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UK non dealing desk spread bet broker?

  • #21
  • Oct 1, 2013 8:26am Oct 1, 2013 8:26am
I received an email from FP markets yesterday to say that following acquisition by AxiCorp all UK accounts will be closed on 8/10/2013.
  • #22
  • Oct 1, 2013 5:33pm Oct 1, 2013 5:33pm
Hi,

I have to admit that Capital Spreads have been fine for me. The biggest problems I have is when news is coming out and it's almost impossible to get filled, which is a bummer if your trying to take advantage of NFP days etc.

IG are pretty similar in timely executions but they have a wider variety of products to trade especially with the Uk the small caps.

To be honest I don't think there's much to choose from amongst them.
  • #23
  • Oct 2, 2013 12:03am Oct 2, 2013 12:03am
Hi Siam,

I have accounts with both of those and agree that news downtime at Capital Spreads is an issue. Also in my experience dealing desk intervention is noticeable with both of these brokers, so the accounts have been inactive for some time.
  • #24
  • Oct 16, 2013 9:50am Oct 16, 2013 9:50am
Quoting RedCabbage
I received an email from FP markets yesterday to say that following acquisition by AxiCorp all UK accounts will be closed on 8/10/2013.
Spread Betting accounts seem to be still available at http://fpmarkets.co.uk/spread-betting

Have they shut down your account?
  • #25
  • Oct 16, 2013 10:19am Oct 16, 2013 10:19am
All accounts are now closed. If you try to click through that page it will fail.

Testing out Alpari based on a friends recommendation.
  • #26
  • Oct 16, 2013 11:19am Oct 16, 2013 11:19am
May someone explain to me what spread betting is? I tried to find the difference to normal forex trading but couldn't find any. Spread betting is tax free in the UK. You are betting on the outcome of how currency pairs behave towards each other. In the forex market you are virtually buying on currency (It kind of sounds the same to me). So is it just a matter of definition?
  • #27
  • Oct 20, 2013 8:42am Oct 20, 2013 8:42am
Quoting Kilian19
May someone explain to me what spread betting is? I tried to find the difference to normal forex trading but couldn't find any. Spread betting is tax free in the UK. You are betting on the outcome of how currency pairs behave towards each other. In the forex market you are virtually buying on currency (It kind of sounds the same to me). So is it just a matter of definition?
Spread Betting on currencies is Forex wrapped under another name so UK residents do not have to pay tax on their profits. Gambling is tax free in the UK so defining Forex as gambling - which it is imo - makes it tax free as well.
  • #28
  • Oct 20, 2013 9:28am Oct 20, 2013 9:28am
Quoting Black Bird
{quote} Spread Betting on currencies is Forex wrapped under another name so UK residents do not have to pay tax on their profits. Gambling is tax free in the UK so defining Forex as gambling - which it is imo - makes it tax free as well.
Thanks . I am just surprised that the government doesn't do anything to prevent this type of "tax evasion" ....
  • #29
  • Oct 20, 2013 12:12pm Oct 20, 2013 12:12pm
Quoting Kilian19
{quote} Thanks . I am just surprised that the government doesn't do anything to prevent this type of "tax evasion" ....
It's not evasion, all perfectly legal.
  • #30
  • Oct 20, 2013 1:19pm Oct 20, 2013 1:19pm
Quoting neil324
{quote} It's not evasion, all perfectly legal.
yes of course it is legal by law. Lets not have a discussion about this here.
  • #31
  • Oct 20, 2013 2:08pm Oct 20, 2013 2:08pm
Quoting Kilian19
{quote} yes of course it is legal by law. Lets not have a discussion about this here.
Don't make false statements then.
  • #32
  • Oct 20, 2013 2:28pm Oct 20, 2013 2:28pm
Quoting neil324
{quote} Don't make false statements then.
I used quotes to emphasize that it was my own opinion
  • #33
  • Oct 20, 2013 2:34pm Oct 20, 2013 2:34pm
Quoting Kilian19
{quote} I used quotes to emphasize that it was my own opinion
You would have been better using avoidance rather than evasion when getting out your moral compass then.
  • #34
  • Oct 20, 2013 3:02pm Oct 20, 2013 3:02pm
Quoting neil324
{quote} You would have been better using avoidance rather than evasion when getting out your moral compass then.
okay lets agree on avoidance. I am not a native speaker so don't be to hard on me. This is was my last post here.
  • #35
  • Oct 21, 2013 3:30am Oct 21, 2013 3:30am
Quoting Kilian19
May someone explain to me what spread betting is? I tried to find the difference to normal forex trading but couldn't find any.
Hi Kilian19,

As no one has clarified what spread betting is, thought I'd help.

On a spread betting account you're not trading volumes, you're trading a stake. The volume relates not to lots but the stake you are prepared to risk per pip.

For example:

On a Non-Spread Betting account


Profit and loss = market movement x pip value per 1 lot x volume

Let’s say you’re trading 0.02 lots EURUSD at 1.40908 and the trade closes at 1.41000.

Market movement = (difference between opening and closing price) x 10,000 (or if term currency is JPY x 100)
Market movement = (1.41000 – 1.40908) x 10,000
Market movement = 9.2 pips

Profit or loss = market movement x pip value per 1 lot x volume
Profit or loss = 9.2 x USD10 x 0.02
Profit or = USD1.84

Depending on the position – whether you bought or sold – you made a profit OR loss of USD1.84.

On a Spread Betting account


Let’s say you placed a sell order in GBPUSD at an opening price of 1.56850, which you closed at 1.55223 for a stake of 12p/pip:

Profit or loss = (opening price-closing price) x 10,000 xstake
Profit or loss = (1.56850 - 1.555223) x 10,000 = 162.7
Stake 12p/pip x 162.7 pips = GBP19.52 profit

On the other hand, if you placed a buy order in GBPUSD at an opening price of 1.56850, which you closed at 1.55223 for a stake of 12p/pip, the outcome would be different:

Profit or loss = (closing price-opening price) x 10,000 x stake
Profit or loss = (1.55223 - 1.56850) x 10,000 = -162.7
Stake 12p/pip x 162.7 pips = £19.52 loss

For JPY pairs, profit and loss = (closing price-opening price) x 100 x stake

Ich wünsche einen schönen Tag!


Alex

________
Alexander Chadwick
Alpari (UK) Representative
  • #36
  • Oct 21, 2013 4:05am Oct 21, 2013 4:05am
Quoting Alpari UK
{quote} Hi Kilian19, As no one has clarified what spread betting is, thought I'd help. On a spread betting account you're not trading volumes, you're trading a stake. The volume relates not to lots but the stake you are prepared to risk per pip. For example: On a Non-Spread Betting account Profit and loss = market movement x pip value per 1 lot x volume Let’s say you’re trading 0.02 lots EURUSD at 1.40908 and the trade closes at 1.41000. Market movement = (difference between opening and closing price) x 10,000 (or if term currency is JPY x 100)...
If I opened a spreadbetting account with you and made a profit, would that profit come from Alpari (which I can't imagine you'd be best pleased about), or another source?
  • #37
  • Oct 21, 2013 6:34am Oct 21, 2013 6:34am
Quoting GDR3k
{quote} If I opened a spreadbetting account with you and made a profit, would that profit come from Alpari (which I can't imagine you'd be best pleased about), or another source?
Hi GDR3k,

We're just an agent.


Alex

________
Alexander Chadwick
Alpari (UK) Representative
  • #38
  • Oct 21, 2013 5:40pm Oct 21, 2013 5:40pm
Quoting Alpari UK
....
This was really helpful

Vielen Dank
  • #39
  • Nov 26, 2013 12:28pm Nov 26, 2013 12:28pm
Quoting ewokuk
I am currently with Capital Spreads and while execution has been instant for most of my time because of the small size and the fact they would just automatically take the other side of the trade knowing i will probably lose. However now that I have been more successful over the last month, and my trade size has increased, my trades are now increasingly going via the dealing desk instead and I commonly wait 5 seconds for execution, and even up to 40 seconds on one ftse trade at london open on tuesday (by which time I was conveniently 15 points down)....
Have you considered GKFX or GFT? IG was one of my considerations once upon a time, but I may still use them. I'm wary of the houses that use "spread only" profit as they filter their feeds. A spread that's beefed up will dull the timing side of bets.
You win, you lose. All else is history. The future does not exist.
  • #40
  • Nov 26, 2013 12:32pm Nov 26, 2013 12:32pm
Quoting Kilian19
May someone explain to me what spread betting is? I tried to find the difference to normal forex trading but couldn't find any. Spread betting is tax free in the UK. You are betting on the outcome of how currency pairs behave towards each other. In the forex market you are virtually buying on currency (It kind of sounds the same to me). So is it just a matter of definition?
Have you looked it up on Wikipedia? That is the best source of that kind of info.
You win, you lose. All else is history. The future does not exist.
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