I’m thinking to trade crypto CFDs with FPMarkets – does anyone else have experience of them?
- Thread starter KodyAllan
- Start date
I am based in the UK
I dont want to trade in futures. Would prefer trading in CFDs. Just want to ensure FPMarkets is a reputed broker.
I have been on Fp markets for 2 years now. Good trading platform by a regulated broker. They took a lot of care while opening accounts and looking through documents, which I liked. It is quite easy to manage things. I like the live price views and many technical tools. Also gives imp news for the day. Only thing is there’s no weekend sessions for crypto trading. They only have CFDs in limited coins.
few things to consider guys
- with AUS CFD the leverage is likely to go back to below 1:50 so more similar to built in leverage in Futures so if the only reason to use OTC CFD is 500:1 leverage in AUS.. it is likely to change any way
- Do you realize with "brokers" like these you are playing against the house? as compared to a centralized exchange traded future!
- No options on BTC CFD unlike CME
- In Aus there had been OTC brokers like these go belly up with client money. Unlike UK FCA funds held with ASIC regulated OTC brokers is not protected in such a case ( sure the broker will say that they ring fence the client money and are audited etc but 3 times now it has been shown that such brokers can run with your money ( Sonray capital Markets BBY , Halifax ) They all said it won;t happen
so from that point of view UK regulated broker is your best bet ( not EU but Pure UK FCA)
or in USA Interactive Brokers which swipes cash under SIPC
- with AUS CFD the leverage is likely to go back to below 1:50 so more similar to built in leverage in Futures so if the only reason to use OTC CFD is 500:1 leverage in AUS.. it is likely to change any way
- Do you realize with "brokers" like these you are playing against the house? as compared to a centralized exchange traded future!
- No options on BTC CFD unlike CME
- In Aus there had been OTC brokers like these go belly up with client money. Unlike UK FCA funds held with ASIC regulated OTC brokers is not protected in such a case ( sure the broker will say that they ring fence the client money and are audited etc but 3 times now it has been shown that such brokers can run with your money ( Sonray capital Markets BBY , Halifax ) They all said it won;t happen
so from that point of view UK regulated broker is your best bet ( not EU but Pure UK FCA)
or in USA Interactive Brokers which swipes cash under SIPC
How FPMarkets manage with the report for tax purposes about cryptos? I don't think these traditional markets are advantageous with respect to crypto specific exchanges, but I am curious about if they give you a decent report without the need of using programs like Cointracking for a proper calculation, which on the other hand is always approximate.