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Best broker for trading DAX futures from UK
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Best broker for trading DAX futures from UK

  #1 (permalink)
Trading Apprentice
London UK
 
Futures Experience: Intermediate
Platform: IG
Favorite Futures: Futures
 
Posts: 16 since Jan 2014
Thanks: 1 given, 5 received

Best broker for trading DAX futures from UK

I am trading DAX at the moment using my SB account. I would like to find a proper futures broker and start trading DAX futures.
I don't have any experience in using brokers other than UK SB companies.

I would appreciate if you can recommend brokers that are most suitable for somebody based in UK and wanting to trade mainly DAX futures.

Thank you

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  #2 (permalink)
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  #3 (permalink)
Trading Apprentice
Chicago
 
Futures Experience: Master
Platform: NinjaTrader
Favorite Futures: ES, ZB, GE,
 
Posts: 4 since Jan 2014
Thanks: 6 given, 1 received

DAX Futures


Advantage has pretty competitive Eurex rates...be careful of carrying costs for holding positions

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  #4 (permalink)
Trading Apprentice
London UK
 
Futures Experience: Intermediate
Platform: IG
Favorite Futures: Futures
 
Posts: 16 since Jan 2014
Thanks: 1 given, 5 received


Futurestrader357 View Post
Advantage has pretty competitive Eurex rates...be careful of carrying costs for holding positions

Thanks
I don't know how competitive they are - their commissions and software charges may not be that attractive to traders who don't do high number of round turns per month.

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  #5 (permalink)
Elite Member
Luxembourg
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: IB / Kinetick
Favorite Futures: ZN
 
Fadi's Avatar
 
Posts: 482 since Apr 2012
Thanks: 650 given, 625 received

I don't know if it is the best broker, but I have very high esteem of Interactive Brokers; you might want to give it a try.

Successful people will do what unsuccessful people won't or can't do!
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  #6 (permalink)
Elite Member
Germany
 
Futures Experience: Intermediate
Platform: Ninja Trader
Favorite Futures: FDAX, TF, CL
 
Posts: 8 since Aug 2010
Thanks: 306 given, 9 received

https://www.interactivebrokers.com/en/main.php

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  #7 (permalink)
Trading Apprentice
London UK
 
Futures Experience: Intermediate
Platform: IG
Favorite Futures: Futures
 
Posts: 16 since Jan 2014
Thanks: 1 given, 5 received

Thank you Fadi and Uzzo

At first I was considering to open an account with them, but then read some bad reviews. Most of the complaints are about their customer service. Also about them opening account in one currency and then charging every time they convert currencies - some extra charges. Also about not precise data - apparently they donít have tick data. I have also had a look at their platform and charts - the platform looks complicated and charts are not very good (the charting package provided by my SB company looks superior compared to it). I even read one complaint about a long delay in withdrawing funds (I consider anything longer than 3 working days as slow)

Maybe Iím expecting too much, but thatís how most of the SB companies in UK operate (very good customer service, platforms and charts free of charge, no data feed charges, access to all sort of different markets, all the profits in pounds, free money withdrawals taking 3 days or less etc.) At the moment Iíve been using SB account and they provide everything for free apart from spread that is only 1 point for DAX - much better value than any overseas broker.

Itís only that Iíve heard from others that it is a good idea to open an account with a futures broker - after doing some research I canít see why should anybody from UK open them? Maybe I havenít found a good one as yet?

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  #8 (permalink)
Market Wizard
Switzerland
 
Futures Experience: Intermediate
Platform: Investor/RT
Broker/Data: IB / DTN
Favorite Futures: Futures
 
Posts: 4,130 since Feb 2012
Thanks: 3,791 given, 7,659 received
Forum Reputation: Legendary


DAX trader View Post
I am trading DAX at the moment using my SB account. ...

Thank you

Hi Dax trader

I hope you were consistent positive trading on your spread betting account.
If you are looking to step over to trade the real Dax future I want to point out that
you first need to check the tax situation for you in UK. Spread Betting is so popular there
because no tax is due on the wins.
Second be aware of the very different situation to trade a Dax future. Today's initial
margin on ONE Dax future with Interactive Brokers is €11'106. Every point made
is €25. On the other hand the spreads are normally 0,5p and thus smaller than
on spread betting accounts.
Start well funded into this adventure!

Good trades
GFIs1

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  #9 (permalink)
Trading Apprentice
London UK
 
Futures Experience: Intermediate
Platform: IG
Favorite Futures: Futures
 
Posts: 16 since Jan 2014
Thanks: 1 given, 5 received


GFIs1 View Post
Hi Dax trader

I hope you were consistent positive trading on your spread betting account.
If you are looking to step over to trade the real Dax future I want to point out that
you first need to check the tax situation for you in UK. Spread Betting is so popular there
because no tax is due on the wins.
Second be aware of the very different situation to trade a Dax future. Today's initial
margin on ONE Dax future with Interactive Brokers is €11'106. Every point made
is €25. On the other hand the spreads are normally 0,5p and thus smaller than
on spread betting accounts.
Start well funded into this adventure!

Good trades
GFIs1


Thanks GFIs1

I forgot to mention that as well - with most of SB companies you can trade equivalent of one FDAX contract (around 21 pounds per point) with around 500 pounds on your account. With IB you need more than 11000 euros margin - a massive difference.

Also important - not paying any tax on profits when using SB

Can't really see what's the point in using non UK futures brokers, but again I have no experience in using one

BTW That's my impression atm - I'm still open to suggestions and trying to research some more.


Last edited by DAX trader; January 13th, 2014 at 01:56 PM. Reason: error
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  #10 (permalink)
Market Wizard
Switzerland
 
Futures Experience: Intermediate
Platform: Investor/RT
Broker/Data: IB / DTN
Favorite Futures: Futures
 
Posts: 4,130 since Feb 2012
Thanks: 3,791 given, 7,659 received
Forum Reputation: Legendary



DAX trader View Post
Thanks GFIs1

I forgot to mention that as well - with most of SB companies you can trade equivalent of one FDAX contract (round 21 pound per point) with around 500 pounds on your account. With IB you need more than 11000 euros margin - a massive difference.

There is "leverage" of a certain derivative and there is "security" where you put your initial funds.
As there are SB companies that are doing well - there are as well a lot of grey opponents (and yes - YOUR
opponents as well) and then there are a lot of bucket shops... never putting your money into the markets.

Please read threads about bucket shops and threads about leverage here on futures.io (formerly BMT).

Trading well over time with some gains you got with own efforts and getting them back to your benefit is the
most important for putting in time, nerves and of course money.



Quoting 
Also important - not paying any tax on profits when using SB

Tax is the last important thing that counts - when you know you have some veritable gains and a serious
broker sending your funds plus gains back...

GFIs1

PS: I know about what I am speaking - I do have a SB account with one of the bigger UK companies - just to know
about the system. In my opinion they worked well and I could fund an account and withdraw as well.

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