Best UK Broker for FX?

[Ultimatus]

I am looking to open a FX account.

Which is the best way to go for this? Is spread betting better due to no tax?

I am demoing with Alpari and MT4 at the moment, is it possible to use MT4 and spread bet FX?

What is the situation with Tax when trading a 'normal' account with Alpari for example?

Many thanks!

 

[Ultimatus]

My search continues...

 

[Mr Flibble]

You'll have to pay tax with Alpari. I too am testing them out. Nice spreads but have you noticed timeouts?

 

[Ultimatus]

Ha it's funny you should mention that as I've just had another timeout!

Hmm not good is it!

RE the tax thing....from what I have read, what you save in commissions with spread betting, you make up with spread costs?....so I may as well just go the broker route then at least you get MT4.

 

[gc1]

what you save in commissions with spread betting, you make up with spread costs?

I think the answer to that is different for each person, e.g probably true for scalpers and probably not true for those holding longer positions.

As for "best", provided your individual trade size is not too small (ideally $125,000 or more) and you don't mind the lowish max leverage Interactive Brokers is difficult to beat (I know they are not U.K based - but they have a U.K office).

 

[TraderNumber7]

I am looking to open a FX account.

Which is the best way to go for this? Is spread betting better due to no tax?

I am demoing with Alpari and MT4 at the moment, is it possible to use MT4 and spread bet FX?

What is the situation with Tax when trading a 'normal' account with Alpari for example?

Many thanks!

I don't know about "best" and I've never had an account with them before, but when I look at their offering and talk to them on the phone, they do stand out in my mind as being worthy of a second look:

Platforms/Services/Solutions available include [not sure what your intentions are: Retail/Institutional/Size/etc.]:

Currenex
ICAP
HotSpotFXi
Integral
FXall
LavaFx

A pretty impressive list of offerings from a "Broker."


LCG FX

Disclaimer: Do your OWN homework and make your OWN decisions about which Intermediary you select.