prospreads.com

Morning all,
thanks Tomtom and Gedward for the info. Very helpful. It is not easy to get mortgage or loan for
Traders! (SB traders). but i think, that's the price you pay for being ' no Tax' :confused:
 
Pro spreads are starting FX cash and 24 hrs trading from Monday 12th October with 0.5 pip spreads one way, 1 pip spread the round trip. That is good on the top of being DMA and still accounting like SB company. I think it is great. Apart from SB being tax free one also saves accountancy fee and a lot of unnecessary paper work and some emotions linked to accounting for tax purpouses, much better to channel this energy to trading, indtead of wasting it on book keeping, calls and visits to your accountant.
 
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This all sounds great. I am still interested in peoples actual experiences using Pro spreads.
Things like slippage etc.
 
Pro spreads are starting FX cash and 24 hrs trading from Monday 12th October with 0.5 pip spreads one way, 1 pip spread the round trip. That is good on the top of being DMA and still accounting like SB company. I think it is great. Apart from SB being tax free one also saves accountancy fee and a lot of unnecessary paper work and some emotions linked to accounting for tax purpouses, much better to channel this energy to trading, indtead of wasting it on book keeping, calls and visits to your accountant.

That sounds great 2be. Where did you get this information? seems strange that prospreads have not been promoting this in any way. I can't find anything alluding to this online. Do you know if they will be offering all the major pairs?
 
Pro spreads are starting FX cash and 24 hrs trading from Monday 12th October with 0.5 pip spreads one way, 1 pip spread the round trip.


I had a mail from them saying that margins and the minimum deposit for indices had been reduced, but no mention of the above.
 
I had a mail from them saying that margins and the minimum deposit for indices had been reduced, but no mention of the above.

I have spoken with them on phone, I have been waiting for this for last few months, and have requested them to phone me. I am under the impression that 24 hrs trading will allow smaller margin requirerments, and the spread for G/U has been confirmed by phone as I have asked for that pair.
I hope that majors will be available, but have not spoken about it. Pls phone them, they have been very helpful on the phone.
 
I have spoken with them on phone, I have been waiting for this for last few months, and have requested them to phone me. I am under the impression that 24 hrs trading will allow smaller margin requirerments, and the spread for G/U has been confirmed by phone as I have asked for that pair.
I hope that majors will be available, but have not spoken about it. Pls phone them, they have been very helpful on the phone.

Just to point out that we hope to release Fx Spot on Monday, but 24hrs to come, not from Monday.
We will be offering top 25 FX pairs.
 
This all sounds great. I am still interested in peoples actual experiences using Pro spreads.
Things like slippage etc.

All i know that is they dont offer guaranteed stops, this is because they offer DMA and the stops dont work with them they are held at the actual exchange, so as for slippage i can talk from experience is that depending on market volatility there could sometimes be small slippage on busy markets but on normal situation no slippage.
 
All i know that is they dont offer guaranteed stops, this is because they offer DMA and the stops dont work with them they are held at the actual exchange, so as for slippage i can talk from experience is that depending on market volatility there could sometimes be small slippage on busy markets but on normal situation no slippage.

Just to be clear here: you are actually a client of Prospreads?
May I ask for how long you have been trading with them?

EDIT: ok, I see an older posting of yours where you say you were with Futuresbetting when it changed over to being Prospreads and that you basically like them. My comment below still applies though.

I am surprised that we don't get more active feedback (positive or negative) from clients of Prospreads on T2W (and also, FWIW, from clients of FXCM). We hear enough from users of the likes of Capital Spreads, IG and a few others.
 
Been plenty of comment over the years (hint : use search facility)
Personally can't remember a client of theirs posting a negative opinion.
 
They have fast execution and for day trading that is all we need.
They tell me that charts will be avalible soon, but that was a few months ago, have they forgot ?
It is claimed that it will be similar to the IG package.
We await developements
 
They have fast execution and for day trading that is all we need.
They tell me that charts will be avalible soon, but that was a few months ago, have they forgot ?
It is claimed that it will be similar to the IG package.
We await developements

Are they going to offer direct trading from charts, though?
 
Been plenty of comment over the years (hint : use search facility)
Personally can't remember a client of theirs posting a negative opinion.

I have used the search facility for this in the past, and have just repeated the exercise this morning. Doing a content search on "prospreads" gave 174 hits. I looked at some of the indirect references as well but no doubt there were some I missed. Several of those hits were in fact my own questions about them.

I now have a list of 3 definite users here who have reported positive experiences.
1 other who tried it in the past and found it expensive.
2 others who it's not clear if they were live trading with them or not.

3 others who it's not clear if they are users of them or not, including your good self, who has made several comments within threads which refer to them, but I didn't find one in which you definitely said you were one of their clients. You may wish to clear that up now if you like.

I did not on this occasion search explicitly for "futuresbetting" although I have done in the past; I found some references to them in my search for prospreads this morning, as you would expect.

So, I wouldn't exactly call this overwhelming (in a positive or a negative sense), which is more or less what I was saying in my previous posting on this subject. However, I think I have the general picture of what they offer, their advantages and possible disadvantages. I won't bother rehearsing those here, especially as it would not be from first-hand knowledge in my case.

What I still have not seen here are any postings from people who have used both FXCM and Prospreads and some kind of comparative review although I have explicitly asked for this on at least one occasion, having been surprised not to be able to find such a thing already there. I haven't even had a reply such as "You're talking out of yer orifice Mike - they are in no way comparable!". I'd be happy to accept that reply from someone who has actually used both of them.

When you say "can't remember a client of theirs posting a negative opinion", based on those 174 hits I mentioned above, then I think I would agree with you. There was some negative comment (mostly about relative cost), but except in the one case I mention above, this all seemed to be from non-clients of theirs, i.e. people who had never actually tried them.
 
Been using them 3-odd years, superb platform that totally suits my (sub 5 minute) bund scalping requirements.
 
Been using them 3-odd years, superb platform that totally suits my (sub 5 minute) bund scalping requirements.

Thanks DB. I've also just noticed another probable actual user who seems content enough, so with you that adds 2 to my previous number. I'm sure there are others and this obviously wasn't meant to be a comprehensive survey. There's also the issue that those who are happy just quietly get on with it, and it tends to be the malcontents who make the most noise :D

EDIT: BTW, I noticed one, or it may have been more than one person, who said that even with the apparently increased cost of trading with Prospreads, they still made better money than with their old SB firm.
 
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In round numbers, for bund trading, I pay 1.0 tick (ie 1 cent) per round trip on the first 200, then 0.5 per rountrip above. In my little head, I rationalise that as paying 0.5 per round trip (tick size is 1.0) for all and I pay them 100EUR per month to use the platform iyswim.

As already stated, I had little bro' (big in a well known high-street bank) check out the client account segregation side when I started, if anything, the speed at which clients had funds returned after their little hiccup last year confirmed his view that it was totally kosher.

Have been to a seminar given by the CEO (whatever, the boss man anyway) and came away satisfied + I used to know one of the founders from my old LIFFE floor days.

Regulation is via the Gibralter SFA which has a reciprocal agreement with the UK FSA, was totally satisfied when I looked at this in depth.

To me, their business stratagy is blindingly obvious, they're essentially a futures broker offering level 2 DMA who are calling their charges a "spread" rather than "commission"

For charting, I use ESignal (if I want a chart then I go to a specialist chart provider not a futures broker!) as I use some colour-coded slightly specialised averages on non-standard bar charts.

Looking to automate it all, it''l be grey rather than black-box tho'. For that however, I'll go over to Gib and discuss it over a few beers with their techhies as I personally think ninja trader's a pile of poo.
 
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