GNI & costs

[Morris]

I trade CFDs with CMC, large cap stocks, banks mainly.

Anyway, I was interested in the GNI trading platform. With this in mind, this morning I was playing with the demo account, trading RBS & HSBA.

In my opinion, the platform is pretty good - having access to the SETS book is a definite advantage over CMC, but the one big drawback with GNI is the costs.

The fact that their commissions are not capped really is a killer - here is the result of my dummy trades:

Buys 6
Sells 14

(All long positions)

Gross profit £ 2343.43
Commissions £ 905.82

Net profit £ 1437.61

As I thought, those dealing costs take a big chunk out of profits - OK so the execution prices are better than they would have been with CMC, but I'm not sure that this would amount to over £900.

If GNI charged a flat fee then I'm sure they would be worth considering.

Any comments would be welcome.

 

[BlueChip Trader]

GNI & Costs

I also trade CFDs with CMC. I trade the likes of azn, gsk, wpp,bsy and most banks.

I would love to move over to GNI if they charged a fixed fee of say £10/trade.

To trade 1000 shares in say AZN means a commission of about £120. This equates to 12p in price both ways. I don't think that I am paying more than a penny or two to CMC.

I think Lot of active traders would migrate to GNI if they capped their commissions.

For the time being I'm happy with CMC.