Because of my working experience in Oil industry, I have a strong interest in what is going on around Oil. I read a couple of books about trading and practiced with demo account of two popular CDF platforms, and I must admit I enjoy trading. Before getting serious and put real money in it, I did some researches in order to find reliable and serious platform. My research is not over yet, if anybody may suggest a CFD platform basing on own personal experience, I would much appreciate. Looking for the best platform, I ended up to this website www.fineco-bank.com (I hope links are allowed in here)... and wow, quite shocking. After reading that website, I didn't some deeper researches and found out that most of things written there are likely to be true. Definitively I am not going to put my money to either Fineco Bank or Plus500. Is CFD such a bad industry too? Shall I stay away from it? Or, shall I just put little spare money in a platform considering them as lost money? Any recommendation is highly appreciated.
Oanda (UK for you) https://www.oanda.com/uk-en/trading/ Tickmill https://www.tickmill.com/ Pepperstone https://pepperstone.com/en-au/
I can vouch for Oanda. Had a reasonably large amount of money with them and had no trouble withdrawing everything. Of course trading the actual futures is more cost efficient, but CFD from the largest platforms are a good entry level tool (IMO), I appreciated Oanda for providing continuous futures CFDs from multiple exchanges. There are plenty of CFD scams though so you definitely are correct about being careful.
I say Oanda as well. Have had no trouble taking out money neither. They might not always be the cheapest, but they will not scam you.
Why trade CFD's when you can trade stocks with better leverage at a legit trading firm? Also CFD providers "make up" price points and will stop clients out any way that is legally possible plus typically have higher costs per trade. You'll always make more with direct access to markets.
Thats just if you chose a scam-broker. I have traded with Oanda since 2014 and never had any such experience. Chose a serious and regulated broker, and it will be perfectly safe. And if he wants to trade oil, why trade stocks? No stock will give the same exposure to oil as actually buying something that is derived from the actual oil price
It doesn't matter what your experience is, that is how regulated CFD firms are allowed to operate. If their program sees an aggregate of stops near the "CFD spot" they can widen the gap by manufacturing volatility to cause stops to be hit. Maybe a firm being "regulated = safe" is good enough for you but not all regulated firms operate the same way. He can trade an oil ETF with professional leverage/cost per share at a trading firm.
You’re UK based? You can spreadbet tax free with IG. Alternatively, ICMarkets have the tightest spreads for CFDs.