Direct Access Brokers

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romun

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Has anyone got any advice on using Direct Access Brokers to trade the UK market?
I do not have broadband connection and no possibility of getting it in near future.

Thanks.

Bob
 
Sorry neighbour, I can't advise you on trading UK market.

I do know that if you want to trade CFDs you could take a look at www.gni.com

They have 'Touch' platform with direct access and level 2 for UK and other markets. You would need to ask if it works ok at 56k.

For futures there are numerous brokers including GNI who offer Pats or other platform.

It might be informative to ask, what markets people here trade, and why.

I know quite a few trade the Dow, whilst others trade the Dax, and some trade US equities as do I.

Good luck

Barry
 
I use Easy2Trade for UK and Europe, and it works fine with a 56k modem. The commissions are only £4 per trade which is low.

Happy hunting
 
Thanks for your replies about various brokers.
I'll check out their websites.

Bob
 
I trade through FFastTrade.com

Eurostoxx .85 cents a side!!
FTSE - .97 cents a side !

Amazing customer service and a great reliable platform. Any other FFastfill users out there?
 
Ah but you neglected to mention the $550 per month charge for the pro trading system and $175 for the web browser based one.

You need to trade 4 times per day every day of the month to even get close to IBs charges.

Not for me.

JonnyT
 
Madasafish,

How can the spreads be wider with IB if it is direct access to the actual marketplace? IB are not spread betters are they?
 
I am in the process of trying to open an account with IB. Ive faxed id and am waiting.......Ive heard that it can be a long process -- any idea how long. Ive e-mailed them to ask, but they dont reply(not a good start)
 
Hi bored,

I had absolutely no problems setting up an account with IB...

Everything was fast, prompt and efficent.

Recently transferring money to/from accounts has taken < 1 hour

JonnyT
 
Hi bored

You've given no indication of how long ago you faxed your ID through. This is handled by the Swiss office of IB, so you also need to allow time for liaison between UK / Swiss / US offices.

Opening an account with any US broker takes a long time - it's not peculiar to IB. Blame 9/11 and money laundering for the additional work involved on both sides to meet the new US Federal laws which were introduced supposedly to thwart laundering.

If I recall, my initial account took about two days to set up, and then once you've got the approval, you can then fund it which will also take a few days to clear through the UK banking system (assuming you are funding in sterling via electronic transfer).

Having opened an account, you have 30 days in which to fund it, otherwise the account open status reverts, and you have to start the process all over again - this could help anyone wishing to open an account to know that they can leave themselves plenty of time for all the paperwork before needing to cough up the dosh.

I'm sure you'll find the wait well worth it, and hopefully you're putting the time to good use by playing with their simulator to familiarise yourself with the TWS platform :D
 
I faxed the details last tuesday(15th), so should hear any time now. Thanks for your replies
 
Seems to some talk on other BBs..about Etrade offering Direct Access using their "DMA platform".

Anyone using this ? or any views on it ?
 
Madasafish.. re: GNI what do you consider to be high comm? how much are you paying them ?

RE; other direct access platforms, I find GNI's touch to be excellent. Also top notch is IG's L2...
 
Neil,

Those guys at Global were the first brokers that i opened an account with about 3 yrs ago............ I only did a few trades with them, and they seemed ok- but they have changed since then...........

i changed over to IB as well.............good stuff !

Al
 
Hi nobrainer...thanks for the info..

I've had quick look at their website and notice that they have a demo available for "Etrade Professional". I'll download it and see how it goes.

However on initial glance this doesn't seem like the Direct Access platform ? They are quoting flat fee commissions of £9.95 for UK shares / indices etc....Looks like this is specific to CFD trading ...

Ta...
 
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