Launched in 1999, FinSpreads is widely recognised as one of the best trading platforms for beginners.
Previously owned by the UK sports spread betting firm Sporting Index, FinSpreads was taken over the City Index Group, which is currently the largest provider of derivative trading in the UK.
FinSpreads has around 40,000 clients based in the UK, deals with around 1 million trades per year, and operates on the same trading platform as City Index.
Best Online Trading Platform for Beginners
FinSpreads is heavily regarded as the best spread betting platform for beginners, albeit not the best platform for experienced, heavy traders.
The reason FinSpreads is best for beginners is because during the first eight weeks of signing up you’ll be able to make bets from just 10p per point (minimum bet of 50p after this period). This is much lower than most other UK spread betting brokers such as Capital Spreads, which have a minimum of £1 per bet across most markets. The lower requirements mean that you can begin live trading with a lower capital and a deposit amount of just £100 (albeit £500 is recommended).
FinSpreads runs their own eight week Training Program for new traders, helping you to ease into the industry and learn how to use the online platform. The training program teaches new traders the ins and outs of spread betting, trading tips, how to accurately use technical charts among other things.
New customers will also receive a £100 deposit bonus at FinSpreads
FinSpread provides access to a range of global markets, including UK (FTSE 100, 250, 350), US, European, Asian Germany and other Shares. You’ll find a range of Indices to trade on including UK 100, US Tech 100, S&P 500, DAX, Japan 225. The large number of stocks is one of the best things about FinSpreads with quotes on hundreds of US shares and top stocks from Germany, Italy, France and Switzerland.
In addition to Shares, you can speculate on Commodities (crude oil, precious metals, corn, coffee), Currencies/Forex (USD/£/Euro), Interest Rates and Options.
FinSpreads accepts bets from 50p per point on most markets however this is lowered to 10p per point for first time customers. Telephone bets are also restricted to a minimum of £2 per point and £3 in the FTSE 350).
FTSE 100: 2 points
Wall Street: 4 points
EUR/USD: 2 points
GBP/USD: 3 points
FinSpreads Online Trading Platform Review
FinSpreads uses the same Flash-based online trading platform as City Index and they have also released their own iPhone mobile trading app for users (available to download from the Apple App Store).
Customers can implement limit orders and OCOs in their orders and guaranteed stop losses are available (usually set at around 10%0.
One of the main issues of FinSpread’s platform is that during volatile market movements FinSpread implements indicative prices which stops users being able to open/close trades properly. It has also been noted by many FinSpreads customers and Trade2Win forum posters that a 2 minute delay can occur when executing orders (leading to miss-quotes on occasion). This is why many experienced traders recommend firms such as Capital Spreads or City Index over FinSpreads, however it is still excellent for new customers.
The good points about the FinSpread platform are that the platform is very easy to use, tight spreads and it comes with a range of educational tools and technical analysis charts. A useful technical analysis report is published every Monday and live-streaming news feeds on he Dow Jones newswires is available both online and on the mobile platform.