Goodbye Finspreads jan 4th 2007

[JTrader]

Hi splorff

why don't you phone finspreads speak to the main man, be reasonable and persistent.

Don't tell them you have already decide not to trade with them again.

Ask lots of questions about the ins and outs of their IT structure, probing deeply - ask about how many backup servers (if any) they have, and why the backup servers did not come into effect when the primary server seemed to fail.

If you start probing deeply enough, asking the right questions and sounding knowledgeable. you'll be able to tell if they're lying through any inconsistencies in what they tell you, and their level of defensiveness - i.e. volunteering info willingly.

Make them acknowledge that you were not at fault but they were, make them understand just how wrong it was of them for you to lose capital on those circumstances, and keep re-iterating this point.

When they acknowledge that they were at fault not you, ask for a refund.

See how far you can get with your complaint by mentioning the possibility of legal action, regulatory bodies (including the fraud squad?), if they do not acknowledge their mistake/s and refund you the capital you lost due to their shortcomings.

You may get a refund, apology and free credit. Stranger things have happened..................

But don't spend money on solictors etc. (just yet) see how far you can get by being persistent, reasonable and well, just plain right!

Remember that you are 100% in the right, and they don't have a leg to stand on, technically and morally.

Let us know how you get on.

 

[JTrader]

Felix

Do i detect sarcasm on your behalf?

 

[fibonelli]

The new MiFID directive comes into effect from 1 November 2007.

Hopefully, the scamsters will close down as a result.

 

[splorff]

Hi splorff

why don't you phone finspreads speak to the main man, be reasonable and persistent.

Don't tell them you have already decide not to trade with them again.

Ask lots of questions about the ins and outs of their IT structure, probing deeply - ask about how many backup servers (if any) they have, and why the backup servers did not come into effect when the primary server seemed to fail.

If you start probing deeply enough, asking the right questions and sounding knowledgeable. you'll be able to tell if they're lying through any inconsistencies in what they tell you, and their level of defensiveness - i.e. volunteering info willingly.

Make them acknowledge that you were not at fault but they were, make them understand just how wrong it was of them for you to lose capital on those circumstances, and keep re-iterating this point.

When they acknowledge that they were at fault not you, ask for a refund.

See how far you can get with your complaint by mentioning the possibility of legal action, regulatory bodies (including the fraud squad?), if they do not acknowledge their mistake/s and refund you the capital you lost due to their shortcomings.

You may get a refund, apology and free credit. Stranger things have happened..................

But don't spend money on solictors etc. (just yet) see how far you can get by being persistent, reasonable and well, just plain right!

Remember that you are 100% in the right, and they don't have a leg to stand on, technically and morally.

Let us know how you get on.

I have phoned finspreads JT. They know I am unhappy. They have offered me £500. They also know that I know c bot did not go down on that day. I have asked for the recordings of both telephone calls. to them I made that day. I am still waiting.

 

[JTrader]

I have phoned finspreads JT. They know I am unhappy. They have offered me £500. They also know that I know c bot did not go down on that day. I have asked for the recordings of both telephone calls. to them I made that day. I am still waiting.

You could always record the conversations yourself, if your phone has this function.....slightly illegal if you don't tell the other person I know...............but...........

 

[JTrader]

Hi, JT.

Certainly not, just trying to help. I'm new on here so don't want to upset anybody already.

We all want to achieve the same goal of making money out of the markets.

Hi Felix

i do apologise for doubting your intentions.

I became suspicious of the fact that you joined T2W today, and your first posts are all in defence of finspreads.

Bearing in mind that many T2W members seem to not regard finspreads highly, while you supposedly had a long and profitable relationship with them for 3 years set the alarm bells ringing...................you made me suspect that you were a covert finsreads employee/bogus T2W member

Thanks.

 

[splorff]

Hi, splorff.

Are you absolutely sure you have all your facts in order?

.

The facts are to be read in my initial post

 

[splorff]

Hi Felix


Bearing in mind that many T2W members seem to not regard finspreads highly, while you supposedly had a long and profitable relationship with them for 3 years set the alarm bells ringing...................you made me suspect that you were a covert finsreads employee/bogus T2W member

Thanks.

I would imagine there might be a finspreads employee studying this thread. I see it has been viewd over 2K times. So guard your words, with perhaps, maybes and allegedly's. Some posters have used ill advised wordage.

 

[laptop1]

Splorff, i don't mean to sound intrusive, but, is it a credit account?

You dont want him to answer YES...If he has, I would say 90% you work for Fins

 

[splorff]

Jokes on me guys!

You blighter you, Splorff!

Why on earth would anybody in thier right mind start this thread?

Unless it was a wind up!



I must try too see things more clearly in the future.

Silly me.

This is not a wind up. It is a serious matter. And yes, the principle is more important to me than the money. I cannot continue with finspreads if they will not accept responsibility for their service. Over time, they will lose more money by my lack of patronage, than they gained by not taking responsibility for their lousy service.

If you genuinely doubt me, then I am sure another poster who I shall not name will confirm that he has seen my contract note from finspreads detailing this loss.

 

[Jack o'Clubs]

For those interested in psychology we could consider what sad motive drives banned members back time and again under new nommes-de-plume to continue daft posts until they're kicked out once more. If they were witty at least there'd be entertainment value. You'd think successful traders would have better things to do. Or perhaps that's the clue....

 

[mbounsall]

I don't think you will get anywhere legally with finspreads. You lost because you got the market direction wrong and didn't place a stop. It doesn't matter if the market later turned around, whether finspreads are financial book makers or anything else. They can only represent the real price in the market and I'm perfectly sure Finspreads have themselves legally covered for technical problems. It is you that didnt protect your money and let the loss get crazy. I use finspreads alot and yes very occasionaly I have experienced a technical glitch, which mostly they have corrected if the fault was in any way theirs. But you simply can't blame them for loosing £4k, no stop loss cost you that. What you should have lost was a defined amount before you put the trade on. This trade would have been a loss for sure anyway, no matter about glitches or anything else because I'm sure you would have bailed before it got to £4k, whether you pulled it out manually or let the stop loss take you out. So in summary you can't really blame finspreads for much of this, you would have lost no matter what and you only lost more than necessary for not reducing your exposure with a stop loss.

 

[mbounsall]

haha, I knew that would be thrown at me. And no I don't, it just got a bit annoying listening to all this bleating when this trade was a loss no matter what and the only reason it was so large is because of not protecting the position with a stop loss.
Actually Finspreads are a worry to me too, but on a totally different basis. I trade forex during news and good fills are my concern. But this would be true of most brokers. The liquidity is a double edged sword, its' the lack of it that drives the market into a big profitable spike, but also the lack of it which makes fills difficult. Some brokers are better than others in this regard, oanda seems the best of the bunch so far, but the spreads are getting wider by the week!

 

[Splitlink]

I don't think you will get anywhere legally with finspreads. You lost because you got the market direction wrong and didn't place a stop. It doesn't matter if the market later turned around, whether finspreads are financial book makers or anything else. They can only represent the real price in the market and I'm perfectly sure Finspreads have themselves legally covered for technical problems. It is you that didnt protect your money and let the loss get crazy. I use finspreads alot and yes very occasionaly I have experienced a technical glitch, which mostly they have corrected if the fault was in any way theirs. But you simply can't blame them for loosing £4k, no stop loss cost you that. What you should have lost was a defined amount before you put the trade on. This trade would have been a loss for sure anyway, no matter about glitches or anything else because I'm sure you would have bailed before it got to £4k, whether you pulled it out manually or let the stop loss take you out. So in summary you can't really blame finspreads for much of this, you would have lost no matter what and you only lost more than necessary for not reducing your exposure with a stop loss.

I'm with you with regard to the fact that the poster wasn't trading prudently. He knows that I think that and he knows I use Fins and will continue to do so as long as I have no complaints.

However, he may have a legitimate claim there. I don't think that a company that charges him £600 for special services, whatever they were, should have a site that crashes on him twice. I believe that the more noise he makes, the better are his chances of getting some- if not all of his money back.

Split

 

[mbounsall]

Maybe Splitlink, and I certainly agree a trading platform that crashes is a nightmare. But my gut feeling is Finspreads have small print that covers it legally, although I don't know that for a fact. I know if it was me I wouldn't be too confident of a refund, worth a try though maybe. I think the main lesson of managing risk has been learnt though. On the plus side and like I've often read, if you lose money make sure you learn something in the process!

 

[fibonelli]

A great advert for DMA SB.

 

[Splitlink]

Maybe Splitlink, and I certainly agree a trading platform that crashes is a nightmare. But my gut feeling is Finspreads have small print that covers it legally, although I don't know that for a fact. I know if it was me I wouldn't be too confident of a refund, worth a try though maybe. I think the main lesson of managing risk has been learnt though. On the plus side and like I've often read, if you lose money make sure you learn something in the process!

As Felix1 says, it was the spread that cost 600 pounds. I had the impression that it was a separate charge, although I didn't know what it could be. That changes the story, I'm afraid. As you say, there is little chance of getting much back under those circumstances, otherwise, everytime the site crashes everyone will want a refund, although it would make them pull their socks up as far as site quality is concerned.

Best for me not to go into this any farther. I shudder everytime I think of 100 per point trading like that.

Split

 

[Splitlink]

600 quid for the 'spread'!

If you are trading £1/pt (6 quid) you get the same level of service!

Does that make sense?

Maybe not, but you have to negotiate a reduction of spread, beforehand, the way anyone does for a discount anywhere. Not much good claiming afterwards.

I really am sorry for Sporff, but he should have had a good read through this site before he started.

Split

 

[JTrader]

Felix

Do i detect sarcasm on your behalf?

Damn!

i'm in the wrong business. I should become a private detective :-0

...............Felix1 banned permanently for using multi-nicks - and not for the first time!

See - Banned members

I don't quite get this multi-nnicks business. Do people post comments, then when other members disagree or criticise those comments, the person then posts comments in defence/support of themselves, under their multi-mickname ? if so, can't they find something more constructive to do with their time?

Do people make a fool of themselves, then register under a new username, as they daren't show their face ?

Is a multi-nick determined by the users IP address?

Thanks.

 

[Splitlink]

Damn!

i'm in the wrong business. I should become a private detective :-0

...............Felix1 banned permanently for using multi-nicks - and not for the first time!

See - Banned members

I don't quite get this multi-nnicks business. Do people post comments, then when other members disagree or criticise those comments, the person then posts comments in defence/support of themselves, under their multi-mickname ? if so, can't they find something more constructive to do with their time?

Do people make a fool of themselves, then register under a new username, as they daren't show their face ?

Is a multi-nick determined by the users IP address?

Thanks.

Don't know, but it beats me. What a way to waste time!