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What makes a good spread betting company?
Dear Subscriber,
It's no wonder spread betting the financial markets is getting so popular.
People are sick of the measly 0.2% interest they get on their savings.
And with the economy in such a state, more and more people are taking action to earn some extra cash.
I mean, knowing that every penny you make spread betting is yours to spend as you want sure makes you feel good.
But the increasing popularity of spread betting does mean there are a huge number of companies out there who want your business.
So, how do you choose the best one for you?
Bring on the Forex Round-Up Spread Betting Checklist...
What you should be looking for in a spread betting company
The first thing to check: are they regulated?
Usually it will say on their site that they are 'regulated by the Financial Services Agency'.
Bottom line...
Always use a regulated provider.
OK. So, the next thing you should check is the 'dealing spread'.
I know many spread betting providers say they charge 'no commission'.
This isn't really true; it's splitting hairs.
You see it is true there's no 'commission' per se, but there is always a 'dealing spread'.
And basically 'dealing spread' and 'commission' is the same thing.
It's the cost of doing a trade.
A dealing spread is the difference between the bid and ask price, or as we know it: the buy and the sell price.
For example, the spread on EUR/USD is usually 2 points. The sell price would be 1.3688 and the buy price 1.3690.
This means the cost of doing a trade staking £1 a pip would be £2.
So, when choosing your spread betting provider, make sure the dealing spreads are low and competitive.
You want to keep your dealing costs low so you can keep more profit for yourself.
Naturally.
Now, another thing I do is check the providers demo account (if they have one) and play around with it.
You can place a few demo trades and see how easy it is to use without it costing you anything.
You soon see if you like it.
Making the most of bonus offers
Because of the increasing competition, some spread betting providers are now offering incentives to join.
It's good news.
But this should never be the main factor in your decision.
Saying that though, if you find two providers are very similar and they offer a joining bonus, why not take it?
When starting out it certainly boosts your trading account balance.
And to be honest it does sometimes come in handy having an alternative trading account...
If one particular spread betting company's platform happens to be down for maintenance it could be very frustrating if you miss out on a good trade.
So it's always worth having an alternative account.
In fact, I've been able to organise a pretty good offer with one particular spread betting provider that I've been personally using for over a year now...
I like this one.
I like their low dealing spreads. But I especially like the fact that new traders can trade for smaller stakes for as long as they want to.
You know how I'm always urging you to trade small and learn first?
Well, with this company you can have a practice account for as long as you like.
And when you do trade live you can trade for smaller stakes forever if you want to.
You can trade some markets like GBP/USD and EUR/USD for 20-30p a pip.
And as a special joining bonus they will credit an extra 25% of your initial deposit into your new live account.
Yes that's right I'll repeat it...
You can receive a credit bonus of 25% of your initial deposit into your account.
There are some conditions, but basically all you have to do is deposit at least £500 and then make 3 live trades at £2 a point.
And it's possible to receive a maximum cash bonus of £500.
It's definitely worth checking out here.
So, you do need to get in on this quite quickly.
Best wishes,
Richard Hill
Editor
Forex Round-Up
P.S. By the way, if you have any questions or queries about Forex that you'd like to ask me, you can feel free to drop me a line anytime at forexroundup@agorapub.co.uk |
07:06
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