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betting on currency

  • 11-11-2020 2:29pm
    #1
    Registered Users Posts: 1,778 ✭✭✭ rugbyman


    Hello all, I am of a mind that there will be a UK/EU deal and that Sterling will rise in value, I have googled about spread betting, whether this is the avenue I need to take,,I am not sure.
    Basically, I have watched stg rise in three weeks from 1.11 to 1.125 today.

    This represents a gain of130 euro for £10,000( I am taking the screen rate for ease of discussion)

    My colleague is holding back on changing 50,000, this latest rise has gained him 650 (if changed today). he feels,and i agree, that a deal is imminent and that the STG/EURO rate will rise to 1.16 or more.

    My question is ,how do I place a bet, with a stake of 200 euro, to gain on this outcome.

    Regards,


Comments

  • Closed Accounts Posts: 170 ✭✭ DilD


    Probably just as easy to sign up with someone like Trading212. Commission free. Just be prepared to accept that you may well lose your money. Things don't always work out as you would think they would in investing/trading, what should obviously happen usually doesn't. The markets usually have priced in any possible scenario and leave many scratching their heads as to why the market didn't move the way it should have after major news is announced.


  • Registered Users Posts: 11,386 ✭✭✭✭ Timmaay


    If you actually want to use spread betting, then IG would be better. No CGT on spreadbetting, woohoo. Well except that it's actually considered gambling.

    Personally I think the only longer term solution is for the UK to split up, the Scots are all but out at the minute. Where it will leave the punt who knows ha.


  • Registered Users Posts: 1,778 ✭✭✭ rugbyman


    Thank you both.

    Well, the rate fell this morning. The bet i have in mind is kept open from day to day, costing me a little in fees I think, till I end it.
    Joining Degiro took a long while, will joining 212 or IG take long. Can I do it on Degiro?

    Thanks


  • Closed Accounts Posts: 170 ✭✭ DilD


    rugbyman wrote: »
    Thank you both.

    Well, the rate fell this morning. The bet i have in mind is kept open from day to day, costing me a little in fees I think, till I end it.
    Joining Degiro took a long while, will joining 212 or IG take long. Can I do it on Degiro?

    Thanks

    It's been years since I've used T212 but from what I recall the signup was very straight forward and you are quickly up and running. There are additional forms you need to fill out with them if you plan on trading US stocks but from what I remember it's a quick registration process to get going with currency trading.


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