Broker of the month: ETX Capital, read our expert and 30+ client reviews here
If you’re looking for the best spread betting platform for beginners we’ve put together a list of the top 5 brokers and more importantly reasons why they are good.
Spread betting is a highly regulated financial product and profits are free of capital gains tax. However, if you’re new to spread betting here’s what you need to look out for.
First, what are the top five brokers for spread betting beginners:
- Spreadex. Read our Spreadex Review…
- ETX Capital
- Core Spreads
Here’s a reason why each of these spread betting brokers are good for beginners:
IG: put simply they are the biggest spread betting and CFD broker in the world. They are listed on the London Stock Exchange and are currently valued at over £3bn. If you plan on becoming a full time professional trader or have a very large amount of money to trade with their platform and staff can cater for your needs as your trading progresses.
Spreadex: nice old school broker. Based in St Albans, just outside of London. Helpful staff, excellent customer service and a simple to use platform. Spreadex also have one of the largest market ranges allowing new traders to experiment with all sorts of trading from small caps, to crypto to fixed income. Plus you can spread bet on the horses and foot ball at the weekend with their sports spread betting offering.
ayondo: these guys offer social trading. Which means you can copy what other traders are doing. If they make money, you make money. But beware, if they lose, so do you. You can also become a trade leader and earn money if people decide to copy your trades.
ETX Capital: just a good all round broker for online execution.
Core Spreads: as the name suggests they focus on trading, no bells and whistles or add ons. Just a simple to use platform with really tight spreads.
A few things to avoid when starting to spread bet.
- Don’t over trade: which diversification is good, using up all your money in margin and not having an leeway is bad.
- Don’t go with a foreign broker: only trade with FCA regulated UK based brokers
- Don’t trade unprotected: always use a stop loss to minimise your losses
- Don’t run losses: always run your profits and cut your losses early
- Don’t think you know it all: the biggest hedge funds in the world only make a few percent a year.
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