Citi Fx Trading Platform – Review of WorldSpreads Financial Spread Betting Trading Platform
WorldSpreads was founded in Ireland in 2000, but traded first as a spread better on sporting events and only entered the financial markets in 2005. Thus it is still one of the younger and smaller spread betting providers that are available for the financial trader. Having said that, it has FSA approval, including foreign exchange, options, and futures, and it is listed on the AIM, the alternative stock market for small companies.
WorldSpreads is now headquartered in London, and has offices in many other countries. The Irish connection was severed in 2009, realizing funds which have been used for development of a new trading interface, the XEQT, among other things. It has developed several strategic partnerships, including providing all financial spread betting services for Ladbrokes, the bookmaker.
The current financial incentive for signing up a new account at WorldSpreads is that it will cover your losses up to £250. This is for the period of the first eight weeks of your trading, and provided your account was opened with at least £500. This obviously doesn’t prevent you from losing money, particularly when you are trading a leveraged product like spread betting, but provides a useful cushion if you are just starting to trade, when you might expect to take a few weeks until you get the hang of it and start profiting. Citi Fx Trading Platform
WorldSpreads allows you to operate your account any of three currencies, pounds Sterling, Euros, or US dollars, thus avoiding currency exchange charges, and the minimum spread bet is £1, except for the S&P markets which require a £10 minimum bet. The maximum bet is £100 for the markets that have a one point spread, and larger bets attract a three point spread. Many markets have the one point spread, which makes WorldSpreads one of the more competitive spread betting providers. It allows dealing in more than 3000 markets, and also welcomes telephone dealing, which is good to have if only as a safeguard from your computer going down.
While WorldSpreads are not open 24 hours during the working week, they do offer extended hours as they answer their phone between 7 am and 9.15 pm London time. As with most brokers, you may find that the spreads increase when you are trading outside hours, and this is for the obvious reason that the broker must take on more risk without being able to unload it on to the market.
WorldSpreads offer instant execution of your trades via their online interface, or on the phone, and users report that this is normally works well; however, sometimes intended trades are referred to dealers for confirmation, and this does delay matters. Some users report that this does not seem to happen if they are placing losing trades, and only if they start winning, but this sort of reaction is found amongst some users for all brokers. Citi Fx Trading Platform
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