Finspreads

[Paul Wilson]

Can I have some recommendations on a new spreadbetting platform please?

If Finspreads don't sort their website out by the end of the week I am going elsewhere.

I don't need any news, charts ar TA tools. All I need need is an execution platform with data WHICH IS ACTUALLY THERE WHEN YOU NEED IT.

I have 3 trades on at the moment. All of which are in profit. Trouble is with 2 of them the P/L has said n/a all day long. This isn't very helpful to me.

Thanks - Paul.

 

[ceydababy]

Finspreads Are Sh*t

Paul,

GET RID OF FINSPREADS ! I have an account, never used it. The spreads are massive, the margin requirements excessive and on top of that they sometimes take 2 minutes to answer the phone !

I use Capital Spreads, I personally find them very good. Margin requirements are VERY SMALL, Platform is pretty stable, the spreads are VERY TIGHT and they answer the phone within 2 or 3 rings ! On top of all that the MD Simon posts on this site pretty much daily answering questions and resolving problems.

After a glowing reference like that you probably imagine I work for them. NOPE, I have had an account for about 18 months and have never really had any problems at all, so reckon it is worth blowing their horn.

Mark

 

[Order_Entry_Clerk]

I use them because they offer me some markets not available with other SB. But they do a few odd things example, needed to rollover Soybeans contract and they could not quote for 2 days, or last week when there was not quote for Sugar #11 for about 3 hours, called them and excuse l got was "...we are not getting any prices through our Reuters feed..." Haa ! Was l born yesterday ? NO !!! told them for an extra £350 or so they could replace each terminal with one of those whizzy Bloomberg gadgets. But anyway these are just spreadbetting firms,sometimes we expect too much...

 

[Slorm]

I recently dumped Finspreads as their platform is so unreliable, very slow at times and often with complete cutoffs and long relog times.

I moved to Capital Spreads and so far have had no problems.

 

[DDI]

I use IG, Capitalspreads and Wrldspreads.

IG offers almost all markets. Capitalspreads are very good too. they offer smaller range of markets but very concise and efficient platform. WS are also good although a little primitive.

I traded for finspreads up until 2006. a few years back they were the best: good spreads, very friendly service etc...but became worse by the day

 

[beebop]

Couldn't log on today....def giving them the flick if I can ever get my current position closed!

 

[Paul Wilson]

I am going to clear my account out tommorrow methinks.

 

[Splitlink]

I am going to clear my account out tommorrow methinks.

I had a good day on Fins yesterday. I like to think that their slow filling times, which I admit, caused me some anguish on a couple of occasions, were due to being busy. A few times, when I have received their "Price has moved on,Try again" message, I have got a better price. I am not beating the drum for them, in particular, but do not believe in opening and closing accounts with various spreadbetting firm, because they will, all, have some points which make them unpopular.

In all the years of trading online, I have never been with anyone else or, ever, had to phone them with trading disagreements.

I would like to stress that I am careful to trade with spreads that I approve of. If one cannot trade profitably with two points on FT and Dax and about 0.4 on SP500 then, I'm sorry, but the other firms will not help you to improve, either. LSE shares can have big spreads but many are reasonable. It's a question of selection.

If you trade other instruments, that is another question. I cannot go into that.

Split

 

[Splitlink]

Of course, today it had to happen to me, didn't it? I could not get in until an hour after the opening. But in 1987 I did not get my phone picked up by the broker, with whom I was trading options, until several hours had passed, that Monday morning.

How did the other SB firms behave, this morning?

Split

 

[Slorm]

I would like to stress that I am careful to trade with spreads that I approve of. If one cannot trade profitably with two points on FT and Dax and about 0.4 on SP500 then, I'm sorry, but the other firms will not help you to improve, either. LSE shares can have big spreads but many are reasonable. It's a question of selection.

Split

Agreed, but with respect, it's not a trading issue but rather the poor reliability of the Finspreads platform the posters have been referring to. A delay of one or two minutes is not uncommon when attempting to place an order and the endless disconnects from the site make it virtually unusable now.

It's a shame as I do like the platform (when it works) and the FTSE daily cash was a real boon (I don't like overnight positions).

I'll look at them again in a few months and see if they've sorted out their IT problems.

Edit: Regarding your second post, Capital Spreads were a little slow at times this morning, but no connection problems.

 

[Splitlink]

They are the only ones I know, so I can't make comparisons, I admit.

Good trading and thanks for the post

Split

 

[minarque]

Hi everybody,
Although I'm not new to BS, I don't think I know enough of the stuff. You're all right when saying Finspreads are a bit odd, specially since having been taken over by City Index!! Sometimes is so frustating..!! I've missed good deals due to their being so unprofessional!
My writting this Post is due to wanting some Info:
I was told some time ago there was a BS firm which was dealing with "life" quotes, directly from the underlying market. I didn't know how to check it up.
Then the other day I read this somewhere I don't rememmber, but wrote it down:
""DMA is where a spread betting client’s order is sent electronically direct to the underlying market, via an order router, without the intervention of a trading desk.
What this means is that the price you are trading from, is the price from the actual underlying market, not a price made by a spread betting company.""
So, folks, does this mean what I think it means??!!
If so, does anybody know which BS firm does it. I have a feeling it may be CMC Markets but it's only a feeling; I'm not sure. So, I tought, I'll first ask around to see if anybody is the wiser.
Thanks for your comments. Minarque. (in Southport, North West, UK)

 

[Splitlink]

Sounds interesting. I thought the market only dealt with full contracts, not partial ones which is one of the reasons that SB firms exist. Therefore, the minimum bet for FT would cost ten pounds and there would be no rolling cash bets, just the futures.

But, still, this is an idea of mine and I would appreciate feedback on Minarques' DMA question.

If this includes tax free betting, it could be a reason for me leaving Fins.

Split

 

[Lightning McQueen]

Wasn't that futures betting or something on those lines if i recall correctly there's a bit of confusion between them and another sb

Didn't they have a rep thats a member here, adrian buttee or something...direct access sort of thing in a spread bet wrapper, min deposit was steep and not for us newbs.

Here you go, complete with link in his profile.

http://www.trade2win.com/boards/member.php?u=15747

Lightning

 

[Splitlink]

Oh, well! Looks like I'm stuck with good, old Fins, then.

Split

 

[GGEKKO]

funny you say that i use worldspreads and they are the only company i know i think that dont have news or chats....just straight prices for executiuon...not very flashy but i suppose its why they have 1pt spreads...etc. hope that is of use. or do let me know where you do end up as its always good to know what service is out there....

G