I’ve always opened positions with both the buy and sell price shown on the graph just so I can get in my head how the spread is relative to the volatility. So I’ve got no issue with the spread at the time of purchase. But what I take umbrage to is increasing the spread drastically after a position has been opened and when they are not reflective of the actual underlying market conditions the CFD should be derived from.
Especially when this appears to be taking place in stocks that have been performing well lately, alongside the restriction on opening positions on stocks that have the potential to perform well. We’re more than happy to take your money for trash, but no chance if we might need to pay out. NYSE:SBE yesterday for example, can’t go long, but you can short 20000 shares if you want.
I think this all needs to be documented and reported to the FCA. I always try to run with a large sufficient margin, but the manner in which the spreads are acting, there are a lot of people with large positions who will be margined/closed out showing losses on T212 when in reality the actual market price would have them in a tidy profit.
If T212 remain silent or don’t adequately address this then a party should look to get together to strengthen this.
I’ve just lost a decent sum of money but I’m terrified at what awaits today as trading picks up with the rest of my capital at risk.
I know my limits and have enough margin to ward off closing of positions but this is a losing battle against manipulated spreads.
@chantal-see the people’s misery… people are losing their hard earned money.
don’t just report my post because I told you to mind your business. Be practical.
CFD makes them money, so it shouldn’t be a surprise they make it favourable for them.
The spread can change, so I don’t see the issue. It’s the nature of the beast trading CFD’s.
So 30-50 dollar spreads are just fine then? Especially when they affect your currently open positions?
You cannot be serious, you sound like a fool.
Do you get a Leader tag by making it your mission to defend shoddy practice?
This is price manipulation.
Certainly not, that’s why I don’t touch CFD’s.
If you don’t touch CFDs better don’t comment on them… trading 212 is blowing people’s account and stealing money. This is a serious fraud level issue.
How can one justify 20% spread when for same share other brokers are giving less than 0.25%?
Actually it is the clients who basically give their. Who is to blame, that is to find out, is it bug, is it t212, is it pseudo science.
But all of you can stop using cfd until “corrected”.
So to be politically correct, who ever gets “robbed” now, is handing the on his own free will.
I’m pretty sure they will come up saying it’s somehow covered in their T&Cs. Sick
Just for a giggle, have a look at CALNEX. See what the prices they’re quoting compared to the LSE. They’re even not remotely representative of the market. This is supposed to be a financial instrument.
Yes CFD’s have spreads, but this is equivalent of going to the bookies with a 3-2 win and finding out when you get there they’ve made up their own score of 1-4.
Doesn’t work that way my friend. Your thought is good for taking new positions.
whoever has opened positions before all these happening stand to lose money heavily. This is not right.
That is a good point, also proper way to communicate.
Keeping it civil, factual discussion can provide benefits for both sides.
We can wait and see how @Team212 responds on the subject.
What does anyone recommend as a reputable source for pre-market data?
I’d like to gather further evidence.
BOO this morning had a spread of 30p, usually only around 2-3p
Luckily I have good positions and it hasn’t affected me too much however people with fresh positions will have been hit very hard!
i’m new to the community and this is the first time i’m writing a post.
What i m seeing today with spreads changing costantly and becoming huge ( we are talking about 20-25% spreads) it’s just money robbery.
Of course nobody is going to open new positions with these levels of spreads, but this is impacting hugely people with opened positions.
So please don’t comment something like ‘stay away from cfd’ or ‘do not trade cfd today’.because as i said nobody will trade cfd today but this is affecting heavily opened positions.
It’s obvious that if t212 sets a 25% spread on a leveraged position, this could activate the stop loss.
This is either an intended fraud or a bug, in both cases t212 has to give official explanation about what’s going on cause this seems extremely fishy.
Please as members of the community how can we ping someone from the t212 assistance to ask official explanations?
Contacted through Chat on Monday and yesterday but no proper response. They are blaming their intermediary.
I can only tag the T212 members I know of - @David @Martin @L.D @JimLahey
I would like an explanation and evidence showing why spread and price action on the platform led to a 25% change in my margin leading to 3 positions closed totaling a £728 loss.
I appreciate there is a lot for the T212 team to respond to at the moment with outages, processing issues, instrument suspension and now wild spreads and skyrocketing interest rates but this could be a turning point for them if they don’t get their response right judging by the reaction across various media and social platforms.
T212 - How can I talk to you further about this case?
I tweeted them in Twitter let’s see if they look in that at least instead of doing nothing about this.