Spread betting in uk

Beginner Questions
1

Hi Guys,

I,m based in uk and im looking for a spread betting broker who use mt4, i know a few of you will laugh and say dont go spread betting, but because of the tax laws in the uk its wort a go.

Any advice or help here would be muchly appreciated.

Thanks peeps.

Podz :wink:

2

Hey Podz,

Just a quick heads up about the UK Tax implications with spread betting. Even though its said to be tax free as such, in reality it is not. What is classed as tax free is your yearly tax allowance that we all have. After talking to HMRC, once your spread betting income exceeds your own personal allowance you are then liable to pay income tax only on all further gains. The HMRC label your profession as a ‘Professional Speculator’, and treat this as you source of income. In short, its treated the same as any other job you may choose in the UK.

3

Hi Jezzode,

mind i ask a noob qns? how u earn thru spread betting???

4

Under UK law, there are no taxes on your spread betting profits, either stamp duty or on capital gains.

5

Is spread betting tax free is its your sole source of income?

6

Alpari UK and GKFX support MT4. Both companies offer minimum stakes of 10p per increment. This is great for those who want to start trading with a small pot.

7

have cheched reveiws on alpari, notlooking good. Some of the thing i was reading were: sudden spykes taking out SL, not evedent on other platforms, price clearly hitting order level and not being filled, lots of requotes, and trades suddenly closing for no reason…only on the ones that were in profit!!!

8

Have a look at ig index or oanda. Been with both and not had any problems

9

To be honest, I have never had any problems with Alpari. I always get good fills and have never experienced any excessive slippage or been stopped out unfairly.

10

I’ve been using GKFX for about a year without any real problems.

I cant back test EA’s with them but I just have a demo account with another broker for that

11

Just to weigh in here, uk spread betting is completely tax free - be it your sole income or supplementary income as it is classified as gambling.

12

Hi Podz,

Have you tried FXCM UK. They have a spread betting product that I think allows for MT4. It is trustable company and works very well.

13

Before I go hunting, are there any good threads regarding spread betting that anyone here knows of? Thanks

14

Hi hpfife

Try looking up the naked trader website (Robbie Burns) this will supply you with all the info you need. The two books he has wrote are also worth buying. At the moment I am reading spread betting the forex markets by David Jones. I am also seriously thinking about taking the Knowledge 2 action course that Simon Templar has done, but it is pricey (around £2000)

If I can help further please ask

Regards
Kev

15

What are you expecting to learn for that £2000? I have not done the course but read about the contebt and lots of reviews. Seems to me they teach things that can all be found on here for free.

16

Spread betting & CFD trading income in UK is subject to tax as capital gains. you will pay 18% of ur income. Your yearly allowance is around £11000 If you lose money you can claim back against your profit or set it off against your allowance. you can carried forward maximum 4 tax years to claim your loss. This is what I’ve learned. Am I right or wrong?

17

Under UK law, there are no taxes on your spread betting profits, either stamp duty or on capital gains. Just check with any UK spead beting firms.

18

Thank you very much. I’ll check it again to make my self clear.

19

Hi Jamessheppard

I don’t know what I am expecting to learn for the money involved.

Sorry about going of topic, but so far I have read the school of babypips twice, and is an excellent learning tool.

Had a lot of support from purplepatch, and taken the advice to read certain topics on this forum. I have been doing this for over a year now, but I still can’t find the missing link into actually trading physically with a broker. Even with a demo account. Simon Templar seem’s to have taken the course for one of the reasons I have at the moment. That is time.

£2000 is a lot of money, that’s one of the reasons I have not jumped in with both feet. Other’s on the forum will say to use the money to trade live, but what will this achieve if I don’t know what I am doing.

In my case I think I need to actually sit down with someone at a trading desk, and get the confidence of knowing what I am doing, then and only maybe I will be able to move on and not stagnate which is the point I am at now.

Rrgards
Kev

20

Where do you live? I can help you out if you are living close by me. I love to help people. :slight_smile: basically I’m a full time trader & trade at home.