can anyone recommend any good brokers? i am based in the UK..
- #1
- First Post: Dec 20, 2006 5:23pm Dec 20, 2006 5:23pm
- | Joined Nov 2006 | Status: very junior member | 1,576 Posts
for tax reasons if you live in the UK you should carefully consider spreadbetting futures not forex. Under UK laws at the moment they are considered bets and therefore are tax free!
However, for most newbies dont need to worry about any of this becuase you must make a profit in order to pay tax on profits and most newbies will lose anyway so dont matter who you trade with
Later when (if) you are succesful you will find that the futures market is better regulated and gives you more choice then a forex broker. I cant make a reco here as i dont think im allowed but i sneak one in IG. Of course there are many others but there are still scammers in the futures broker market so chose carefully albeit futures market is as old as the hills and not to be compared with modern day retail forex market. Most UK spreadbet will allow top up via debit card and online bank transfers cleared overnight. This is a nice touch compared to sending wires around the globe and waiting a week for payments. Your money is much safer in secured futures market then some dodgy forex broker based in Bermuda. UK brokers have to be regulated under FSA which i think is far better controlled then US counterparts. A "refco" could not happen under FSA.
Anway, they have fixed 2 pip euro and guaranteed stops. NO forex broker in recent years not since 2004 mayhem anyway will give gauranteed stops and instant fills on any size. For example i can place an order on NFP days 30 seconds before news 5 pips away with 2 pip spread and it will fill on 150 slide on news and wont slip more then 0.5 pip! You can use OCO orders and set saddle and it works. I like to see you try that on well known forex brokers.
The spot daily futures price is the forex price its identical in other respects but futures also allows other tools like options and binary trading to add to your tool kit.
However, for most newbies dont need to worry about any of this becuase you must make a profit in order to pay tax on profits and most newbies will lose anyway so dont matter who you trade with
Later when (if) you are succesful you will find that the futures market is better regulated and gives you more choice then a forex broker. I cant make a reco here as i dont think im allowed but i sneak one in IG. Of course there are many others but there are still scammers in the futures broker market so chose carefully albeit futures market is as old as the hills and not to be compared with modern day retail forex market. Most UK spreadbet will allow top up via debit card and online bank transfers cleared overnight. This is a nice touch compared to sending wires around the globe and waiting a week for payments. Your money is much safer in secured futures market then some dodgy forex broker based in Bermuda. UK brokers have to be regulated under FSA which i think is far better controlled then US counterparts. A "refco" could not happen under FSA.
Anway, they have fixed 2 pip euro and guaranteed stops. NO forex broker in recent years not since 2004 mayhem anyway will give gauranteed stops and instant fills on any size. For example i can place an order on NFP days 30 seconds before news 5 pips away with 2 pip spread and it will fill on 150 slide on news and wont slip more then 0.5 pip! You can use OCO orders and set saddle and it works. I like to see you try that on well known forex brokers.
The spot daily futures price is the forex price its identical in other respects but futures also allows other tools like options and binary trading to add to your tool kit.
- #5
- Dec 24, 2006 3:51am Dec 24, 2006 3:51am
for tax reasons if you live in the UK you should carefully consider spreadbetting futures not forex. Under UK laws at the moment they are considered bets and therefore are tax free!
However, for most newbies dont need to worry about any of this becuase you must make a profit in order to pay tax on profits and most newbies will lose anyway so dont matter who you trade with
Later when (if) you are succesful you will find that the futures market is better regulated and gives you more choice then a forex broker. I cant make a reco here as i dont think im allowed but i sneak one in IG. Of course there are many others but there are still scammers in the futures broker market so chose carefully albeit futures market is as old as the hills and not to be compared with modern day retail forex market. Most UK spreadbet will allow top up via debit card and online bank transfers cleared overnight. This is a nice touch compared to sending wires around the globe and waiting a week for payments. Your money is much safer in secured futures market then some dodgy forex broker based in Bermuda. UK brokers have to be regulated under FSA which i think is far better controlled then US counterparts. A "refco" could not happen under FSA.
Anway, they have fixed 2 pip euro and guaranteed stops. NO forex broker in recent years not since 2004 mayhem anyway will give gauranteed stops and instant fills on any size. For example i can place an order on NFP days 30 seconds before news 5 pips away with 2 pip spread and it will fill on 150 slide on news and wont slip more then 0.5 pip! You can use OCO orders and set saddle and it works. I like to see you try that on well known forex brokers.
The spot daily futures price is the forex price its identical in other respects but futures also allows other tools like options and binary trading to add to your tool kit.
Pip Goes The Weasel
- #6
- Jan 5, 2007 11:40am Jan 5, 2007 11:40am
- | Joined Nov 2006 | Status: very junior member | 1,576 Posts
- #15
- Edited 1:46pm Jan 25, 2020 11:09am | Edited 1:46pm
- Joined Aug 2018 | Status: Joyful and Proud | 2,001 Posts
Hi UK Traders I am using fxpro with a small account. What forex brokers are you using? and do you like their service?
Risk Management is of utmost importance!
- #16
- Last Post: Jan 26, 2020 3:57am Jan 26, 2020 3:57am
{quote} I trade with FBS because they were the only ones that offered $1 accounts and rather low spreads. Also, one can opt for cashback in exchange for higher spreads. The highest leverage for standard accounts is 1 to 3000.
happy trading