Nice " Surprise " from World Spreads

[klw]

Tried my hand at longer term trading ( I usually trade intraday ) and held a dow postion overnight. Put in my stop loss at break even and slept soundly. Woke this morning to find a 12 point loss on the account. I phoned and was told they don't honour stops overnight on the dow and it is settled at european market open. Wow thanks very much, so a major overnight fall means my account could have been wiped out. Did you realise that ? I diden't . Now before the crticism starts coming in " you should have read the terms and conditions etc. " in all honesty how many out there will sit and read and be able to digest everything in those T&C ' s not many I would wager.Some of these broker / spread betting company's T & C 's requires an ecucation of a legal secretary and the patience of a saint in order to digest.

Any other " surprises I need to be aware of ?

 

[Slapshot]

I've had similar experiences with them. If you want your stop to be honoured at the price you've set you have to make the stop loss a "Guaranteed" order. This can only be done by phoning WS and not via the website!

I did read somewhere or had an email off them (can't remember which) stating some upgrades to their platform were coming. Not being able to set guaranteed stops via the online platform is pi$$ poor imo.

 

[klw]

I've had similar experiences with them. If you want your stop to be honoured at the price you've set you have to make the stop loss a "Guaranteed" order. This can only be done by phoning WS and not via the website!

I did read somewhere or had an email off them (can't remember which) stating some upgrades to their platform were coming. Not being able to set guaranteed stops via the online platform is pi$$ poor imo.

Coulden't agree more Slapshot and thanks for the reply. I made a couple of phone calls and asked why they weren't fully automated and was told " they were but we have to action them " and they had finished by the time my price was hit.

Anyway enough wingeing and into action, now where is that broker short list again ........

 

[klw]

another surprise

Just got a trade rejection from World Spreads on the Dax at wait for it --- £2 a point. I wanted to go long at 13.32 GMT and was offered a price 2 points above what I clicked on -- no thanks !

I phoned up and was told that all trades were put on referral due to the retail sales figures just come out from America ?? . I had already checked the calender and coulden't remember any sales figures due from the USA.I doubted myself and re-checked the calender and the CANADIAN retail sales figures were due at 1.30 GMT and the market diden't even blink when they did come out.

So 2 minutes after retail sales figures from a country that rarely moves the market and indeed diden't affect the market 1 iota I am put on referral for a trade at £2 a point. For crying out loud what is going on at W/S ?

This is laughable. Can't wait to trade with DMA. The thing is W/S most probably don't give a toss, they only want losers trading with them anyway.

 

[AsifA]

Just got a trade rejection from World Spreads on the Dax at wait for it --- £2 a point. I wanted to go long at 13.32 GMT and was offered a price 2 points above what I clicked on -- no thanks !

I phoned up and was told that all trades were put on referral due to the retail sales figures just come out from America ?? . I had already checked the calender and coulden't remember any sales figures due from the USA.I doubted myself and re-checked the calender and the CANADIAN retail sales figures were due at 1.30 GMT and the market diden't even blink when they did come out.

So 2 minutes after retail sales figures from a country that rarely moves the market and indeed diden't affect the market 1 iota I am put on referral for a trade at £2 a point. For crying out loud what is going on at W/S ?

This is laughable. Can't wait to trade with DMA. The thing is W/S most probably don't give a toss, they only want losers trading with them anyway.

they WILL start giving a damn if word gets around that they a band of Dick Turpins. Just scratched World Spreads as a potential service provider for moi !

 

[NotQuiteRandom]

IG keep stops running all night I believe. Try them.

 

[England765]

IG, GFT...in fact most are 24 hours thesedays...

 

[brut]

in fairness you're stop can work both ways in this instance, ie if your stop is hit but the market rallies back in your direction then your closed out at the better price. so there's no p&l difference in it for them, they just trade during advertised hours. i wonder if they get complaints when it works in clients favour. i've had a reasonablyt good experience with them and prices are competitive.

 

[Hoggums]

IG keep stops running all night I believe. Try them.

Not at weekends - so you could still suffer the same fate on Sunday evening.

You should use guaranteed stops if you don't want to suffer this.