Gni

[Splurge]

This post is directed at anyone using or maybe thinking to use GNI.

I have been considering opening an account with GNI for trading cfds. I have been romanced by the abilities of their trading platform and the games you can play when placing trades in the UK Stock Market. It sounds a very tempting jump to make......

However the wheel falls off my wagon when I am informed of their commission charges. The bottom line it seems to me is as its a percentage they end up making more money on your trade than you do. I do not want to post the rates I was offered especially as they were willing to cut them drastically when I detailed how many trades I place a day, but would rather hear from those people who use GNI and why they use them.

I have a Direct Access acount for trading the Nasdaq and am looking at around $30 for a round trip trade. Why would anyone consider using GNI with charges that are based as a percentage of the position you take. E.G their basic charge for a 1000 shares on rbos @14.99 would be £37 to open and £37 to close. 2000 shares would be £74 to open and £74 to close. Am I missing something???!!??

I really like the idea of their platform and the way it seems to work, but at these charges they can whistle.........

 

[Mr. Charts]

May I ask who you use on Nasdaq and if you're happy with them?
tia

 

[Splurge]

Cybertrader - not the best by no means as their charges are still higher than some others. I am looking for a suitable alternative - IB maybe but the fact remains there is no equivalent to this in the UK except GNI which comes close but their commission is ridiculous

 

[Mr. Charts]

Thank you, Splurge. Are you a Pattern Day Trader with CybertraderPro?

 

[Splurge]

yes - why u ask?

 

[ed crane]

i've used gni for a couple of years now. their trading platform is very good and they have just introduced an upgrade which should make it even better.

i agree about commisions but i would guess that their angle is that if you are buying on the bid and selling on the offer then they can afford to charge more - a percentage comm rate has always been the norm in the uk against cents per share in the US.

having said that if you think a share is going up the chances of buying on the bid and selling on the offer are slim. against that as far as i know gni is the only direct access platform available for UK stocks. there is no bias obviously and spreads very often are very narrow.

weighing everything up, i think they are worth continuing with. by the way they are also reducing their monthly charge for level 2 access from £100 to £50 from october

HTH

ed crane

 

[Mr. Charts]

>Splurge, tnx for replying - I'm thinking of switching to them and wondered if you were happy, apart from the fees

 

[boy]

I would appreciate any link for ftse and dax future direct access brokers,I am aware of easy2trade and IB Brokers, the latter having a commision of only £1.70 per side.

Thanks in advance.