Jason Rogers
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mt4 in a spreadbet account would prob get you the majority of the uk fx trading community on board.
The more requests the better! Then I can go back and show there's resounding demand
mt4 in a spreadbet account would prob get you the majority of the uk fx trading community on board.
The more requests the better! Then I can go back and show there's resounding demand
Hi Jason,
Just my quarterly Nag,
Metatrader 4 Please
Indexes Please (Majors)
Metals Please (Gold/Silver?)
BTW: The FXCM CFD spreads for the above are really quite painful hopefully spreads that wide won't show-up on the Spreadbetting platform.
FXCM scam
take care loss money
Hello,
I am new to SB and trading in general and i have a couple of questions
1. I currently use IG, and i place trades by betting amount per pip, so if i buy £1 / pip and the trade goes down 10 pips then i lose £10 (+spread) which i can understand. However, in the demo account i opened for FXCM using the Trade Station software, i place bets with amounts of 10K, 20K etc. Please can someone explain how this works to me please?
2. Again using IG as an example, i can place bets as low as 10p per pip. what is the minimum amount to open an SB account with FXCM and what is the minimum bet size i can place? This is important to me as i am very new to this and i dont want to be risking too much initially
Thanks!
DC
Hello,
I am new to SB and trading in general and i have a couple of questions
1. I currently use IG, and i place trades by betting amount per pip, so if i buy £1 / pip and the trade goes down 10 pips then i lose £10 (+spread) which i can understand. However, in the demo account i opened for FXCM using the Trade Station software, i place bets with amounts of 10K, 20K etc. Please can someone explain how this works to me please?
2. Again using IG as an example, i can place bets as low as 10p per pip. what is the minimum amount to open an SB account with FXCM and what is the minimum bet size i can place? This is important to me as i am very new to this and i dont want to be risking too much initially
Thanks!
DC
Hi Jason,
Just my quarterly Nag,
Metatrader 4 Please
Indexes Please (Majors)
Metals Please (Gold/Silver?)
BTW: The FXCM CFD spreads for the above are really quite painful hopefully spreads that wide won't show-up on the Spreadbetting platform.
Someone else will no doubt give a fuller answer, but as a quick answer, the FXCM is a bit more like a "proper" trading account, with an SB wrapper to give UK residents the tax advantage that this offers.
As for the FXCM platform the lot size 10k is equal to $1 per pip in usd(eg GBPUSD) trades which equals about 62.5p($1/1.6, current value of GBPUSD) . There platform does show quite clearly what the multiple factor for each pair is to turn it back into £ per pip values.
Hi Jason.
I agree with all of the above.
I would move to FXCM if it was just forex on MT4 spreadbetting, but the others would be the icing on the cake.
Kick some but at fxcm and lets have mt4, you would probably be the most popular spreadbetting company then.
Cheers.
Jon.
Could really do with OCO orders etc from the chart - can place simple stops from the chart but not much else
This is a great explanation and couldn't have said it better myself.
We basically took the rolling spot forex account, and gave it an SB wrapper to give UK residents the tax advantage.
Here's an explanation with numerical examples as to why it doesn't always equal to £1/pt on our platform.
Let's use the GBP/USD as an example. The banks are accepting trades in standardized amounts of currency such as standard lots of 100,000 (100k), mini lots of 10,000, and some banks will accept micro lots of 1,000. This is very basic, but when you trade currencies, you exchange 1 of the first currency for the quoted amount of the second.
So let's suppose current buy price for GBP/USD is 1.5983. This means you can buy £1 for $1.5983. If you trade a standard lot of 100,000 (100k), you have bought £100,000 for $159,830 at the current buy price. If the sell price then rises to 1.5984 (gain of 1 pip), your position is worth $159,840. The gain in value by a 1 pip movement is $10. By exchanging $10 into £ at the current exchange rate ($10 / $1.5984), you then get 6.26£/pt. The point value can fluctuate as the GBP/USD rate changes.
You always end up with a profit or loss denominated in the second currency quoted in the pair. If you traded a USD denominated account, the pip value would always be equal to $10 since the profit is in USD, and your account is denominated in USD. If your account is denominated in GBP, the profit has to be exchanged back into GBP.
For a currency pair such as EUR/GBP, the profit is in GBP so the point value will be a fixed amount that does not fluctuate.
Traditionally most spreadbet brokers have been market makers so they can arbitrarily set the point value for a position and then let you choose how much you want each point to be worth. On our No Dealing Desk execution, the point value is determined by the actual amount of currency being traded the currency your profit or loss is denominated in.
I hope I didn't confuse you more
Edit: Just saw Jon's answer:
Another great simple explanation. Here's a screenshot of the dealing rates and where to find the pip values. We display the pip value in each currency pairs quote box. I drew a red box around the location of the pip value on each of the 4 currency pairs:
Jason
Thanks for the feedback. Will send your suggestion for OCO entry order creation from the charts to our development team!
-Jason
Regarding the pip value, it does not change when you change the size you are going to trade, surely it would be a simple fix to tie it in with the size been traded. Also how do you change the default size cant seem to find it