i I just started futures last week

[Guest steadyeddie]

Hi I just started trading futures last week. Have been a long term share and property investor for years and thought I would give it a go as I wanted to import something from Turkey and wondered about a Lira spread. I made $600 and sold in 3 minutes and was hooked.

I tried another firm as I cannot work out how much leverage is on every trade with IG or how much a unit is worth.

Anyway I made $60,000 using that other firm on all sorts of spread using my own intuition. using theirs I lost $40000 so in effect I was up heaps.

However I suspect that they are much more expensive as when I either buy or sell. It is always a few grand or points outside what I placed. They say they do not charge anything. So they do, but it is hidden.

I m using both firms atm trying to compare the net results by placing the same trades. But cannot work out how to place equal trades. Like does any one know using IG what a trade of 5million is? 

Today I have made $15,000 on AU/US in the morning and could have easily made more as I had a stop loss on an old trade that I had placed on an old pending.

 

Also this other firm seems difficult to retrieve my funds. It is not an instant transfer and Im am staring to get suss.

I also bought some bitcoin a few years back and am laughing now.

Anyway if any one knows the answers to my questions I would be very grateful

 

[Guest RobertR]

Hi , thanks for getting in touch.

 

When it comes to comparing other providers, it's very difficult for us to comment on as each company will price their markets in different ways while also having different fees/commissions.

 

IG try to be as transparent with cost as possible, so hopefully the below information helps to answer your questions.

 

We will price our FX markets by taking a wide range of prices from various liquidity providers. From these prices we take the best bid and best offer price and simply wrap a spread around it. These spreads can be found from our website, so please click here in order to find a full list. The leverage you receive for your trades can also be found here, so to give an example AUD/USD is currently at 0.5%, meaning you are leveraged 200:1 for trades taken on this particular currency pair. The margin requirements can also be found from the 'Get info' section via the trading platform, so please see the below image to locate this section.

 

 

 

Contract sizes can also be found in this section, so this is the overall value of your trade. To clarify, if we take the 'Get Info' section for GBP/USD (image below), you'll see that each full contract is worth £100,000, therefore to answer your question of what a £5,000,000 trade would be, you'd need to trade 50 contracts in this example.

 

To address your point about withdrawing your funds, we try to make this as easy as possible. We are required to follow financial regulations which will often involve verifying the source of funds by seeing a bank statement of yours, but after this point we can process funds back to you as either direct bank transfers or refunds back to any cards you've used to deposit with.

 

I hope this is of some help, but please get back to me if you've got any more questions.

 

Thanks,

 

Rob