Hi I am based in Ireland and have been a full time trader since 2004. I trade my own account and I am on the lookout for a new company to clear through. I use XTrader Pro and have cleared through the London based Prop Shop I worked for from 04 to 12 but am on the lookout for someone else. Used to do 4figure RTs daily but more like 100-200 these days do to a change in trading strategy but will hopefully increase in time. Any recommendations from people in similar situation? Cheers
We are Introducing Brokers and provide a variety of solutions for small and medium-sized Hedge Funds, CTAs, Trading Groups and Active Traders. We offer a choice of FCMs and platforms including X_Trader Pro. I think I can help but I would have to speak to you or get more details privately to see why you are looking to move your business, to see how we can help. This is a list of our relationships as of January 2014. http://www.victorsecurities.com/prime-services-custody-financing/
What is the tax situation in Ireland? You can save tax in the UK by trading through kyte ibet using xtrader.
Do you know how Kyte fared with the recent CHF-related events? I wonder if any of their spread betting clients were hit with negative balances after SNB dropped the peg? Though I seem to recall they are relatively new to spread betting, so maybe the spread betting client base is relatively not so large to make it an issue, and perhaps they are lucky in the sense that they can re-assess risk controls for that side of the business without being too entrenched in the business? How big is their spread betting client base? One advantage of holding an account with Interactive Brokers or even MF Global is that at least you can track the stock price to give you a clue when there are problems. For MF Global, the warning signs were there a couple of months beforehand. Had I been a client of theirs, there's a good chance I would have withdrawn funds before the sh*t hit the fan. Of course, with FXCM, you didn't get so much time, and hopefully they pull through recent events. The disadvantage of Interactive Brokers for a non-US client is the fact that funds are held in US leaves you way down the pecking order (relative to US clients), and I'm not sure how well the UK FSA regulatory rules would protect you in the worse case situation. What can they do when the funds are parked in the US? With Kyte or another London clearer, as a UK account you'd probably get all or a good portion of funds back in the case of wrongdoing, even if it took a while for the process to unfold. My advice would be to hold at least three accounts with different brokers if you can afford it. The likelihood of all of them all failing at the same time is slim, I'd guess.
Kyte is owned by GFI, which I believe is quoted. CME and BGC are bidding for GFI. If CME win they are going to keep the tech companies and sell the brokerage back to GFI management.
Just21/benwm cheers for your replies. Wwatson1 not so much.... Yep. Kyte are a very legit company with a long (positive) history.... Do they have many people doing the iBet ? just21 do you trade with iBet and if so how do you find it ? Is there anyone else who has tried iBet and whats your feedback? i have looked into iBet and as I understand it your paying your usual cost of XTrader for example plus other costs like a VPN charge for trading remotely and the data feed charges to exchanges. So your probably talking about £80-90 a day. The costs of the RTs are higher - especially significantly higher in US markets like T note/Mini ES etc. Other markets like Bunds / Gilts etc are not too bad compared to what you might be used to. The offset of the higher costs being your in the spread bet so no tax. Have guys trading a profit with iBet actually successfully won over HMRC when it comes to their tax returns etc? The other thing being the lack of leverage with iBet . I don t think they are very competitive on day margin etc comapred to the likes of Marex etc? I stand to be corrected on the above would be good to hear from anyone else their thoughts! What has happened to Hamilton Court have they become a FX outfit ?