Hi,

I do have one question that is related to this, but is probably more of a general question - does anyone spread bet on FX pairs, or are people just trading forex? I need to set up an account with a broker and am not entirely sure whether to select forex/cfd or spread bet. I have spread bet equities in the past so have some familiarity, and the tax relief on spread bets is appealing, so would I be advised to select a spread bet account?

Looking at, for example, SmartLiveMarkets, they say they offer spread betting on more than 100 FX pairs, so I could create an account with them and then run FMT via MT4 in the normal fashion, but not be liable for tax on any profits?

Some general advice on this matter would be great, I'm wondering what other people do as I am new to the world of forex.

Thanks in advance.
Will

Hi,

Yes - We spread bet on Forex all the time and have done for many years, mainly because now, due to competition spreads are much tighter than a few years ago and more importantly, its free from tax for us, being UK resident. A straight Forex brokerage account or even CFD account provides us with no real benefit versus the tax free alternative of spread betting.

You are correct in your synopsis of running FMT on SLM. Hope that helps, anything else just ask away.

Note: We moved your post here from the FMT thread as its a more appropriate home.