new to spreadbetting

[osho67]

I have lots of free time and to keep myself busy I would like to do some spreadbetting. I want to start in a small way so I would prefer £0.50 or at the most £1 per point.Trading only indices. Might also try some forex pairs but I donot know what will be the lowest value per pip.

Some guidance would be much appreciated. Thanks

 

[leonarda]

I have lots of free time and to keep myself busy I would like to do some spreadbetting. I want to start in a small way so I would prefer £0.50 or at the most £1 per point.Trading only indices. Might also try some forex pairs but I donot know what will be the lowest value per pip.

Some guidance would be much appreciated. Thanks

trading indices is not the easiest place to start, books will tell you that. However they have their attraction due to simplicity. I would suggest forex or ftse350 quities first.

 

[osho67]

trading indices is not the easiest place to start, books will tell you that. However they have their attraction due to simplicity. I would suggest forex or ftse350 quities first.

Thanks for your input

Please suggest some brokers who would allow £0.50 or £1 per point Thanks

 

[bigal60]

Thanks for your input

Please suggest some brokers who would allow £0.50 or £1 per point Thanks

Hi

I would go for IG Index as you can start at 0.10/point for the first 2 weeks; 20p next two weeks; 0.50p next two weeks and finally £1.00/point after the 6 weeks.

Regards, Big Al

 

[henry766]

As yopur new you want to take advantage of offers to new customers , many are offering 300£cash back at mo , you maybe able to even offset 2 offers at once and thus gaurantee a profit , give you a good start , be warned though , you'll probably lose far more than you think .

 

[montmorencyt2w]

Smart Live Markets (a newish firm) has said that its 10p/pip starting rate is permanent.
(See the Meta Trader 4 thread in this sub-forum for more).

Tradefair has some narrow spreads and a starting offer.

World Spreads has been advertising 1 pip spreads on some indices.

Those are just some thoughts.

 

[Jack Hughes]

As yopur new you want to take advantage of offers to new customers , many are offering 300£cash back at mo.

Many? Who, what, where?

 

[JL1929]

Thanks for your input

Please suggest some brokers who would allow £0.50 or £1 per point Thanks

Fxcm Micro account, great place to start, and an easy platform to learn the basics!
Pips start around 7p.

 

[montmorencyt2w]

Fxcm Micro account, great place to start, and an easy platform to learn the basics!
Pips start around 7p.

We don't get that many people recommending FXCM here on the spread-betting part of the Forum, with one or two exceptions (e.g. Jason ). As you are a "rookie", to T2W, would you care to give us some of your experiences? How long have you been using it?

How successful have you been?

What do you think of the spreads compared with other SB firms?

(Or are you an FXCM "plant"? )

 

[JL1929]

;p , no I'm not a fxcm plant, although reading my previous message I can see where you got that from!
I would still recommend them for a new trader though, yes the spreads are poor especially with the micro account but the software is a great base whilst learning! I myself started with fxcm, admittidly I moved on the mt4 and now tradestation. The only real reason for my move being flexibity in the charting package! I'm a swing trader so am not so much affected by slippage or pip size, that's most likely the reason I didn't move away from fxcm faster.
But you should aways remember your roots!!



Jl

 

[montmorencyt2w]

Thanks JL.

 

[Black Swan]

Fxcm Micro account, great place to start, and an easy platform to learn the basics!
Pips start around 7p.

You can't open an fxcm micro with a small amount of cash if you're a UK citizen...I agree with Mike, If sml are keeping their bet size permanently at 10p that's a brilliant place to start and stay for at least 6 months..You could really experiment (correctly) with probabilities, learn the platform and try to get good at the job. IMHO at that level it's akin to paper trading with a tiny amount of added (good) pressure...Hat doffed to sml if they keep it at that level, IMO that's a better point of difference than using MT4..

My eldest lad can't get work experience this summer, school is citing health and safety and the recession, grim I might stick him on a sml account and keep him on it if he does OK and enjoys it, he's played around with IG on ocassion...Might look good on his UNI form?

 

[Jason Rogers]

You can't open an fxcm micro with a small amount of cash if you're a UK citizen...

Hi Black Swan,

A UK citizen can open an FXCM Micro account, but the account will be denominated in USD. Minimum is $25, and the funds would be converted from GBP to USD when the deposit is made.

-Jason

 

[montmorencyt2w]

Hi Black Swan,

A UK citizen can open an FXCM Micro account, but the account will be denominated in USD. Minimum is $25, and the funds would be converted from GBP to USD when the deposit is made.

-Jason

And are you dealing with the US or the UK firm with a micro account?

Thanks,
Mike

 

[Jason Rogers]

And are you dealing with the US or the UK firm with a micro account?

Thanks,
Mike

If applying as a UK citizen, the micro account is opened with FXCM UK.

 

[Black Swan]

Hi Black Swan,

A UK citizen can open an FXCM Micro account, but the account will be denominated in USD. Minimum is $25, and the funds would be converted from GBP to USD when the deposit is made.

-Jason

I didn't know that, that's my eldest lad sorted for his summer work experience...

 

[SanMiguel]

trading indices is not the easiest place to start, books will tell you that. However they have their attraction due to simplicity. I would suggest forex or ftse350 quities first.

Maybe but FX is also much more volatile.

 

[silverpuma]

If applying as a UK citizen, the micro account is opened with FXCM UK.

Jason, regarding your answer above is this UK based Micro account still classed as a spread betting account ( i.e no tax)or a normal account that will attract tax on any profits? The reason I ask is I have a FXCM Micro account with a few $100 sitting in it for a good few months but have not used it for a while since I assumed it was not a SB account and I'm from the UK . At present I use IG. Thanks