Will I get an account?

[kjc]

I notice that most companies ask for details of salary on their application forms to open an account. I'm assuming it's some regulatory thing to protect me from myself.

Being unemployed, I have no salary. I do have £1,000 available though, that I can afford to lose. Am I likely to be able to open an account?

On the other hand, do they ever check what's entered on the form, do you think, if you see what I mean...

 

[shadowninja]

There is the fraud aspect to consider...

 

[arabianights]

Try, and if you fail, then just lie, duh.

They cannot takeaway your winnings just because you lied.

That said, can you really afford to lose the grand?

 

[gle101]

I would be very surprised if they check up on your income. I don't think there will be any problem for you getting a SB account. However, this is not your main concern as I see it. Don't trade with "scared money" it will only end in one way. If you still would like to give it a try, get an account with a very low entry level, £1 is way too high for you. Set a side most of the money for other expenses, take only a small part of it for trading. Increase your stake when you get more trading experience and a job. Do not count on at this stage, that trading will give you a steady income.

 

[kjc]

Thanks for that. I agree with your 'scared money' point.

Funnily enough, being unemployed isn't as bad as you'd think. Although I've always worked, I've never had a well paid job so I'm used to living on not much. I have no debts, don't smoke, don't drink (much) so have very few outgoings. I have found that, as long as I'm careful, I can live quite happily on the benefits I get without eating into my savings at all. Thinking about it, I'm probably in the securest position it's possible to be in - a 100% guaranteed income and, living in rented accommodation, virtually no exposure to any of life's normal financial risks. Having paid into the system for long enough, and actively seeking work, I'm not feeling guilty either.

All of which means that, although I don't have a huge amount of savings, I'm happy to put £1,000 into this. I have the time to take it seriously and am aware that returns will be minimal at best with that kind of investment. I'm not expecting to make any sort of living wage from it and intend to keep my bets small and, hopefully, free from too much emotion. If I join the often quoted 95% of punters who fail, I won't feel so bad. I'll have kept my mind occupied for a while and learned a lot, and my standard of living won't need to change. The 20:1 chance of being in the 5% that succeeds is probably better than my chances of getting a job anytime soon...

Avoiding the 'scared money' syndrome for me doesn't mean investing less than £1,000 because, as I say, I'm not afraid of losing it. What would scare me though is the prospect of losing it quickly because then I wouldn't have got any sort of value from the learning experience, if you see what I mean. To that end, I want to keep my bets as small as possible, ideally under £1 per point.

I'm thinking of IG Index as they seem reputable enough & offer low stakes for an introductory period. Is there a reputable company out there that offers permanently low stakes, say 50p or less? A decent reputation and availability of low stakes is more important to me than tight spreads at this stage. Any suggestions? Cheers.

 

[rawrschach]

vdmgm.com

or oanda

 

[NetTecture]

Good eplanation, and I can accept that Really well done.

What you need to think of, if you manae to make money, is a way "out" Even if you are successfull, you may simply not be successfull enough to move over to "making a living", then switching to ANY job to get the account further up may be needed for some time.

But your explanation about risk money are right on spot. Good luck.

 

[candles]

Lie.
I applied for an account with abn and after filling in my details I was turned away.
I re-applied 5 minutes later with a load of fiction, and was accepted and funded my account

 

[lucas_king]

I notice that most companies ask for details of salary on their application forms to open an account. I'm assuming it's some regulatory thing to protect me from myself.

Being unemployed, I have no salary. I do have £1,000 available though, that I can afford to lose. Am I likely to be able to open an account?

On the other hand, do they ever check what's entered on the form, do you think, if you see what I mean...

I can’t confirm whether or not you’ll be able to open an account as individual firms have their own set criteria.

However, what they must do is to assess appropriateness and to do this they use the information provided by the applicant on the application. So yes, they do check the information entered on the form.

 

[Shadowman540]

I've had accounts for years, tried to open one the other day got binned off, then they let me have it after telling me I was unsuited to this type of trading, ????

 

[pboyles]

I notice that most companies ask for details of salary on their application forms to open an account. I'm assuming it's some regulatory thing to protect me from myself.

Being unemployed, I have no salary. I do have £1,000 available though, that I can afford to lose. Am I likely to be able to open an account?

On the other hand, do they ever check what's entered on the form, do you think, if you see what I mean...

They'd be doing you a massive favour by saying no.

 

[neil]

Get a kin job !

They'd be doing you a massive favour by saying no.

I was going to say that, but realised that, after reading many such pleas from fools seeking riches, I just can't be arsed anymore.