Spread betting at FXCM

This is a discussion on Spread betting at FXCM within the Spread Betting & CFDs forums, part of the Commercial category; Hi Claudia123, there was a member on some other thread that told me that spread betting was taxable in Germany. ...

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Old Jun 28, 2009, 1:02pm   #9
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Hi Claudia123, there was a member on some other thread that told me that spread betting was taxable in Germany. I was puzzled by his statement. Please could you confirm if this is the case.
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Old Jun 28, 2009, 1:09pm   #10
 
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Quote:
Originally Posted by gle101 View Post
Hi Claudia123, there was a member on some other thread that told me that spread betting was taxable in Germany. I was puzzled by his statement. Please could you confirm if this is the case.
Hi

I been living in uk for a year or so now. Believe it is taxable throughout mainland Europe but not 100% sure.
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Old Jun 28, 2009, 1:23pm   #11
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Hi

I been living in uk for a year or so now. Believe it is taxable throughout mainland Europe but not 100% sure.
Thanks. In Sweden it is not, at least not yet. I am quite certain it is the other way around, almost every country in Europe consider financial SB to be tax free. However, I am quite sure this will taxable in the years to come. If anybody else could fill me in on this, it would be welcomed.
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Old Jun 28, 2009, 4:05pm   #12
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ETX seem a bit shy about quoting spreads, apart from saying they're some of the tightest. Do they do 1pt on main European indices, 2 on Dow, etc, like the competition?
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Old Jun 28, 2009, 5:33pm   #13
 
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FXCM are very good, as a company, I had a mini account with them many years back, eventually this had a balance that was lower than the fransfer fee and not high enough to cover margin requirements to open a position.

FXCM transfered it back to my bank account, free of charge.

I had no problems with their trading platform, the service, or their spreads, which are were very competitive at the time.

they are also a very highly capitalised broker.

I would recommend them.
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Old Jun 28, 2009, 5:41pm   #14
 
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what is the minimum bet per point spread betting on this platform?
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Old Jun 29, 2009, 5:09pm   #15
 
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Jason Rogers started this thread Hi gle101,

Happy to be here. Brokers and spread betting firms offer the same product, forex trading, but there are two methods of execution: market maker and direct market access (no dealing desk, straight through processing).

The majority of spread betting firms are market makers. They take the other side of all positions thereby profiting when you lose, and losing when you profit. This is a conflict of interest because it is in your brokerís best interest for you to lose money. Since a market maker can profit if the market moves against you, it is also common to get referred to a dealer when the price is unfavorable to the market maker. A good example of this is news trading.

With FXCM, every single order is sent directly to one of the 9 banks quoting on our system. As a result, FXCM does not profit when you lose money on a trade. Rather, we are compensated by marking up the price we receive from the bank. Thus, FXCM is strictly concerned with volume. Because of this there are no restrictions on trading styles or strategies such as scalping or news trading. There are no re-quotes.

-Jason


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Originally Posted by gle101 View Post
Great to have a representative of FXCM present on this Forum.

Spread betting is still in most European countries considered to be tax free. What is the difference between the Forex brokers (non ECN) and SB? They are both market makers as I see it. You say you hedge all your bets. Do you by this mean every single one, or just what is not balanced out in the book? Please correct me if I've missed out on something here. No re-quotes, what about "price no longer valid", news trading or being referred to a dealer?

I don't think one has to move to the UK (even though I like the country), many SB are offering good spread on FX.
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Old Jun 29, 2009, 5:17pm   #16
 
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jason - so in effect you say you offer DMA is that correct? What are spreads on cable.

To say brokers and spreadbetters offer the same product is a bit misleading for some of the new guys here -- there are tax implications to be considered as you know.
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