Hard time..

[Cobrien]

Finding it real hard to chose a company to use for spreadbetting FX.

When i think i have found one I start to like the look of I read a few reviews and im back to square one. FXCM was one of them until I read about the $4 million fine they received. FXpro was another but then read about slippage and issue with closing requests. IG is another the charting software is £30 a month i know you get it back but for the size of the broker they shouldn't need to charge.

Is it possible to use a site like Tradingview or sharescope for the prices the company's are giving?

I read about having a ECN company etc and getting a company that is based in the UK.

Trying to find upto dates reviews of company's is hard, but its also trying to read the review with the thought of is it just a bad trader made the wrong decision but wants to pass the blame?

If trading wasn't hard enough picking the right company/broker is the hardest point atm.

 

[tomorton]

You've nothing to lose by opening an account with Capital Spreads. I have SB'ed with them for several years. They have a web platform which is easy to read and use. They are UK based, a large reputable firm. I recall one time when they closed a trade of mine by accident and reinstated it with an apology email to me before I had even noticed (maybe I would have done eventually, but then again maybe not, they couldn't know this).

If you don't find their service / features suit you, they will readily reimburse you I have no doubt. But the hands-on experience will give a lot of information to help you identify what's important to you personally and whats just bells and whistles. Of course some old hands run 2 SB accounts, one active and one as a back-up in case you can't access the one to close a losing trade, at least you can hedge using the back-up: the days of web access failures are rare in 2015, but there's nothing to stop you testing one off against the other and eliminating the weaker.

 

[remme001]

IG is another the charting software is £30 a month i know you get it back but for the size of the broker they shouldn't need to charge.

Do you really need the charting software? The platform already has decent charting. I assume your reffering to ProRealTime. I don't know any brokers that provide this for free so I wouldn't really hold this against them.

As for brokers in general I agree it's tough to make a decision. You need to filter out the reviews because plenty are just having a hard time trading and taking it out on the broker. The perfect broker doesn't exist so the best you can do is research each one write up a list of pros and cons and go for the one that have the main pros you're looking for. If you post your requirements we might be able to help but for now I can only guess what you intend to trade. Is it FX? If so perhaps take a look at ActivTrades if you want a broker that support spread betting. You've mentioned FxPro which is CFD's only so I'm going to suggest LMAX if the whole CFD element being subject to capital gains doesn't bother you that much.

 

[Cobrien]

Hi Mal,

Thanks for your input. As for

Do you really need the charting software? The platform already has decent charting. I assume your reffering to ProRealTime. .

I'm not taking away that there standard platform isn't good but comparing to other brokers, it is pretty simple on what it offers to say ETX or FXpro charting tool.

You are correct in the FX I'm looking to trade in and it is spread-betting I'm looking to start on.

I know some traders can blame the broker/platform for the issue they have but it hard to know what is the truth and what is not.

Thought posting here could get a few suggestions from a few of the FX/spreadbetter's on there preferred brokers.

The main Brokers I have looked into is ETX, FXCM, IG, Finspreads, intertrader and Capital spreads.

 

[Cobrien]

You've nothing to lose by opening an account with Capital Spreads. I have SB'ed with them for several years. They have a web platform which is easy to read and use. They are UK based, a large reputable firm. I recall one time when they closed a trade of mine by accident and reinstated it with an apology email to me before I had even noticed (maybe I would have done eventually, but then again maybe not, they couldn't know this).

If you don't find their service / features suit you, they will readily reimburse you I have no doubt. But the hands-on experience will give a lot of information to help you identify what's important to you personally and whats just bells and whistles. Of course some old hands run 2 SB accounts, one active and one as a back-up in case you can't access the one to close a losing trade, at least you can hedge using the back-up: the days of web access failures are rare in 2015, but there's nothing to stop you testing one off against the other and eliminating the weaker.

Thanks for the input Tom.

I will certainly give them another look over. I think for the the platform is what really draws me to a broker. Something that looks professional and nothing that looks like a 10 year old has slapped some random windows next to each other.

 

[remme001]

I think for the the platform is what really draws me to a broker. Something that looks professional and nothing that looks like a 10 year old has slapped some random windows next to each other.

Unfortunately how good a brokers platform is doesn't necasarilly mean they are a good broker. What's your opinion on Metatrader have you tried it out at all? It's by no means an advanced platform but it's highly customisable and with enough tweaks you can probably customise it into the way you want and seeing as many brokers support it if it's good enough for you it will mean you can focus your search on more important things like:
- Tight spreads / low commissions
- Execution
- FCA regulation
- No fees on deposits and withdrawals
- Do they give requotes?
- ECN, STP or Market maker?
- Slippage happens but do they pass on both negative and positive slippage (some will only pass on the negative)
- Do they provide any sort of client protection like negative balance protection and / or guranteed stops? (many don't)

Nice to haves:
- Enhanced client money protection beyond FSCS 50k
- Provides interest on client money held (this is fairly rare)

 

[Cobrien]

Hi Mal,

Unfortunately how good a brokers platform is doesn't necasarilly mean they are a good broker. What's your opinion on Metatrader have you tried it out at all?

I have played around with MT4 and tbh i liked it the customization of the platform is very good. As for using it again with reading reviews and talking to some traders they vow to not even touch it. So again as a beginner trader putting deposits into it and hearing reviews which are bad put doubts in my head.

I know finding a brokers with all the pro's and little con's is like find the magical unicorn.

My ideal spreadbetter broker would be someone who has good spreads on the majors ie EURUSD EURGBP USDCAD EURJPY. Preferably ECN. And that can use MT4 or had a dedicated java platform.

Out of interest if you don't mind me asking, do you spreadbet if you do who and what do you use?

Thanks.

 

[remme001]

Hi Mal,

I have played around with MT4 and tbh i liked it the customization of the platform is very good. As for using it again with reading reviews and talking to some traders they vow to not even touch it. So again as a beginner trader putting deposits into it and hearing reviews which are bad put doubts in my head.

I know finding a brokers with all the pro's and little con's is like find the magical unicorn.

My ideal spreadbetter broker would be someone who has good spreads on the majors ie EURUSD EURGBP USDCAD EURJPY. Preferably ECN. And that can use MT4 or had a dedicated java platform.

Out of interest if you don't mind me asking, do you spreadbet if you do who and what do you use?

Thanks.

I'm largely in the same boat as you and I've been demoing for over a year which has left me with a lot of time to research brokers.

I've suggested ActivTrades as this is who I'm likely to go live with as they tick a lot of boxes for me.

I really like LMAX as well but the fact that they don't provide spread betting kills it for me. Intertrader Direct also has an appeal.

Metatrader is used by tons of traders so it would be good to know what exactly the issues you are talking about are. I know MT5 has restrictions on hedging due to regulatory reasons but if you don't hedge then it shouldn't be a problem. If you do then use MT4 although it is aparently a little slower due to being single threaded which is still a minor thing in my opinion.

I've tried countless platforms but I've largely been demoing on the LMAX MT4 platform as they don't have expirations on the demo account.

Ultimately proving to yourself that you can be consistently profitable is probably more important that trying to find the perfect broker. As long as they provide the things already mentioned then that's all you can do.

 

[alexaherself]

Intertrader Direct also has an appeal.

Intertrader Direct (unlike Intertrader) is not based in the UK, and is regulated in Gibraltar.