spread betting help

[Metric111]

hi i am new to all things trading. i have been using a demo account with IG but i have been reading a lot of bad reviews. can anybody recommend a good spread betting trading platform with a demo account.dose anybody us iii platform and if so how have you found it. any information will be mush appreciated.
cheers
ian

 

[mike.]

Whats these bad reviews ian ? I imagine most of them will refer to spreadbetting in general.

People tend to blame the broker when they encounter losses.

Ig are one of the biggest in the country, there must be a reason for that.

 

[Metric111]

i am more concerned about trouble withdrawing funds, there was a lot more issues that was mentioned but that was one of my main concerns, not that i am exception to make a profit but it says a lot if people are struggling to with draw money.

 

[mike.]

There are quite a few who use ig on here, I think there would be a lot more complaints within these threads if it was a major problem. I do know that many spreadbet brokers are extremely cautious about where the funds are withdrawn to, due to money laundering factors, for example : funding an account via credit card and withdrawing back into a bank account, will cause problems.

 

[tokyojoe]

IG prices are often sketchy around key levels, but on the whole OK during trading hours.

They can't allow their price quote to wander too far from actual dma price because arbitrage traders would be all over them like a cheap suit.

You need to also consider bid, ask & mid price, the spread & the fact that you are not dealing with the open market, you are dealing dierct with IG & IG's order book alone (or whichever SP platform you choose) so once you enter a position they CAN & DO skew the price slightly, this may throw you off your game, mostly to force people to use wide stops.

It will take time to learn how the nuts & bolts keep the whole thing together, the process is learned in stages, it takes time to re wire the grey matter, no quick fix etc.

Start with demo, not for too long, then small as possible £pp, build it up & knock it down a few times, then if you have more time to learn & have the stomach for it, it may finally turn around to the stage where you can withdraw money rather than depositing.

 

[tomorton]

I would only add to tokyojoe's guidance that most people would say scalping is impossible with SB, because of the spreads issue he makes. But spreads and price skew don't impact longer-term trades based on chart patterns, swing, position, trend-following, 3 Little Ducks etc. so these can work absolutely fine with SB. Do beware overnight position charges for longer term, these can erode gains if you're trading a small account and position size.

 

[ffsear]

IG prices are often sketchy around key levels, but on the whole OK during trading hours.

They can't allow their price quote to wander too far from actual dma price because arbitrage traders would be all over them like a cheap suit.

You need to also consider bid, ask & mid price, the spread & the fact that you are not dealing with the open market, you are dealing dierct with IG & IG's order book alone (or whichever SP platform you choose) so once you enter a position they CAN & DO skew the price slightly, this may throw you off your game, mostly to force people to use wide stops.

It will take time to learn how the nuts & bolts keep the whole thing together, the process is learned in stages, it takes time to re wire the grey matter, no quick fix etc.

Start with demo, not for too long, then small as possible £pp, build it up & knock it down a few times, then if you have more time to learn & have the stomach for it, it may finally turn around to the stage where you can withdraw money rather than depositing.

good post

 

[jeffre4]

never had a problem withdrawing money with ig or finspreads

 

[timsk]

i am more concerned about trouble withdrawing funds, there was a lot more issues that was mentioned but that was one of my main concerns, not that i am exception to make a profit but it says a lot if people are struggling to with draw money.

Hi Ian,
I would be extremely surprised if you ever have a problem withdrawing funds from any of the big SB firms based in the UK and registered with the FCA. That applies to IG in particular, as they are one of the biggest - if not the biggest SB firm. Sure enough, there are always disputes between firms and their clients, but you could say the same thing about banks or supermarkets. The main thing is to find a provider that offers the instruments you want, with spreads that are acceptable to you and an appropriate level of service for your needs. Thereafter, it's personal choice. They all have their pros and cons, but withdrawing funds really isn't something you need to worry about.
Tim.

 

[Metric111]

hi all thanks for all your advice its much appreciated. i just got a bit concerns when i read some bad reviews some on t2w.just started using the demo on IG got a lot to learn and a lot more questions to ask.
cheers
ian