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I can't comment on the specific case - what I will say is that the charts do look dubious. That kind of anomalous spikes should point to errors in data, not actual trades, but this is my experience in futures.
Maybe someone with a wider experience, even with spreadbetting brokers, can chime in.
I do not have customers who do spread betting, but it seems to be considered as gambling in the UK and hence no tax. But, this also could allow the broker to make its own markets(?). The above customer should find a legitimate outfit in FX. At Optimus FX division we can help.
Matt Z
OptimusFutures
There is a substantial risk of loss in FX and Futures trading. Past performance is not indicative of future results.
Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email [email protected]
Thanks Matt - yes, the reason I was asking for a more expert opinion (such as yours) is that I have always seen spread betting as a bit shady. As you suggested, the brokers that do spreadbetting take the opposite side of the trader's position, as I understand it - which indicates that, when thing go wrong for the trader, someone else benefits from that, and that someone else happens to be the spread betting broker.
One of the many reasons why I tend to stick to futures is the lack of the model above in the futures market.
Futures was and always will be my main business. However, there is a specific size in FX trading needs to be accommodated by interbank rates. As oppose to Futures in FX there are many business models for price discovery, but the majority of the accounts are so mall in FX that they are attracted to highest leverage brokers, and SOME are just stacking the odds against their customers. Nevertheless, you can find legitimate players who do not operate against their customers; The key is to know the model of price discovery they use (or lack of).
Matt Z
Optimus Futures
There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.
Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email [email protected]