Any Direct Access Trading Brokers in UK for Newbies?

[Avais Chaudhri]

Hi all,

I'd appreciate it if anyone can help here, I looked in the forums but couldn't find an answer to my question.

I've just recently started Day Trading on the FTSE 100 equity stocks and I'm currently using a broker (TD Waterhouse in London). The problem of course is that you cannot execute transactions buy/sell intantly online and this can lead to serious consequences, especially when you want to enter and exit a trade within a few moments of each other!

I found a couple of UK DAT (Direct Access Trading) brokers such as Interactive Brokers etc. However to setup an account with them you have to have dealt with at least a 100 trades under your belt, (don't quite know how they would want you to prove this) and it seems like you almost have to be a professional trader to join.

Does anyone know firstly if it's actually easy to setup an account for a newbie or wheather you know of any other broker with DAT in the UK that has less stringent account setup rules?

Really appreciate your help!!

Thanks,

Avais

 

[price777999]

you can open an account with IB as a newbie you are just being to honest in your application.

 

[price777999]

anyone know the charges for IB i couldnt figure them out on the site ....?
I believe its 1.70 GBP per contract on the FTSE 100 for example ?
Does that mean 100 GBP bet per point would cost 17 GBP ?
are there any other charges ?

 

[tape reader]

There are no other charges if you chose Bundled Commissions. You'll be paying 17 GBP for 10 contracts.