# Opening a Spread betting account



## Circles (16 Apr 2013)

Hi All,

I am considering opening a spread betting account with delta. Anyone have any experience? Is it an easy process?

My concern is if i am going for a mortgage and the bank see's transactions to a spreadbetting company in my statements - it will count against me. Is this actually the case? If so are there anyways around this for the initial deposit at least?

Thanks
Circles


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## callybags (17 Apr 2013)

My advice would be to get your mortgage first.

Reality will then kick in and you will know how much you can afford (or not)to spend on a spread betting account.


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## Circles (18 Apr 2013)

Thanks Callybags but i think it will be at least another year or two before i decide on the mortgage front.

Does anyone else have any experience with this??

Circles


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## gearoid (18 Apr 2013)

*spreadbetting account*

Hi Callybags,

i would guess a lot of people's opinion is that financial spread betting is more financially dangerous than sports gambling because of the possibility of losses far greater than the initial stake.

I don't have any experience of applying for a mortgage with a spread betting account, but I would say it would look worse than an online paddypower a/c because of this.

What is your reasoning behind opening the account? What were you thinking of trading in? What gains are you expecting?

Best wishes with the mortgage application whenever you get to it.

Gearoid


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## MrEarl (19 Apr 2013)

Hello,

I tend to use some of the sports betting websites, online casinos and spread betting companies ..... but to help prevent "panic" within my Bank, I tend to transfer funds in and out, via my NETeller Account.  As such, it doesn't appear on my bank statements, in quite the same way as a selection of well known bookmakers etc might.

Like all things in this life, NETeller charge fees but it's a reliable service in my view, offers hard and electroic debit cards and has a reasonable online offering, so all things being equal I'm comfortable in recommending it as a simple user.

Hope this helps.

Regards

Mr. Earl.


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## luckystrike (23 Apr 2013)

Delta Index is basically Gekko Global Markets if i'm not mistaken - do you want to deal with a company owned by Gekko? [think movie Wall Street ]

Opening a spread betting account is very easy - in fact tooooooo easy.  You shouldn't get into it if you don't have at least 5k of capital which you could risk (and lose without impacting your life too much)


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## demoivre (23 Apr 2013)

Current accounts don't show up on the ICB so having a few of them in different banks might work in your favour, though it will cost you a few bob in charges.


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## limerickmick (26 Apr 2013)

Practice on a demo account and have a workable strategy...if not avoid like the plague.be careful with the company you open an account with as i think a few have crashed in the last few years and i am unsure of the degree of protection afforded to customers!


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## landmarkjohn (30 Apr 2013)

recommend extreme caution re spreadbetting, my friend lost €100,000.... twice!!! seems it's easy to make bad decisions.

I had a dabble on Paddy Power demo at a time when Irish banks were absolutely worthless, as they are now, but the share price still kept creeping up... in cents.... against the common wisdom. I am convinced there is no room for average Joe to make any money without insider information. Only the industry itself makes money.


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## RichInSpirit (30 Apr 2013)

Re: the original question,  hopefully you won't need a mortgage after all the profits from the spread betting


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## Circles (6 Jun 2013)

Thanks for all the advice guys.

I have been demo trading with delta very small amounts relatively successfully for the last few months. And now i think it is time to make the plunge unfortunately I do not think delta index accept paypal or other online payment method which would not explicitely show up on my bank statements... maybe someone could confirm if this is the case. If it is are their any other trading platforms accessible from ireland which would accept online payment such as paypal etc. I guess the banks will eventually start asking for the content of these accounts aswell... I dont know never used one unsure what actually shows up but i assume everything that shows up in your normal current account??

Thanks in advance


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## RichInSpirit (6 Jun 2013)

I've accounts with Shelbourne markets and IgIndex.
I like Shelbourne Markets more, even though it went through rough patches at times.
I'd be hoping the bank would ask me about the spread betting transactions.


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## luckystrike (9 Mar 2015)

How time changes things?  Shelbourne Markets has now been absorbed by ETX while Gekko Global Markets is now part of Ayondo.  http://www.financial-spread-betting.com/spreadbetting/Ayondo-compare.html   I  like Ayondo as it introduces the social trading concept to spread betting/cfds allowing people to follow star traders without having to trade for themselves.


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