IG Markets

i'll def keep an eye on accounting, thanks bit ;-) cld be that their back-office process is shite, same as IFX years ago (and perhaps still now... dunno), that wouldn't surprise me...
 
Quote from Businessman:

Bucket shop! Best avoided, unless you are desperate for the low margin requirements.

In the UK people use IG Index because any winnings will be tax free (thereby making up for the higher costs, stop running, slippage etc) otherwise these types of firms would be pretty much out of business.
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Not true.

They have a spot busibes as well that isnt spread betting.

Anyway spread betting is not tax free if you trade often anyway as would be classed as a pro.
 
funny thing is, it's only my 2nd day with their demo and they're still not quoting ANY of the FX option series they advertise...

i called yesterday Monday midday Ldn time to enquire, the custie service lad on duty checked with me and yup, there were no FX Option daily nor weekly quotes on my demo and he had no quotes on his screen either... perhaps due to the UK Bank Holiday... dunno sir... is what i am getting for now

i got an email into their help desk, see what they say...

not very promising so far...
 
Quote from Businessman:

Thats an urban myth.

Someone spread betting full time (against a bookmaker) making even 100 profitable trades a day will never pay tax as long as they dont carry on any other trade that could effect the tax free status of their spread betting.

http://www.hmrc.gov.uk/manuals/bimmanual/BIM22017.htm
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That is horse racing though, not financial spread betting.

I have been advised by PWC that there is no way in the world I could gain tax exemption by trading fx on a spread bet as it has been my full time job now for 18 years. My sole source of income is trading on a pa basis.
 
Quote from 2cents:

funny thing is, it's only my 2nd day with their demo and they're still not quoting ANY of the FX option series they advertise...

i called yesterday Monday midday Ldn time to enquire, the custie service lad on duty checked with me and yup, there were no FX Option daily nor weekly quotes on my demo and he had no quotes on his screen either... perhaps due to the UK Bank Holiday... dunno sir... is what i am getting for now

i got an email into their help desk, see what they say...

not very promising so far...
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to be fair... i grumbled a bit and they have now come back with 2 rounds of fairly precise and acceptable answers, terms and conditions...

a pity daily & weekly FX Options are simply not available on the demo though... but thats not a very big deal...
 
I had a IG account for a few years, good to learn on if you have a small account.

Made the move up to a proper broker (IB) now, I'd never go back to spreadbetting.

Too many times I'd by stopped out by 1 point only to watch the market go in my direction afterwards, I just don't trust the spreadbetters as you are basically betting against them and their bottom line.
 
Quote from 2cents:

to be fair... i grumbled a bit and they have now come back with 2 rounds of fairly precise and acceptable answers, terms and conditions...

a pity daily & weekly FX Options are simply not available on the demo though... but thats not a very big deal...
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in case you missed it fx dailies [and weeklies] aren't vanilla but binaries. if you have access to binary bets on the demo try look for 'em.
 
Quote from Lon Eagle:

That is horse racing though, not financial spread betting.

I have been advised by PWC that there is no way in the world I could gain tax exemption by trading fx on a spread bet as it has been my full time job now for 18 years. My sole source of income is trading on a pa basis.
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Gambling is gambling, wether it be betting on big brother results, horse racing or financial spreadbetting and therefore exempt from income tax in the UK.
 
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