| Overall Rating |   |
| Spreads | |
| Execution | |
| Support |  |
Financial Spreads, previously part of IFX Group PLC became a division of City Index when they acquired them in mid-2006. Since Finspreads is now trading name of City Index, the two websites are now very similar to each other and use the same trading platform.
Tags: financial spreads, finspreads
Posted on February 7th, 2009 at 8:13 am
-
-
-
-
3.5I know most give Finspreads a bad time but when you are starting out, in my opinion it’s the best. You can start with depositing as low as £100. You can trade at 10p per point for the first 8 weeks and 50p after that. This allows any losses to be small. It also allows you to trade a greater variety of shares on a small account. At a £1 point it takes a fairly big account to cover margin costs on some stocks and indices. It also allows you to get used to the psychological side of this without feeling panicked by risking large amounts. This is how I started out and I’m glad I took it slowly otherwise I probably would have given up and now be missing out. Move on to the better sites once you are confident in my opinion.
Posted on June 18th, 2009 at 3:31 pm
-
-
- Not Rated
-
3.7Been trading with finspreads for months and id say they’ve got good and bad points.
Yes their spreads are rubbish sometimes and seem to be getting worse over time, they’re adding 1.6% onto the market spread now a lot of the time which is a joke. Also their platform seems to be getting more and more unstable each week and I gave up counting the number of times I was disconnected yesterday.
They’re also reasonable though and if you get spiked out you should phone them and tell them the market price never got anywhere near your trigger and theyll refund the money no problem. Phone from a landline if you can though, they’ll put you on hold for 4 or 5 minutes and its pricey on a mobile. But they’ll give you the money back no bother. I see they’re now displaying a message saying they’ve got a technical problem which means some people might not be able to log in.
Also I’ve got this theory that they try it on deliberately if you’re new to see if you’ll get onto them about it and once they know you’re keeping a close eye on them they stop it. That’s what I found anyway, it used to happen a lot mostly being a point late with the execution here and there. Once I started getting onto them each time it happened it mysteriously stopped and I’ve had perfect execution from them on every trade for the last few months now (I check every order against the real 1 minute intraday and add on their spread). Maybe it’s just a coincidence though.
I told a friend who uses them and doesn’t have a large balance to phone them every time even if it’s just a point out and it would only get him 50p or that back. Maybe it’s to do with the size of the account as well and they figure no one’s going to bother about 50p but it shows them you’re going to tackle them about it.
If there is anything positive I can say about FS, then it has to be their on-line trading platform. Very professional.
Posted on September 27th, 2009 at 6:45 pm
-
-
-
-
2.5finspreads are a lot of trouble, a lot of slippage and you end up phoning them a lot because of their errors. Always check your finspreads price hits, they are pikeys.
Their platform sometimes crashes or plain doesn’t work which never inspires confidence. However you can bet 50p per point and 10p per point for 8 weeks before that when you are learning the ropes.
Posted on April 12th, 2010 at 4:18 pm
-
-
-
-
3.5Plenty of experience until about four years ago. In those days City Index and Finspreads were different companies, but both were terrible! In particular, the Fins platform would often crash and the people at the other end of the phone were either off-hand or plain rude.
I’ve been trying again since the 1pt Dow offer started. It wasn’t very promising when the platform went out for most of a day, but seems OK since, although I’ve been stopped out on one trade when it shouldn’t have been according to the chart.