I have an account at 4 different spread betting brokers now. IG was the first account I got but after the rapid depletion of my funds I went looking for a broker with tighter spreads.
Having read a bit about the tight spreads at Pepperstone I got an account there and also an account at CMC which had done reasonably well in a ‘Best UK Brokers’ list.
But neither Pepperstone or CMC had an interface anywhere as good as at IG, the spreads weren’t that different and they didn’t have such a wide range of instruments. So I haven’t set up live accounts on either of them.
Something needed to be done though, trading myself out of the current hole would be pretty hard at IG because with low funds you’re limited, by margin requirements, to only a few instruments. So I then took a good look at TD365, a broker I had seen on Trader Tom’s YouTube channel, I’d been shocked by his low margins but discounted them because they seemed to be offshore.
They are actually an Australian firm, are used by quite a few people and seem dependable. And they’re spreads are low, their leverage 0.5% (IG are 20%) so very low margins. I would easily be able to trade all the indices, forex and various shares with a decent bet size.
I tested out their demo for a week or two and then setup a live account. I then took out £300 from IG and transferred it to TD365. Hopefully I’ll be able to build my funds back up on TD365 and then use IG for longer term swing trades.