UK Newbie - Which broker??

[jwoody8]

Hi guys. This is my first post in the forums.

I have been paper trading for 6 months now and I am ready to open an account with a broker but I am completely lost as to which one to choose.

I am based in the UK which rules out Think or Swim right away.

I will be trading US stocks only at the beginning.

I will be opening my account with between $5000 - $10,000.

I will be trading almost everyday so avoiding the PDT rule is important to me.

I looked at some reviews from Sure Trader but have read too many stories about not being able to get funds out and some very expensive hidden fee's.

If anybody can point me in the right direction, that would be very much appreciated. Thank you

 

[covs67]

Do you need reliable forex brokers in UK or what? Or stock brokers? Seem a little bit confused...

 

[forexjudge]

Surely you need to go to review sites like FPA, Forexsanity or earnforex. These websites have detailed list of brokers and features. Just go with whichever one your heart moves you to. Also, you must not deposit all you money at once. I suggest you open a micro/mini account, deposit maybe a 100 bucks, trade little, make some profit and withdraw. This will give in you first insight about who you are dealing with. If the broker deal fairly with you, then Bravooo!!!

 

[csc2009]

IF you are trading only in US shares than choose a FCA regulated broker that offers the lowest commission. Also check if the CFD is cash or of it is based in the Futures.

 

[jwoody8]

Interactive Brokers looks a very respectable and trustworthy broker but the pattern day trader rule will kill me there. Not sure where to to go now really

 

[csc2009]

Interactive Brokers are very good but not cheap at all. Go to the FCA register, look up for FCA registered only, not brokers regulated by a million regulatory bodies. Check the ones that allow trading on US stocks than choose the cheapest one.

 

[jwoody8]

Can any of you guys recommend a good broker. Real time customer reviews are priceless. I would have opened a Suretrader account by now for sure if I hadn't read numerous bad reviews from them from people who have used them

Thanks

 

[Hittfeld]

No US broker will let you "avoid" PTD rule. So either get the cash or go the SB/CFD route till you`ve build a capital base.

 

[NVP]

pick someone whos big and well funded .......you pay for that priviledge .........but you may just see your deposit and winnings back if you make it to profit

N

 

[timsk]

Hi jwoody8,
Welcome to T2W.

If you've not yet seen it, take a look at this FAQ: Can You Recommend a Data Feed, Charting Software & Broker?

If you're wanting to day trade and will therefor fall foul of the PDT rule, you'll need to look at CFD account. You could try the spread bet firms but, the last time I checked (a while ago now), the spreads were waaaaaaaaay too wide and the universe of available instruments to trade was too small. But your circumstances may be different: you may stick to a small basket of the biggest and most liquid stocks and the spreads may be acceptable to you?

If you're not wanting to day trade, the PDT rule won't affect you and you can open a DMA account with any broker you choose. Besides the FAQ, the advice offered in this thread is very good, IMO: Is my broker / money safe - basic due diligence

Let us know who you decide to go with and how you reach your decision!
Tim.

 

[yellowfloyd]

Hi guys. This is my first post in the forums.

I have been paper trading for 6 months now and I am ready to open an account with a broker but I am completely lost as to which one to choose.

I am based in the UK which rules out Think or Swim right away.

I will be trading US stocks only at the beginning.

I will be opening my account with between $5000 - $10,000.

I will be trading almost everyday so avoiding the PDT rule is important to me.

I looked at some reviews from Sure Trader but have read too many stories about not being able to get funds out and some very expensive hidden fee's.

If anybody can point me in the right direction, that would be very much appreciated. Thank you

If you are trading everyday are you holding the positions for a short period of time? Have you considered CFDs if you're hold for a short period of time?