Check these guys out... www.DealForFree.com NO COMMISSIONS....ON STOCKS OR FUTURES Sorry USA traders cant play...may be soon. I have just found them, so I cant comment on them, but you can investigate them for as you wish !!!
Looks like this outfit is trying to set itself up as another market or exchange. It looks they take the other side of all your trades as a Market Maker. Quote from website: 2. Market Making not Broking [sic!] Brokers generally look to make a profit on every deal, as this is a major source of their income. They will generally obtain a price from a market maker (or an exchange) quote the price to the customer and charge the customer a commission for executing the trade. dealforfree.com removes this process by connecting customers directly to a market maker (our own Dealers) and therefore cutting out the middleman and the associated costs. What is more, they are inflating the bid/ask spread. SPX500 835.1 835.6 0.5 :eek: So if they 'lick' every contract that moves through them for half a point, that's a pretty good money machine. That means you pay the normal .25 bid/ask of the ES, plus and additional .25 ($12.50)to dealforfree.com. :eek: There's your commission! This is the same type of 'scam' as happens in Forex trading: No commission, just nice, big, fat spreads for the MM's Prosper! kp BTW: This reminds me of the "bucket shops" in Reminiscences of a Stock Operator!
Do a search on them here, several posts I think. I have used them and do not any more but as previously stated are excellent (for non US traders.. its your free legal system guys.. you are not ALLOWED to trade cfd's.. but hey.. its a free market economy right????) for backtesting strategies and learning using real money.. you can trade any number of shares.. from one upwards! However... the spreads you pay are dubious.. can live with them.. but.. when the crap hits the fan.. you don't get out.. no.. you wait.. and the more shares (contracts for difference) you play.. the slower it gets.. maybe ok for swing trading but useless for any fast action.. Neil
That's really disturbing: Every con artist and every imbecil is allowed to run a company in the US (see Miss Cleo etc.), but we have laws that make it illegal to trade foreign options and CFDs. I wonder why no-one has taken this to the supreme court yet. The people who wrote the constitution were intelligent enough to make it unconstitutional for a law to forbid trading something like a foreign option, which would not hurt anyone except the US option mafia who is behind that "law". What's next? A ban on foreign cars?
This type of service is ideal for the SMALL "position trader" who isn't trying to scalp profits from the market all day long. Sure the spreads are bigger, but I would hardly call it a scam. For one thing, UK residents pay no capital gains tax on spread bet winnings. For the position trader looking to swing a three-digit point profit over the course of a few days or weeks, that more than makes up for the wider spreads. Americans cannot participate in financial spread betting because sites like Deal4Free are highly regulated by the British Government (specifically, the FSA) which does not allow these sites to violate the U.S. laws prohibiting Americans from trading derivatives outside the U.S. Yes that's right...we are the only western industrialized nation that prohibits its supposedly "free" citizens from speculating with our money offshore as we see fit. Call it protectionism by the CFTC, call it "big brother," call it whatever you like; it isn't right. Spread betting firms provide the small speculator with a service nobody else is willing to provide. If these firms want to milk the spread for a few extra points to make money, more power to them! Spread betting will never be legal in the US for the simple reason that our paternalistic government doesn't want little people trading anything that resembles a derivative. Derivatives are not "suitable" for Joe sixpack. They can kiss my @$$!
ROTF! The visual is hilarious ... Suddenly have this impulse to fly to France, take a monstrous CRAP in the middle of the street, and then leave. Words wouldn't suffice ... then again probably no-one would notice over there either.
No, he should be allowed to rack up hundreds of thousands of dollars worth of credit card debt at a convenient 29.99% APR, have the right to a firearm, be able to shoot a suspected trespasser without any legal consequences, but God forbid he were thinking about placing $100 on a bet that EBAY will go down.