Easy to open account?

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aparoid89

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I'm looking for a spreadbetter that is unlikely to reject me. I've applied for capital spreads and ig index and both have not taken me because of my low salary. Any sites with more lax requirements?
 
Try CMC Markets. When someone doesn't meet their criteria for opening an account, they recommend that the account is not open but they still give you the option to continue to open the account - see the attachment.
 

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actually Capital Spreads also gives you the option to open an account on the same basis but does ask you to declare that you are aware that Capital Spreads deems that the product is not suitable for you.

We used to just reject everyone below a certain salary/savings level but then "Mifid" indicated that this was not fair to clients (?!) (TCF). Presumably on the lines that we must treat everyone the same. So now we just settle for stating that we do not think you should have an account but offering you our services if you declare that you are still happy and that you understand the risks.

(i.e that you are ignoring our warning)

We do only give such clients a limited risk account as we certainly cannot be calling them for margin or for losses to be made up.

Simon
 
As a competitor I would say 'terrible' of course !!!

joking aside ... they are one of the 'big four' and all of the major SB companies are pretty much of equally good quality. In general as good as you will get on any trading platform.
 
capitalspreads said:
actually Capital Spreads also gives you the option to open an account on the same basis but does ask you to declare that you are aware that Capital Spreads deems that the product is not suitable for you.

We used to just reject everyone below a certain salary/savings level but then "Mifid" indicated that this was not fair to clients (?!) (TCF). Presumably on the lines that we must treat everyone the same. So now we just settle for stating that we do not think you should have an account but offering you our services if you declare that you are still happy and that you understand the risks.

(i.e that you are ignoring our warning)

We do only give such clients a limited risk account as we certainly cannot be calling them for margin or for losses to be made up.

Simon
Click to expand...

The OP said that capital spreads rejected his application.
 
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not knowing his application details i cannot really comment.
maybe he said something different on CMC than he said with Capital Spreads. It must be remembered that by Mifid rules we are permitted to accept statements of wealth made by clients on application forms. All we are tasked to check is that the person is who he says he is (or she). And then once the account is open to constantly check for money laundering warnings/fraud etc

There are no actual limits to who we can give an account too, we are just asked to ensure that the client knows what he is doing and that he feels that the product is suitable for his current investment requirements (or words to that effect)

In reality the vast bulk of our clients just want to have a small punt on the markets.. make a bit .....lose a bit. have a bit of fun. The percentage who treat it as a major investment tool, and fund it to this effect, is quite low. But we must still treat everyone the same under the regulatory codes.



Simon
 
aparoid89 said:
cool CMC just accepted me. Are they good?
Click to expand...

No.

Have you seen their platform? It looks like an arcade game designed for 7 year olds.

Just pick the company you want, and lie on your application - they're not going to check. Put down that your income is £100,000 and your savings a few million.
 
The Leopard said:
No.

Have you seen their platform? It looks like an arcade game designed for 7 year olds.

Just pick the company you want, and lie on your application - they're not going to check. Put down that your income is £100,000 and your savings a few million.
Click to expand...

Of course they check. Why are you openly encouraging fraud.....??
An edit by you is perhaps in order.
 
jungerns said:
Of course they check. Why are you openly encouraging fraud.....??
An edit by you is perhaps in order.
Click to expand...

I think there would be fraud if applying for a credit account and you declared your income/savings to be higher than it actually is, similar to applying for a bank loan/credit card.

Even without applying for credit, some companies do carry out credit checks (e.g. Spreadex) but most don't (just a credit enquiry but that doesn't check your income).
 
hacks said:
I think there would be fraud if applying for a credit account and you declared your income/savings to be higher than it actually is, similar to applying for a bank loan/credit card.

Even without applying for credit, some companies do carry out credit checks (e.g. Spreadex) but most don't (just a credit enquiry but that doesn't check your income).
Click to expand...

And what if the Brokerage or whatever should grant credit facilties to a level that the client couldn't possibly cover........

The Leopard character is advocating fraud pure and simple..
 
jungerns said:
Of course they check. Why are you openly encouraging fraud.....??
An edit by you is perhaps in order.
Click to expand...

Are you really this dumb? The Capital Spreads guy has said ON THIS VERY THREAD that they don't check income / savings.

And how is it fraud? You're not taking anything from them. You're not getting credit, or selling them something, or getting them to invest in something. If you then apply for or accept credit facilities that might be different, but he isn't, so how is it fraud unless he does?
 
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jungerns said:
Of course they check. Why are you openly encouraging fraud.....??
An edit by you is perhaps in order.
Click to expand...

You're wrong/
I lied my ass off only all of my applications in my earlier days. I was actually unemployed and had next to zero savings, but made out I was in a high paid job with boat loads of savings. Otherwise they'd have never accepted me.
 
piggybridges said:
You're wrong/
I lied my ass off only all of my applications in my earlier days. I was actually unemployed and had next to zero savings, but made out I was in a high paid job with boat loads of savings. Otherwise they'd have never accepted me.
Click to expand...

He's wrong about most things.

He's into things like Jtrading, Johal Investments and the like. I pointed out what a chump he was being but he didn't like it for some reason. You just can't help some people.

Anyway, he probably just made his cretinous and obviously wrong post to have a pop at me.
 
The Leopard said:
Are you really this dumb? The Capital Spreads guy has said ON THIS VERY THREAD that they don't check income / savings.

And how is it fraud? You're not taking anything from them. You're not getting credit, or selling them something, or getting them to invest in something. If you then apply for or accept credit facilities that might be different, but he isn't, so how is it fraud unless he does?

I think f ucking off and getting a brain cell by you is perhaps in order.
Click to expand...

You advocated fraud pure and simple...........I refer you to #16. If thats beyond your ability to understand than I would suggest a factory job would suit you well.
Being abusive and shouting will never make you right....:..
 
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