Hi,
I was a member some years ago, but I lost my log in details.
So This is my 1st post since then after rejoining.
I tried to do a search for disputes with spread bet companies. but I could not get anything to come
up under the title I searched for. ie "Spread bet company disputes". It maybe that I have not entered the details/ or worded the details correctly in the right way to obtain the results that I am searching for.
I just noticed however & just come across this thread with ref to disputes with a spread bet company.
but I can see that it has not been too active since 2011..and only the last two posts just having been made in August 2015.
I just wondered if anyone knows if there is any way to make a dispute against a Spread bet company if you disagree with their responses..(I prefer not to mention the particular company at this point..but it could also apply similarly to IG as in the past I have had some similar issues with them)
Two or three egs of recent issues that I have had...
When the market crashed on Aug 24th... their system went off line at CRITICAL Moment when the market bottomed...Phoning was out of the question when the market moved up 800 points in a few minutes... the question may be SHOULD their online system be able to handle such Market crashes.. How often I see their platforms fail at vital moments at volitile times.
This stopped anyone closing out positions or buying in at the bottom of the market..
Another issue... I attempted to sell the Wall street market at this weeks top...on the Sunday evening open...in the very first few seconds...23.00 hrs... The platform failed to show their charts price action.. but the price data on the buy and sell buttons did not appear to be altering too wildly in the opening seconds.... I tried to place 3 sell trades in the 1st minutes..
The system did not accept the trades. and I did not get filed.... after a couple of minutes the market had moved to far down for me to want to retry another entry to sell.
I called to complain. and they confirmed that I had attempted the trades..and the system did not accept them for some reason.. and they could not answer why the chart service was not showing the visual price bars. which I needed at this vital time to see what was actually happening.
This was a critical time to enter and no I did not want to be on the phone... I just wanted a system that worked when it should do..... I dont mind technical issues as long as they acknowledge and agree to accept a trade when I call to dispute ,as long as they show or have the evidence of my attempted trades..which they had.
BUT even then... they said I then had to send an email to dispute this.. and it could take upto 2 days. Meanwhile the market fell 500 points... I told them in an email I wanted to take some profit at a level reached to try to cover myself if the market recovered... and gain some profit if they would honor it.
Another issue I had ..with this comany and IG was On the 25th I had bought some Wall st ? Dow Sept 17000 and weekly call options...and the market rallied over 500 points in 2 days..
I expected a reasonable gain of at least to double my money ...
to my dismay.. these options had hardly gained at all...and made just about 50% on what Id paid.
Many a time in the past Id easily doubled my money on a 500 point move..
Yet this was during the what seemed very volitile period over a few days and they were offering very little gain on these call options.
upon querying this.. they said sometimes option volitily is what determines an options value.
and in this case this is one of those instances.and they were not valuing call options very favourably.. I suspect that
still had a bearish sentiment...but the increaes in value of the call options seemed VERY undervalued after seeing such huge market moves..
I felt rather cheated and I had this happen in the 2007 to 2009 crash..where I was overpaying for options .. seeing HUGE moves and then getting little gains... basically they can alter the Vol so much that when a market has rallied say in a few hours to a day..then they devalue the volitility..
and the value of those options show NO gain..
As this very rarely happens.. its very hard to really know the realities of what such options may be worth under such conditions.. they could be telling me anything... or maybe the market makers are just creating unrealistic valuations.
I feel I need a real expert to be able to investigate this for me..and wondered if one had such querys is there any sort of service or company/organisation that could investigate such complex issues..
also so many times have I seen my account values when holding options just litterlly disappear.. on what seem rather small moves in the market of a couple of days..and when the market comes back to simlar levels.. the values of the account has halved.
to me its all so easy for them to get away with it.. and I don't believe that are valuing these options correctly.. in such times they can make any excuse.
They also have been making huge wide spreads on the options.buy and sell prices. as much as 4 to 5 time more..on daily options and 2 or 3 times on monthly Sept options...
Yes the market has had days of huge moves.. but some days in between were more normal yet they still had such wide spreads...and well over priced options..
As I am not a trader with an account to sell options and take any advantage of that.. which is still high risk...and I think few people in spread bet companies would look to do... I think it seems rather manipulated and more or less makes it very unappealing to want to risk trading with them when they are so overpriced..
I was a member some years ago, but I lost my log in details.
So This is my 1st post since then after rejoining.
I tried to do a search for disputes with spread bet companies. but I could not get anything to come
up under the title I searched for. ie "Spread bet company disputes". It maybe that I have not entered the details/ or worded the details correctly in the right way to obtain the results that I am searching for.
I just noticed however & just come across this thread with ref to disputes with a spread bet company.
but I can see that it has not been too active since 2011..and only the last two posts just having been made in August 2015.
I just wondered if anyone knows if there is any way to make a dispute against a Spread bet company if you disagree with their responses..(I prefer not to mention the particular company at this point..but it could also apply similarly to IG as in the past I have had some similar issues with them)
Two or three egs of recent issues that I have had...
When the market crashed on Aug 24th... their system went off line at CRITICAL Moment when the market bottomed...Phoning was out of the question when the market moved up 800 points in a few minutes... the question may be SHOULD their online system be able to handle such Market crashes.. How often I see their platforms fail at vital moments at volitile times.
This stopped anyone closing out positions or buying in at the bottom of the market..
Another issue... I attempted to sell the Wall street market at this weeks top...on the Sunday evening open...in the very first few seconds...23.00 hrs... The platform failed to show their charts price action.. but the price data on the buy and sell buttons did not appear to be altering too wildly in the opening seconds.... I tried to place 3 sell trades in the 1st minutes..
The system did not accept the trades. and I did not get filed.... after a couple of minutes the market had moved to far down for me to want to retry another entry to sell.
I called to complain. and they confirmed that I had attempted the trades..and the system did not accept them for some reason.. and they could not answer why the chart service was not showing the visual price bars. which I needed at this vital time to see what was actually happening.
This was a critical time to enter and no I did not want to be on the phone... I just wanted a system that worked when it should do..... I dont mind technical issues as long as they acknowledge and agree to accept a trade when I call to dispute ,as long as they show or have the evidence of my attempted trades..which they had.
BUT even then... they said I then had to send an email to dispute this.. and it could take upto 2 days. Meanwhile the market fell 500 points... I told them in an email I wanted to take some profit at a level reached to try to cover myself if the market recovered... and gain some profit if they would honor it.
Another issue I had ..with this comany and IG was On the 25th I had bought some Wall st ? Dow Sept 17000 and weekly call options...and the market rallied over 500 points in 2 days..
I expected a reasonable gain of at least to double my money ...
to my dismay.. these options had hardly gained at all...and made just about 50% on what Id paid.
Many a time in the past Id easily doubled my money on a 500 point move..
Yet this was during the what seemed very volitile period over a few days and they were offering very little gain on these call options.
upon querying this.. they said sometimes option volitily is what determines an options value.
and in this case this is one of those instances.and they were not valuing call options very favourably.. I suspect that
still had a bearish sentiment...but the increaes in value of the call options seemed VERY undervalued after seeing such huge market moves..
I felt rather cheated and I had this happen in the 2007 to 2009 crash..where I was overpaying for options .. seeing HUGE moves and then getting little gains... basically they can alter the Vol so much that when a market has rallied say in a few hours to a day..then they devalue the volitility..
and the value of those options show NO gain..
As this very rarely happens.. its very hard to really know the realities of what such options may be worth under such conditions.. they could be telling me anything... or maybe the market makers are just creating unrealistic valuations.
I feel I need a real expert to be able to investigate this for me..and wondered if one had such querys is there any sort of service or company/organisation that could investigate such complex issues..
also so many times have I seen my account values when holding options just litterlly disappear.. on what seem rather small moves in the market of a couple of days..and when the market comes back to simlar levels.. the values of the account has halved.
to me its all so easy for them to get away with it.. and I don't believe that are valuing these options correctly.. in such times they can make any excuse.
They also have been making huge wide spreads on the options.buy and sell prices. as much as 4 to 5 time more..on daily options and 2 or 3 times on monthly Sept options...
Yes the market has had days of huge moves.. but some days in between were more normal yet they still had such wide spreads...and well over priced options..
As I am not a trader with an account to sell options and take any advantage of that.. which is still high risk...and I think few people in spread bet companies would look to do... I think it seems rather manipulated and more or less makes it very unappealing to want to risk trading with them when they are so overpriced..
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