sipp/trading cfd

[Dentalfloss]

just got a phone call today from the compliance at etrade.i am able to trade cfd/uk and us stocks.also futures including es,nq ftse and eurodollar to name a few.i am also allowed to trade fx.all from the etradepro platform.
it is not as cheap as interactive brokers,but at least i can trade these instruments.goodbye to crappy old warrants.i never fully understood the pricing.you get screwed in the spread with these.
beats buying and selling the stock,i am not interested in owning stock.i have been lied to by too many advisors.roll on derivative products.if any body has had problems with etradepro please post here.
i highly recommend the cfd sipp.it turns out that ig markets will be offering the same very soon

 

[LevII]

Dentist,

I've looked at their UK site - nothing about cfd etc.

Do you by chance have the name of the chap(ess) you spoke to?

 

[Dentalfloss]

if you look at sipp admin on the site,also phone them.there is no problem,however you must show you have experience at cfd.futures.forex

 

[LevII]

Thanks Dentist

 

[Dentalfloss]

got another phone call from etrade today.it turns out i can only trade direct access cfd on uk stocks.nothing else.this limits me.i really wanted to trade fx futures.this is exchange based but etrade do not offer it yet.however ig markets do.i will check this out

 

[LevII]

Dentist,

Will be interested to hear results of your enquiries but I think IG is likely to be overpriced and wide spreaded.

Mind you, the minimum etrade commission is £20!

 

[Dentalfloss]

the final.my account is open.etradepro/cfd sipp.i can only trade direct access cfd.free level2.comission is 0.2% per side.negotiable on volume.direct access at etrade means sets and setsmm uk.no us and no futures,although us stocks to be added later in the year.so i am now able to trade the ftse 350 on cfd.
no other comissions.except 0.2%.10:1 margin.us stocks you dont pay the 0.2% but you only get 4:1 margin.however,dealing costs on the nas/amex at ib approx$7 for a thousand shares.
as usual we pay thru the nose for everything in the uk??????.
not really good.etrade we are watching you.this is daylight robbery.no wonder the attraction to trade the us
fx at fxcm is the biggest rip off.approx 4-5 pips on the majors,perhaps for 40-50 pip move approx 10 % on the spread
so remeber when you trade etrade cfd you have to add on 2 quid per thousand of the total deal cost.just for the margin recquirement.you have to be very selective on the day trades

 

[Dentalfloss]

direct access at etrade say 1000 shares of a ten pound stock.commission is 20 quid a side.approx 40 quid a round trip.
whereas ib round trip of 1000 shares is approx 8 quid.assuming any price the share is at,so in fact the comission at etrade is higher if i chose a more expensive stock eg azn
all these matters must be considered when the first target of any trade is to clear the spread and comission/charges
i would not trade cfd if there was an alternative

 

[LevII]

Dentist,

Like you I get utterly p*ss*d off with the UK rip off merchants.

They do not have to charge the commissions they do - for example, the broker in the SippDeal plan (also I think the operator of the etrade rip off) pays 40% of each commission (£60 round trip) to SippDeal! Presumably if they can pay that sort of back hander and still get fat they could readily reduce commissions taken from us, the mug punters, to an IB level and still eat well.

Sorry to rant on. Too much good red to be coherent but I hope the city gents get the point. Hopefully, once IB or some other enterprising broker joins the fray the present tribe will go bust and good riddance.

 

[freestyle]

Dentist,



They do not have to charge the commissions they do - for example, the broker in the SippDeal plan (also I think the operator of the etrade rip off) pays 40% of each commission (£60 round trip) to SippDeal!

I have a Sipp with Sippdeal. Have made enquiries about transferring to their associated setup
at http://www.sippdealxtra.co.uk/charges.asp .
You can trade through Comdirect at £12.50 with no transaction charges but the addition of a £40 per quarter fee.
Sippdeal have confirmed the charges they would make for a transfer so I am thinking it over.
Their other charges (income withdrawal) are made on a different basis so there isn't a direct comparison for those
btw Sippdeal's charges are low in comparison with other Sipp providers.

 

[LevII]

Sippdeal's charges are low in comparison with other Sipp providers.

I agree. That's why my SIPP is with them but just because they charge less than most doesn't mean their charges are reasonable - just the best of a bad bunch.

Their 'standard' broker is, IMO awful. Comdirect is better but the other charges are higher.

As the expression goes, 'rip off Britain'

 

[Dentalfloss]

the latest scam at etrade is.trade cfd sets and setsmm.pay 0.2% comission,per side.ie £20 per thousand pounds.however the con is that it is only 2:1 margin.not the 10:1 margin as with normal cfd.i shall be phoning them tomorrow to try and get this lower.you can buy the shares at 1:1 for a tenner a trade.
have spoken to ig markets today.they will be offering 5:1 margin and comission at 0.2%.phone tim morris at ig markets.you have more leverage trading warrants

 

[Dentalfloss]

well etrade you can go and stick it up youre a--e.
the cfd sipp is 2:1 margin with 20 quid per thousand comission,sets and setsmm stocks only
spoke to a very nice man at berkeley futures,he asked which markets i would like to trade in my sipp.you can trade futures cfd and mrgined fx.forms are in the post.charges not great but it will do