Can anyone shed some light for a new guy please?

[vitca]

I have just begun checking out spread betting as a possible way to get in to financial trading a second income.

I have done the usual reading of mountains of info on the internet and books.

So I took the plunge and opened a players account with TradIndex.com - Spread betting, financial bets. It is a great site-I think. It has given me a great insight into trading including the stark reality of loss!!

Furthermore, I have registered with BetsForTraders.com | Fixed Odds Financial Betting that offer a different style of trading. Just put up a stake for a bet; if you are correct in your forcasts you win plus the stake back. If you are incorrect you only loose the stake. I favour the Lookback bet, this locks in any of your wins against a loss.

I favour betsfortraders mainly as I am a rookie and it offers greater security against a bad choice. But I am concerned that each of these sites may stiff me when I start to trade real cash. Does or will this happen or are they genuine??

I would really appreciate some useful feedback. Perhaps you use these sites yourself.

Thank you, Vitca.

 

[mhansen]

I can't tell you how it works if it's a company based in the UK. But, it is my experience that while most sites will never cheat you, they WILL make it difficult for you to withdraw money. Here in the U.S. we have to send in copies of photo ID's and the like, and only then will they casually mail a check to you, which usually takes a couple of weeks or so. So don't withdraw it today if you need it tomorrow. Check the terms of your agreement, and if you have to provide proof of identity, you may want to do it now.


Best of luck,
Mike

 

[vitca]

I can't tell you how it works if it's a company based in the UK. But, it is my experience that while most sites will never cheat you, they WILL make it difficult for you to withdraw money. Here in the U.S. we have to send in copies of photo ID's and the like, and only then will they casually mail a check to you, which usually takes a couple of weeks or so. So don't withdraw it today if you need it tomorrow. Check the terms of your agreement, and if you have to provide proof of identity, you may want to do it now.


Best of luck,
Mike

Mike,

Cheers mate. I am UK based. So I will be carefull, regardless!!

REGARDS!

 

[timsk]

I favour betsfortraders mainly as I am a rookie and it offers greater security against a bad choice. But I am concerned that each of these sites may stiff me when I start to trade real cash. Does or will this happen or are they genuine??
I would really appreciate some useful feedback. Perhaps you use these sites yourself.

Hi vitca,
Welcome to T2W.
I don't think you need to worry that either of the two companies you mention will "stiff you" as you put it, in as much as they will gladly accept deposits but won't allow withdrawals. The Financial Services Authority (FSA) and the Office of Fair Trading would be on to them in no time at all if they were fraudulent in this way. Additionally, I'd be very surprised if mhansen is correct in suggesting that they will take an age to pay out. If this were true, members here would have complained about them ad nauseam and I'm not aware of them having done so. That said, as in all areas of life - caveat emptor - and I suggest you phone or e-mail them if you feel their policies aren't explained adequately in their T&C's. Lastly, I recommend you check out the forums devoted to spread betting and fixed odds betting respectively, as there is a mine of information to be unearthed there and you may well find that all of your concerns are addressed by the collective experience of the T2W membership.
Good luck and enjoy!
Tim.

 

[Lightning McQueen]

I don't believe betsfortraders are regulated by the FSA or any other body in the UK. They are Isle of Man based.

Here's an informative thread on them.

http://www.trade2win.com/boards/fixed-odds-binary-betting/25336-opinions-betsfortraders-com.html

 

[mhansen]

Additionally, I'd be very surprised if mhansen is correct in suggesting that they will take an age to pay out.
Tim.

I'm sorry if I wasn't clear. Here at least, it is FAR easier to set up an account in most places with a minimum of paperwork, and no identity verification...until you want to withdraw the first time.

Once you jump through the hoops for the first withdrawal, the rest are easy. So even if they don't ask for photocopies of identification documents at first, you may want to send them in anyway. This way you don't have to do it when you're in need of the money, thereby avoiding unnecessary delays.

But, I'll be the first to admit that whether I wait 3 hours or 3 months for MY money, it seems like an eternity. So maybe it's not THAT long after all.


Regards,
Mike

 

[vitca]

Hi vitca,
Welcome to T2W.
I don't think you need to worry that either of the two companies you mention will "stiff you" as you put it, in as much as they will gladly accept deposits but won't allow withdrawals. The Financial Services Authority (FSA) and the Office of Fair Trading would be on to them in no time at all if they were fraudulent in this way. Additionally, I'd be very surprised if mhansen is correct in suggesting that they will take an age to pay out. If this were true, members here would have complained about them ad nauseam and I'm not aware of them having done so. That said, as in all areas of life - caveat emptor - and I suggest you phone or e-mail them if you feel their policies aren't explained adequately in their T&C's. Lastly, I recommend you check out the forums devoted to spread betting and fixed odds betting respectively, as there is a mine of information to be unearthed there and you may well find that all of your concerns are addressed by the collective experience of the T2W membership.



Good luck and enjoy!
Tim.

Tim,

Thank you for a comprehensive reply! I will check out the forums as suggested.

Merry Christmas
Regards Vitca.

 

[teezeike]

They are reliable. You have your money just anytime you want. No questions asked. Posted back to the payee card or bank account.