Want to dabble in FX but currently low income and savings(UK)

This is a discussion on Want to dabble in FX but currently low income and savings(UK) within the First Steps forums, part of the Reception category; So I've been practising on demo accounts and have set ups that make money(I make money trading demo accounts), the ...

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Old Jan 14, 2018, 1:34am   #1
 
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Want to dabble in FX but currently low income and savings(UK)

So I've been practising on demo accounts and have set ups that make money(I make money trading demo accounts), the next step would be small trades on a live account - however there may be a problem. I currently have a low income and lowish savings - not an issue because I just intend to dabble with small trades. I was looking at IG Index in the UK(where I'm based) but they seem to require a fairly high degree of income and savings - they also seem to credit score/check in the account application so I don't want to put down misleading info on the application and maybe cause trouble on my credit report.

So my question is where do I go to spread bet/trade FX that will let me fund my account as I'd like and won't require(or check) that I have a certain level of income or savings?

Thanks in advance.
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Old Jan 14, 2018, 2:52am   #2
 
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Originally Posted by TradePLan View Post
So I've been practising on demo accounts and have set ups that make money(I make money trading demo accounts), the next step would be small trades on a live account - however there may be a problem. I currently have a low income and lowish savings - not an issue because I just intend to dabble with small trades. I was looking at IG Index in the UK(where I'm based) but they seem to require a fairly high degree of income and savings - they also seem to credit score/check in the account application so I don't want to put down misleading info on the application and maybe cause trouble on my credit report.

So my question is where do I go to spread bet/trade FX that will let me fund my account as I'd like and won't require(or check) that I have a certain level of income or savings?

Thanks in advance.
finspreads do a beginners account and Oanda allow very small positions
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Old Jan 14, 2018, 8:51am   #3
 
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XM do micro accounts and give you money on joining. IG are too expensive.
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Old Jan 14, 2018, 2:02pm   #4
 
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TradePLan started this thread So Oanda ran me through their FCA appropriateness filter and ranked me as not appropriate - so no live account(my experience is successful demo-trading so far). This is pretty infuriating plenty of people use Oanda for small trades, but apparently I can't - contrast that to the few rules for people in the UK who pump hundreds of pounds into bookmaker's slot machines.

The ridiculous "appropriateness" filter seems to be the issue here - any way around this nonsense?
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Old Jan 14, 2018, 2:24pm   #5
 
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Originally Posted by TradePLan View Post
So Oanda ran me through their FCA appropriateness filter and ranked me as not appropriate - so no live account(my experience is successful demo-trading so far). This is pretty infuriating plenty of people use Oanda for small trades, but apparently I can't - contrast that to the few rules for people in the UK who pump hundreds of pounds into bookmaker's slot machines.

The ridiculous "appropriateness" filter seems to be the issue here - any way around this nonsense?
so you didn't get past the screen where it asks you a few trading questions?
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Old Jan 14, 2018, 2:55pm   #6
 
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so you didn't get past the screen where it asks you a few trading questions?
Yes I got past that, that wasn't the issue(AFAIK), the multiple trading questions weren't a problem - but it also asks about previous live trading(as in number of trades made) and I'm a beginner so don't have a trading record. And it also did(?) a credit check - maybe my lowish income is the issue?
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Old Jan 14, 2018, 3:11pm   #7
 
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Originally Posted by TradePLan View Post
Yes I got past that, that wasn't the issue(AFAIK), the multiple trading questions weren't a problem - but it also asks about previous live trading(as in number of trades made) and I'm a beginner so don't have a trading record. And it also did(?) a credit check - maybe my lowish income is the issue?
it doesnt specify "live" does it?

and yes, if you earn less than 15k AND have less than 5k savings you get this message:

"Your income/savings do not meet our internal criteria and we may be unable to open your account as a result. Please ensure you have provided accurate information."

Last edited by Kaeso; Jan 14, 2018 at 3:18pm.
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Old Jan 14, 2018, 3:49pm   #8
 
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it doesnt specify "live" does it?

and yes, if you earn less than 15k AND have less than 5k savings you get this message:

"Your income/savings do not meet our internal criteria and we may be unable to open your account as a result. Please ensure you have provided accurate information."
So logging in with the details they gave me - it does say "Live Account" on the dashboard, it's also letting me set up my bank account for funding without issue(so far) so it does look like I have a live account. Example screenshot -

Click the image to open in full size.

Now whether I can actually make a trade, or would be blocked, I don't know.
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