I've tried them all for over 12yrs, here and in the UK. I have found FP Markets a very helpful honest bunch and I'm still with them, I had major problems with CMC, IG and Halifax whom I had accounts with,and traded very heavily with, until I caught them all dealing from the bottom of the deck in one way or another, they've got more tricks up their sleeve than a Las Vegas conman. Most of the CFD providers are great to speak to before you open an account,that's their job isn't it !! then they set the dogs on you,read their PDS very carefully before you open any account, it pretty much informs you that they will try their utmost to fleece you, and they usually get away with it because they forewarn you that they are going to do it,that's their get out clause when you make a complaint against them. Check out the FOS website and you will see how many clients have issued complaints against these companies and I can tell you for a fact that not many cases are ever ruled in the clients favour, it's pretty one sided contest. One last tip, write down all the questions that you would like answers too RE; the account and tell them that you would like a recording of the phone calls that you had with them regarding opening an account,or at least get them to email what was discussed, then you will have some proof if you have to make a formal complaint against them. I wish you well with the new system and good luck.
Most liked posts in thread: CFD Broker (IG, CMC or Other?)
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I've had past experience trading OTC CFD's with two of the six providers mentioned in the following press release:
I experienced considerable angst when trading with one of these providers. My repeated attempts to negotiate a more accommodative business relationship failed. I am reasonably satisfied (to date) with the conduct of my other provider (through whom I am currently trading), but am somewhat nervous about their participation within the same forum.
After reading oneagainstthem's post, I decided to make a preliminary enquiry of FP Markets, and was delightfully surprised to hear that they have a very accommodative margin call policy and claim to never profit from client's losses, so I will be giving them serious consideration when deciding which provider to utilise for next financial year.
I think I will do the trials runs with GFT, IG then FP and see how I go.
GFT (MM) and IG (MM+DMA) run the spreads, while FP (DMA) charges commission. Interesting to see which one will work out to be better off for the trade sizes I am doing. CMC is pretty much off my radar.
Seem to be hearing fairly good thinks about FP Markets.
ASX listed CFDs are dead, aren't they? http://asx.com.au/asx/markets/cfdPrices.do?by=underlyingAsxCode&underlyingCode=BHP shows 0 volume in the BHP one for example. DMA means the exchange listed ones, yeah? So wouldn't people nowadays have to go with the bucket shop CFD providers? (What sort of spreads to those ones quote anyway?)
With IG if you call up they will usually let you trade anything on the long side as well. The short side is obviously different.
But with the specie stuff they will look for 100% margin. So they charge you interest on full position value even though you've put up the full value. So if you are holding overnight it's not a particularly good deal. But with day trading it's nice to be able to trade everything with the same provider on the same platform etc etc.
And I can trade actual shares on the same platform anyway, so can choose which to trade depending on expected trading time-frame and margin requirements.
Interesting Video by IG on their trading floor and some tools they have to manage their risks.
P.S. Not sure this is the right thread and couldn't find the IG thread for some reason.
I'm now with IG Markets and FXCM. I still have an account with FP Markets but i am having difficulty getting my funds returned. They really don't like giving the money back do they??? I wonder why, do they have some policy where you must retain the clients funds for as long as possible no matter what?
When i had an account with IG in the past, it was very simple to get the funds back. Same as IB, just withdrawel the funds. You have to wonder what motivates a broker to want to be difficult in refunding clients money....really drives me crazy.:frown:
I'm not happy with FP Markets and i will not be recommending them to anyone.
The most challenging task of the retail trader, these days, seems to be finding the best of a rotten lot and hoping they don't change ownership or go under! As if markets weren't already difficult enough!
What's the deal? Just taking too long?
Normally when I withdraw it says it will "be dealt with within 2 business days"...but usually I have the funds before that deadline.
It's curious how these genuine technical errors somehow always manage to work against (rather than for) the favour of the customer.
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