WHAT SPREADBETTING PLATFORM WITH LAYOUT LIKE TRADINDEX -but- SPOT PRICES NOT FUTURE??

[spanish89]

Aloha ok this, like most of my other posts will probably be quite a lot of words to read although its not actually asking much.... :cheesy:


I was looking at Aud/Usd spread on Tradindex as was planning on demoing it alil just to practice my support and resistance levels and my trend reading/predicting...

However i was extremely confused and also alarmed even when i saw that even though the current value was 432, the spread being quoted was 308-312!! :-0:-0


This was at about 4.30 in the afternoon, so by then i had gone through about 15-16bottles of san miguel beer.. :cheesy::cheesy::cheesy::cheesy:

So i was in a rather raging mood and decided to take this to the top and i thought that i was being scammed and that they were price fixing!!!


So i wrote the following email to their CEO...

I have been looking at your website's trading platform and i am extremely concerned of the legality of a current practise being used by your company.


The time is 16.40 and i am currently looking at the Aud/Usd trade prices you are offering.

You are currently offering a sell price of 0.9306 & buy price of 0.9312.

However the real actual current value of the Aud/Usd is 0.9432!


So i do not understand on what legal regulation and basis you are using to decide that instead of offering customers fair, honest, and actual bets at the real true market values,
you are instead falsifying and and denying the true market values, and creating and setting values yourself that in no way actually correspond to the value of the market, merely so you can 'scam and cheat' customers out of their money as you are refusing to payout when they reach a level in favour of their bet that they are happy with and wish to close their bet and claim the money that should be owed to them.
However the fact that your website's internal system is set to be bias and unfair, and ultimately 'price fixing' is preventing this.



In your terms and conditions you have stated that;

3.2

Any information supplied by or on behalf of TradIndex should not (and will not be deemed to) be taken to constitute advice to you on the suitability, risks, merits or demerits of any specific bet. Any information including any graphs, charts or market news provided on the Website or otherwise by TradIndex is supplied in good faith and TradIndex will have no liability whatsoever for any error or inaccuracy in information so supplied. TradIndex does not guarantee or warrant the accuracy, timeliness, completeness or correctness of any information it may make available to you.
However you also say the following, which is legally binding, compared to 3.2 which is merely your own personal preferences and so is also bound by the FSA regulations.

2.3

Nothing in the Agreement excludes or restricts the duties we owe to you under the Financial Services and Markets Act 2000 or the FSA Rules. If there is any inconsistency between that Act, or the FSA Rules and this Agreement, the Act and/or the FSA Rules will prevail.



I have checked with the FSA and the UK national gambling commission which can be located at http://www.gamblingcommission.gov.uk
and they have both expressed severe concern about this practise of unfair price fixing as its illegal and a breach of the gambling license which you will have been granted.



So i would like a detailed response laying out exactly what your are intending on doing about this, and exactly what changes your are going to be making to your internal computer systems to fix this legal breach and prevent any similar unfair and illegal practises being implemented by you your on your website?


Failing an inadequate response to my email, or if these unfair and illegal practises aren't changed are corrected within the next 48hours i will be forced to contact the FSA and UK Gambling Commission to further provide them with all the details about your license, the unfair and illegal practises being used and how they are breaching your license and the grounds on which you were granted it.




I look forward to a quick and in-depth response.



Yours Sincerely

Tradindex & UK Gambling community member.

However i got this email back from him about 10minutes later

Thank you for your email.

The currency markets offered on our site are future prices as opposed to the spot currency price. The fact that we are quoting futures prices is clearly shown in the product description of the AUD/US$ Fut. 11 Jun,08 quarterly contract and the AUD/US$ daily future contract.

At 16:40 the contract ADM8 (Bloomberg or Reuters code) was trading between .9307 and .9309, based on the prices you have indicated the mid price would be .9309.

I trust that this clears up any misunderstanding you may have had. If you have further questions or require further information please do not hesitate to contact us.

Kind regards

Im not sure if this is actually true, but i believe them when they say it is so im happy...
However does this mean that since the current price was so much higher than the 'predicted future' price the future price is going to keep on going up, even if the actual price does fall slightly it would still be significantly higher than the future prediction, so would the future keep moving up till it was slightly closer to real price??

The reason i ask this is because i made 28pips by going long on demo account using this, and so wasn't sure if this is what would happen everytime though whn the real price is so much higher than the future price??:?:




And then back to my main question though...

What is are some spread-betting websites that have:

1. The most similar platforms to the Tradindex layout?
2. An order exection with the pure clarity and ease of Tradindex?
3. BUT offer prices at the spot value, not future??


Thanx

 

[stevespray]

Narrow spreads will NOT suddenly make you a better trader! Try using a demo account for a couple of months first until you are more consistant.

Hope this helps.

Good luck,
Steve.

 

[Hoggums]

Sigh,

I could tell you plenty of SBs that offer spot prices - but I think you should stop and research what a future is and how it's priced and the differences in overnight charges between those and spots.


You seem to be very implusive and impatient, which in my view aren't the right characteristics needed to be a good trader (not to mention being drunk).

 

[arabianights]

As I've said before Spanish, I think these guys are failing in the mfid requirement to know-their-client: they're irresponsible letting clients who know so little trade such risky products. Push for a refund on this basis...