Reccommend a Firm?

[harrymonk]

Hi there,
As you may have noticed from a previous thread, I have decided to give up on CityIndex due to the new margin stopout tricks they are playing.

If you haven't read the thread:
Basically they stopped me out of a trade that I was betting on. Their stop out or cancel taking only 10% out of the account when my real stop that was much lower would only have cleared out about 70% of the account.
Then before the trade went anywhere near (about 30 points) my stop it then turned into what would have been a profitable trade.
This was due to some very cleverly worded margin rules.

I was wondering if anyone can reccommend a spreadbet company that doesn't ask for such ridiculous automatic margin stopouts as 10% of your account.
Capital used to be good, but for quick trades I found the platform would jam up on me too many times and my computer would always seem to mysteriously crash.

I already trade with IG, but it is my normal account and I don't want to confuse a high risk account with my other account. Thanks.

 

[mpat89]

Is this 10% rule on an individual trade or all your open trades?

 

[lsimmo]

I was with City Index and had the same happen to me.

I am also with IG now for part of my funds but would like to find another SB that people would recommend.

 

[JDTRADER]

Risk free trading with £100

Click link to thread

http://www.trade2win.com/boards/general-trading-chat/71866-heads-up-etx-100-quid.html

 

[montmorencyt2w]

Is this 10% rule on an individual trade or all your open trades?

No idea what the rule states but in my case, they closed out all my open trades. This was (as stated in another thread) unnecessary, as all they needed to do was kill the last one opened which had pushed it over.

I must admit I failed to understand the rules properly when I read them and am still not sure I've got all the subtleties. (What do you mean by cleverly worded Harry?).
I just find them fiendishly complicated.

But (as I have also admitted), it was really my fault for overtrading.

But I think there is a failing of transparency on their part, especially when trades are opened. They could quite easily calculate and display the margin required in the trade opening "box" once you have entered the details. Also they should tell you the margin factor there. If they had done either of those things I almost certainly would have realised that that trade would push me over.

 

[montmorencyt2w]

I was with City Index and had the same happen to me.

I am also with IG now for part of my funds but would like to find another SB that people would recommend.

Well ShortsandLongs have free guaranteed stops which presumably gets over the margin issue (or maybe not). Also the spreads were good last time I used them. However, they have a limited range of securities and no charts.

I quite liked the platform.