Spreadbetting Company reviews for use with Forex Net Trap

This is a discussion on Spreadbetting Company reviews for use with Forex Net Trap within the Forex Net Trap forums, part of the T2W Archive category; Hi All. I am about to trial my third S/B company Since Mid July for use with Forex Net Trap. ...

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Old Aug 9, 2010, 12:06pm   #1
 
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Spreadbetting Company reviews for use with Forex Net Trap

Hi All.

I am about to trial my third S/B company Since Mid July for use with Forex Net Trap. I thought it might be a good idea to write here about users experiences of different S/B companies regarding suitability for FNT , entry or exit slippage issues, Cable spread size, order to open placing issues, usability for placing TNT orders, Mobile phone access apps (not just I Phone), Trailing stops (if offered), charting and any current new account offers.

We are all aware I assume that for sure IG Index as far as functionality and features is concerned is probably the best of the bunch. They have all you could need, but they just have the regular (once or twice a month or more) slippage issues for order to open trades that we use 95% of the time with FNT.

I have noticed however that IG is the only S/B company i've used so far that allows you to place order to open trades within 2-3 pips of the current market Bid / Ask prices.

The two others I have trialed both have the same annoying issue that their order to open trades put a minimum of 5 pips distance from the current Bid / Ask price often making it impossible to place your order to open @ 6.30am because the price you want is out of "the range" at that moment.

This happened to me this morning when I wanted to order buy @ 15975 but as the S/B providors Ask price was 15972 the minimum I could take was 15977. If I took this it would be like forced slippage!! I must admit I can't remember ever having this issue with IG Index but then again often an order is placed the filled within 20 seconds and with slippage too. Maybe this is because of the fact that IG let you place an order only 2 pips away from market price?

Are they the only ones who let you order this close? (Apart form MT4 direct brokers?)


M
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Old Aug 9, 2010, 12:36pm   #2
 
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Re: Spreadbetting Company reviews for use with Forex Net Trap

mark120169 started this thread Smart Live Markets (New Business)

http://www.smartlivemarkets.co.uk

I am going to try these guys from tomorrow, very very interesting IMHO. They have managed to write software that alows them to operate as a Spreadbetting Company but using the popular Meta Trader 4 (MT4) platform.

They reckon they are the first to ever do this?

Having never used MT4 before I have been mucking about with their MT4 demo set last week and today for a few days and it's pretty impressive. Altough not as dumbed down and simplified as IG Index / ETX Capital etc platforms.

But the really good things are :

A) They use the MT4 platform for spreadbetting (Tax Free) so could offer an advantage to FNT traders who trade with MT4 via a broker and pay UK Tax on their winnings?

B) They only have a 2 pip spread on Cable (GBP / USD)

c) For all my tests on SLM MT4 Demo with orders to open you are able to place orders within 1 pip (or less) to their market price, which is often about 0.5 - 1 pip away from IG Indexes price. I did actually acheive today a test Buy order placed 0.4 pips away from the Ask price, which was then filled 5 seconds later with no slippage.

D) No slippage for order to open trades i've noticed, no matter how close the order price is to the market price (but I'm sure MT4 users will update us on the slippage history of MT4)

E) You have options to place order stakes as low as 10p pip. And you can do any figure like 12p, 37p , £1.23 etc.

F) They have an offer for new accounts in August, they will cover up to £300 of losses in August and have no minumum deposit to have this offer.

So if you want to Trial HNT40 , NT 40 , TNT wit 40 stops or whatever you can fund it with £100 and trial them at £1 pip.

G) Trialing stops are available


Negatives (so far) are:

A) MT4 quite complicated vs IG Index Puredeal platform, much more advanced.

B) I can't seem to find a way to open two order tickets, or one live ticket and one order ticket, on screen at the same time. It seems only one ticket is allowed at a time, but you can place the order very very close to the market price.

(If any MT4 users know how to set it up have two tickets on the screen at the same time please advise)

C) You are not spoon fed your Stop and Limit levels with nice easy boxes to just enter whole figures (again that I can see as an option). You have to manaually work out what they should be and then enter them as numbers with decimels in the relivant boxes.

D) No mobile phone apps (java or I-phone) that I can see on SLM website. But there does seem to be MT4 Windows Mobile apps for PDA's / Smartphones.

An interesting review link here with comments over @ SFT forums.

http://www.systemsfortraders.com/spr...er-review.html


Comments Rugby Trader ......used them for Live FNT trades yet?


Regards

M
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Old Aug 9, 2010, 1:14pm   #3
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Re: Spreadbetting Company reviews for use with Forex Net Trap

MT4 slippage is all down to individual brokers and you will never incur slippage on demo accounts. The only true way to see how good a broker is test them on microlots.
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Old Aug 9, 2010, 1:20pm   #4
 
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Re: Spreadbetting Company reviews for use with Forex Net Trap

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Originally Posted by Dubai View Post
MT4 slippage is all down to individual brokers and you will never incur slippage on demo accounts. The only true way to see how good a broker is test them on microlots.
Ah-ha. Ok. As they have 2 pip spread and £300 loss cover for August and IG certainly do have slippage I will give them a trial for the rest of August and report back my findings.

M
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Old Aug 9, 2010, 2:27pm   #5
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Originally Posted by mark120169 View Post
Smart Live Markets (New Business)

http://www.smartlivemarkets.co.uk


Comments Rugby Trader ......used them for Live FNT trades yet?
not yet, i had trouble downloading the platform to my home computer last week, i could do it fine on my work computer so I can only assume it was a problem at my end.
anyway got it sorted on Friday and then totally forgot about it today.

Will start using it as of tomorrow.

I've got a £300 safety net till the end of August. So i'll probably get to the end of August and bet the lot on a one way bet, all or nothing.
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Old Aug 9, 2010, 2:32pm   #6
 
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Re: Spreadbetting Company reviews for use with Forex Net Trap

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Originally Posted by mark120169 View Post
Ah-ha. Ok. As they have 2 pip spread and £300 loss cover for August and IG certainly do have slippage I will give them a trial for the rest of August and report back my findings.

M
Will have a look too - had a look at Shorts and Longs, rubbish, you cannot place an order to open, they only open after 7.00 and close at 21.20, therefore no good for NT
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Old Aug 9, 2010, 2:39pm   #7
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Will have a look too - had a look at Shorts and Longs, rubbish, you cannot place an order to open, they only open after 7.00 and close at 21.20, therefore no good for NT
Shorts & Longs and Spreadex are part of the same company, S&L offers £100 no-loss and Spreadex offers £200 no-loss.

I might take them up on the £200 no-loss. Make 4 small trades and then punt the lot on the last trade. Might make £500, won't lose anything!
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Old Aug 9, 2010, 9:01pm   #8
 
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Re: Spreadbetting Company reviews for use with Forex Net Trap

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Originally Posted by Rugby Trader View Post
Shorts & Longs and Spreadex are part of the same company, S&L offers £100 no-loss and Spreadex offers £200 no-loss.

I might take them up on the £200 no-loss. Make 4 small trades and then punt the lot on the last trade. Might make £500, won't lose anything!
Yeah thought they might be related, Ive had phone calls from both and the same number seems to appear on my phone. S and L state that they might introduce open to order 'if there is sufficient demand'.
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Old Aug 10, 2010, 7:00am   #9
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Re: Spreadbetting Company reviews for use with Forex Net Trap

I use a company called FXCM : http://www.fxcm.co.uk/

They have the best dealing desk for entering and exiting trades quickly, which suited me as I used to be a scalper. Because I opened my account a while ago, the spread on cable is typically 2 pips. You can get this, but need to open a mini account with a minimum $10,000 deposit. Most people open a micro account which you can open with as little as $25, but the spread is typically 3 pips.

It's a good platform which has been fairly stable. You can do all the things you need for NT...multiple tickets, entry orders any distance away from current price, trailing stops. You have to trade in lots which takes a little getting used too. 1 lot is 10 cents, 10 lots is $1, 100 lots is $10 per pip. Pips are quoted fractionally. Plus theres a load of stuff on their website, free courses, daily trades, news etc. One downside is no phone support, only e-mail. Which can be a problem if the dealing desk freezes when you are in a trade. This happened once about 6 months ago, but luckily, problem was resolved before any damage was done.
It's worth a look.
Dax
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Old Aug 10, 2010, 9:06am   #10
 
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Re: Spreadbetting Company reviews for use with Forex Net Trap

mark120169 started this thread
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Originally Posted by Dubai View Post
MT4 slippage is all down to individual brokers and you will never incur slippage on demo accounts. The only true way to see how good a broker is test them on microlots.
Hi. Does any regular MT4 users know how to adjust the chart displays and trade log info off CET (Central European Time) and back 1 hour to BST (British Summer Time) ?

I have looked all over the tool bars and all the settings tabs and gone into the help section and searched on timezone (zilch) the Time , which gave loads but nothing about adjusting for timezones.

Or is the timezone thing managed by the broker?

Thanks

M
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Old Aug 10, 2010, 9:19am   #11
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Re: Spreadbetting Company reviews for use with Forex Net Trap

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Smart Live Markets (New Business)

http://www.smartlivemarkets.co.uk
ok, put my first order in and it all went very wrong. i have a lot to learn!

first, i couldn't set the pending order, this is because i had it on sell limit rather than sell stop. it took me a while to figure this out but got the pending order in. (i don't know what the difference is between a sell stop and limit)

got to work to find the order hadn't triggered. i called customer service and this is down to the amount of margin required.

I've put £300 in the account and my bet this morning was £3 per point, to put a £3 per point in you need to have £474 in your account.

Basically, I haven't got a clue what i'm doing on this platform, at the moment, and am going to have to give myself a crashcourse on the demo platform this evening.


That's not to say it is bad, it's just not as intuitive as IG et al.
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Old Aug 10, 2010, 9:48am   #12
 
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Re: Spreadbetting Company reviews for use with Forex Net Trap

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Originally Posted by Rugby Trader View Post
ok, put my first order in and it all went very wrong. i have a lot to learn!

first, i couldn't set the pending order, this is because i had it on sell limit rather than sell stop. it took me a while to figure this out but got the pending order in. (i don't know what the difference is between a sell stop and limit)

got to work to find the order hadn't triggered. i called customer service and this is down to the amount of margin required.

I've put £300 in the account and my bet this morning was £3 per point, to put a £3 per point in you need to have £474 in your account.

Basically, I haven't got a clue what i'm doing on this platform, at the moment, and am going to have to give myself a crashcourse on the demo platform this evening.


That's not to say it is bad, it's just not as intuitive as IG et al.
Hence why I mucked about with the demo for 3 days before going live today.

Margin calls with £300 funded to cover £90 stops. Really? Thats over 3 x your stop out limit. I put £500 in mine and had my TNT's running £4 pip with 40 stops and they triggered no problems. Is it not the same as IG then that once you set a stoploss the margin requirement is reduced drastically with IG.

I always make sure I have enough in my account to cover at least 2 days max stop outs, which for me would cost me £320. I think I had better call them to check what I need in there to cover a 40 stop @ £4 pip, would hate a potential winning trade to not be triggered becasue of margin issues.

M
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Old Aug 23, 2010, 3:41pm   #13
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Re: Spreadbetting Company reviews for use with Forex Net Trap

G'day Ladies & Sirs,

Would everyone mind posting up which Broker/Platform they are using at the moment?

I currently use IG and Alpari.

Regards,
MD
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Old Aug 23, 2010, 4:06pm   #14
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Re: Spreadbetting Company reviews for use with Forex Net Trap

i'm using ETX at the moment.
I have my money spread round 4 at the moment, Smart Live, Tradefair, IG and ETX.

I was primarily using IG but whenever we've had a lot of losers it seems to be when I'm using my IG account.

Going forwards my two main accounts will be IG and Smart Live.

Although i'm about to open an account with Two Way Spreads who are offering £150 when you deposit £500. (must place 20 non-equity trades and wait 6 weeks from getting the £150 to withdraw)
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Old Aug 23, 2010, 4:11pm   #15
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Originally Posted by Rugby Trader View Post
i'm using ETX at the moment.
I have my money spread round 4 at the moment, Smart Live, Tradefair, IG and ETX.

I was primarily using IG but whenever we've had a lot of losers it seems to be when I'm using my IG account.

Going forwards my two main accounts will be IG and Smart Live.

Although i'm about to open an account with Two Way Spreads who are offering £150 when you deposit £500. (must place 20 non-equity trades and wait 6 weeks from getting the £150 to withdraw)
G'day RT,

I'm a bit confused about Smart Live. Does their platform enable you to set a price per pip trade or is it a traditional MT4 Platform which uses leverage?

Regards,
MD
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