Finspreads or CMC

[Roonbox]

Hi All,

I am opening a third spread betting account ( I have one with marketspreads and one with IG Index). I am considering either Finspreads or CMC.

The platform does feel better with CMC, does anyone have any experience, good or bad, with either of these companies?

 

[The Leopard]

Hi All,

I am opening a third spread betting account ( I have one with marketspreads and one with IG Index). I am considering either Finspreads or CMC.

The platform does feel better with CMC, does anyone have any experience, good or bad, with either of these companies?

Neither. Open a real account or if you must use a bucket shop stick with IG.

 

[Roonbox]

Neither. Open a real account or if you must use a bucket shop stick with IG.

Real account holders pay tax

 

[The Leopard]

Real account holders pay tax

Because some of them make money. Very few bucket shop customers pay tax, and that has nothing to do with SB being tax free. They'd still pay no tax if the first penny of profit was taxable.

If you want spread betting, use a DMA outfit like FP or ibetfinancials.

 

[Roonbox]

Because some of them make money. Very few bucket shop customers pay tax, and that has nothing to do with SB being tax free. They'd still pay no tax if the first penny of profit was taxable.

If you want spread betting, use a DMA outfit like FP or ibetfinancials.

I have used SB accounts for a few years without too much trouble.. although I do plan to eventually work towards a trading platform.
what is FP?

 

[x4x]

I have used SB accounts for a few years without too much trouble.. although I do plan to eventually work towards a trading platform.
what is FP?

I've tried Fins and CMC and have found both to be inferior to IG.

Though I haven't tried them myself, Capital Spreads seem to have a good reputation. Why are you looking to open a third account?

 

[Roonbox]

I've tried Fins and CMC and have found both to be inferior to IG.

Though I haven't tried them myself, Capital Spreads seem to have a good reputation. Why are you looking to open a third account?

I am segregating funds and will primarily base this account on Commodities

 

[The Leopard]

I have used SB accounts for a few years without too much trouble.. although I do plan to eventually work towards a trading platform.
what is FP?

I don't know your circumstances, so forgive me if I'm wrong, but you might start to have trouble if you start winning significant amounts, particularly if you do so trading short term. If you already make a lot and don't have problems I'd be surprised but by all means carry on and good luck to you.

FP is FP Markets UK. They're basically a futures broker, but they give you a spread bet wrapper. The key is you actually trade the real market, not the bucket shop's internal one. It is real DMA as well, not 'DMA functionality' like Prospreads.

The downside is they'll always be a bit costlier on commissions than a regular futures broker, but of course you don't pay tax.

 

[Pi3141]

I'd put GFT markets up their with IG Index. Their customer service is superb.

 

[Splitlink]

I stay with Finspreads because they give me no problems. If I was to move to another and was asked why, I would have to say that it was only because I was curious. Since I am not, particularly, I stay where I am.

 

[Roonbox]

In my opinion, IG Index is probably the best spread betting account. If you want another account (and it makes perfect sense to do so) then the next best is the London Capital Group whose trading platform underpins Capital Spreads (their own brand) plus other brands including InterTrader. Though not my favourites historically, SpreadEx and Spread Co have both improved recently. I seem to remember that Finspreads is based on the City Index trading platform, which Selftrade is moving away from.

Cheers for the input Lotin, One issue I'm a little concerned with Finspreads is that they seem like a small outfit. I would rather go with a group that have a lot of financial muscle, pref even backed by a bank if there are any banks that have a spread betting arm..

IG Index are a pretty big corporation, but Finspreads are worringly small.

Liam.

 

[Splitlink]

Cheers for the input Lotin, One issue I'm a little concerned with Finspreads is that they seem like a small outfit. I would rather go with a group that have a lot of financial muscle, pref even backed by a bank if there are any banks that have a spread betting arm..

IG Index are a pretty big corporation, but Finspreads are worringly small.

Liam.

That's a point that I have never heard expressed before. I have been with them since before online trading started. They are, now, a part of CI. How big they are, in the capalisation stakes, has never crossed my mind.

 

[R.Charnock]

Cheers for the input Lotin, One issue I'm a little concerned with Finspreads is that they seem like a small outfit. I would rather go with a group that have a lot of financial muscle, pref even backed by a bank if there are any banks that have a spread betting arm..

IG Index are a pretty big corporation, but Finspreads are worringly small.

Liam.

Fins = City with a respray, so I wouldn't worry about them being small.

 

[R.Charnock]

I'd put GFT markets up their with IG Index. Their customer service is superb.

GFT markets was certainly up their something a few years ago, but maybe they've improved

 

[lilli2]

Hi All,

I am opening a third spread betting account ( I have one with marketspreads and one with IG Index). I am considering either Finspreads or CMC.

The platform does feel better with CMC, does anyone have any experience, good or bad, with either of these companies?

hello CMC Markets screwed me up. It was my first Trade Ever. A few years ago. I put two down for a margin trade forex Uro Usd the the trade just kept going up for 2 days. Fearing it fall. I closed it. making £800 pounds £600 profit. I did all I was told to close. I was happy. I didn't check my Email for two days. when I did I was shocked to find 3 pages of margin calls. When I phoned they said I didn't click ontwice on the screen. They hadn't told me to. I lost £700 When I complained they said I was lucky they gave me £100 why complain. that hundred is still there. should I trade to used or will I lose it anyway? sincerely lilli 2 I don't know about finn spreads

 

[kknehra]

I know someone who had a bad run with IG and they were unfairly busted out. I have used Finspreads extensively and although it is not the most feature rich platform, it is very simple to use, reliable (on desktop), fast, and allows multiple logins concurrently and has an unbeatable library of instruments.

I have a demo account with CMC, and I enjoy using the platform for it's features and innovative information deliverance, though I'm not fond of the fact that it has a lack of tradable assets. For example, if I want to trade the FTSE 100, I can only trade 1 contract rather than choosing a specific future or option.

 

[gle101]

Finspreads got a huge security risk, no user predefine stop loss in points. Otherwise very good spreads on the indices. But they play games if you are too "lucky", at least they used to do so before the upgrade of the execution model. I would go with CMC (I do not trade with them live, I can't get an account yet being a foreigner). If you go with CMC be sure to use the "Boundaries" feature in order to avoid unnecessary slippage.

 

[ssks]

Neither, but definitely not Fins.

 

[impgreene]

Hi All,

I am opening a third spread betting account ( I have one with marketspreads and one with IG Index). I am considering either Finspreads or CMC.

The platform does feel better with CMC, does anyone have any experience, good or bad, with either of these companies?

It really comes down to how much money you have in the account – not wanting to make any assumptions, but at certain level’s you’re covered by whomever you trade with so long as the accounts are segregated (see http://www.cmcmarkets.co.uk/about-cmc/safe-securehttp:// and Client Money Protection | Strength And Security)

CMC has a nice looking platform, and has ok spreads (versus the others!), but the technology is 'patchy' at times (i.e. it goes down, sticks, your trade takes ages to process) - IG is much more robust than CMC, and if you’re used to IG then CMC will annoy you on occasion.

The real problem with CMC is that it has quite a lot of debt, whereas IG doesn’t, which might be an issue for you if (as it seems is the case) you are worried about security of assets above the levels that are ‘covered’.

Don’t know about Finspreads, but its part of the City Index group, and City Index have a horrible platform IMHO (which looking at Finspreads’ website it looks like they have too).

Either way, you’re not going to get the breadth of instruments you get with IG at the others.

Why not look and find out which firms have ‘segregated’ accounts (throw out any that don’t mention it on the basis that if they had it they would be telling everyone!) open a ‘demo’ account with these, trade it for an hour or so and decide which ones you hate least ………. to be honest, within 15 minutes of opening a demo account you’ll know if you like it and it has the features you want ………. of the ones you hate least, compare the spreads, and you’ll have your answer.

 

[impgreene]

To follow on from below, I decided to revisit CMC just in case I had made a mistake.

So I funded the dormant account and placed a trade - when I was in the money I went to change the stop and couldn't because that 'box' that allows you to do this couldn't be edited - so, only a slight flaw then ........ back to a dormant account I think ........

FYI - CMC doesn't work at all on Mozilla / Firefox.

That's what I was talking about when I said 'patchy'.