Hi,
The idea of DMA Spread Betting has piqued my curiosity and I have a some questions. As far as I'm aware, the only two UK based companies that do this and automatically hedge the trades are FP Markets and FXCM (although I could be wrong), so I have a few questions about FP Markets, particularly on the FX side.
Am I right in assuming that DMA Spread Betting means that FP Markets simply mirror the underlying market in order to be allowed to call this spread betting?
What is the name of the spread betting platform you use, is it a desktop or web only based system, and are there any costs associated with using it (or advanced feature costs, such as for charting etc? (by the way, what charting is available on your platform as standard and does it cost anything?).
For rollover on FX, it says on your website you use TomNext rates, but don't mention any other charge on that page. Yet on the webpages outlined in my next question below, under "Interest" is "FPM rate plus/- 3%". Does this mean that a trader would be charged LIBOR TomNext +/- 3% for each rollover? On the subject of rollover, will the trades be allowed to rollover naturally or would they be closed by FP Markets and then reopened at current market rates.
You haven't mentioned the brokerage charges levied on your webpage at both "http://www.fpmarkets.co.uk/account/account-types/fund-your-account" and "http://www.fpmarkets.co.uk/account/account-types/fees-and-charges". Could you please explain why these are levied when there is already a bet fee being charged for using FP Markets.
If you hold a trade open for over a month, and that is your only trade for 2+ months; will you still be charged data fees? (The website says no fee if 1 trade per month is made).
Why do FP Markets require so much information from their potential customers (i.e. First Name, Surname, Email Address, Phone Number and Postcode) just to be able to download information on your business practices (DMA Spread Betting Guide etc.). I have read the privacy policy on your website in it's entirety and it says this information can be passed on not only to FP Markets and it's affilates, but to any company FP Markets has a relationship with. You are supposed to be able to opt-out of any/all marketing on any form that requires personal information, but there is no such facility on the form.
Thanks.
LBP.