Any one have experience with E*TRADE, in particular for CFDs?

I am getting fed up with CMC requoting. I rather pay a little to get a faster response. Service of GNI is excellent but the commission is expensive. A flat rate like E*Trade is ideal for me. The question is how good is their service?

Their latest offer is to pay your annual broadband fee if you exceed 30 trades per quarter....if they are soo good, why bother with fringe benefits like this ?
I have not tried them yet

Everyone and their dog seem to be launching CFD services recently (E*Trade, iDealing, ODL, etc). Can anyone explain how can this work for the minnows? Don't they need CMC-like critical mass to be viable, are they getting together and reselling some underlying service as their own brand, or do they simply lay off all trades in the market? Ta. a7

Gausie,

I talked to their client service people and they reckon they quote order book spreads for SETS stocks. But I find out that there is a minimum spread e.g. for stocks over 4.00, the spread will be 0.75 min. no matter what how tight is the SETS order book. Do you use them? What is their typical spread for FTSE100 stocks in your experience?

I downloaded their demo system, if the live one is as good as demo then I will be happy to use their service.

Good trading,
Mo

Agent007,

I think most of these companies have access to market makers and they trade inside the bid/ask while offering you (or me) the market spread. GNI obviously operates differently.

i e-mailed them asking if they follow sets spreads. it took nearly a week to receive an answer. they don't in every case depending on certain rules. i would rather deal within a clear and transparent rules.

Mo

Some companies they do, and some they dont.

You wont, for example, make any money trading WMPY. But you might be OK with VOD and AZN.

I focus on major banks and insurance stocks. I may give them a try with a little fund, just to find out anyway. Will let you guy know the result.

I also read some good comments on the BB about iDealing.com. Only slightly cheaper than GNI so I may look at them as a 2nd option.

Guys, many thanks for the info.

Mo

Mo

Mention my name when you talk to Richard Miller (Manager, CFD product) - 08000 355655 - he knows me as Gausie.

I'm trying to form a user's group to get their offering improved.

Anyone else thinking of using etrade, drop me a mail to Gausie@gausie.com

Gausie

Gausie,

Sorry to post back so late. Been out a couple of days.

Before I saw your posting, I've talked to Richard Miller. He seems reasonable. Am in the process of setting up the account.

It's an excellent idea to start a user group. I will send you an email for my details.

Good trading,
Mo

ETrade CFDs

I have a few places left on a free Etrade seminar taking place at Etrade's offices in Canary Wharf, London Docklands, tomorrow (Friday 27th) from 6/6.30pm then on for drinks and dinner.

If anyone wants to book a place please let me know: CFDworkshop@gausie.com.

Gausie

E-trade's variable pricing has suddenly kicked in with a 100 per cent margin requirement on one of the cfds I'm long on. It's classified as a high risk stock. I seem to have missed their announcement that they are now using variable pricing for margin requirements. Anyone aware if GNI - or any other cfd providers - have introduced a variable pricing structure for thier cfds?

Never mind that, ask yourself why they feel the need to do it and consider your position accordingly!!

What stock BTW?

Kayak - A gambling position, O Wise One! COST!!! Do you know if GNI are doing the same?

Thanks. No I don't for sure, sorry, but I think that generally CFD firms reserve the right to vary the margin as they see fit.

On mature reflection COST doesn't seem to merit a High Risk rating. Risky, maybe but not high risky. Anyway, I'm out now on the plus side.

Are any of you using CMC Markets for CFDs. Recently become interested and I am using Barclays, but the dealing costs seem to high.

I have had a look at CMC and like dealing costs and their platform, but being paranoid I tend to look for the snags and also questioning spreads etc. and how they (CMC) make their profit.

Thinking of going to a seminar.

Views, advice etc. welcome.

Also looking at the previous postings don't like to much the ability to change margins.

Fred1 - happens very rarely - I've had it maybe twice in almost 10 years of heavy trading with CFDs.

Personally, I'm not keen on cmc for anything other than forex - but I know other traders swear by them (almost as often as they swear at them).

My advice would be to open an account with a couple of providers, and compare their spreads, charges, interest rates, execution speed, platforms, features and telephone support. Then major on the one that best fits your needs and trading style.

Gausie

G Thanks. Considering it.