Anyone spread betting Forex??

Discussion in 'Forex' started by DrEvil, May 18, 2006.

  1. DrEvil



    been following this board for a while in the background. I've been spread betting currencies for about 6 months with overall success.

    Does anyone have a view on using a spreadbetting platform (I use FinSpreads) vs something like OANDA?

    Also, does anyone have an opinion on opening/closing a position at market prices, vs relying solely on market orders to open close positions?

    Any answers appreciated.
  2. MTE


    Spreadbetting is illegal in the US, so you won't see much discussion about it.
  3. DrEvil


    Oh I didn't realise that.

    Anyway, would still appreciate some advice regarding opening/closing positions at market prices vs using opening/closing orders??

    It's something I've been thinking about. It seems to me that using opening orders will get you a better price and that's closer to a good logical stop level. However quite often you won't get filled when the market doesn't reach your order level.

    For closing same argument goes, but risks of a close order level not being reached could be dangerous if market turns.

    Would appreciate any thoughts on this?
  4. There is a reason why spread betting is illegal. You need to figure that out on your own. It is a total waste of time and energy.
  5. igor123


    It's illegal cos all of you have to pay taxes. While in the UK they have found a legal way to avoid paying taxes on gains from trading. From my own experience there is no difference between say Oanda and IGinex. Spead on eurusd on O&A is 1.5 on IG it's 2.
  6. I'm sorry, I thought it was illegal because the companies DOING the spread betting were CREATING the spreads . . . especially in their favor. You know, filling orders outside the REAL trading range and in the immediate direction of price. This is why the execution of the trades is so delayed. At least this is what one of the INVENTORS/DEVELOPERS of spread betting told me when I was in London a few years ago. I think he called it . . . legalized theft, loan sharking and something else unsavory I don't remember currently, all supported by the British government.
  7. Hawk-fx


    I am UK based.
    I use a spread betting account here, and I also have an offshore entity that has a US account.
    I had not had any problems with spread betting. - I have two price feeds open at all times, and they are always within 1 pip of each other.The spreads (costs) are very similar, so from a tax point of view, it is very attractive.
    I nearly always use market orders; but if i do place a limit or stop, it always works if the price is hit.
    No problem trading through announcements etc, so I have seen no disadvatage of using spread betting.
    I know a lot of people don't like it, but I have never had a reason to complain or be dissapointed over the last 4 years.

    PS/ I use CMC (never tried any other company because they have always been efficient)
  8. igor123


    Look, I have had accounts with Refco, FXCM, GFT, Gain, ACM, Hotspot, Saxobank, Alpari, IFX, FXsol, traded on Currenex, belive me there is no big difference between all of the mentioned above and a spread betting firm (I have a personal experience only with IGIndex).
    All of the above mentioned MM's except for the ECNs(hotspot and currenex) manipulate prices, some on the regular basis some on the news releases. Currenex and Hotspot have there own minuses like partial fills (believe me these can be disastrous during news trading).
    Standing aside is Oanda they seem to be an "honest" one.
    I always have 3 quote feeds and on IGIndex I’ve never seen a quote that could not be found on Reuters charts.
    From my four year trading experience I see no difference between say Oanda and IGIndex.

    Well maybe you know the difference? Let me know.
  9. beware of ig..after playin' every trick on me they even tried to defraud me acct.... am not kiddin' u.
  10. Let em learn it on their own. I believe you.
    #10     May 18, 2006