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Is Spreadbetting Tax Free? Best Broker?

  • 04-11-2018 1:57pm
    #1
    Registered Users Posts: 1 seansdev


    I'm curious to know is spread-betting in Ireland really tax free?

    So trading things such as currencies, crypto, commodities, shares and indices are all tax free in Ireland?

    Secondly who is the best broker to go with for doing spread-betting for things mentioned above?

    I have seen IG come up a few times, but hear that a con to it is that if you trade anything other than currency than your battling against the euro to gbp exchange because the trade will be placed in either GBP or USD.

    Then, i've also looked into CMC Markets. They seem like a good place to place trades with and they interface is very straight forward and very easy to use.

    Any help to them questions would be appreciated!


Comments

  • Registered Users Posts: 152 ✭✭ beaner92


    seansdev wrote: »
    I'm curious to know is spread-betting in Ireland really tax free?

    So trading things such as currencies, crypto, commodities, shares and indices are all tax free in Ireland?

    Secondly who is the best broker to go with for doing spread-betting for things mentioned above?

    I have seen IG come up a few times, but hear that a con to it is that if you trade anything other than currency than your battling against the euro to gbp exchange because the trade will be placed in either GBP or USD.


    I

    Then, i've also looked into CMC Markets. They seem like a good place to place trades with and they interface is very straight forward and very easy to use.

    Any help to them questions would be appreciated!

    Interactive brokers. Are the best


  • Registered Users Posts: 5,440 ✭✭✭ daheff


    seansdev wrote: »
    I have seen IG come up a few times, but hear that a con to it is that if you trade anything other than currency than your battling against the euro to gbp exchange because the trade will be placed in either GBP or USD.

    surely that depends on what currency the stock is denominated in?


  • Registered Users Posts: 522 ✭✭✭ dealhunter1985


    Has anyone been using Ayondo markets?
    Been using them for a few months now and didnt really have any complaints accept for this morning when I was looking at my statement and noticed a correction of minus x amount.
    It was basically the reversal of a booked profit I made on a spotgold trade.

    Feb 21st I opened a long at 21:59 @ 1328. I closed less than 2 hours later at 23:26 @ 1339.5

    I queried Ayondo and they advised..
    "It appears to have opened at a price that was never actually available and then was closed in profit.
    When responding to spikes or incorrect prices we have to act fairly against any gains or losses caused by any error on your platform"

    I responded with :
    The low around the time of execution was 1321.2. My trade was opened at a price of 1326.1, not even close.. Please review .

    And I got back :
    You are right that technically the low shown at this time is 1321.2 but this is the incorrect spike that we were responding to; the price at this time was well above 1,330:


    I dont totally understand slippage.. Just wondering how its possible for an order to execute if the price was never available. On any charts I look at for that time period, the low was 1321 as I mentioned above. In their response mentioning the price at this time was "well above 1,330", what price are they referring to exactly?

    Long story short.. I'm just wondering am I being screwed over or not :)


  • Registered Users Posts: 83 ✭✭✭ XMG


    Slippage is when the price rockets through your stop and keeps going or very briefly touches it and bounces back


  • Registered Users Posts: 252 ✭✭ hgfj


    I've been using IG for the last 3 years for both share trading and spread betting but they sent me an e-mail last week saying that because of brexit they may have to shut down my accounts. I wouldn't risk opening an account with any UK broker at this point.

    And yes, spread betting is tax free in Ireland but also means you cannot write off your losses against anything else.




    edit: oops, didn't realise OP post was from last November...


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