FXpro over IG

gtspeed · Feb 27, 2017

Hi All

Quite new to this and looking for a user friendly broker, I see that FXpro is ranked number 1 in the reviews and IG is way down the ranks.

I use IG but find it not very user-friendly at times and not sure that its as good as they claim (get calls from them every other day) with so many to choose from I would welcome anyone's thoughts.

I trade CFDs as I understand they are more close to the real market (pure vanity as I think spread bet is no different than placing a bet on a horse, silly I know but emotion is a key factor to success or so I am told

) mainly the FT100 which works for me

Anyway what are the real reasons for FX to be top as on reading many a thread no real winner can be found when choosing a broker as all seem to have their fans and haters

Chin up onward and upwards

manstein · Mar 2, 2017

If you want to trade stocks CFDs stay in IG

If you want to do Forex perhaps try FxPro...after all you can open an accoun there with a very small amount. try first with a moderate account for example

f2calv · Mar 3, 2017

gtspeed said:
I trade CFDs as I understand they are more close to the real market (pure vanity as I think spread bet is no different than placing a bet on a horse, silly I know but emotion is a key factor to success or so I am told ) mainly the FT100 which works for me

Your understanding is flawed, a CFD through IG or a spreadbet through IG are both derivatives which operate in exactly the same way (as far as you will be concerned), the only difference is in your tax liability.

I.e.

1 CFD contract on FTSE 100 index (equates to £10/point) = £10/point spreadbet on FTSE 100

Spreads are the same, leverage the same, cost of overnight financing the same, tax liability different.

Share costings are however slightly different, as a spreadbet has a wider spread but the CFD has a transactional fee when opening/closing the position - which is more expensive depends entirely on how big a position you actually take.

Fill_Or_Kill · Mar 3, 2017

f2calv said:
Spreads are the same, leverage the same, cost of overnight financing the same, tax liability different.

You're right, SB is much worse since HMRC would have hundreds of thousands of people carrying forward decent capital losses against their future capital income had they wisely gone the CFD route instead during their early years

I for one can't wait to see how many people earn over £11,000 a year from SB'ing and thus have a tax advantage when and if those figures are ever released.

Fill_Or_Kill · Mar 3, 2017

gtspeed said:
Hi All

Quite new to this and looking for a user friendly broker, I see that FXpro is ranked number 1 in the reviews and IG is way down the ranks.

I use IG but find it not very user-friendly at times and not sure that its as good as they claim (get calls from them every other day) with so many to choose from I would welcome anyone's thoughts.

I trade CFDs as I understand they are more close to the real market (pure vanity as I think spread bet is no different than placing a bet on a horse, silly I know but emotion is a key factor to success or so I am told ) mainly the FT100 which works for me

Anyway what are the real reasons for FX to be top as on reading many a thread no real winner can be found when choosing a broker as all seem to have their fans and haters

Chin up onward and upwards

If you're only gonna trade FX why not use LMAX or Interactive Brokers or similar? Capmar if you're rich. Then again the former all definitely aren't user friendly. Just stick with IG while you figure it out. The spread is marked up quite violently on certain pairs through market makers unfortunately. If you run a decent sized simulation about the number of trades that turn against you and breakeven/lose thanks to point 8 of an extra spread not hitting your limit order you'll see it's a not inconsiderable cost.

FXpro over IG

gtspeed

Active member

manstein

Newbie

f2calv

Experienced member

Fill_Or_Kill

Member

Fill_Or_Kill

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