Hi Phil hope all is well with you, its been a while
i totally agree with you, of course any broker can change its rules, please bare in mind its a CFD platform so 1:2 leverage is pretty much unheard of. T212 can change the rules and that’s what T212 seem to hide behind as a defense of poor management.
T212 has become so cloudy to put it mildly, the word transparency doesn’t seem to be understood, it’s quite bullying type of behaviour.
First it started with very extreme spreads, some topics have screen shots 50c-$50 (i sent you the BRQS 1 dollar stock with 20%+ spread). These spread affect the charts horrifically practically making them unusable, and can close you out of positions even though the spread is nothing like the bid/ask price. You have to place limit orders as the extreme price changes which seems like each second, not to forget the suspended instruments during price surges.
Its the child like communication of T212 which is shocking for me. Customer service isn’t rocket science, why is it so difficult for T212 to communicate effectively.
T212 Sent a push notification 16:13 Weds 25th Nov stating Margin will be 50% and Leverage will change 1:2 (1:5 previously) towards ALL stocks on Fri 27th Nov from 14:30. This is less than 24 hours for UK stocks and 1 hour for US as market closed early Wednesday and not open on Thursday due to thanks-giving)…
People started closing their positions/funding their accounts on Thursday fearing what would arise on Friday to their CFD positions.
After many post on the forum on Thursday of the inappropriate notification method, and inadequate time to close positions/fund accounts (which FCA would more than likely compensate customers), its then stated by T212 that it will allow until Tues 1st dec 15:30 before it makes the 50% Margin and 1:2 Leverage changes towards ALL stocks (UK, US etc).
Today at 17:51 a push notification states 75 stocks are affected in the 1:2 leverage change with a link to the stocks. That’s not even 5% of T212 CFD Stocks. The forum post by T212 staff states no more stocks will be affected.
T212 don’t seem to have the capability to respect it’s customers, it could have provided the list of 75, but it preferred to choose this rushed, and extremely misguided process.
I’ve been using this forum for several months, and T212 don’t seem to learn from their mistakes so i take it the same staff members have maintained their management positions. My post has really been to voice my annoyance, and make people aware to opt for a different CFD broker, rather than have hope for change.
Sorry for the delay in typing, i was walking my dogs