FuturesBetting.com Re-Launching

[futuresbetting]

Execellent.. one last thing.

If I open an account with 2500 GBP and deal only in DOW Futures, will that money
be converted into USD @ spot time of the day I do the transfer?

Also:
- If I want to withdraw money, whats the mechanism? i.e will it converted to GBP @ time
I ask for refund?
- Will you charge for refunds?
- How much time will it take to refund? Are you part of the new "same day xfr"
mechanism?
- How do I xfr funds into FB ?


Cheers

Your deposit will stay in the currency that you paid in, you can ask for us to convert some/all of the balance into a specific ccy you dont have to, all this will mean is that if you trade USD base products and make a loss/profit the amount will be in USD so if for instance you converted all the balance to USD at the best market rate that we can get and you wanted to withdraw some GBP then we would have to FX it back from USD to pay you or you can go overdrawn in GBP which will incurr debit interest
As for withdraws same day transfers will cost you £25 and 3 days will be £5
As for deposits we accept Debit/credit cards and Bank transfers

 

[chilltrader]

Your deposit will stay in the currency that you paid in, you can ask for us to convert some/all of the balance into a specific ccy you dont have to, all this will mean is that if you trade USD base products and make a loss/profit the amount will be in USD so if for instance you converted all the balance to USD at the best market rate that we can get and you wanted to withdraw some GBP then we would have to FX it back from USD to pay you or you can go overdrawn in GBP which will incurr debit interest
As for withdraws same day transfers will cost you £25 and 3 days will be £5
As for deposits we accept Debit/credit cards and Bank transfers

erm.. understand (nearly) the 25GBP for the same day xfr.
checked with Barclays and their charge is 18 GBP - whats the extra 7 GBP for?

However, don't understand the 5 GBP for the 3 day xfr. Thats supposed to be free to the customer?!!

Surely UK Bank <-> UK Bank 3 day xfrs are free? In fact it should be transferred same day with the new directives coming in force. You aware of them?

 

[grantx]

Chill,

Are you saying this 3-day delay on transfers will soon be over?

Grant.

 

[chilltrader]

Chill,

Are you saying this 3-day delay on transfers will soon be over?

Grant.

Yes.. according to the BBC.

There are some conditions i.e firms need to be "signed up" to that process and the like, but major Banks are already into it.

Here's the newslink.

BBC NEWS | Business | Faster bank transfers under way

 

[grantx]

Chill,

If it's according to the BBC, I'll take it either as a 'No' or 'not for a few years'.

Grant.

 

[Vaco]

chill has a good point there should be no charge for a bacs money transfer, however small the charge is.

 

[futuresbetting]

chill has a good point there should be no charge for a bacs money transfer, however small the charge is.

i agree aswell, but the banks do charge.

 

[chilltrader]

i agree aswell, but the banks do charge.

what?? are you saying that Banks charge 5GBP for the free BACS money xfr?

 

[cryten]

With IG I trade the FTSE rolling daily at x amount per point. Will this be the same with Futuresbetting or is it only traded as a future?

Silly question but I have come from spot fx to also trading the FTSE, my knowledge of futures in itself is very limited.

 

[Vaco]

Any you any closer to a launch date?

 

[futuresbetting]

what?? are you saying that Banks charge 5GBP for the free BACS money xfr?

all i am saying that if you walk into a bank and ask for a transfer of funds, they will charge a fixed fee.

 

[futuresbetting]

With IG I trade the FTSE rolling daily at x amount per point. Will this be the same with Futuresbetting or is it only traded as a future?

Silly question but I have come from spot fx to also trading the FTSE, my knowledge of futures in itself is very limited.

it will be traded as a futures contract.

 

[futuresbetting]

Any you any closer to a launch date?

we are still waiting for the FSC to release the license, they said it will be this week.

 

[chilltrader]

all i am saying that if you walk into a bank and ask for a transfer of funds, they will charge a fixed fee.

but BACS xfr is free - so not sure what that 5GBP charge is for?!

 

[futuresbetting]

what?? are you saying that Banks charge 5GBP for the free BACS money xfr?

Fbc charge £5 for 3 day bacs as an admin charge, we are not a bank.

 

[chilltrader]

Fbc charge £5 for 3 day bacs as an admin charge, we are not a bank.

ok.. so its YOUR charge - NOT the Banks charge as you previously seem to indicate..

http://www.trade2win.com/boards/spr...resbetting-com-re-launching-9.html#post442335

Don't see any reason why this should be 5 GBP in any case.

 

[0007]

Quote:
Originally Posted by futuresbetting View Post
Fbc charge £5 for 3 day bacs as an admin charge, we are not a bank.
---------------------------------------------------------------------------------

ok.. so its YOUR charge - NOT the Banks charge as you previously seem to indicate..

http://www.trade2win.com/boards/spr...resbetting-com-re-launching-9.html#post442335

Don't see any reason why this should be 5 GBP in any case.

I can understand that Fbc don't want to play at doing fund transfers for small amounts every 5 mins but, they should do eg. 1 "free" transfer (bacs) per month? It's not the £5 - that's loose change in trading terms but there is a principle here - after all it is our money & not theirs. There doesn't seem to be a problem with getting money IN to the account . I would only ever leave the minimum necessary to service the account with them - there are better homes for your cash.

May be Fbc should reconsider this aspect?

 

[futuresbetting]

ok.. so its YOUR charge - NOT the Banks charge as you previously seem to indicate..

http://www.trade2win.com/boards/spr...resbetting-com-re-launching-9.html#post442335

Don't see any reason why this should be 5 GBP in any case.

we are not a bank,and have to pay charges ourselves.

 

[futuresbetting]

Quote:
Originally Posted by futuresbetting View Post
Fbc charge £5 for 3 day bacs as an admin charge, we are not a bank.
---------------------------------------------------------------------------------



I can understand that Fbc don't want to play at doing fund transfers for small amounts every 5 mins but, they should do eg. 1 "free" transfer (bacs) per month? It's not the £5 - that's loose change in trading terms but there is a principle here - after all it is our money & not theirs. There doesn't seem to be a problem with getting money IN to the account . I would only ever leave the minimum necessary to service the account with them - there are better homes for your cash.

May be Fbc should reconsider this aspect?

i appreciate all comments and this will be past onto management to consider

 

[futuresbetting]

we are not a bank,and have to pay charges ourselves.

the bank charges us, we pass this on to the client.