prospreads.com

[gedward3]

Hello All

Anyone here using Prospreads to trade Spot forex?

They look interesting and I've done a couple of webinars. Don't seem to have charting package. I emailed them to ask if Ninjatrader was an option as it was when they were known as futuresbetting.

Any feedback would be great..

Cheers

Your better off just going with a normal Spreadbetting company now as thats all they
are now. The DMA stuff is a croc of sh1t with these guys now. Better still find a US broker with low day trading margins.

http://www.prospreads.com/pdfs/OrderExecutionPolicy.pdf

Scope
The Execution Policy applies when orders are executed by ProSpreads on your behalf relating to financial spread betting transactions. In all
circumstances, we will be acting as principal and as such; we are your order execution venue. All spread bets are executed on an ‘OTC’ basis rather
than through a regulated market or multilateral trading facility

 

[stevehiggins]

Thanks for the reply mate.. The main reasons I found them interesting was that they do allow scalping.. in fact they welcome it. None of the other spreadbet company's seem to like this form of trading. Also as you know in the UK profits from spreadbets are tax free..

Have you tried the platform live? If not has anyone else got a live account with Prospreads ?

Cheers

Steve

 

[gedward3]

Thanks for the reply mate.. The main reasons I found them interesting was that they do allow scalping.. in fact they welcome it. None of the other spreadbet company's seem to like this form of trading. Also as you know in the UK profits from spreadbets are tax free..

Have you tried the platform live? If not has anyone else got a live account with Prospreads ?

Cheers

Steve

Hi Steve,

Ive not tried the live platform but if they are taking the other side of
your trades it will be pretty hard for them to hedge you trades in the
live market in my opinion. I understand about the tax free bit mate but
you have to make a profit for that part to become useful. If you speak
to them maybe they will give you a full explanation as to how they will
treat you if you scalp.

Ged

 

[montmorencyt2w]

Worth looking at FXCM, I would have thought.
Not sure what their policy is on scalping though.

 

[Jack Hughes]

Worth looking at FXCM, I would have thought.
Not sure what their policy is on scalping though.

If they're automatically hedging everything, as claimed, then their profit comes directly from the spread, so they should welcome scalpers with open arms.

 

[ProSpreads]

Hi Steve,

Ive not tried the live platform but if they are taking the other side of
your trades it will be pretty hard for them to hedge you trades in the
live market in my opinion. I understand about the tax free bit mate but
you have to make a profit for that part to become useful. If you speak
to them maybe they will give you a full explanation as to how they will
treat you if you scalp.

Ged

We are the client of the exchange payin fee's to the exchange and the clearing house's.
we add a spread to the bid and subtract a spread from the offer to earn our fee's ( commission). If the client was going direct to the exchange how could we add a spread.
we are talking mil seconds here, not like other SB'S where you will get requoted.
As a company we prefer scalpers as the more trades the more commission received.

 

[Jack Hughes]

If the client was going direct to the exchange how could we add a spread.

Just by taking the 'commission spread' after the trade has gone to the market, like a broker?

 

[A Dashing Blade]

Just by taking the 'commission spread' after the trade has gone to the market, like a broker?

Exactly, but their way allows them to be classified as a spread bet company

 

[magten]

Your better off just going with a normal Spreadbetting company now as thats all they
are now. The DMA stuff is a croc of sh1t with these guys now. Better still find a US broker with low day trading margins.

Thanks for that I was beginning to think the same thing. Please advise if you can I will appreciate it.
I only trade Mini Dow YM & Dax sometimes. Using spread betting. Used to use CFDs but changed to the spreads...
You say "Better still find a US broker with low day trading margins" OK - great idea
Could you tell me more about this course of action and possibly suggest a few good name I could research further.
Thank you.

 

[gedward3]

Thanks for that I was beginning to think the same thing. Please advise if you can I will appreciate it.
I only trade Mini Dow YM & Dax sometimes. Using spread betting. Used to use CFDs but changed to the spreads...
You say "Better still find a US broker with low day trading margins" OK - great idea
Could you tell me more about this course of action and possibly suggest a few good name I could research further.
Thank you.

Try one of these.

http://classic.mirusfutures.com/

http://www.velocityfutures.com/

http://www.openecry.com/

 

[ProSpreads]

Just by taking the 'commission spread' after the trade has gone to the market, like a broker?

Jack

if we did this, you would not be spreadbetting, for spreadbetting you have to add a spread...

 

[magten]

Try one of these.

http://classic.mirusfutures.com/

http://www.velocityfutures.com/

http://www.openecry.com/

Thank you.

 

[Jack Hughes]

Jack

if we did this, you would not be spreadbetting, for spreadbetting you have to add a spread...

Ah, the hint was in the proSPREADS bit, then? Seriously, though, when you started out as Futures Betting and said everything was hedged automatically in the market, I always wondered how it qualified as spread betting

 

[fxtrader13]

...why dont you ask them questions by calling...

I did that once, I asked them what was the typical spread on GBP/USD. The twat said "It is the difference between the bid price and the offer price." I won't be using these jokers.

 

[Vaco]

I did that once, I asked them what was the typical spread on GBP/USD. The twat said "It is the difference between the bid price and the offer price." I won't be using these jokers.

 

[ProSpreads]

Just to let people know that ProSpreads are now offering a charting package.

 

[Vaco]

Just to let people know that ProSpreads are now offering a charting package.

cool, any more details, I can't see anything on the site.

 

[ProSpreads]

cool, any more details, I can't see anything on the site.

We will be announcing the charts over the next few days, also the site is being updated.

 

[gedward3]

cool, any more details, I can't see anything on the site.

It will only be IT Finance the same as IG use and Capital Spreads.

 

[pit pony]

It will only be IT Finance the same as IG use and Capital Spreads.

Just wondering what you would like for free, Bloomberg ??
At least they will be actual market data, not there own levels like other spread betters.