Go Back   BabyPips.com Forex Forum > Main Discussion > Newbie Island
FX Trading v Spead Betting. FX Trading v Spead Betting.
Register FAQ Members List Calendar Search Today's Posts Mark Forums Read Chat Room [3]


Newbie Island This forum is for Forex beginners. If you are new to the Forex and have a question, this is the best place to ask it. If you're looking to learn Forex, get your training and education at the School of Pipsology.

Reply
 
LinkBack Thread Tools Display Modes
  #1 (permalink)  
Old 06-22-2008, 05:14 AM
Newbie
  

Join Date: Apr 2008
Posts: 16
Default FX Trading v Spead Betting.
Hi Guys,

Have started to get consistant results with my FX trading on the MT4 Alpari demo account.

I'm thinking now to go live again. My question is about tax. I don't mind paying tax on my profits but don't want to give too much back.

So my question is should I open a FX trading account or a spread betting account?

I havn't looked at any Spread demos so I'm looking for views from people who use spread accounts for tax reasons.

Regards,

David.
Reply With Quote
  #2 (permalink)  
Old 06-22-2008, 08:01 AM
forexmoments's Avatar
Newbie
  

Join Date: Dec 2007
Posts: 18
Default
Personally I abhor the platforms that Spreadbetting companies use. if you have no problem with that, then spreadbetting is something you should definitely consider.
Reply With Quote
  #3 (permalink)  
Old 06-22-2008, 02:56 PM
Newbie
  

Join Date: Apr 2008
Posts: 16
Default
Thanks for your reply. If anybody else has any views it would be good to hear them.
Reply With Quote
  #4 (permalink)  
Old 06-22-2008, 03:39 PM
Master Contributor and Member
  

Join Date: Dec 2006
Posts: 303
Default
hey,

Most will allow you to trade spot and 3, 6 month contracts, the only problem you may find is that the hours are 8am - 9 pm to make / change trades.

a few to look at
igindex
and wordspreads

You will find the spreads tend to be higher on most, although worldspreads will offer you 1 pip spreds on some.

the only other point i will make is you will have a min trade of £1 per point straight away, theres no demoing around on smaller unit size first.

hope that helps.
Reply With Quote
  #5 (permalink)  
Old 06-22-2008, 04:24 PM
Newbie
  

Join Date: Apr 2008
Posts: 16
Default
Many Thanks.
Reply With Quote
  #6 (permalink)  
Old 06-22-2008, 05:05 PM
Superior Master Contributor and Member
  

Join Date: Apr 2008
Posts: 926
Default
Is spread betting only for UK citizens or can US citizens do it too? Not that I am interested but I know someone who would be (US citizen)
Reply With Quote
  #7 (permalink)  
Old 06-22-2008, 05:25 PM
Newbie
  

Join Date: Dec 2007
Posts: 21
Default
I currently use spread betting for my FX trading for the simple reason all bets stop in base currency, so even if betting on crosses e.g EUR/JPY I don't have to worry about other exchange rates. The platfom I use also allows me to trade FX 24hrs a day the same as normal platforms.

I must admit however that the charting software is not the best, but to offset that I also use other packages and feeds to ensure I have all the indicators I need and the price quoted is in line with the market. The only other downside is that the bet minimum is £1 per point (approx 1 mini contract) so if your new to trading or have a limited stake try low volatility pairs.

I regards to tax in the UK you don't pay any income or CGT on profits made but equally cannot write off CGT losses either.
Reply With Quote
Reply



« Previous Thread | Next Thread »
Thread Tools
Display Modes
Linear Mode Linear Mode

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On



All times are GMT -4. The time now is 11:24 AM.
Content Relevant URLs by vBSEO 3.3.1
"You have to expect things of yourself before you can do them."
Michael Jordan
Feedback Form