I would like to speak or email Mr. Delaney. I am very disappointed with customer services refusal to make any attempt to resolve problems. While I do not believe Intrade intends to cheat members, it is apparent that the likely low budget provided customer service does not permit them to address individual problems. As a result, customer service always just tries to blow customers off. Refusing to provide a legitimate response.
When I first sent a check to open my account, Intrade customer service claimed for months that the check was never received. I was forced to send a second check. Eventually my bank statement showed that the first check was received & cashed.. For at least 6 weeks after cashing the check, customer service claimed it had not been received. And only when I provided info from the cancelled check did intrade acknowledge receiving it & credited my account. Intrades error left the account with double the funds I intended to put into it. Despite Intrade's sloppy bookeeping, my recollection is that intrade refused to return the extra funds without charge.
And today, the system clearly executed a trade incorrectly. Despite the fact I sent a screen pic demonstrating the error, customer service refused to reverse the trade or provide an explanation of how it happened or how it could be prevented. Customer service's response was both factually incorrect & completely illogical.
Since I have no other recourse, I am seriously considering closing my account. I am concerned that if funds some day are diverted or missing from my account, I will receive no response from Intrade. Since intrade offers no arbitration and is in another country, I will be out of luck. Before closing the account I would like to speak to Mr. Delaney to see if the lack of response from customer service is an occassional problem. Or if this is the way he intends the company to be run.
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EMPLOYEE0In regards to your complaint of a systems error, the system worked correctly and the correct contract was traded. The contract that was traded was the contract that was activated for trading at the time the order was entered. It was also the contract that appeared on the confirmation ticket and was highlighted as activated in the market data. This is not a case of you selecting one contract and the system then trading another contract in error.
A contract activated for trading can be changed AFTER the order has been created but before it has been confirmed. Changing the order book AFTER the order has been created does not change the order - the order is still for the contract that was selected when the order was created. This is not a problem or a fault. Switching active contracts is a basic part of functionality that is not suspended because you are entering an order. The order however is always for the contract that was active at the time the order was entered. This is the reason why your screenshot is not proof of a systems error - the the contract displayed on the order book can be changed after the order is created.
In regards to your complaints of poor customer service, all information provided in response to your systems error complaint was correct. All email inquiries you sent to us received a timely response or an email informing you you would receive a reply by the end of the next business day. At no time were your complaints or inquiries ignored.
My complaints about poor service regarding this complaint were premature. Intrade spent considerable time dealing with this issue and it was resolved to my complete satisfaction.
What Carl indicates is probably correct. This is a system design problem rather than an execution issue. Compounded by a bug in the trading system.
In brief, the problem is that the 'order book' is misnamed & the page misleadingly formatted. IE, despite the name & placement next to the order imput window, the order book does not always coincide with the contract traded. In this case, the 50" contract was somehow activated. Due to a bug, the order book initially was blank. So I had no way of knowing that the wrong contract was activated. After entering the trade, I noticed the screen was blank. I corrected this by activating the 40" contract and completed order entry. The only way the error could be prevented was by carefully scrutinizing the contract on the relatively small font ticket.
Ideally, the order book should perhaps be renamed 'Detailed Quote', made a popup & moved away from the order entry. The confirmation ticket could then be greatly enlarged. Intrade's trade entry would then conform to that used by most online brokerage firms.
It would also be helpful if Intrade could warn users that the order book does not always correspond to the the contract traded.
I am pleased as is Carl that this situation has been “resolved to [your] complete satisfaction”. Thank you for sharing the resolution as well as the problem.
I would like to comment briefly how orders are displayed on the order book in the simplest way possible knowing full well that you are conversant with same. I hope this will be of benefit to others.
1. The displayed on the order book are the orders that existed the last time the page refreshed as may be impacted by internet latency (delay) between our servers and where the trader is residing.
2. For transparency Exchange Rule 7.6 states “Matching occurs when a bid/offer is placed on a contract's order book at a higher/lower price than an order already on the order book. It is possible that you may enter an order, which appears to match against an existing order but that order may either have been withdrawn or matched by another member before the Exchange receives your order.”
3. The displayed orders may no longer be actually live on the system when you attempt to trade them as a result of being matched by someone else, or cancelled or expired (a good till time order). Similarly the displayed orders may updated by new orders.
4. Additionally as detailed in our Exchange Rules orders on certain events and markets may be held for a period (e.g. 1 second) prior to being made live and available to trade against. Orders on in-running Financial Markets are currently held for 0.5 seconds. This delay may be changed from time to time depending on the event or underlying circumstances. When a member cancels an existing order the cancellation is processed immediately. The rationale behind this feature is to reasonably protect members who enter orders in a contract from potentially losing money as a result of access to slower information over which they have no control e.g. a delayed TV signal or a delayed data-feed.
Thank you again for your custom and highlighting both the issue and the resolution.
Please feel free to contact me directly on john.delaney-aT-intrade.com or using this forum.