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Hi, I hope someone can help me, I love the IG platform but I'm not sure if a small trader could make a profit with their fees, Id like to start with £1000 is it worth going in with this amount. I am thinking that you may need to a lot more to absorb the fees. Is anyone in my situation, thanks

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8 minutes ago, PureGain said:

Hi, I hope someone can help me, I love the IG platform but I'm not sure if a small trader could make a profit with their fees, Id like to start with £1000 is it worth going in with this amount. I am thinking that you may need to a lot more to absorb the fees. Is anyone in my situation, thanks

Hi, are you referring to a share dealing account or are you meaning a leveraged spread bet or cfd account?

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I phoned IG and the guy said it was £8.00 to open the CFD trade and then £8.00 to close

 

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1 minute ago, PureGain said:

I phoned IG and the guy said it was £8.00 to open the CFD trade and then £8.00 to close

 

I think they may have misunderstood, the £8 would be commission on a share trading account. The SB and CFD work differently, there are no fees other than the spread you pay to enter a trade. If you pay tax in the UK the SB account type is the better option. £1000 is enough to start trading though you would need to keep your position sizes quite low but you will see how it all works on the demo platform.

See this page https://www.ig.com/uk/spread-betting/spread-betting-vs-cfds

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Thank you so much I've stayed away from the CFD account for that reason. 

Cheers for now

David

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Remember when trading CFD/Spreadbetting over 70% (and thats being generous) of clients lose money.  

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