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  • #21
  • May 28, 2009 12:27pm May 28, 2009 12:27pm
Quoting PipStar
By 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 balance
I guess I didn't express myself clearly What I meant is that for equivalent positions SB can lead to greater losses and profits if compared to a "low leveraged" if I may say forex position of 1:100. I guess if you use leverage of 1:400 for example, it is pretty much the same as SB. I may be wrong though. As I said, I can only gudge from my short trading experience in SB.
  • #22
  • Edited Aug 2, 2009 5:26am Aug 1, 2009 10:11am | Edited Aug 2, 2009 5:26am
Hello everyone.

I would not recommend a certain spread betting service. 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?
Humble Lifetime Member
  • #23
  • Aug 1, 2009 11:32am Aug 1, 2009 11:32am
Quoting Ash
Hello 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?
What asset class? What excuses?
  • #24
  • Aug 1, 2009 12:40pm Aug 1, 2009 12:40pm
Quoting gammase1
What asset class? What excuses?

I 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.
Humble Lifetime Member
  • #25
  • Aug 1, 2009 1:50pm Aug 1, 2009 1:50pm
Quoting Ash
I 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.
Have 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 were genuine market prices, which they are refusing to honour, then this is a clear case of them acting in a commercially unreasonable manner, meaning you will have a good case.
  • #26
  • Edited 3:02pm Aug 1, 2009 3:00pm | Edited 3:02pm
Quoting gammase1
Have 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...
The 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 my account for trading in writing but so far, they seem hesitant to do so but rather prefer to speak over the phone.
Humble Lifetime Member
  • #27
  • Aug 1, 2009 3:28pm Aug 1, 2009 3:28pm
Quoting Ash
The 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...
Then 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 (factual with evidence to back your claims) from your perspective.
  • #28
  • Aug 1, 2009 4:00pm Aug 1, 2009 4:00pm
Quoting gammase1
Then 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...
Thanks 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?
Humble Lifetime Member
  • #29
  • Aug 1, 2009 7:39pm Aug 1, 2009 7:39pm
Quoting Ash
Hello 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?
Ash, 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.
  • #30
  • Aug 2, 2009 12:54am Aug 2, 2009 12:54am
Quoting Ash
Thanks 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?
Best of luck, Ash.
  • #31
  • Edited 1:55am Aug 2, 2009 1:26am | Edited 1:55am
Quoting PipStar
Ash, 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.
For your information, since it really matters to you, my wife is British and I am also a resident and yes, it is all legal.
Humble Lifetime Member
  • #32
  • Aug 2, 2009 1:27am Aug 2, 2009 1:27am
Quoting gammase1
Best of luck, Ash.
Thanks.
Humble Lifetime Member
  • #33
  • Last Post: Aug 2, 2009 11:17am Aug 2, 2009 11:17am
Quoting mrhurley1
does anyone here spread bet?

If so who with?

Cheeers
i personally use ig index myself, the only downsides to it is 8pm rollover rules and when the market does get volitile, the spread does increase on certain pairs. since you only got 24 hours before your exist order being accounted, i find using higher TF being more profitable as 5 min or 15min TF quite often doesn't cover the spread if you got a standard account. Yet the other problems is that higher TF means less signal per day, and when you are in rangeing market, it could be quite difficult to find entry point.
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