Finspreads

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Overall Rating3.253.253.253.253.25
Spreads2.82.82.82.82.8
Execution2.52.52.52.52.5
Support33333
2.8875

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.

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8 Responses to this entry

  • Rob H Says:

    I’ve been a finspreads user fro a few years after,moving from Ig Index.
    Always been happy with the service,but recently there is something really screwy going on with the charts.
    I open up a 4 hour chart and it might show the last 2 bars as down bars, I click over to check the Hourly chart for my entry point,it didn’t look quite right so I go back to 4 Hour which now shows 2 up bars. Since stumbling across this I’ve found it happening on every chart in all the currencies I follow.

  • Jacqi Says:
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    I have a finspreads account and regularly feel robed by them, not only did i lose over £1000 due to them not carrying over my positions into the next quarter (despite requesting this on each trade) ..but there are always delays in closing a position, resulting in not getting the trade price, but you can’t even log on to the site some times due to “technical errors”…….. i have at present been logged off the site for approximately 2hrs, and waiting to talk to somebody via their “chat now” for over 20mins, absolutely terrible customer service

  • Idle Dreamer Says:

    I have used Finspreads since 2006 I think, and I agree that in some ways they are good, i.e. low margins, margins on open positions only, etc.

    But I find that every time they change the platform they make it worse. I hate the new desktop platform and continue to use the old one (which is still available). They have recently changed the charts and I hate the new charts (which are basically their new platform loaded as separate instances). Since they are basically the new platform loaded as a chart, they are incredibly slow to load (about 1.5 minutes on average) and I cannot have more than 2 loaded at once without my PC slowing to a virtual halt. Also there are quite a few problems with the new charts once they do load, which I shall ignore for the moment as it would take me a while to document them.

    A few days ago they changed their Android mobile platform, basically cosmetic changes one or two things cosmetically improved, one or two cosmetically worse. But what they have messed up is the loading of the watchlist function. I accept that I may have more watchlists and things in my watchlists than most people, but it takes far longer to load the watchlists than it used to. What I suspect has happened is that the old system loaded the “current” (ie. Watchlist 1 or last used watchlist” and then displayed it. If you wanted to switch to another watchlist, that was also quick, so I assume that watchlist only was first loaded and then displayed. On the other hand, the new system is so slow that I have to assume that it loads all the watchlists into memory and then displays the “current” watchlist.

    I think Finspreads force system changes on users before they are properly tested. Is it just me or does anybody else get exasperated with Finspreads’ platform changes?

  • Deb Says:

    Yikes, I didn’t realise Finspreads and CityIndex were the same company. I tried out a demo account on CityIndex and thought their platform was quite good but their service was absolutely horrible. I would never open a live account with a company that had such poor customer service. I was thinking of trying Finspreads, but my Cityindex experience has put me off.

  • jack Says:
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    Plenty 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.

  • joshua Says:
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    finspreads 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.

  • r. reeves Says:
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    Been 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.

  • Harry Says:
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    I 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.

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