Spread betting at FXCM

This is a discussion on Spread betting at FXCM within the Spread Betting & CFDs forums, part of the Commercial category; Wanted to see if anyone has tried FXCM's spread betting platform since it was launched in March. Learn about Forex ...

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Old Jun 23, 2009, 4:26pm   #1
 
Jason Rogers's Avatar
Joined Jun 2009
Spread betting at FXCM

Wanted to see if anyone has tried FXCM's spread betting platform since it was launched in March. Learn about Forex Spread Betting at FXCM Any feedback on the platform or trading execution? Would love to hear any pros/cons about your experiences.

Cheers,

Jason
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Old Jun 24, 2009, 2:45pm   #2
 
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Originally Posted by Jason Rogers View Post
Wanted to see if anyone has tried FXCM's spread betting platform since it was launched in March. Learn about Forex Spread Betting at FXCM Any feedback on the platform or trading execution? Would love to hear any pros/cons about your experiences.

Cheers,

Jason
Hi Jason,
I've been looking at FXCM with a view to moving from IG and they look gr8 with a lot of back up stuff to browse. There are so many Spread Betting accounts available but this one's Currency specific which is my main area of interest. I'm going to start a Demo Acct with them and I'll keep you posted. Let me know how you get on...
All the best,
sk8fx
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Old Jun 24, 2009, 3:30pm   #3
 
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Jason Rogers started this thread Hi sk8fx,

Thanks and let me know how it goes.

Couple of big differences from traditional spread betting firms is that there are no re-quotes. All of the spread bets are hedged real-time with a major bank of financial institution. And there is a no debit balance policy. I've heard a lot of horror stories over the past year of traders owing large amounts to their brokers for trades that moved massively against them.

-Jason

Some of the big differences between the traditional spread betters is that the FXCM
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Originally Posted by sk8fx View Post
Hi Jason,
I've been looking at FXCM with a view to moving from IG and they look gr8 with a lot of back up stuff to browse. There are so many Spread Betting accounts available but this one's Currency specific which is my main area of interest. I'm going to start a Demo Acct with them and I'll keep you posted. Let me know how you get on...
All the best,
sk8fx
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Old Jun 24, 2009, 10:47pm   #4
Joined Jul 2004
"FXCM UK offers Spread Betting exclusively to UK Residents. Residents of other countries are NOT eligible"

I wonder why?
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Old Jun 25, 2009, 12:01am   #5
Joined Jun 2003
Because different countries have different gambling laws. Remember the issue with UK poker sites targeting US punters?? Also, spreadbetting has a tax exemption only in the UK - I know of no other country where this is the case.
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Old Jun 25, 2009, 3:05pm   #6
 
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Jason Rogers started this thread
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Because different countries have different gambling laws. Remember the issue with UK poker sites targeting US punters?? Also, spreadbetting has a tax exemption only in the UK - I know of no other country where this is the case.
Rainmaker is exactly correct. We offer spread betting only to UK residents because spread betting is exempt from UK taxes.

The spread betting product is the same thing as our regular spot forex trading product, it's just classified as "spread betting" so that our UK clients can have the tax exemption.

There wouldn't be any reason for a non-UK resident to open a spread betting account since you're not reporting your income and capital gains to the UK tax authority.

If you want tax free forex trading there are 2 options: move to the UK or suggest to your national government to adopt the same tax exemption policy.
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Old Jun 28, 2009, 12:13pm   #7
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Originally Posted by Jason Rogers View Post
Rainmaker is exactly correct. We offer spread betting only to UK residents because spread betting is exempt from UK taxes.

The spread betting product is the same thing as our regular spot forex trading product, it's just classified as "spread betting" so that our UK clients can have the tax exemption.

There wouldn't be any reason for a non-UK resident to open a spread betting account since you're not reporting your income and capital gains to the UK tax authority.

If you want tax free forex trading there are 2 options: move to the UK or suggest to your national government to adopt the same tax exemption policy.
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 28, 2009, 12:39pm   #8
 
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Jason- what can FXCM do for me that IG can't. I spread bet 5 days a week. Are your spreads better. are your fills quicker, charting package, platform reliabilty etc.

I don't want a demo before you say it - just honest answers. Is FXCM better than IG.
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Thanks! The following members like this post: Kiwikurt
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