Echelon Wealth Management - avoiding being bitten. How?

[shadowninja]

Judging by the amount people are risking losing on the first thread, I thought I'd ask...

So how do we avoid being bitten and losing deposits/profits?

Stick to bigger companies?

Only trade with household names eg Barclays' own spreadbetting service? (BARX?)

Direct Market Access?

Any thoughts?

[limpsfield]

shadowninja said:

Judging by the amount people are risking losing on the first thread, I thought I'd ask...

So how do we avoid being bitten and losing deposits/profits?

Stick to bigger companies?

Only trade with household names eg Barclays' own spreadbetting service? (BARX?)

Direct Market Access?

Any thoughts?

Echelon I had heard of maybe once before today.

BARX is a white label of a third party company's service - not sure who you are contracting with but may well not be Barc

DMA - you still need to trade with a broker.

Stick to the well known brands would unsurprisingly be my opinion.

[shadowninja]

limpsfield said:

BARX is a white label of a third party company's service - not sure who you are contracting with but may well not be Barc

DMA - you still need to trade with a broker.

OIC. I did try BARX. It uses the basic ProRealTime charts (ie the basic ones offered by IG) but I don't recognise the front end.

Re DMA, I guess that is true. Is IG Markets a DMA broker?

[limpsfield]

shadowninja said:

OIC. I did try BARX. It uses the basic ProRealTime charts (ie the basic ones offered by IG) but I don't recognise the front end.

Re DMA, I guess that is true. Is IG Markets a DMA broker?

"Barclays Stockbrokers CFDs and Barclays Stockbrokers Financial Spread Trading services are trading names of City Index Limited (CI) "

Yes, IGM let you do DMA

[shadowninja]

Oh, thanks.

City Index. Sod that!

What do you mean by "let me do" DMA? Do you have to specify that you want to do it?

[Somewhatfoolish]

You can do direct market with IG but not through spread betting...

Only direct market access with spread betting I'm aware of is futuresbetting. Rip off fees compared to an arcade - tax free though. But if you're going to spread bet, you might as well take advantage of spread betting companies' incompetence in providing nonsense quotes - something they can't do with direct market - like I'm currently doing at the moment; trick is to put just enough on that they don't have to hedge it in the underlying. If you want direct market access I think you're much better off trading properly - just double your size and then tax doesn't matter so much

Edited by Somewhatfoolish on Tuesday 21st October 21:49

[Horse_Apple]

shadowninja said:

Oh, thanks.

City Index. Sod that!

What do you mean by "let me do" DMA? Do you have to specify that you want to do it?

YHM