is OTT in my opnion. Those questions need to be repeated and stated until such time as Simon/CS fixes them. If CS don't fix their problems, then they should be raised again and again.

 

[Lee Shepherd]

If Capital Spreads dont fix there bugs, fine. Find another Spread bet company or go direct access.
Then it really is there loss. Constantly wasting one's time in repeating the same question only effects that person and others that constantly have to look at it.

Capital spreads will only care when customers start to leave and they have to shut down, dont waste your time in complaining several times to any company. By complaining your helping them to fix what is wrong, if you have to do this several times then move your business to someone else, theres plenty out there that will take it.

 

[gle101]

I disagree here. there are a million way to make the same points without descending into pointless aggression and rudeness. If a poster cannot moderate his or her language and contribute in a civilised way then I don't want to hear it. it's just unnecessary. .. anyway back to the discussion.

Yes, if you have a strong enough case there is no need to defend it by being rude and abusive. If unparliamentary language is needed to get this board members attention, something is definitely wrong. I agree, back to the discussion.

 

[Crap Buddist]

Peace Of Mind.

Originally Posted by capitalspreads

Any sensible questions out there? or has this thread just about had its day and fallen prey to the virus that seems to infect so many public comment arenas these days.

Simon


Well OK what about a sense of care of duty towards clients, pushing that transparency further. Not just going by the book but beyond it? But I think many will agree that getting prices to print accurately is or will be seen as "normal practice" surely?

I mean if you say your prices shadow exchange data, then how can Capital Spreads reflect the true accurate price to its clients 100% of the time. OR if this is thought impossible then a BIG WARNING highlighting and offering ease of clients having to and being able to reconcile ALL their trades (as some will not be monitoring tick by tick and they have to check ALL trades) .

You dont need to wait for a dispute to come along for an investigation to come into creation. Thats a bit too reactive, I think it should happen as a matter of normal business practice. Especially as there is evidence of palpable trade errors affecting both bookmaker and the client and it is likely to remain for a time "due to the nature of systems trading" shall we say?

How does capital spreads detect palpable pricing error 24/6 and how can they facillitate that so clients can do "fairly" likewise. Its not trying to catch anyone out but more like punters can see and audit that every single trade they make has been executed both legs fairly accurately and timely. That will lead to a bettor (hoho) relationship surely ?


Like the bookmaker narrowing the spread on "integrity" between himself and clients.

If clients know they can easily check all trades if they want and thats actively promoted by Capital Spreads (again no wait for disputes etc) then look at the visibility. HUGE. Look at the depth of trust.

If it dont happen you know what will be said ? "Should of gone to SPECSAVERS....."

Peace of mind, thats what a client wants from his bookmaker, not a "piece of me " attitude and service.

 

[zuke]

If Capital Spreads dont fix there bugs, fine. Find another Spread bet company or go direct access.
Then it really is there loss. Constantly wasting one's time in repeating the same question only effects that person and others that constantly have to look at it.

Capital spreads will only care when customers start to leave and they have to shut down, dont waste your time in complaining several times to any company. By complaining your helping them to fix what is wrong, if you have to do this several times then move your business to someone else, theres plenty out there that will take it.

Can you perhaps stop being so sanctimonious? Why are you doing CS's bidding anyway? There are some major issues with CS and imo they need to be called to account. Perhaps if you had encountered some of these issues and it had cost you a lot of money you wouldn't be so glib with other people's views.

 

[gle101]

Can you perhaps stop being so sanctimonious? Why are you doing CS's bidding anyway? There are some major issues with CS and imo they need to be called to account. Perhaps if you had encountered some of these issues and it had cost you a lot of money you wouldn't be so glib with other people's views.

In a way I think Lee is right. Isn't it best to start posting other issues on this thread? Everything is not black or white, there are shades of gray to things as well. There are a few of you who have a very negative opinion on CS service. Yet, many of you do not even trade with CS, or have left them for another company. I have not read of any major problem with CS recently that has been brought forward on this thread, and if there are any out there, let these traders come out and present their cases alongside those who have a positive outlook on CS. As things are right now, the same people are repeating the same old issues over and over again. As for myself, I will definitely be posting more restrictively. This is in order not to repeat myself too much. It is a lot of fun communicating, but I must set aside some time for trading as well.