IG Index 'stole' £5500 back from me

[poker_trader]

Hi everyone

I would like to ask if any of you has been in a similar situation before. basically I buy UK Real Estate sector from IGindex today @ £60 a point using their online platform. After 2 minutes I look back, and realise I have got a nice £5500 profit, and I decides to close it.

Then someone from IGindex called me and claimed it was some error on their part that the points they gave was 100 points below what it should be (it follows some real price from bloomsberg website apparently), and hence he said I HAVE TO give them the profit back according to their term and conditions. I said no I am not going to do it, and I will complain to the FSA or even contemplate legal action. but they took back my profit from my account anyway.

So basically, who is right and who is wrong in this case? I feel that £5500 is rightfully mine,if the error was against my favour, I highly suspect that they'd have kept quiet and kept my money.

 

[peto]

Their T&C's allow them to cancel seriously mis-priced trades. That was clearly the case here. What you suspect in your final para has no relevance.

 

[TheBramble]

,if the error was against my favour, I highly suspect that they'd have kept quiet and kept my money.

NSS

 

[grantx]

PT,

Persuant to the provisions of the Financial Services and Market Act, MiFID, Companies Act, Finance Act, Securities Investor Protection Act, as a QC I would advise a pick-axe handle to break the bstard's legs.

We could start a thread (similar to CapitalSpreads') to embarrass and harass them into accounting for their sordid practises. What a shower of c's these SB's are.

Grant.

 

[nine]

For crying out loud guys. They are bucket shops but they have to make money - period.

Its easy. They are right and you are wrong. Why? Because you signed a piece of paper saying that was the case.

From a more practical perspective. You will find that:
- if they misquote and its a small one then you will benefit if it doesn't happen often
- if they misquote and its to their advantage you can always call them and they will check it and give you the money back

This was my experience with finspreads when I once traded a system that needed small position sizes (averaging in up to 18 times against the trend needs a bit of margin ). Note that I do NOT recommend the use of spreadbetters.



When in doubt - the broker is right unless you can prove otherwise. With a real broker this is not so bad because they don't take a position against you --- but a spreadbetter is your counterparty and they WANT you to lose. So lose you will.


PS. What does NSS mean Bramble, I must be slow this morning although I did enjoy your exchange with grant.



Disclaimer: This post is my own personal view and does not necessarily represent those of the management of T2W.

 

[wasp]

PS. What does NSS mean Bramble, I must be slow this morning although I did enjoy your exchange with grant.

Its elementary Watson....

 

[nine]

Awww darn ... you thought I was saying you're a moron so you're going to make me look like one Wasp.

Go on. Take pity. Tell the poor colonial.

 

[wasp]

Awww darn ... you thought I was saying you're a moron so you're going to make me look like one Wasp.

Go on. Take pity. Tell the poor colonial.

Now I wouldn't do that to you my dear Nine :cheesy:

 

[grantx]

Nine,

I'll tell you: neque semper satis (roughly, it is never enough). The clue was the reference to Sherlock Holmes' companion, (Dr) Watson - he was not a medical doctor but had completed a PhD in Classics.

Grant.

 

[Chorlton]

This was my experience with finspreads when I once traded a system that needed small position sizes (averaging in up to 18 times against the trend needs a bit of margin ). Note that I do NOT recommend the use of spreadbetters.

Hello Nine,

I'm currently contemplating using FinSpreads to trade one of my systems as I want to take advantage of leverage.

As you do not recommend Spreadbetters, can I ask with whom you decided to go with?


Thanks in advance,


Chorlton

 

[nine]

I trade futures and, occasionally forex, with interactive brokers.

 

[Chorlton]

I trade futures and, occasionally forex, with interactive brokers.

Cheers Nine....

 

[poker_trader]

thanks everyone for replying quickly, it's kinda sad to see £5500 gone just like that
so there are absolutely no chance of me getting even some of that money back even if I complain to FSA or get a good lawyer?

 

[TheBramble]

thanks everyone for replying quickly, it's kinda sad to see £5500 gone just like that
so there are absolutely no chance of me getting even some of that money back even if I complain to FSA or get a good lawyer?

No chance whatsoever. £60/pt is hefty for most even if you're using micro-stops, so I'm surprised you have that sort of wonga but didn't do your due diligence. A good learning Iimagine.

 

[A Dashing Blade]

. . . After 2 minutes I look back, and realise I have got a nice £5500 profit, and I decides to close it . . .

No suspicions that it may have been a mis-quoted entry price?

 

[gamma]

Wow!
Most of the posts were during the wee hours of the morning on this thread.
and then the same people have have posted during the morning.
Do any of you guys/girls sleep?

 

[grantx]

Gamma,

Nine is one of the undead.That's also expalins why he doesn't eat Italian food.

Grant.

 

[Hoggums]

thanks everyone for replying quickly, it's kinda sad to see £5500 gone just like that
so there are absolutely no chance of me getting even some of that money back even if I complain to FSA or get a good lawyer?

You haven't lost £5500 - you never had it in the first place. You've lost nothing, count yourself lucky and move on.

 

[donaldduke]

They stole it back from you.

So you are admitting that you stole it from them in the first place.

 

[poker_trader]

No chance whatsoever. £60/pt is hefty for most even if you're using micro-stops, so I'm surprised you have that sort of wonga but didn't do your due diligence. A good learning Iimagine.

I am new to spread betting. My money comes from winnings in poker in the last 3 years. just out of curiosity, anyone else on this site play poker too? I play poker online professionally at 25/50$ blinds level.

Thanks for the responses from everyone.