More than one SB platform?

[rnl16616]

I am using IG Index for forex [swing/position trader] and I am quite happy with the service and the new PureDeal platform. However, I am considering whether I should also have a second provider [CMC Markets is my current thinking] as it seems from various older posts that most people have at least two accounts.

What are your thoughts or advice? [Or possibly recommendations]

 

[JTrader]

GFT SB offer a more or less identical serivce to CMC SB in terms of spreads, opening hours, both companies coming from a fx background......GFT seem to have slghtly more guards in place against ensuring that a clients account will never have a negative balance. CMC seem more happy for a clients account to go into loss. But check that stuff out for yourself....

 

[the blades]

GFT SB offer a more or less identical serivce to CMC SB in terms of spreads, opening hours, both companies coming from a fx background......GFT seem to have slghtly more guards in place against ensuring that a clients account will never have a negative balance. CMC seem more happy for a clients account to go into loss. But check that stuff out for yourself....

the last time I checked GFT, (from memory) they didn't offer quarterly bets? I'm not sure if this is still the case.

To answer the original question - I'd suggest having accounts with more than one company. IG offer the smallest (market cap) companies, Finspreads the smallest bets and CMC the smallest spreads. All 3 heve their advantages at different times, for me.

UTB

 

[Hoggums]

GFT SB offer a more or less identical serivce to CMC SB in terms of spreads, opening hours, both companies coming from a fx background......GFT seem to have slghtly more guards in place against ensuring that a clients account will never have a negative balance. CMC seem more happy for a clients account to go into loss. But check that stuff out for yourself....

I trade the same instruments but in different ways, so I use separate accounts for each method.

 

[fibonelli]

Also some instruments have slightly *lower spreads with particular SBs so I think it's a good idea to have 2-3 a/cs. Timeframe is important too.


*assuming you don't get slipped and/or re-quoted!

 

[JTrader]

Also some instruments have slightly *lower spreads with particular SBs so I think it's a good idea to have 2-3 a/cs. Timeframe is important too.


*assuming you don't get slipped and/or re-quoted!

Agreed.

 

[options]

Agree with Fib.

I have 2 active sb accounts. (No tax). Actually I think I have another dormant account somewhere.
And a account with fxcm (taxable).

But don't tell the tax man!

 

[bond_trader1]

I think you will find it hard to beat E*Trades spreads - even with CMC.

TD Waterhouse offer £150 free, without needing to put any money into the account and they let you trade off unrealised profit which offers an incredible opportunity to win big.

I have around 10 different accounts.

 

[fibonelli]

Also some instruments have slightly *lower spreads with particular SBs so I think it's a good idea to have 2-3 a/cs. Timeframe is important too.


*assuming you don't get slipped and/or re-quoted!

Here's screenprint illustrating differences in spreads.

Also, look at some of the skewing going on

 

[the blades]

I think you will find it hard to beat E*Trades spreads - even with CMC.

TD Waterhouse offer £150 free, without needing to put any money into the account and they let you trade off unrealised profit which offers an incredible opportunity to win big.

I have around 10 different accounts.

Hello bond trader,

Would you check out my thread "cost of spreadbetting" and look at the spread I'm paying CMC for FTSE350 stocks? (edit 0.19% for FTSE100, 0.29% for FTSE250 - both quarterlies, note also no rollover charge with CMC)

Can Etrade really beat this? I'd be suprised but very interested.

Cheers,
UTB

 

[PipStar]

TD Waterhouse offer £150 free, without needing to put any money into the account and they let you trade off unrealised profit which offers an incredible opportunity to win big.

Margin requirements at TD Waterhouse are very high though.
If you are trading say:
GBP/USD it is £200 margin to trade £1 per tick
GBP/JPY it is £300 margin to trade £1 per tick
I think I can find much better margin requirements with their competition.

Also regarding the £150 free, it is not available until you place your first trade as mentioned on their website.

 

[bond_trader1]

Margin requirements at TD Waterhouse are very high though.
If you are trading say:
GBP/USD it is £200 margin to trade £1 per tick
GBP/JPY it is £300 margin to trade £1 per tick
I think I can find much better margin requirements with their competition.

Also regarding the £150 free, it is not available until you place your first trade as mentioned on their website.

Hi Rookie,

Not sure why it says that on their website but the £150 is available BEFORE you place your first trade. I have verified this on TWO seperate accounts.

I can't verify the accuracy of what you say about their margins but it surprises me since they let you trade £3 a point on the Dax with a balance of £150.

 

[bond_trader1]

Hello bond trader,

Would you check out my thread "cost of spreadbetting" and look at the spread I'm paying CMC for FTSE350 stocks? (edit 0.19% for FTSE100, 0.29% for FTSE250 - both quarterlies, note also no rollover charge with CMC)

Can Etrade really beat this? I'd be suprised but very interested.

Cheers,
UTB

Hi blades,

Can you give me the specific spreads you want me to check out and I will do it for you and report it here.

Thanks,
BT1

 

[JTrader]

TD waterhouse & etrade etc. were very expensive in terms of costs/spread when they just offered share dealing. I didn't even know they offered SB'ing. I imagine imagine they're far from the best for SB, in the sense that overall, spreads will be cheaper elsewhere..

 

[bond_trader1]

TD waterhouse & etrade etc. were very expensive in terms of costs/spread when they just offered share dealing. I didn't even know they offered SB'ing. I imagine imagine they're far from the best for SB, in the sense that overall, spreads will be cheaper elsewhere..

JTrader, you are welcome to give me a spread on any market you trade and I will give you the corresponding spread in E*Trade.

Some of their SB spreads are better than direct market access. It's quite unbelievable.

 

[JTrader]

http://www.etradespreadbetting.com/public/spread-betting-price-quotes.htm

Hi BT

wel l for forex, they seem like CMC GFT etc 4 spreads based on the 2 pairs listed above.

It also comes down to service, speed of execution, lack of requotes, 24/5 trading hours for me.

 

[bond_trader1]

Yep, I agree, on the major products they usually equal the competition.

They usually beat others when it comes to Shares, Commodities and any Forex minors.

Do CMC quote USD/SEK? If so, what is the spread?

I have always found their service and speed of execution to be excellent.They have also never requoted me - even in the rare times when the price is visibly wrong (to my advantage) and they offer 24/7 trading.

Also, I am not affiliated in any way whatsoever, with them!

 

[JTrader]

I just spoke to etrade and they are not as good as CMC on minors - et only quote 0700-2100 on minors.
I think, but am not sure, that CMC minor spreads might be slightly better.
Major spreads are much the same.
They also said at £100 a pip, trades will go to dealers. CMC will still auto-execute at this level.

CMC/GFT are coming at SB'ing from a specialist forex background history, with a near identical fx retail serive still available. This has to be advantageous for the SB fx trader.

 

[bond_trader1]

Yes, you're right - they only quote 0700-2100 on minors.

With regards to dealer/auto execution, what can I say? I am nowhere near trading at £100 a pip just yet so I've never taken this into consideration.

As I said, major pairs are much the same and if there is some difference in minors in E*Trades favour then its probably negated by the fact they don't quote 24/7.

Where I think they excel is spreads on Shares and spreads on commodities. I am able to say this with a degree of accuracy because I do have over ten SB accounts including a CMC one although I can't login here at work to check spreads.

 

[PipStar]

Hi Rookie,
Not sure why it says that on their website but the £150 is available BEFORE you place your first trade. I have verified this on TWO seperate accounts.
I can't verify the accuracy of what you say about their margins but it surprises me since they let you trade £3 a point on the Dax with a balance of £150.

I suppose if I reach 100 posts I wont be a rookie any more :cheesy:

But here is the link to the T D Waterhouse margins:

http://www.tdwaterhousecfds.co.uk/PDF/TDW FSB MIS.pdf