ProSpreads Review

By mosesbet · Filed Under Brokers Comments Off on ProSpreads Review 

About ProSpreads

ProSpreads was originally launched in 2005 as FuturesBetting.com.  They were one of the first sites to offer a professional traders a chance to speculate on financial derivatives.  Since then, ProSpreads.com became a part of the London Capital Group (a financial services listed authority) in 2008.  The London Capital Groups also runs companies such as Tradefair, Capital Spreads and FinSpreads.

The best reason for joining ProSpreads is that they’re currently the only spread betting platform to offer Direct Market Access (DMA). This means that all of their prices are quoted directly from the underlying market, giving ProSpreads the tightest spreads in the business, with just a 0.5 spread on the FTSE 100 (quoted from the LIFFE exchange) and 0.2 point spreads on the S&P 500 for example.

The DMA platform also means that  traders can bid and place stop-losses inside the spread offered by ProSpreads.  No other spread betting companies allow you to do this, i.e. join bids, place offers or limit orders inside the minimum distance of the spread.  The DMA platform executes rapidly (within a fraction of a second), plus it is completely customisable.

In addition to tight spreads, ProSpreads.com also maintains excellent standards of customer support, trading tools, charts analysis (with more than 18 technical indicators) and webinars/seminars for beginners.

Online Trading Platform

ProSpreads’ online trading platform is unique and is the only spread betting platform which offers DMA.  Direct Market Access means that not only are all prices referenced directly from the underlying markets, but users can access the underlying markets directly with advanced functionality.  For example, users have four ways to place spread bets at ProSpreads, including: Order Ticket, Single Click (preferred method for experienced traders), Level 2 execution and Ladder.

The great thing about ProSpreads is that you will not be restricted to opening limit/stop orders inside the spread.  For example, if you trade on the gold markets at 1600 with a 4 point spread than you can still make a stop-loss at 1598 (2 points within the spread).

The speed of the ProSpreads DMA platform is rapid and ensures price transparency.  It uses a “Fix” protocol to execute trades in a fraction of a second, which is great for avoiding hassling re-quotes.  You can also configure the platform by chancing the colour, layouts and information that you want to be shown.

If you want to practise using the ProSpreads platform than you can sign up to their free “Trainer” account which gives you £10,00 to trade on a simulate platform with up to 1 week.

Market Information and Spreads

Clients at ProSpreads have access to some of the tightest spreads in the industry, such as 0.5 on the FTSE 100, 0.2 on the S&P 500, 0.1 on Gold, and 0.5 on the EUR/USD and EUR/GPB forex markets.

In total, ProSpreads offers the ability to trade on over 2,000 markets including equities, indices, bonds, commodities, forex and currency futures.   Most markets can be traded on from 6am – 9:15pm (any trades left open after 9pm will be considered overnight trades).

The initial margin varies for each market, and can be reduced for special requests.  The margin for the FTSE 100 is £600 with a minimum stake size of £10.  This is fairly large in comparison to spread betting companies such as City Index which odder a special 50p minimum stake size to beginners.

Education, Seminars and Video Tutorials

If you’re new to ProSpreads, you’ll find a range of educational tools which help you to learn how to use their platform. This includes a free demo Trainer Account (gives you £10,000 to trade on simulated platform), weekly Webinars covering topics such as technical analysis, Seminars which you can register for, Trading Manuals, Video Tutorials and more.

The difference between ProSpreads and regular spread betting platforms is that here you get the same functionality as a Direct Market Access broker.  This means you’ll need to do a little bit more homework than other sites.

Trading Chart Packages, Trading Central and Tools

ProSpreads provide an eclectic range of trading tools and features on their website including live audio news feed and analysis, email bulletins, real time market information, trailing stops, risk management tools and economic data.

The advanced trading charts on the site (run by IT Finance) offers traders more than 18 technical indicators to study real time market data on.  This includes drawing tools, Fibonnaci, MAs, MACDs, RSI%, candle stick charts, bar charts, lines, live exchange volumes and more.  You can also customise charts with tick/tick, hourly/daily/weekly/monthly/annual time parameters and save your preferences.

When you open an account a ProSpreads, you can also apple for Trading Central (a leading financial investment provider to market professionals).  It covers technical trading strategies on equities, commodities, forex and indices.  Their charting and mathematical approaches to trading match various investment styles such as swing trading, long term investments, scalp and intraday trading.

 

 

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