Prospreads vs Interactive Brokers

Steakeater

Member
82 2
I am considering opening an account to trade forex with one of these firms, which one would you guys recommend?

It will be primarily day trading with about 6-7 trades a day so a tight spread is important.

Cheers
 

brettus

Experienced member
1,185 103
I am considering opening an account to trade forex with one of these firms, which one would you guys recommend?

It will be primarily day trading with about 6-7 trades a day so a tight spread is important.

Cheers

Prospreads isn't tight spreads after commissions. It is DMA somewhat. I don't know IB. Looking into open an account with them though.
 

D70

Established member
839 195
I am considering opening an account to trade forex with one of these firms, which one would you guys recommend?

It will be primarily day trading with about 6-7 trades a day so a tight spread is important.

Cheers

Open an account with both. You'll soon gravitate towards your preferred broker.
 
L

Liquid validity

0 0
LMAX and MBT are worth a look as well.
I'm with MBT due to Ninja, wish I had LMAX spreads though (No ninja support for Lmax).
 

Steakeater

Member
82 2
Thanks for the replies guys, to be honest looking at Prospreads I am struggling to see an advantage over IG Index now since there is 0.5 of a spread added to get in and out. What is the security of money like with Prospreads, has anyone had problems withdrawing money?

I am finding the IB website a bit confusing to be honest. What exactly do they offer? They are DMA, is that right?

Cheers
 

WR1

Active member
206 9
allegedly IG suck

and are just another Market Maker
so as always cheapest is nt always best

read the reviews and threads on IG
 

brettus

Experienced member
1,185 103
Thanks for the replies guys, to be honest looking at Prospreads I am struggling to see an advantage over IG Index now since there is 0.5 of a spread added to get in and out. What is the security of money like with Prospreads, has anyone had problems withdrawing money?

I am finding the IB website a bit confusing to be honest. What exactly do they offer? They are DMA, is that right?

Cheers

Don't trade Forex with prospreads. It's a rip off for currencies anyway. If you're serious about trading tight spreads and low commissions. Find a decent broker and get a Currenex account. Try Alpari Direct Pro. That's DMA, but it's taxable forex trading. They allow a minimum of 5k I think. It's the currenex platform. Its a great platform to use if you need to be quick getting in and out.

If you want a good setup that's tax free. You will need at least 25k.
 

Steakeater

Member
82 2
Don't trade Forex with prospreads. It's a rip off for currencies anyway. If you're serious about trading tight spreads and low commissions. Find a decent broker and get a Currenex account. Try Alpari Direct Pro. That's DMA, but it's taxable forex trading. They allow a minimum of 5k I think. It's the currenex platform. Its a great platform to use if you need to be quick getting in and out.

If you want a good setup that's tax free. You will need at least 25k.

Thanks for the info. What way does the tax work for forex, is it classified as capital gains or income tax?

Maybe it is cheaper overall to use prospreads if you don't have to pay tax on it?
 

Steakeater

Member
82 2
Don't trade Forex with prospreads. It's a rip off for currencies anyway. If you're serious about trading tight spreads and low commissions. Find a decent broker and get a Currenex account. Try Alpari Direct Pro. That's DMA, but it's taxable forex trading. They allow a minimum of 5k I think. It's the currenex platform. Its a great platform to use if you need to be quick getting in and out.

If you want a good setup that's tax free. You will need at least 25k.

Just opened a demo account with alpari direct. Coming from a spread betting back ground, man that platform is cluttered and not very user friendly! First impressions!
 

brettus

Experienced member
1,185 103
Just opened a demo account with alpari direct. Coming from a spread betting back ground, man that platform is cluttered and not very user friendly! First impressions!

Its the Currenex platform?
 
 
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