Potential mass exodus from Spreadbetters.

Thirty9

Newbie
4 0
Has anyone been able to find an Aussie/NZ/Canadian broker who will a) accept accounts from UK-based customers and b) offer spread bets (not just CFDs)?

I've contacted loads and so far have found none that match that criteria - either they insist I use their UK-based branch e.g. Pepperstone, or they do not offer spread bets e.g. IC Markets.

I really, really dislike ESMA :mad:
 

koteltrader

Junior member
15 1
Has anyone been able to find an Aussie/NZ/Canadian broker who will a) accept accounts from UK-based customers and b) offer spread bets (not just CFDs)?

I've contacted loads and so far have found none that match that criteria - either they insist I use their UK-based branch e.g. Pepperstone, or they do not offer spread bets e.g. IC Markets.

I really, really dislike ESMA :mad:
Read the thread.
 

mike.

Senior member
2,098 701
Has anyone been able to find an Aussie/NZ/Canadian broker who will a) accept accounts from UK-based customers and b) offer spread bets (not just CFDs)?

I've contacted loads and so far have found none that match that criteria - either they insist I use their UK-based branch e.g. Pepperstone, or they do not offer spread bets e.g. IC Markets.

I really, really dislike ESMA :mad:
Don’t be to hasty to disregard CFD’s. Do the maths and calculate whether or not you would be subject to CGT..you might find a level CFD playing field as opposed to kicking a ball up Everest with spread betting broker.... IC markets still offering 500/1 leverage.
 

Thirty9

Newbie
4 0
Thanks Mike. My strategy is to continually buy small amounts and hold them for years, adding cash monthly to cover the downturns. At first glance, I think the daily interest of CFDs will cost me a lot. I also like not having the tax considerations (both not paying tax and not having to go through any extra pain on the self assessment!)
 
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jm1054

Junior member
42 12
Don’t be to hasty to disregard CFD’s. Do the maths and calculate whether or not you would be subject to CGT..you might find a level CFD playing field as opposed to kicking a ball up Everest with spread betting broker.... IC markets still offering 500/1 leverage.
Yep, had the heads up from IG earlier this week, that it all starts on 1st August for the instruments I trade.

I've just opened an account with IC Markets and plan on spending the next 8 weeks getting used to the platform so that it's all good come August.

Pretty gutted that it's come to this but hey ho, just one of those times to buckle up and adapt to the changes.

All the best to you all, hope this all doesn't affect you too much.
 
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DennisRogers

Newbie
1 0
Hi everyone - I'm an academic researcher trying to understand the impact of leverage changes on spread betting. I've found some mixed commentary across the web and created a survey to evaluate a larger sample size of spread betting users.

I'd really appreciate it if y'all would take the survey - it shouldn't take more than 2 or 3 minutes. Here's the link - https://www.surveymonkey.com/r/XKBQ8PT

Thank you in advance!
 

mike.

Senior member
2,098 701
Yep, had the heads up from IG earlier this week, that it all starts on 1st August for the instruments I trade.

I've just opened an account with IC Markets and plan on spending the next 8 weeks getting used to the platform so that it's all good come August.

Pretty gutted that it's come to this but hey ho, just one of those times to buckle up and adapt to the changes.

All the best to you all, hope this all doesn't affect you too much.

CTrader or MT4 platform. ?
 

Fintrader

Junior member
22 7
What about Switzerland? Dukascopy Bank in Switzerland say they are not applying ESMA rules, but their Dukascopy Europe subsidiary in Latvia will of course have to. Dukas offers forex, CFDs and binaries but no SBs (I guess SB is a purely UK thing because it depends on UK tax regs).
I can't imagine the EU will be very happy about a broker just over the border in Switzerland providing a way to get around the regulations...

-------------------------------------------------------------------------------

6 June 2018
DUKASCOPY BANK WILL KEEP LEVERAGE UP TO 1:200 & BINARIES
ESMA's recent restrictions imposed upon brokers of the European Union (EU) raised many questions.
Dukascopy Bank is regulated by the Swiss Financial Market Supervisory Authority FINMA and applies the highest standards of transparency and integrity.
Since Dukascopy Bank is in Switzerland, which is not a member state of the EU, it will not apply ESMA restrictions (neither on leverage, nor on binary options or others). ESMA restrictions will concern only Dukascopy Bank's European subsidiary − Dukascopy Europe, which will be fully compliant with new European regulations.
For further information on this matter please read FAQ.
 
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koteltrader

Junior member
15 1
I tried contacting Dukascopy to find out more about them. Chat session during European office hours left unanswered after 30 mins. Not the most promising start!
 

koteltrader

Junior member
15 1
Are any of our resident tax experts able to offer an opinion on the following...?

If using a CFD account with an Aussie broker but UK tax resident, is there no implication for Aussie taxes?
 

jm1054

Junior member
42 12
Are any of our resident tax experts able to offer an opinion on the following...?

If using a CFD account with an Aussie broker but UK tax resident, is there no implication for Aussie taxes?
I'm not a tax expert but pretty sure UK residents using an Aussie broker like IC Markets would only pay taxes in UK.