Todays topic is all about getting your money back from a spread betting company. As it stands I have not had to do this as I’ve never withdrawn any funds but my father has tried to do it recently and he’s having a bit of a headache with it. His point of view is that the spread betting companies are quick enough to take your money from you but really seem to drag their feet when it comes to asking for it back.
I am appealing to anyone that has an experience with withdrawing funds from a spread betting company to get in touch. I have started a new topic over on the forum and I would love to hear your experience good or bad. Even if you are attempting to get your money back from a company please do post a reply as you never know I might be able to help you out. There is nothing worse than getting a bad review on the most popular spread betting blog available. (I’m talking about spread betting beginner of course.)
So I’ll ask again if you have any experience good or bad, or if you are in the process of withdrawing funds get in touch. I’m sure that it’s the few firms that are dragging there feet with paying back money that are giving the rest of them a bad name and I would like to name an shame those firms to help people avoid being messed about.
Moving on to some of my spread betting action. With the FTSE 100 taking a tumble today (over 100 points) It took with it one of my positions. RBS stopped out banking me a £4 profit, Who hoo! Who says you can’t get rich from spread betting. Last week my Lloyds position also stopped out on another day when the FTSE 100 took a tumble. This time my profit was £9.9. Almost a whole ten pounds, I’m hitting the big time now. This leaves me with just two open positions, one in Regus and another in Enterprise inns. I still like the look of the Enterprise inns chart, even with all this market turmoil recently the stock price is holding strong. Hopefully this is more justification for my pyramid.
With the markets dropping sharply there could be some bargains to be had but I will be treading cautiously as my FTSE 100 analysis this week points to weak technical data in the chart which is either a temporary dip or the start of something bigger. Which it is though is yet to be seen.
Until next time,
“May the markets be with you!”
Harry,
The Spread Betting Beginner
Over the last 20 years I have withdrawn Millions from IG Index and some years ago Cantor Index. I have never had a problem withdrawing £100,000+ in one go. I call the accounts department, I have a password which once confirmed they make a TT or BACS transfer straight into my account. In the old days I would be posted or would go and collect a cheque (yes remember those)
Even in the depths of 2008 when many financial institutions where in trouble IG Group paid up all winnings on time.
I am not sure about other companies but I have never had a problem.
Vince Stanzione
I use Tradefair and have never had a problem withdrawing,normaly backin my account in 2 working days
Mark/Vince Thanks for taking the time to add comments it’s much appreciated.
Vince wow £100,000+ in one go. Maybe one day I’ll be able to say the same.
Mark, it was actually Tradefair that my dad was having the issues with. When he transferred the money in he used his MasterCard to pay the money in. When he called to get the money out they said they can’t refund to MasterCard as MasterCard do not allow it. (Not really a Tradefair issue). So he needs to have it put into his bank account but when he told them he does not bank online they said he needed to have an online account where they can pay the money into. I suspect there have been some crossed wires here and he probably just needs to provide he bank details and they will make the transfer.
The interesting thing about MasterCard is you can’t have the money refunded to the card as MasterCard do not support gambling. The thing is they are more than willing to let you credit your account from your credit card but when it comes to having it put back on they don’t want to know. Anyway the lesson to learn from this is don’t use MasterCard to fund your spread betting account. As I always say you should never trade with money you cannot afford to lose. I suspect if you’re using your credit card to fund your account it probably means you don’t have the money so don’t. Unless your like my dad who did it for the extra Tesco clubcard points and always pays the bill off in full each month.
Thanks for the comments guys.
Ye I used Visa ,but I knew about mastercard from Poker before i started trading .
Ye he should just be able to give account details and he should get it .
Agree with you about the 100,000 some day lol