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Check out the great new spread betting Calculator and Trade Log being offered by Forex Smart Tools - works really well with what you're showing.
forexSmartTools 1 year ago
Some other points: I've had disputes with a major SB firm and they proceeded to doctored documents and their own site.
Also if FSA fines immediately upon a complaint, what happens is that client will be blacklisted and that information shared with other SB firms, he will never get an account again. FSA should ensure that no client gets unfairly dismissed. Otherwise, The firms are no more than grubby backstreet bookies. Love you when you lose and kick you out when you win.
KLguy133 3 years ago
How big is this fine? It amounts to the same thing , winners will usually have problems with SB firms, they get fined and end up banning the winners.
The spread is getting smaller and smaller, and I know for a fact that most of them have to play VS their clients as least up to 50% of their trades.I have seen this 1st Hand, in ONE OF THEIR dealing rooms.They call it unhedged profits.
KLguy133 3 years ago
They can't really fine you or ban you as a trader - as there is not process or means for a trader acting in any manner that can get them banned.
I agree, the spreads are getting smaller. This is simple because competition is getting greater. Further, they are having to hedge more against trades. They will either stop trading on a particular stock, not show it at all, or hedge massively and increase the spread accordingly.
insightsupportdotcom 3 years ago
Yes they can, they can close your account without any good reason other than you are winning too much.If there is a dispute btwn winner and firm and firm gets fined, then the client will marked as " trouble " ie) banned/blacklisted. I know they play vs their clients I've seen it,they don't make the super profits they do from just hedging.
Anyway nice talk, I have to leave now, talk tommorrow. Best wishes.
KLguy133 3 years ago
Problem with SB firms is that most of them are crooks .
KLguy133 3 years ago
I have to disagree with you there. They're are heavily regulated by the FSA, and have to abide by an inordinate amount red tape. Should anyone have a grievance with any SB firms, they can simply go to the FSA. The FSA will always investigate the firm in question and impose an immediate fine, whether your complaint is valid or not. From there, the SB firm has to supply the FSA a complete audit of your account.
Should you have any problems with any trade. You can always request an audit too.
insightsupportdotcom 3 years ago
FSA ? ha ha , you mean donkeys and jokers incorporated? they would not know their inflation from their menstration.
But are you saying that FSA will fine immediately before there is investigation into the complaint? surely even they can't be that stupid.
KLguy133 3 years ago
There's a fixed sum penalty that the SB firm has to pay, regardless, on any complaint logged with the FSA against that firm. It's standard practice. It keeps the SB firms on their toes.
Not many people realise, that if you have a trade that you feel was not acted upon correctly by the SB firm. You can request a full audit of that and any trade. Usually, what can happen, is the SB Firm will refund you, providing of course, that the complaint is legitimate.
insightsupportdotcom 3 years ago
No sure what you mean by "fixed sum penalty that the SB firm has to pay, regardless".
The other thing they do is ban winners, though of course they will never admit it.
KLguy133 3 years ago
The SB firm has to pay a fine, regardless if the complaint rules in their favour or yours.
insightsupportdotcom 3 years ago
SB firms actually want you to win and keep profiting. It's in their interest. It costs them a great deal of money to get an account and process it - each person, by the time the SB firm has forked out for advertising, processing, compliance etc. ends up spending over £150 plus just to get one client, and it's probably more now. That's before the client has made any trades. So it takes a while for them to recoup any costs back.
insightsupportdotcom 3 years ago
They don't ban winners. There's a common misconception that the SB Firms make money from people losing their deposits - they don't make their money that way. The SB firms make their money from the spread, not from people losing their deposits. The deposits are kept in a holding account and the losers essentially go towards paying those that win. If there's a great deal of trading in one direction, the SB Firm will hedge itself against that trade in the futures markets.
insightsupportdotcom 3 years ago