Rollover costs/financing charges

[atters88]

I've been trading shares, options and CFDs using Interactive Brokers since 2007 and have reached a point where I now need to start paying UK Capital Gains Tax. So, I'm thinking of returning to spread betting in order to keep more of my profits.

One thing I find surprising (and perhaps a little sad) is how spread betting firms boast about the leverage you can use but its very hard to find out what their financing charges are. IG I think are +/-2.5 above Libor which compares badly to IB which is +/-1.5.

Do any spread betting forms offer competitive financing rates (in reality, the biggest costs for spread betters who don't just day trade)? A decent charting package with volume would be a plus.

Does such a firm exist?

Thank you

 

[scottuk99]

I've been trading shares, options and CFDs using Interactive Brokers since 2007 and have reached a point where I now need to start paying UK Capital Gains Tax. So, I'm thinking of returning to spread betting in order to keep more of my profits.

One thing I find surprising (and perhaps a little sad) is how spread betting firms boast about the leverage you can use but its very hard to find out what their financing charges are. IG I think are +/-2.5 above Libor which compares badly to IB which is +/-1.5.

Do any spread betting forms offer competitive financing rates (in reality, the biggest costs for spread betters who don't just day trade)? A decent charting package with volume would be a plus.

Does such a firm exist?

Thank you

I'm demoing a few companies, I'm doing a 30 day trial with GFT. You can print and view all statements in the demo which would give you an idea of their rates. City Index do a 2 week SB demo as well. I have only kept bets open for a day or 2 so can't give any longer term rates, but most charges are under a pound at a glance with GFT so far.

 

[atters88]

I'm demoing a few companies, I'm doing a 30 day trial with GFT. You can print and view all statements in the demo which would give you an idea of their rates. City Index do a 2 week SB demo as well. I have only kept bets open for a day or 2 so can't give any longer term rates, but most charges are under a pound at a glance with GFT so far.

Thanks. I know City Index charge Libor +/- 2.5%. That may not sound a lot but, if like me you hold a trade for days or even weeks, the finance costs become your major trading cost. I'll check out GFT. They seem to have quite a sophisticated platform..

 

[scottuk99]

Thanks. I know City Index charge Libor +/- 2.5%. That may not sound a lot but, if like me you hold a trade for days or even weeks, the finance costs become your major trading cost. I'll check out GFT. They seem to have quite a sophisticated platform..

No problem. I'm looking to SB shares, moving from FX. Trouble is the financial SB companies don't let you demo for long or repeatedly like in forex, stops trying out longer duration trades like you do. Ive just been approved for live GFT account, then read on on here that capital gain who own Forex.com own GFT Not funded it yet, the benefit is you get a non expiring demo to run alongside the live account. Will see whether bucketshop tactics crop up on live trades. I like IG although seems a bit hardcore for a newbie like me,having to pay for live charts etc.