prospreads.com

This is a discussion on prospreads.com within the Spread Betting & CFDs forums, part of the Commercial category; Does anyone currently use preospreads.com? Please tell me if all the hype and advertising claims match your personal experience of ...

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Old Jun 26, 2009, 3:17pm   #1
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prospreads.com

Does anyone currently use preospreads.com?
Please tell me if all the hype and advertising claims match your personal experience of this company or rather division of London capital group.
Thanks
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Old Jun 26, 2009, 4:45pm   #2
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|I've just opened an account with them. Have you tried them?
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Old Jun 26, 2009, 4:57pm   #3
 
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I was curious about them too. Do they do they only do futures on FOREX, or can you get spot? What's the spread for GBPUSD or EURUSD for example?
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Old Jun 26, 2009, 7:14pm   #4
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? not yet!

magten started this thread
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Originally Posted by nash02 View Post
|I've just opened an account with them. Have you tried them?
? not yet!
I am interested if they are as good as they claim, lets see...
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Old Jun 27, 2009, 12:22pm   #5
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Originally Posted by magten View Post
Does anyone currently use preospreads.com?
Please tell me if all the hype and advertising claims match your personal experience of this company or rather division of London capital group.
Thanks
I do not trade live with them. The former name of Prospreads.com, futuresbetting.com had an excellent reputation. I see no reason why this will not continue with LCG as owner. The reason for this is that you are actually trading the futures with a spread betting wrapper. So you are in fact trading with DMA. Prospreads is not a Market maker in the right sense of the word as, they hedge all trades against the future market. Why should one trade with Prospreads if trading the futures with for example with Interactivebrokers, who is much less expensive (at least they used to be)? The only reason for this is probably tax reasons and privacy.
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Old Jun 27, 2009, 1:50pm   #6
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Privacy?
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Old Jun 27, 2009, 2:09pm   #7
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Originally Posted by Phil Mibbutz View Post
Privacy?
Meaning, tax authorities is not likely to find out you might have some money stashed away. I am also quite sure some insiders is using SB for their activities, not to forget to mention the black market. This is only my personal point of view and not based on any real facts whatsoever.
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Old Jun 27, 2009, 2:21pm   #8
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Meaning, tax authorities is not likely to find out you might have some money stashed away. I am also quite sure some insiders is using SB for their activities, not to forget to mention the black market. This is only my personal point of view and not based on any real facts whatsoever.
Isn't it possible to convert your taxable profits at a futures broker by taking an exactly opposite position at a SB? Exit both when the futures move against your position at the broker and profits get transferred to the SB ? Of course you have to bear the cost of spreads on both sides but that would amount to about 1%
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Old Jun 27, 2009, 2:35pm   #9
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Isn't it possible to convert your taxable profits at a futures broker by taking an exactly opposite position at a SB? Exit both when the futures move against your position at the broker and profits get transferred to the SB ? Of course you have to bear the cost of spreads on both sides but that would amount to about 1%
Yes I think it could be feasible. It all depends on your country's tax policy. In Sweden as private person you can only deduct 70% of your losses but you have to pay 30% tax on futures profit. If the futures trading is within a company (Ltd., Inc., Co.), you can deduct the whole amount you have lost against profit in the company.
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Old Jun 27, 2009, 8:29pm   #10
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Originally Posted by nash02 View Post
Isn't it possible to convert your taxable profits at a futures broker by taking an exactly opposite position at a SB? Exit both when the futures move against your position at the broker and profits get transferred to the SB ? Of course you have to bear the cost of spreads on both sides but that would amount to about 1%
I have been thinking about it again. It is a risky strategy. You will be worst off if your futures continue to increase in value. You will be paying tax for the profit and at the same time you will lose the whole value plus the spread on your SB positions.
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Old Jun 27, 2009, 9:13pm   #11
 
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Originally Posted by gle101 View Post
I have been thinking about it again. It is a risky strategy. You will be worst off if your futures continue to increase in value. You will be paying tax for the profit and at the same time you will lose the whole value plus the spread on your SB positions.
nash02's suggestion is a very good one. You'd have to be very unlucky to get every trade right with the DA broker and wrong with the SB. I know a couple of traders, who have DA and SB a/cs. They utilise this tax hedging strategy.
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Old Jun 27, 2009, 9:42pm   #12
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nash02's suggestion is a very good one. You'd have to be very unlucky to get every trade right with the DA broker and wrong with the SB. I know a couple of traders, who have DA and SB a/cs. They utilise this tax hedging strategy.
Yes could be, still your futures positions might be increasing in value and your SB might lose in value. I didn't actually mean that all your trades on SB were losers and all future positions were winners. I guess you can calculate a stop loss as to when you have to close down your SB positions contra futures positions taxable value. I believe there was as discussion on this subject on the old Futuresbetting thread.
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Old Jul 7, 2009, 8:41pm   #13
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I have a funded account with Prospreads, not happy they stop using Ninjatrader platform last month,
i just downloaded there platform, some limitations if u have used ninja

i having to use demo platform b4 i go live, i met the MD & A Wolley the Sales Manager in LONDON seminar few weeks ago.. had account with them 6 months

I trade futures Emini ES contract & Sweet Crude Oil CL
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Old Jul 8, 2009, 9:48am   #14
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I have a funded account with Prospreads, not happy they stop using Ninjatrader platform last month,
i just downloaded there platform, some limitations if u have used ninja

i having to use demo platform b4 i go live, i met the MD & A Wolley the Sales Manager in LONDON seminar few weeks ago.. had account with them 6 months

I trade futures Emini ES contract & Sweet Crude Oil CL
Dschoon, we have explained the issues with Ninja.
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Old Jul 8, 2009, 10:29am   #15
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yes trying your platform this week on demo
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