I have been looking for years for a competetive futures broker, I don,t understand how they can charge such low commissions when the likes of E*trade charge £9.99 plus their spread was 8 points. Am I missing something.
No, you are not missing anything other than the greed of UK brokers. Netfutures cost slightly more than IB but you get full depth of market and the phone back up is superlative compared with IB.
However since Man has taken over GNI, I have closed the account as I won't deal with those ******* at Man.
GNI Chicago charged me a lot less than GNI London for the same contracts anyway!
and I'll send you my (ex)- broker's name and phone number. He'll tell you exactly what to do, which form to fill in and will talk you through every question on the W8-BEN US govt form.
He's become a personal family friend and will charge you less than on the web site since I've introduced you. No, I don't get a cut.
It used to be GNI but they got taken over by Man, whom I'd used previously and found to be the pits. Hence closing my account.
Contact me if you want the name and number of my friend. Their web site is basic but their quality of service superb, esp. when you've got a good guy to talk to. A decent human being rather the usual type.
My experience with Man is the pits too, so it's a shame they clear through Man. I'm looking for another broker to add to my collection - just for futures, and for hedging / longer-term holds (ie overnight!).
I'd be grateful if you would PM me with the name and number, and I might give them a try just in case the Man corporate pleb mentality hasn't reached them yet.
I agree norgib, and I've never had any problems with IB whatsoever.
However, there is such a thing as not having all your eggs in one basket. I now need to have an account with another broker just in case something unforeseen happens with IB or there is a glitch between IB and Globex, or my PC, or my Internet connection. Just in case the unthinkable happens, it would be a good idea for me to have a back-up account so I can hedge any open positions I have using the telephone if necessary.
I've just finished opening an account to trade the mini dow with Global Futures in the US,commission is 6 dollars per contract.Could someone tell me if this is a fair deal?
As i'm looking to only scalp 10 to 20 points a day is there any problems i should be aware of,I've only been spread betting up to now.
Is there any courses in the UK that could maybe give me an introduction in this transition from spread betting to trading Futures?
I'm 90% certain that UK-based residents trading through a US broker are not covered by any investor compensation scheme. If they go down, you get nothing. If one is used, keep your account at the minimum.