Problems With Spreadbetting Company

Pipsaholic

Pipsaholic

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Hi,

I am wondering if anyone has had major problems with their spread betting company when it comes to transferring money from your SB account to your bank account do some companies impose limits/charges?

Thanks.
 
Never had an issue with that, i once got £6k sent to me same day from ETX
 
I worked for a while at one of the smaller spread bet companies, biggest client had just over 500k in his account. I wouldn't rule out the possibility that he was a butt head.
 
Not talking millions but thousands just wondering if they ever suspect accounts being very large and referring it to fraud department like the banks do at times if you have over 10K there suspicious and want to know origin of funds.
 
Pipsaholic said:
Not talking millions but thousands just wondering if they ever suspect accounts being very large and referring it to fraud department like the banks do at times if you have over 10K there suspicious and want to know origin of funds.
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You obviously don’t move 'large' sums of money around very much because if you did you will know that this is complete nonsense. Banks are obliged to report large CASH transactions to HMRC because there is no electronic path that can be traced. Will you be transacting in cash?
 
Pipsaholic said:
Not talking millions but thousands just wondering if they ever suspect accounts being very large and referring it to fraud department like the banks do at times if you have over 10K there suspicious and want to know origin of funds.
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10k is the regulatory money laundering threshold. It has nothing to do with being suspicious. All institutions are require to take extra measures to deal with 10k+ transactions. Are you worried the SB firm asking you where your money is coming from ?
 
BeginnerJoe said:
10k is the regulatory money laundering threshold. It has nothing to do with being suspicious. All institutions are require to take extra measures to deal with 10k+ transactions. Are you worried the SB firm asking you where your money is coming from ?
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I think you are wasting your time. Pipsaholic is a typical newbie spread-better, first they ask if anyone has problems moving large sums of money out of their account, then they ask if anyone has problems with the HMRC in regard to tax on large profits, then they open an account with £100 and bet 10p/point.:LOL:
 
new_trader said:
I think you are wasting your time. Pipsaholic is a typical newbie spread-better, first they ask if anyone has problems moving large sums of money out of their account, then they ask if anyone has problems with the HMRC in regard to tax on large profits, then they open an account with £100 and bet 10p/point.:LOL:
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I think the OP's concern is legit. I know of foreign students messing about with large sums and got shut down and possibly got their money confiscated.

10p a point is quite sensible. What would your bet size be, £100 a point ?
 
BeginnerJoe said:
I think the OP's concern is legit. I know of foreign students messing about with large sums and got shut down and possibly got their money confiscated.

10p a point is quite sensible. What would your bet size be, £100 a point ?
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It's not a matter of being a 'legit' concern. Do you think that someone who needs to ask this kind of question actually has 'large' sums of money that they can afford to risk on trading? It doesn't make sense on many levels. Foreign students 'messing' about with money is entirely different, surely you can see that?

I despair for any Newbie who thinks their first major problem when they start trading will be ending up with so much money that the fraud department will be chasing them.
 
new_trader said:
It's not a matter of being a 'legit' concern. Do you think that someone who needs to ask this kind of question actually has 'large' sums of money that they can afford to risk on trading? It doesn't make sense on many levels. Foreign students 'messing' about with money is entirely different, surely you can see that?

I despair for any Newbie who thinks their first major problem when they start trading will be ending up with so much money that the fraud department will be chasing them.
Click to expand...

Well I believe anything is possible. If he's concerned, he clearly must have experienced such issues before. For all we know, he might have a rich dad who gives him plenty of pocket money to play with. Going by his name, he seems pretty experienced with pips by my standards - I have no idea what a pip is, although I have heard of it many times.

I wouldn't write off newbies so easily. Some are just naturals at these things. The OP could be the next Soros. I certainly would want to be his friend if he stays solvent and keeps running into bank problems due to excessive amounts. I have spare capacity in my bank accounts I could help him with.
 
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I transferred 32K out of CS once without problem or charges. Simple phone call did it.

Never have issue with IG either, not tried anything over 10K with them but regularly transfer a few thousand out.
 
I used to work for a bank and I often when processing large transfers through the BACS system it triggered off a referral to security department, which had to be approved before the transfer took place what security do god knows.
 
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