DislikedBy the way, more margin doesnt it up your balance, it may even preserve it when you use low leverage. It's losses that eat up your balanceIgnored
news with spread betting 5 replies
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DislikedBy the way, more margin doesnt it up your balance, it may even preserve it when you use low leverage. It's losses that eat up your balanceIgnored
DislikedHello everyone.
I would not recommend Saxo Spreads. I made over £27,000+ in one day and now they are saying that I am not entitled to the money. I have all confirmations that the orders were accepted by the market and closed but still, they are coming with excuses not to pay. I am still trying to figure out what to do, what steps to take. Any Idea's?Ignored
DislikedI was trading indices, currencies and commodities. Some of the excuses are that the prices were wrong, we were having problems witrh our site, etc. Funny thing is that they transfered my winnings into some sub-account and cancelled my unprofitable positions. sounds like they are trying to scam me out of my money.Ignored
DislikedHave you checked the prices of the affected instruments against independent sources? For instance, with spot trades you can check the time you believe your order should have been filled against actual market trades dealt on Reuters D2 and EBS. This cross-referencing is how any disputed interbank trades are resolved.
If they quoted you an off-market price in error, perhaps because of system problems, then they would be acting in a commercially reasonable manner by refusing to honour the position. However, if you can show, without doubt, that these...Ignored
DislikedThe prices were all correct. What is strange is that my winning positions were placed into a sub-account and my other positions that were still open (and in a loss) were cancelled. Also, there have been times when I was re-qouted or it came back as invalid price but these trades were all bonafide trades as I had recieved confirmations (along with confirmation numbers) that they were accepted by the market.
Now, any recommendations as what I should do? I have asked for a written explantion as to why they refuse to honor my trades and re-instate...Ignored
DislikedThen you need to formally request (in writing) that they send you a full explanation by letter or email within X number of days, otherwise you will be forced to take this matter further. You must formalise the process, force them to fully explain and justify their actions. Also, keep full records of all contact with them.
Once a full response is received from them, you will be in a position to determine is it worth your while seeking legal counsel. In the meantime, if you haven't done so already, set out in a document format a full list of events...Ignored
DislikedHello everyone.
I would not recommend Saxo Spreads. I made over £27,000+ in one day and now they are saying that I am not entitled to the money. I have all confirmations that the orders were accepted by the market and closed but still, they are coming with excuses not to pay. I am still trying to figure out what to do, what steps to take. Any Idea's?Ignored
DislikedThanks for the advice.I have saved the email trade confirmations (open and sell orders with the confirmation numbers). I have also noted down the individual that we have spoken to. I will give them a call again this Monday to request a written explanation and I do not recieve one withoth 48hrs, then I will send out a letter via registered mail and e-mail and see if I can get a explanation (also to keep a recorded reciept just in case if the matter needs to be escalated).
Any other suggestions on what I need / should do?Ignored
DislikedAsh, you state that you are a U.S resident and as such you cannot open an account with a spreadbet company since spreadbetting and CFD's are not legal in the U.S. So I wonder how you got to open an account with Saxo Spreads which is by the way a white label of London Capital Group. May be that is the problem.
Anyway, Saxo Spreads/LCG is regulated by the Financial Services Authority in the UK so this is where you could send a complaint assuming it's all legal.Ignored