The only reason i disagree is that I use ProSpreads and have never had any issues like these, so i dont class them in the same boat as the rest.
I now know, but boy am I angry, not just because I've had my profit taken from me but because my loss over the period with them is much greater so getting at lease some money back would help cushion the blow.
As Steve said, they can't just take the money from your account without warning.
Nope, they have clearly done that, all in one fast swoop, then have the audacity to send an automated transaction email stating that this is the "wrong opening price", no "if's" or "buts", like it or lump it, my completely valid trades which were bought and sold for the duration of the week was made completely void and worthless, they even made a counter bid on my last transaction to execute a sell the moment I clicked on buy just to null the transaction, this to me proves that they can maniplate transactions under my own account! I am very sure they have broken many rules here and are just gagging for legal action taken against them. I just don't now how's the best way to approach this.
Well, following on from my last email, I have just gone through some of their T&C's ans surprise surprise they have protected themselves with a halo and a shield:
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4.6 Before access is permitted to an OTP or a DTP you will be obliged to enter your username or account number and password. When placing a Transaction via an OTP your confirmation will be via an email contract note. Transactions on a DTP will be confirmed via an on screen contract note. The contract is binding on both parties except for instances of a Pricing Error. LCG will treat Transactions placed via an OTP or a DTP as active on receipt of such an instruction and of its acceptance. Transactions placed via an OTP or a DTP will normally be confirmed at the time they are made by electronic means.
4.7 An email or on screen confirmation of a Transaction that does not accurately reflect the relevant underlying market price at the time when the trade was made either over the telephone, or via an OTP or a DTP, does not entitle the customer or LCG to enforce whatever has been inaccurately recorded in the contract note and is likely to constitute a Pricing Error.
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now, fair enough they have admitted that it is a pricing error, or shall I say many many pricing errors (going back a few weeks now!) which is still not rectified, surely this would indicate that they have a system which is unfit for it's purpose, they should be hearing ALARM bells with this one but still they hold their noses high, so, this is now my bargaining chip, the saga continues if anyone's still interested...
If they've been quoting inaccurate prices for weeks then that in itself is a reason to complain. Does this apply to all trades, or just those that resulted in a loss for PPT? And if they use the Capital Spreads platform, does that mean all the white label outfits are afflicted?
Yep, I can see from the graph that they have been quoting incorrect prices for a good few weeks and yes, sadly, it looks like they now have a contingency plan to stop anymore pricing errors being executed for the particular trade i.e. not all trades are affected (that I currently know of) however, this also means that I don't hold that trump card anymore but my demand still stand, I am very sure it's not just me thats affected. I asked PPT the same question wether they compensate their unsuspected customers who may have had a loss because of the pricing error and am waiting a reply. I'm not sure if other spread companies that trade with LCG have the same glitch but from what I'm hearing they all use similar platforms.
stevespray
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In my experience Capital are pretty decent and I'd be surprised if they were 'ripping you off'.
Normally a quick phone call will sort out any problem - most of their staff are extremely helpful compared to most firms out there.
However, having said all that, they still have to reach an agreement with you regarding the claim of "wrong pricing". In my opinion no firm can simply go into your account and alter or cancel trades without your agreement - that's very basic contract law. If a firm is worried about forming deals at incorrect prices then they must consider this BEFORE issuing contract notes which imply acceptance. A term or condition which retrospectively considers the validity of an already completed trade is a legal no no. Just because a firm has access to your account via their back office doesn't automatically give them the right to make such alterations.
Steve.
Normally a quick phone call will sort out any problem - most of their staff are extremely helpful compared to most firms out there.
However, having said all that, they still have to reach an agreement with you regarding the claim of "wrong pricing". In my opinion no firm can simply go into your account and alter or cancel trades without your agreement - that's very basic contract law. If a firm is worried about forming deals at incorrect prices then they must consider this BEFORE issuing contract notes which imply acceptance. A term or condition which retrospectively considers the validity of an already completed trade is a legal no no. Just because a firm has access to your account via their back office doesn't automatically give them the right to make such alterations.
Steve.
I agree with your statement that once a contract has been bought and sold and fees have been exchange then it is a done deal, especially if these exchanges have been completed several times in the past week or so, I have just received a response from LCG telling me that they're standing firm with their decision and passing my grievence onto PPT's complaints officer, here we go again!
just a quick amendment to my post, it looks like they haven't actually fixed the problem but instead delayed they market by 5 minutes! 5 whole minutes!!! lol are we dealing with a bunch of cowboys here? this delay has inevitably affects everyone who trades in this market for sure regardless of how major or minor the affects are, so there we have it, LCG and i repeat LCG has so far been giving out incorrect prices consistently, they have breached my account and transferred my profit back into theirs without my consent, they have manipulated my trades to cancel my tickets, they have moved the goal post for this particular market (ps, sorry guys, I'm not sure wether I can let anyone know of this market I'm trading on just yet in case I go down the sueing route, I'll probably need to speak to a laywer or something first before disclosing this info, my next move will probably be going straight to the board of directors of PPT and LCG, does anyone here have anything else I can add to this from their own bad experiences with these two companies, I would like to dig even deeper???
So why don't you get a live data feed, then you'll know where the market is going 5 minutes before your current platform.
I could do but I won't be trading in this market for the time being until I sort things out with PPT if ever. btw, can anyone recommend any good sites that provide live feeds without having to pay, I would like to compare graphs against PPT to see if there are any anomalies.
Thanks Vorbis, I shall check it out
I don't see how they can delay a market by 5m unless it's something that no-one apart from you is trying to trade?
Sorry, what I meant to say was they delayed the opening of this particular market by 5 minutes because of the fact that their system is faulty, this market is very open to anyone in PPT but not sure if the same fault appears on other SB under the LCG unbrella.
It's normal to delay an opening for shares, which is probably a good thing, because int he first few minutes spreads are so wide that stops will get triggered.
