Credit Card Ban

[vimal1]

I hope this extends to Spread Betting. About time this came into law
https://www.bbc.co.uk/news/business-51103006

Also I thought before implementation MiFID II for changing allowable leverage for traders was a bad idea. Before for retail it was 500:1 leverage but this is now 30:1
I still have an account with professional 500:1 as I have been trading 25 years +, have experience etc etc and fulfill professional criteria.
However, I think moving to 30:1 is great and I sleep at night much easier than before

Its all changes for the better!

 

[tomorton]

Spreadbetting today in the UK is not gambling, nor is it a scam.

 

[MasterOfCoin]

As I was wisely informed in my youth ....

A fool and his money are easily parted.


Just don't see why the Nanny State should be coddling fools.
😀

 

[WalletInvestor]

Spreadbetting today in the UK is not gambling, nor is it a scam.

No it's not, but regulation is still very important.

 

[tomorton]

It's stupid enough if you keep everything on one account, there is an option that can go bankrupt and then you will lose everything

Look for a UK-regulated firm which is required by the FCA to be a member of the Financial Services Compensation Scheme. This ensures that if the firm goes bankrupt, your deposited funds will be reimbursed to you, up to £85,000.

 

[trilobite]

Look for a UK-regulated firm which is required by the FCA to be a member of the Financial Services Compensation Scheme. This ensures that if the firm goes bankrupt, your deposited funds will be reimbursed to you, up to £85,000.

Definitely, had an advisory broker go bad on me, turns out they were doing illegal things in the U.S. FCA picked up on , investigated them and they were put into administration. Got all my funds back, investors with them not covered by the FCA were not so lucky.

 

[tomorton]

Definitely, had an advisory broker go bad on me, turns out they were doing illegal things in the U.S. FCA picked up on , investigated them and they were put into administration. Got all my funds back, investors with them not covered by the FCA were not so lucky.

Excellent update. That's the first time I've actually heard of a trader getting financial help after the FCA got involved.