Finspreads or CMC

Roonbox

Junior member
25 6
Hi All,

I am opening a third spread betting account ( I have one with marketspreads and one with IG Index). I am considering either Finspreads or CMC.

The platform does feel better with CMC, does anyone have any experience, good or bad, with either of these companies?
 

The Leopard

Experienced member
1,877 1,020
Hi All,

I am opening a third spread betting account ( I have one with marketspreads and one with IG Index). I am considering either Finspreads or CMC.

The platform does feel better with CMC, does anyone have any experience, good or bad, with either of these companies?

Neither. Open a real account or if you must use a bucket shop stick with IG.
 

The Leopard

Experienced member
1,877 1,020
Real account holders pay tax

Because some of them make money. Very few bucket shop customers pay tax, and that has nothing to do with SB being tax free. They'd still pay no tax if the first penny of profit was taxable.

If you want spread betting, use a DMA outfit like FP or ibetfinancials.
 

Roonbox

Junior member
25 6
Because some of them make money. Very few bucket shop customers pay tax, and that has nothing to do with SB being tax free. They'd still pay no tax if the first penny of profit was taxable.

If you want spread betting, use a DMA outfit like FP or ibetfinancials.

I have used SB accounts for a few years without too much trouble.. although I do plan to eventually work towards a trading platform.
what is FP?
 

x4x

Well-known member
465 61
I have used SB accounts for a few years without too much trouble.. although I do plan to eventually work towards a trading platform.
what is FP?

I've tried Fins and CMC and have found both to be inferior to IG.

Though I haven't tried them myself, Capital Spreads seem to have a good reputation. Why are you looking to open a third account?
 

Roonbox

Junior member
25 6
I've tried Fins and CMC and have found both to be inferior to IG.

Though I haven't tried them myself, Capital Spreads seem to have a good reputation. Why are you looking to open a third account?

I am segregating funds and will primarily base this account on Commodities
 

The Leopard

Experienced member
1,877 1,020
I have used SB accounts for a few years without too much trouble.. although I do plan to eventually work towards a trading platform.
what is FP?

I don't know your circumstances, so forgive me if I'm wrong, but you might start to have trouble if you start winning significant amounts, particularly if you do so trading short term. If you already make a lot and don't have problems I'd be surprised but by all means carry on and good luck to you.

FP is FP Markets UK. They're basically a futures broker, but they give you a spread bet wrapper. The key is you actually trade the real market, not the bucket shop's internal one. It is real DMA as well, not 'DMA functionality' like Prospreads.

The downside is they'll always be a bit costlier on commissions than a regular futures broker, but of course you don't pay tax.
 

Splitlink

Legendary member
10,850 1,233
I stay with Finspreads because they give me no problems. If I was to move to another and was asked why, I would have to say that it was only because I was curious. Since I am not, particularly, I stay where I am.
 

Roonbox

Junior member
25 6
In my opinion, IG Index is probably the best spread betting account. If you want another account (and it makes perfect sense to do so) then the next best is the London Capital Group whose trading platform underpins Capital Spreads (their own brand) plus other brands including InterTrader. Though not my favourites historically, SpreadEx and Spread Co have both improved recently. I seem to remember that Finspreads is based on the City Index trading platform, which Selftrade is moving away from.

Cheers for the input Lotin, One issue I'm a little concerned with Finspreads is that they seem like a small outfit. I would rather go with a group that have a lot of financial muscle, pref even backed by a bank if there are any banks that have a spread betting arm..

IG Index are a pretty big corporation, but Finspreads are worringly small.

Liam.
 

Splitlink

Legendary member
10,850 1,233
Cheers for the input Lotin, One issue I'm a little concerned with Finspreads is that they seem like a small outfit. I would rather go with a group that have a lot of financial muscle, pref even backed by a bank if there are any banks that have a spread betting arm..

IG Index are a pretty big corporation, but Finspreads are worringly small.

Liam.

That's a point that I have never heard expressed before. I have been with them since before online trading started. They are, now, a part of CI. How big they are, in the capalisation stakes, has never crossed my mind.
 

R.Charnock

Well-known member
400 124
Cheers for the input Lotin, One issue I'm a little concerned with Finspreads is that they seem like a small outfit. I would rather go with a group that have a lot of financial muscle, pref even backed by a bank if there are any banks that have a spread betting arm..

IG Index are a pretty big corporation, but Finspreads are worringly small.

Liam.


Fins = City with a respray, so I wouldn't worry about them being small.
 

lilli2

Member
78 0
Hi All,

I am opening a third spread betting account ( I have one with marketspreads and one with IG Index). I am considering either Finspreads or CMC.

The platform does feel better with CMC, does anyone have any experience, good or bad, with either of these companies?

hello CMC Markets screwed me up. It was my first Trade Ever. A few years ago. I put two down for a margin trade forex Uro Usd the the trade just kept going up for 2 days. Fearing it fall. I closed it. making £800 pounds £600 profit. I did all I was told to close. I was happy. I didn't check my Email for two days. when I did I was shocked to find 3 pages of margin calls. When I phoned they said I didn't click ontwice on the screen. They hadn't told me to. I lost £700 When I complained they said I was lucky they gave me £100 why complain. that hundred is still there. should I trade to used or will I lose it anyway? sincerely lilli 2 I don't know about finn spreads
 
 
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