Best broker to start trading?

DeathDog
DeathDog

Best broker to start trading?
currency/cfd/commodities and stocks
from London
£5000 starting Capitol

Frankly every brokerage is expensive with large margins and also there are negative reviews for every single one I see

likme
likme

eToro and Trading212 are cheap and good

happy_sad
happy_sad

@DeathDog
every brokerage is expensive
Depends.
The more money you have, the less they charge you.

Garbage Can Lid
Garbage Can Lid

I think I'm going to give plus 500 a go. Been using the demo mode and doing pretty good so far.

StonedTime
StonedTime

Does it matter?

Evil_kitten
Evil_kitten

@likme
no they're not - they're both bucket shops only offering CFDs via a two way quote

viagrandad
viagrandad

@Garbage Can Lid
shit advice again... another bucket shop

@StonedTime
Does it matter?

yes, costs are pretty significant

OP ought to use interactive brokers

happy_sad
happy_sad

@viagrandad
having said that he doesn't have enough funds for the account minimum unless he is a student or can find an introducing broker

alternatives for FX are LMAX and FX futures on the CME (he could open an account with a US FCM with his 5k)

Flameblow
Flameblow

@viagrandad
What is a bucket shop?

SniperGod
SniperGod

@Flameblow
A shop which sells buckets

SomethingNew
SomethingNew

@happy_sad
Lmax have a $10k minimum
Is there a good trading forum? A lot og them seem shitty + broker reviews look paid for.

StrangeWizard
StrangeWizard

Oanda, IG and LCG

Need_TLC
Need_TLC

@Flameblow
https://en.wikipedia.org/wiki/Bucket_shop_(stock_market)

Nude_Bikergirl
Nude_Bikergirl

@Flameblow
So apperenly it means that you are not really buying stocks or whatever, but betting against the platform.
The question is will they pay out if you win big?

Harmless_Venom
Harmless_Venom

@SomethingNew
there are introducing brokers for LMAX too so you could bypass that minimum and play with your 5k

the only forum I've found that isn't full of retards is www.nuclearphynance.com

though as it is a forum aimed at practitioners rather than retail traders I'd strongly advise you to not post and just read the forums, they do have a basics forum where you could ask questions but again read the sort of threads that appear there and compare to the sorts of threads you get elsewhere and you'll get the picture... a thread like this isn't the sort of thing to post there

likme
likme

@Nude_Bikergirl
yes, an FCA regulated bucket shop will pay out if you 'win big' in fact if you were just to use them occasionally for some big directional bet that is of a size they can directly hedge in the underlying futures market then the spread betting variety of bucket shop can be useful and they're not going to be too fussed about your trading activity.

most clients bet £3-£5 per point, won't be directly hedged and will mostly lose money. The cost of crossing the spread and the cost of the overnight interest on your positions is very high and something most retail traders with no experience of say trading futures will not realise. The lack of a limit order book and the fact you're operating in a parallel market with a counterparty who knows your position and controls where you are said to have been filled in the event of sudden price moves has a whole host of conflicts of interest. Remember they're providing the market, there are no limit orders being pulled in that marker just their own two way quote so 'slippage' is artificial and to some extent at their discretion... something like the CHF event happens and they have a licence to literally rape your account.

TalkBomber
TalkBomber

@likme
I've been playing the demo mode sporadically the last three months and got up to €30k from €20k, usually making less than €1000 a trade.

Then I started taking it seriously 2 days ago and went from €36k up to €86k and so far have not made a loss on a trade.
So if I play using real money I will start around €15k, or more.

I've noticed that when I close a trade and the price is changing quickly, the platform will hesitate a few seconds and 90% of the time I end up with a lower price. Same when buying.

The automatic close on profit does not seem to suffer that problem.

Also, I've been reading that when you deposit money, they move it into their account and actually count it as earnings. Meaning they never expect you to take it out.
The game is defenitely rigged in their favor.

So plus 500 plus is out. Whats a good platform that does actual market trades and is available for iphone?
Is IG any good? I don't really care if there is a commission on every trade executed.

Evilember
Evilember

@TalkBomber
interactive brokers

IG Markets also offers you access to the actual limit order book of the LSE via CFDs but compare the costs and IB is a no brainer

Flameblow
Flameblow

@TalkBomber
so far have not made a loss on a trade

lol

yeah you're definitely ready to go live...

Methshot
Methshot

@Evilember
Thanks. I'll look into them

@Flameblow
When should I "go live"?

Flameblow
Flameblow

@Methshot

when you're prepared to lose hard earned cash

PackManBrainlure
PackManBrainlure

I'm ready to trade. Which broker is cheapest for FX?

iluvmen
iluvmen

@Flameblow
What are you trying to say?
I know its a possibility. If I thought there would only be loss I wouldn't do it.

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