OneTwoTrade

Hi guys,

Has anyone had any experience with OneTwoTrade?

http://www.onetwotrade.com/

Many thanks,

pjbltd
«13456710

Comments

  • Ark_Welder
    Ark_Welder Posts: 1,878 Forumite
    From their terms & conditions: "Activity on ONETWOTRADE is not regulated under the Financial Services Act or any other financial investment regulatory provisions"


    Anything that claims to offer 70% returns in 30 minutes should be avoided.
    Living for tomorrow might mean that you survive the day after.
    It is always different this time. The only thing that is the same is the outcome.
    Portfolios are like personalities - one that is balanced is usually preferable.



  • Reaper
    Reaper Posts: 7,277
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    It's a variation on spread betting. You bet if the price of a asset (e.g. a share) will go up or down over a given period of time.

    They are keen to shout about how you can make a profit but keep very quite about their fees and what happens if the price goes down. But buried in their web site is this:
    In the event that the option expires out-of-the-money, your account will be credited automatically with a proportion of your original investment. The proportion you will be credited varies depending on the option you have taken from 0-10% of the value of your original trade.
    A successful investment will result in a guaranteed return of between 65-75% of the initial amount invested. The payout for each succesful trade is indicated on the site for the underlying asset that you selected.
    So get it right and you get 65-75% profit, get it wrong and you lose everything. That explains the missing fees. It also shows how incredibly high risk it is.

    They are registered in Malta and their laws apply in the event of a dispute.

    Not for me.
  • Hold_on
    Hold_on Posts: 17
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    From using it, I don't think its bad at all. What you lose is exactly how much you invest in a SmartOption, nothing more nothing less. Its not spread betting in that sense where the share value is attached to your bank balance, but rather just how much you put on it. So for example if you put £1 down on Google to go up but lose then you only lose that £1.

    The only real hidden cost is that there is a inactivity charge for a month of €5 but they give you £22 upon your first deposit (which I put as £1) to counteract that. Basically they said it is seen as £10 for trading and if you don't like it then you have £12 to play £1 a month with for a year and you can then cancel.

    Unless I'm missing something, they aren't bad.
  • SnowMan
    SnowMan Posts: 3,350
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    Hold_on wrote: »

    Unless I'm missing something, they aren't bad.

    You are missing the fact that you have specifically registered to this site to post just to say that you like this.

    Only you know your motives for posting but the rest of us will assume you have vested interests in promoting this. Just by posting you create further reason still (if it was needed) to avoid this one.

    It has already been explained by unbiased posters why it looks a really bad idea.
    I came, I saw, I melted
  • premierfella
    premierfella Posts: 879
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    edited 2 August 2011 at 11:37AM
    Hold_on wrote: »
    The only real hidden cost is that there is a inactivity charge for a month of €5 but they give you £22 upon your first deposit (which I put as £1) to counteract that. Basically they said it is seen as £10 for trading and if you don't like it then you have £12 to play £1 a month with for a year and you can then cancel.

    Unless I'm missing something, they aren't bad.

    On a very quick look:
    http://www.onetwotrade.com/FAQ
    "What are the fees to withdraw funds?
    If the amount you would like to withdraw is less than £150, there is a £50 fee. Amounts greater than £150 incur no fee. However, any withdrawal that must be processed via wire transfer will be assessed a £25 transfer fee."

    So aside from the other obvious risks, even if they are giving free money away to start trading (and it appears you only get a matched deposit of £20 so need to gamble £20 of your own money to get it) you would need to cover that £50 fee to even start dreaming of any profit.

    Anyone need to borrow a very long barge pole?
  • Reaper
    Reaper Posts: 7,277
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    Hold_on wrote: »
    So for example if you put £1 down on Google to go up but lose then you only lose that £1.
    Yes but if you get it right you only win 70p. Sounds like a poor return to me unless you manage to get it right a lot more often than you get it wrong.
  • Hold_on
    Hold_on Posts: 17
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    SnowMan wrote: »
    You are missing the fact that you have specifically registered to this site to post just to say that you like this.

    Only you know your motives for posting but the rest of us will assume you have vested interests in promoting this. Just by posting you create further reason still (if it was needed) to avoid this one.

    It has already been explained by unbiased posters why it looks a really bad idea.

    As a matter of fact, the only reason I came across this was because I googled onetwotrade to go on the site and then therefore saw this on the first page. Who does it hurt to get a view from someone who actually uses the site?

    Just because I use it doesn't mean I'm unbiased. By your logic, those who don't use it would be biased too.
    "What are the fees to withdraw funds?
    If the amount you would like to withdraw is less than £150, there is a £50 fee. Amounts greater than £150 incur no fee. However, any withdrawal that must be processed via wire transfer will be assessed a £25 transfer fee."

    So aside from the other obvious risks, even if they are giving free money away to start trading (and it appears you only get a matched deposit of £20 so need to gamble £20 of your own money to get it) you would need to cover that £50 fee to even start dreaming of any profit.

    Anyone need to borrow a very long barge pole?

    Hmmm, good find. The idea is obviously to win a lot of money but of course should we not then there may be an issue.
    Reaper wrote: »
    Yes but if you get it right you only win 70p. Sounds like a poor return to me unless you manage to get it right a lot more often than you get it wrong.

    True but I have won on things which have a 85% return, 70% (from the ones I've seen/done) seems to be the minimum

    I assume if people keep just randomly picking things then the chances of winning are pretty slim, so it wouldn't hurt to do a bit of research in what you are choosing.
  • Ark_Welder
    Ark_Welder Posts: 1,878 Forumite
    Hold_on wrote: »
    so it wouldn't hurt to do a bit of research in what you are choosing.

    Then research onshore regulated schemes that provide investor/gambler protection, and avoid schemes that have substantial fees for withdrawals and inactivity. The former is designed to make the gambler leave their funds where they are; the latter encourages overtrading.

    Anyone that wishes to do their own maths of how a '70% per half-hour gain' compounds over a year will see how ridiculous and unrealistic a route this is to follow. If it is that successful then why are 'you' being invited to join? Surely, the company 'employees' would be able to make themsleves substantially richer by doing it themselves rather than taking a small cut from 'you'.
    Living for tomorrow might mean that you survive the day after.
    It is always different this time. The only thing that is the same is the outcome.
    Portfolios are like personalities - one that is balanced is usually preferable.



  • Ark_Welder
    Ark_Welder Posts: 1,878 Forumite
    edited 2 August 2011 at 6:19PM
    Hold_on wrote: »
    As a matter of fact, the only reason I came across this was because I googled onetwotrade to go on the site.

    If you use the site that frequently, [edit] why do you need to google it? Most modern browsers will return a history of appropriate sites when typing into the address bar - substantially faster access than having to wait for search results and then clicking on the link.
    Living for tomorrow might mean that you survive the day after.
    It is always different this time. The only thing that is the same is the outcome.
    Portfolios are like personalities - one that is balanced is usually preferable.



  • You can be very successful trading smart options if you know some basic strategies to manage your risk. I use the website for two month. With time you develop your own strategies.

    For instance, one basic strategy I use to make the losses smaller is to simply trade for the opposite direction if you pick the wrong one. This will limit your loss to 30% rather than your whole initial investment. If you're on the right direction, you get 75%.
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