Best UK spreadbetting broker advice please? | Forex Factory

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Best UK spreadbetting broker advice please?

  • #1
  • First Post: Dec 4, 2017 3:57am Dec 4, 2017 3:57am
Hi, i'd like to open a spreadbetting account to trade currency (and gold) and just wanted to know if anybody could recommend a good broker for me please?

The reason i am thinking about going for spreadbetting is because of the NO TAX benefits here in the UK.

Can anybody offer and advice on which broker is good/reliable please?

Thanks
  • #2
  • Dec 4, 2017 5:24am Dec 4, 2017 5:24am
Have a serious look at LCG, I have a SB account with them (but no connection otherwise) and they are absolutely straight to deal with.
  • #3
  • Dec 4, 2017 12:37pm Dec 4, 2017 12:37pm
Quoting tomorton
Have a serious look at LCG, I have a SB account with them (but no connection otherwise) and they are absolutely straight to deal with.
Thanks Tom

What is the execution speed like, do you get many re-quotes? Have you had the opportunity to make withdrawals for you're account yet, are they quick payers?

Also do they offer spread betting via mt4 or do you just have to use the web browser platform if you want to spread bet?
  • #4
  • Dec 4, 2017 12:49pm Dec 4, 2017 12:49pm
Quoting daryl
{quote} Thanks Tom What is the execution speed like, do you get many re-quotes? Have you had the opportunity to make withdrawals for you're account yet, are they quick payers? Also do they offer spread betting via mt4 or do you just have to use the web browser platform if you want to spread bet?
Been with IG 10 or more years now. Spread bet via mt4. Withdraw to bank or card free - in there next day if requested before 10.30 am. Sounds like I work for them - I don't ! Spreads are ok getting 0.5 on e/u today. Slippage can be an issue but that's part of the game.
  • #5
  • Dec 4, 2017 1:53pm Dec 4, 2017 1:53pm
I thought Activtrades were ok when I used them a few months ago with a small account. Spreads and execution were spot on, no issues with withdrawal. Didn't make much money but that was my own stupidity rather than broker issues.

Would use them again for scalping EU if it wasn't for their weird GMT offset.

As for slippage, the worst I ever experienced was news trading with LMAX back in 2013 where I got slipped over 70 pips. I thought they were dreadful. Platform freezes, massive random gaps all over the charts and snotty customer service reps.

My opinion on thinking about the tax benefits of spread betting. It's like planning what you'll do when you've reached the top of Mount Everest after picking up a pair of rock climbing boots.
  • #6
  • Dec 4, 2017 2:27pm Dec 4, 2017 2:27pm
Quoting daryl
{quote} Thanks Tom What is the execution speed like, do you get many re-quotes? Have you had the opportunity to make withdrawals for you're account yet, are they quick payers? Also do they offer spread betting via mt4 or do you just have to use the web browser platform if you want to spread bet?

I only enter trades via orders and about 1 in 10 comes out with a very slightly different stop-loss to what I thought, so maybe they adjusted the entry up or down a bit, I guess that would account for the difference. But as I trade long-term, it really does not cause me a concern.

I have withdrawn money by electronic transfer several times, and they are fine to deal with.

I use their standard platform but you can opt for MT4 if you wish. I have seen MT4, while the LCG platform looks very similar anyway. Seems to have everything and more that I would need, and must surely be very comparable.
  • #7
  • Dec 4, 2017 2:38pm Dec 4, 2017 2:38pm
Quoting tomorton
the LCG platform looks very similar anyway. Seems to have everything and more that I would need, and must surely be very comparable.
Any concerns about their share price?
  • #8
  • Dec 4, 2017 11:55pm Dec 4, 2017 11:55pm
Quoting C-12
{quote} Any concerns about their share price?

Never even looked at it. Like when I'm buying a car or insurance or using a bank, the share price would be the last thing on a long list of must-haves and I'll have made a decision way before that point.
  • #9
  • Dec 5, 2017 12:31am Dec 5, 2017 12:31am
I can also recommend IG, I've been with them for about 6 years now and have had no issues.

Their trading platform is better than most,

The one thing that makes them stand out to me is that they offer guaranteed stops which you only pay for if they get hit.
  • #10
  • Dec 5, 2017 11:12am Dec 5, 2017 11:12am
Quoting C-12
I thought Activtrades were ok when I used them a few months ago with a small account. Spreads and execution were spot on, no issues with withdrawal. Didn't make much money but that was my own stupidity rather than broker issues. Would use them again for scalping EU if it wasn't for their weird GMT offset. As for slippage, the worst I ever experienced was news trading with LMAX back in 2013 where I got slipped over 70 pips. I thought they were dreadful. Platform freezes, massive random gaps all over the charts and snotty customer service reps. My...
Thanks mate

Why would you not think about the tax benefits of spreadbetting from the off?

Is my understanding incorrect in that it is completely tax free on all the profits we make, or do we still have to pay income tax?
  • #11
  • Dec 5, 2017 11:16am Dec 5, 2017 11:16am
Thanks to everyone who has replied

I was aware of IG and as i understand it, they are the biggest broker in the UK for spread betting?

I have been doing some research over the last week and looking at various brokers, I've found it quite surprising that the brokers don't offer a sign up bonus or a deposit bonus anymore?!

Has something happened to stop all the offering these kinds of bonuses?

Back 5/6/7 years ago there used to be tons of offers trying to entice you in but now there seems to be nothing....quite strange?


Also does anybody have any experience/opinion of GKFX as a broker? They seemed pretty decent a few years ago but wondered if they had gone down hill since nobody has mentioned them once in the thread....
  • #12
  • Edited 12:04pm Dec 5, 2017 11:52am | Edited 12:04pm
Quoting daryl
{quote} Thanks mate Why would you not think about the tax benefits of spreadbetting from the off? Is my understanding incorrect in that it is completely tax free on all the profits we make, or do we still have to pay income tax?
It's definitely a benefit and tax is something to eventually think about. I meant realistically trading full time is a 5 year plus plan (possibly more). ie - until you've mastered both method and trading psychology across a vast array of live market conditions. Very few will make it.

Spread betting is becoming a viable option for day trading. It's much better than the old days of infinite requotes and spreads wide enough to drive a bus through (hello GKFX).

IG are on my radar at the moment. I'm happy with their spreads, GMT offset and looking to open up a small account to test out the execution.

Another one to consider for ECN feed is Varianse. I've not got an account but heard good things if you like your M5/M1 scalping.
  • #13
  • Last Post: Edited 12:24pm Dec 5, 2017 12:01pm | Edited 12:24pm
Quoting daryl
Thanks to everyone who has replied I was aware of IG and as i understand it, they are the biggest broker in the UK for spread betting? I have been doing some research over the last week and looking at various brokers, I've found it quite surprising that the brokers don't offer a sign up bonus or a deposit bonus anymore?! Has something happened to stop all the offering these kinds of bonuses? Back 5/6/7 years ago there used to be tons of offers trying to entice you in but now there seems to be nothing....quite strange?
I think the spreadbetting bubble burst a while ago.

My guess is these companies are looking for a bit more sustainable. Attracting and retaining long custom with a decent product is probably more worthwhile than reeling in masses of £100 account destroyers.

If they can attract those £10k - £100k+ sort of clients, they can probably make more off the spreads... Given time, many of those bigger accounts will eventually be turned to dust in the process.
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