Best broker and tax questions

Trading Discussion
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Best broker and tax questions, I’ve done forex before and want to get onto it again. I am a day trader on forex trading around 4 pairs per day. I was with bswiss before and I’ve gone to sign up again and there asking for my national insurance number. I was wondering who does everyone else use and as I understood it as a day trader on the side this is classed as gambling and not taxable is this still the case? Cheers Rick

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It’s best to google ‘best broker reviews’ so you can choose what would suit your style. No tax on FX.

The list below is low overall cost.

TD 365 (fixed spread)
CMC
IG
XTB

I trade IC and Pepperstone on MT5 platform. Pepperstone also uses TradingView platform.

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There’s no tax on spreadbetting in the UK, but profits from CFD’s are taxed (note that the regulator FCA treats SB as a type of CFD but HMRC treats them differently for taxation purposes).

I’m not sure why the NI number would be very useful to the broker but its also hard to see why it should be kept from them. They’re under scrutiny to make sure they don’t abuse their licence conditions and avoid accusations of money laundering.

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I’ve heard good things about the one you mentioned but personally trading through CedarFX for most of my time as a trader. I’d say that they would work well for you considering that they don’t charge commissions and you don’t have to provide all that extra info to open an account, it’s pretty straightforward.
Hope this helps!

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hi I live in Sydney and best broker that i work with is https://pepperstone.com/en-au/

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Also the other strong broker is
https://www.interactivebrokers.com/en/home.php

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@rickyboy1 I’m trading with turnkey forex and haven’t given any such details at the time of account opening. Provided bank details for depositing, and it was enough to get started.

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I’m not surprised.
They’re based in Mauritius.

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As you already have some trading experience, I expect you to make your own choice based on your requirements. Do take recommendations about the brokers other traders are using these days but do your own research too.

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For day trading, your broker must provide you with fast order execution so that you don’t lose money because of the price delays. Also, check for the spreads to take big profits home.

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You will find great recommendations for the broker of your choice. But for tax related queries, you must always get in touch with your local CPA. They know tax better and will be able to provide you with the accurate information.