Choosing an SB provider

Stargunner

Active member
127 19
I'm writing this post to see if anyone can help me choose an SB provider, but then again maybe someone will tell me SB is not for me.

I'm a small time trader really, I would like to ideally be able to trade 50p per point (for the lifetime of the account) on UK equities and commodities, but I could settle for £1 per point. I don't particularly care about other markets, but I want a good range of UK equities.

I'm not too fussed about all the platforms or low margins, if a provider has good ones, that's nice but it's a lower priority.

I've currently been looking mostly at IG and both City Index and their Finspreads brand.

My main concern with SB firms is how I can't really see them wanting you to win. While angry traders who've made a loss and blame it on the firm aren't the best to rely on, the very high volume of negative reviews of firms worry me. Is there anything I can look out for which means there's a bit less of a conflict, like 'no dealer desk' providers?
 

counter_violent

Legendary member
10,651 2,829
I'm writing this post to see if anyone can help me choose an SB provider, but then again maybe someone will tell me SB is not for me.

I'm a small time trader really, I would like to ideally be able to trade 50p per point (for the lifetime of the account) on UK equities and commodities, but I could settle for £1 per point. I don't particularly care about other markets, but I want a good range of UK equities.

I'm not too fussed about all the platforms or low margins, if a provider has good ones, that's nice but it's a lower priority.

I've currently been looking mostly at IG and both City Index and their Finspreads brand.

My main concern with SB firms is how I can't really see them wanting you to win. While angry traders who've made a loss and blame it on the firm aren't the best to rely on, the very high volume of negative reviews of firms worry me. Is there anything I can look out for which means there's a bit less of a conflict, like 'no dealer desk' providers?

Spread bet firms have moved on in leaps and bounds from the early days. You really don't need worry about being a winner as there are always more losers than winners, if the SB company is making a profit and the govt is getting it's share via tax revenues, then everyone is happy.
 

Stargunner

Active member
127 19
Well as far as I can tell, if you're in the UK, using a UK firm, there's no income tax, CGT, or stamp duty to be paid in any event. HMRC consider it to be gambling winnings, despite being regulated by the FCA rather than the Gambling Commission.

Even a full time professional gambler's winnings aren't always taxable. It's very up in the air though, and the Archbishop of Canterbury is calling spread betting an avoidance scheme now....

I will look more into using spread betting firms if they don't do unscrupulous things like send your bets to a trading desk for minutes if you're a regular winner, thus causing slippage.
 

counter_violent

Legendary member
10,651 2,829
 
AdBlock Detected

We get it, advertisements are annoying!

But it's thanks to our sponsors that access to Trade2Win remains free for all. By viewing our ads you help us pay our bills, so please support the site and disable your AdBlocker.

I've Disabled AdBlock