Best Thread Capital Spreads

[brutusdog]

Douglas Bader has got more legs to stand on.

Grant.

as has heather mills

 

[Phil Mibbutz]

Totally agree about IG, no issues at all. Fills are precise and instant. Prices closely marked to market(s).

It does raise the issue, as has been rasied before: Why all the fuss about CS not being up to scratch? OK, so if it isn't as good as IG, why spend all that effort arguing with Simon on here. Just walk away and use another provider.

When I was shorting EUR/USD today, I was using IG, not worrying about whether or not CS was working or not!

Just for the record, I had various problems with IG, but they do at least try to give convincing excuses for mistakes, while sticking resolutely to the SB company mantra:

The Customer is Always Wrong.

 

[ch4cb]

I am a patient individual who appreciates amusing banter about WW2 heroes, one legged gold-diggers and our friends from Peckham as much as the next person, but as a regular CS (and currently CMC) user for a few years now I have to say my perspective is slightly different to the recent 'hardcore' users of this thread. Yes, CMC and IG have a more professional platform that is more robust with similar spreads to CS, but as has been previously quoted on this thread, their customer service is not quite up to scratch. Being told CMC will get back to me in 3 days was less than satisfactory over a disputed order level. A similar incidence with CS a few months ago was resolved while they put me on hold for a couple of minutes while they consulted a dealer.

By no means is any spread betting company that I have used perfect from an IT or a customer service perspective (Previously ETrade (same as capital) and City) but as this is a free forum I feel that it is only right for the clients of these firms that have had a satisfactory experience to put across a balanced and emotional free perspective. I appreciate that errors do happen and if it is was my money I would also be up in arms and straight to the Financial Ombudsman, and hope that fellow members such as FX Scalper have got there money back if they were in the right by exploring this avenue.

I am not a regular participant on this forum but felt this post appropriate after growing increasingly tiresome of the legal arguments and felt the everyday user should also put across their perspective.

Apologies to any offence caused to the 'hardcore'

C

 

[grantx]

Brutus,

Excellent.

Phil,

"The Customer is Always Wrong"

An excellent epitaph.

Grant.

 

[stevespray]

I am a patient individual who appreciates amusing banter about WW2 heroes, one legged gold-diggers and our friends from Peckham as much as the next person, but as a regular CS (and currently CMC) user for a few years now I have to say my perspective is slightly different to the recent 'hardcore' users of this thread. Yes, CMC and IG have a more professional platform that is more robust with similar spreads to CS, but as has been previously quoted on this thread, their customer service is not quite up to scratch. Being told CMC will get back to me in 3 days was less than satisfactory over a disputed order level. A similar incidence with CS a few months ago was resolved while they put me on hold for a couple of minutes while they consulted a dealer.

By no means is any spread betting company that I have used perfect from an IT or a customer service perspective (Previously ETrade (same as capital) and City) but as this is a free forum I feel that it is only right for the clients of these firms that have had a satisfactory experience to put across a balanced and emotional free perspective. I appreciate that errors do happen and if it is was my money I would also be up in arms and straight to the Financial Ombudsman, and hope that fellow members such as FX Scalper have got there money back if they were in the right by exploring this avenue.

I am not a regular participant on this forum but felt this post appropriate after growing increasingly tiresome of the legal arguments and felt the everyday user should also put across their perspective.

Apologies to any offence caused to the 'hardcore'

C

Welcome to the hard core. Your membership badge is in the post. :cheesy:

Steve.

 

[grantx]

Ch4cb,

"they put me on hold for a couple of minutes while they consulted a dealer".

My problem is reconciling the above with Simon's claim of state of the art technology. After all they do trade "3000" markets and presumably use Bloomberg/Reuters (or perhaps they use Teletext and yesterday's FT).

Phil,

"The Customer is Always Wrong". A suitable epitaph.

Grant.

 

[ceydababy]

About three years ago the FSA did indeed go through our terms and conditions (as, i understand, they do for all financial institutions), checking to ensure that there was nothing unreasonable and that it was written in plain, easily understood, english.

Their point about the pricing error part was nothing to with the actual rights we gave ourselves in the instance of a pricing error but was to do with the fact that we had not explicitly put in a clause stating that the clients had the reciprical rights if a price error had worked against him. To be honest it did not even cross our (no doubt, tiny) minds as, of course, we always refund clients on pricing errors that trigger stops, new orders etc but had not thought it necessary to actually put it in the terms. We would quickly bring down the ire of the regulators if we acted, even remotely, in this fashion (not to mention the reams of comment we would get on threads such as this if we did anything so stupid and counterproductive).

All we did was put in another sentance stating that the client had the same rights as we assigned to ourselves over pricing errors. Nothing sinister. Case closed.

There seems to be a huge amount of stuff written on price errors and the rights of SB companies when they happen. Its a dead issue (no matter what Steve might say to the contrary) nobody is going to agree to either a client or an SB company having the right to enforce a manifestly incorrect deal ticket.

People always say that SB companies have all kinds of tricks to harm clients.... the boring facts are so different. I have five dealers watching 3000 markets and on average we take nearly 20K trades each day. They have no time to look at individual client positions or to watch stop levels etc. They merely process stops when they are activated, manually accept a few trades (the vast majority go through the auto accept system) and monitor the overall risk levels. Their job is to ensure that the company, at all times, is kept within its risk levels on each and every one of the 3000 markets we quote. In the main they do not even notice the vast, vast majority of trades going through the systems. All they are interested in is the aggregate client positions to see whether a hedge is required or not.

Perception is an odd beast. A person with a £5 bet in cable is sure that the SB company has deliberately pushed the price just that extra pip to hit his/her stop. Problem is, if we did that, we would probably get another 20 or 30 quid of fresh positions from sharp eyed traders dealing on the momentarily shifted price. In reality we will never have even noticed the order in the first place. They only orders that dealers really take note of are the really big ones and that is only after they have been triggered anyway. I have stated it before on this thread and will say it again. We never, ever bias prices, period. Every price we quote is based on the underlying market in some or other fixed calculation method. This means that every stop/trade/order etc can be back calculated with the aid of the various exchange trade and quote data, so any disputes can be swifty investigated.

By the way Steve concerning your last post, as you mention Argos Online, please see below the clause taken from the Argos Terms and Conditions

4.2 The price you pay is the price displayed on this website at the time we receive your order apart from the following two exceptions:
a) For products reserved online for store pick up or any other reservation service the price you pay is the price in store on the day of collection.
b) While we try and ensure that all prices on our website are accurate, errors may occur. If we discover an error in the price of goods you have ordered we will inform you as soon as possible and give you the option of reconfirming your order at the correct price or cancelling it. If we are unable to contact you we will treat the order as cancelled. If you cancel and you have already paid for the goods, you will receive a full refund

Obviously they can, and do, put clauses to protect themselves from price errors in their contracts. I think that this rather refutes your entire argument.

Simon

I will back simon up on the refund of losses on a dodgy price. I traded oil and got stopped on a dodgy price and had the loss refunded to my account. I did have to make contact with CS to get this done, but it was refunded.

I use IG now and the main differences are fill speeds, Setting Stops (Now trailing) from the deal ticket and the charting package.

 

[capitalspreads]

some of the comment here pretty much sums up what I have to put up with when making reasonable and well informed comment on this thread.. a client says that in two complaints with two different companies he got a response from CS in minutes but from a competitor he had to wait for 3 days. But what does Grantx say... bleats about 'how could errors ever happen on Simon's 'state of the art' (when did I ever say that?)system' ..absolutely ridiculous twaddle. Rather like a friend of mine who actually managed to notice his girlfriend had had a hair cut and complimented her on it. The response...not "Thank you" but...."why? didn't you like the way it was before?" he could not win. Whatever he said would be twisted to say something else.

He fails to notice that an error must obviously have happened on the competitors platform as well to have generated the complaint as well.

Some people will always see the s**t in a mountain of gold. It is just the way they are built. I come and comment on this platform because I was asked to come and answer questions concerning SB policy/trading etc. Some just see this forum as a never ending arena to say the same thing (with absolutely no backing evidence whatsoever) over and over again. Obviously they lost money so rather than blame themselves they blame CS.

the simple reasons that people stick with CS is that our prices are better, our platform is simple, it is easy to navigate around, it is very difficult to make a stupid mistake and your loses are, within reason, constrained by your funds on deposit without having to pay ridiculous guaranteed stop price spreads. The platform can be accessed anywhere on the globe (even an internet cafe in Tibuktu) without downloads. Our account opening numbers show that over 60% (a huge number) state that they came via word of mouth or a recommendation of another client. Rather refutes much of the comment here doesn't it? Yes, people like different SB companies for different reasons. (but, by some of the arguments put forward here if we equated SB to football teams everyone should just support Man U, Chelsea, Arsenal and Liverpool as they are obviously the biggest teams). Different platforms appeal to different traders.

tired and grouchy so will stop here

Simon

 

[FXSCALPER2]

Simon,

More bollox from you. You are kind of amusing even. Fix your platform. You are not even in the same league as IG or CMC. Your selling point, 'you will never lose more than your deposit' shows you are after newbies with hundreds of quid. They come and give you their pitiful amount of money and move on. You like that and it shows. You have a problem because you think too small. Look at IG's platform and try to do that. You reckon they like spending money for the hell of it? No, they are trying to attract all sorts of clients rather than some poor sod with a few quid. You are being left behind matey and sooner or later you are going to be some pathetic little bookie trying to attract people with a £10 gift (ah, you are that already).

Sort it out buddy. Until then just stay away and save as the preaching. Be a sport, will ya?

 

[grantx]

Simon,

“Grantx say... bleats about 'how could errors ever happen on Simon's 'state of the art' (when did I ever say that?)system'.”

“five dealers watching 3000 markets...nearly 20K trades each day...monitor the overall risk levels...we take some 100,000 trades a week”.

So what is your trading set-up – an Amstrad and the Evening Standard early edition?

You have yet to address the question as to when a contract is formed. And perhaps clarify your pricing mechanism (assuming it isn’t ad hoc).

If you were a Prosecuting Counsel, Simon, I’d turn to a life of crime.

Grant.

 

[R.Wilson]

Grant, have a good look around the Ariel Site if you want to see what their IT is based around...

Ariel Communications Ltd

Capital Spreads employ the Ariel Titan I suite to power their entire IT operation. The full Titan I suite was intended to be a "brokerage in a box". It includes a customised user interface, administration site, price engine, order management system, and robust hosting solution. Titan I frees Capital’s management from having to manage an internal IT department.

 

[gle101]

I use IG now and the main differences are fill speeds, Setting Stops (Now trailing) from the deal ticket and the charting package.

CS offers 1 point spread on the FTSE rolling daily, IG offers 2 point spread on the same, this is quite a difference as well. I might be interested trading with IG, but being a short term trader I am not prepared to pay 100% extra spread cost. Again, the right company for the job, depending on trading style, instrument and market conditions.
You keep repeating yourself about IG on a thread for CS.

 

[FXSCALPER2]

CS offers 1 point spread on the FTSE rolling daily, IG offers 2 point spread on the same, this is quite a difference as well. I might be interested trading with IG, but being a short term trader I am not prepared to pay 100% extra spread cost. Again, the right company for the job, depending on trading style, instrument and market conditions.
You keep repeating yourself about IG on a thread for CS.

You dip! What is the bloody point if you are not filled, or rejected and then you find that you were filled and get filled when the price goes against you but not when it goes in your favour. The pip spreads doesn't mean sh!t if you can't trade it. Worldspreads offers 2 pips on GBPUSD, 1 pip on euro and usdjpy. Does that mean one should trade with that other pathetic bookie?

Am I repeating myself? Yes, deal with it. Simon and (for some reason) people like you want us to stop repeating ourselves. Well, I have plenty of time every day, and every time Simon comes up with some BS story why it is ok to run his stupid outfit in the way he does, I will repeat exactly the same thing. Why? Because I don't give a toss what he or people like you think. I care a lot about incompetent fools like Simon of Capital Spreads trying to earn a living stealing from people who are even stupider than he is.

Fix it Simon or just stay away and stop BSitting.

 

[Crap Buddist]

The Phantom Price Blower of Old London Town Strikes Again....

I will back simon up on the refund of losses on a dodgy price. I traded oil and got stopped on a dodgy price and had the loss refunded to my account. I did have to make contact with CS to get this done, but it was refunded.

I use IG now and the main differences are fill speeds, Setting Stops (Now trailing) from the deal ticket and the charting package.

Good to know Capital Spreads automatically refund a client due to palpable pricing errors though without the client having to worry about their hard earned cash being stolen.

HANG ON Only your post proves that aint so....


hmm how many 10's 100's 1000's trades go unchallenged or non reconcilled.?

hmm how many £10's £100's £1000's GET STOLEN.?

The Phantom Price Blower of Old London Town Strikes Again....

Nice recovery of stolen property ceydababy.


































The 2 questions remain valid.

 

[gle101]

You dip! What is the bloody point if you are not filled, or rejected and then you find that you were filled and get filled when the price goes against you but not when it goes in your favour. The pip spreads doesn't mean sh!t if you can't trade it. Worldspreads offers 2 pips on GBPUSD, 1 pip on euro and usdjpy. Does that mean one should trade with that other pathetic bookie?

Am I repeating myself? Yes, deal with it. Simon and (for some reason) people like you want us to stop repeating ourselves. Well, I have plenty of time every day, and every time Simon comes up with some BS story why it is ok to run his stupid outfit in the way he does, I will repeat exactly the same thing. Why? Because I don't give a toss what he or people like you think. I care a lot about incompetent fools like Simon of Capital Spreads trying to earn a living stealing from people who are even stupider than he is.

Fix it Simon or just stay away and stop BSitting.

FXSCALPER, it was not aimed at you, and I am sure ceydababy can see the humorous side of my point. You sure got loads of negative feelings against CS and Simon in particular. How long have you been trading with CS? If you sidestep my question again, I will assume that you are not trading with them.

 

[grantx]

R. Wilson,

Thank you for the link.

To expand your item:

# Customisable Control - Dealer control on all deals prior to execution
# Filter – Filter trades by dealer, trade and book
# Trades Manual or Auto-fill – Accept, Reject, or Request for Quote
# Orders Manual or Auto-Accept – Accept or Reject individual orders
# Click & Deal – Allows automatic dealing within parameters
# Set Parameters – Set by currenc pair, size or individual client
# Alerts – Alert on New Deal, New Order, New Chat, Price feed failure
# View Client Accounts
# Trade History – View by Book, Trade, Client, etc

Again, why is there inconsistency is pricing when parameters can be set? Because it's overriden on a ad hoc basis if it is CS's interests to do so, ie just about always.

Grant.

 

[gle101]

R. Wilson,

Thank you for the link.

To expand your item:

# Customisable Control - Dealer control on all deals prior to execution
# Filter – Filter trades by dealer, trade and book
# Trades Manual or Auto-fill – Accept, Reject, or Request for Quote
# Orders Manual or Auto-Accept – Accept or Reject individual orders
# Click & Deal – Allows automatic dealing within parameters
# Set Parameters – Set by currenc pair, size or individual client
# Alerts – Alert on New Deal, New Order, New Chat, Price feed failure
# View Client Accounts
# Trade History – View by Book, Trade, Client, etc

Again, why is there inconsistency is pricing when parameters can be set? Because it's overriden on a ad hoc basis if it is CS's interests to do so, ie just about always.

Grant.

Grant, this is nothing new, don't you think every SB has these administrative parameters? Whether, and what is actually used is altogether another question.

 

[grantx]

Gle,

Of course, but it illustrates why weaknesses shouldn't exist. And it could probably all be done in Excel.

Grant.

 

[FXSCALPER2]

FXSCALPER, it was not aimed at you, and I am sure ceydababy can see the humors side of my point. You sure got loads of negative feelings against CS and Simon in particular. How long have you been trading with CS? If you sidestep my question again, I will assume that you are not trading with them.

I didn't think it was aimed at me. I have nothing against Simon as such. I just don't like people who pontificate and cover their ar5e so they can continue to provide rubbish service. I think it is outrageous that he thinks he has a leg to stand on when he fills orders that he says are rejected and puts people at that kind of risk. He is one of those people who sounds plausible but has no substance.

You can assume what you like matey, I don't give two hoots.

 

[gle101]

Gle,

Of course, but it illustrates why weaknesses shouldn't exist. And it could probably all be done in Excel.

Grant.

SB's are Market Makers so it is not surprising that having these client parameters as a control mechanism, is part of the operation. However, using some of the client parameters today, might contradict the MiFiD "Best execution" directive.