Thanks for the info. I use i-dealing for direct access in my SIPP and ISA and I am very pleased with the service. It's good to hear that it is also reasonably priced. The only thing that surprised me, and it makes perfect sense now, is that when doing direct access in an instrument priced in USD you will need dollars in your account - even if it is traded on LSE. After converting my account to dollars I hedged my exposure by buying some GBPUSD spreadbets. Now I don't have to worry about what happens to the dollar. So if oil goes from $50 a barrel to $100, but the $ goes from being worth 50p to 25p, unhedged the investment would not change, but when hedged I will double my money. If anybody wants to know how I did this - please ask.
Another advantage of holding dollars when trading dollar denominated instruments is that you won't lose out a little on exchange rates/fees when your pounds are converted to dollars each time as I believe some brokers do make a little extra this way.
Hello folks, when I was new to investing I opened an ISA with T D Wasterhouse and after poor experiences with them quickly moved on to Selftrade. Through the acquisition of knowledge my investment horizons have broadend and consequently I need to upgrade to a broker more accomodative to me needs. I want to trade ETFs listed on the major US exchanges such as Proshares.com double leverage offerings. I envisage starting by position or swing trading and then once competant moving onto intraday trading. Not having had experience of this before I have listed some of the criteria I think will be necessary and desirable:
1)The platform must be suitable for intraday/swing trading
2) At least US stocks and ETFs must be tradable online with direct access being preferable.
3) Limit orders must be a standard feature in addition trailing stops is preferable.
4) No or low foreign exchange spread on dealing (holding foreign currencies in an ISA is disallowed AFAIK)
5) Real time charting
So if anyone can give me a recommendation for a suitable broker or point me in the right direction I'd appreciate it.
The only account that I know that offers direct access within an ISA is i-dealing. I have been very impressed with the customer service I have received from i-dealing, well to be honest from a chap called Gary Duckworth - I don't know what the rest of them are like.
You are right that it is not possible to hold dollars within an ISA so these are converted back into pounds each evening and unfortunately the exchange rate used is not very competitive.
When I last checked they didn't offer trailing stops but the number of brokers offering this seem to be increasing so hopefully in the future ...
No real time charting. But you can of course get this independently.
So i-dealing doesn't tick all your boxes I'm afraid - but it does off dma within an isa.
I think you might have to do on your own dirty work. Start working through the brokers and see if any does everything you need - then come back and give us a table of what you found out! You might want to work through them in the order of customer satisfaction from the t2w.com review section
just resurrecting this thread ....................can someone let me know if any decent brokers allow you to wrap your CFD accounts in an isa ?
I am demoing CFD's on LMAX at the moment and wondered if I could solve the tax problem on any potential profits made ?
also a decent CFD's / sipp route will do as long as they move through the new pension rules next year........i'm 55 now so could use that route for profits made .......
I am scalping forex so thats probably where the issue is ..........I can see Hargreave Landown offer CFD's but they would have a heart attack if I wanted to wrap a forex CFD scalp account in there ?
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