Betfair Question

[counterfeit]

Betfair have emailed me to promote their Tradefair site.

Having looked at it I will get a free £75 to trade but...

you have to apply for an account!!!

Has anybody else gone through this process and why do you have to apply?

I can't find any info about why you have to apply.

[MattR]

I have had that offer but haven't applied either. I believe you have to apply because you would incur liability beyond your balance with the spread betting.

[mathare]

I'm sure I typed a reply to this :doh

Tradefair are probably registered with the FSA giving both sides much better protection and regulation so you need to jump through more hoops before you can start gambling.

[Street cry]

I have had a tradefair for a while and as Mat states there are stricter regulations.
Also remember you can be highly leveraged and and with the larger spreads you can be stopped out in seconds. Tradefair is very good and has minimal slippage for a spread betting firm and although not as good as the brokers it is adecent enough platform.

[Win2Win]

It's FSA regulations....you know....that wonderful authority that let the debts build up that crippled the country!!!

[counterfeit]

SC - who do you use for your Forex Trading? I am going to invest some of my spare money into a Forex Account and will use the Tradefair account (assuming I get one) in order to get the £75. If it's any good I would consider using it for a longer period. I've heard all sorts of good and bad things about other firms (on the T2W forums) so I'm still a bit uncertain about who to use.

[Street cry]

I use tradefair to avoid paying tax but i use oanda for all my technical analysis, i have tradefair on one screen and then have 2 oanda charts on 2 other screens but i do all the trading on tradefair.

[counterfeit]

Cheers SC. I will look at Oanda. I have looked at something called DTN-IQ but I think I need to cast my net wider and do a lot of learning very quickly. By the way, I do intend to use a demo account for at least a month before going live.

I got an email from Tradefair asking me to confirm my "self-employed" income and my savings.

It was tricky to answer as my "savings", such as they are, are tied up in several poker sites. As for income, I had to give my withdrawals figure rather than what I'd won, as if they wanted proof I guess I will have to show my bank statements.

I certainly am not showing anybody my poker accounts (unless the police ask - highly unlikely). Even my wife has no idea how much is in them (otherwise she'd be spending the money like a loony).

On an interesting (I think related) side issue, I got some abuse on another forum the other day from somebody who asked why, if I was so successful, did I still have a mortgage and drive a Y reg Corsa.

I don't drive a Y reg Corsa. We bought it 5 years ago when we were skint and it only has 11,000 miles on the clock so why get shot of it. It's our 2nd car and hardly ever leaves the garage. We have a leased 08 reg C4 Picasso (in my wife's name).

As for the mortgage, what's wrong with keeping a mortgage? I know we pay interest on it but I only earn between 80k and 120k per year so why the hell would I pump all my earings into paying off a 140k mortgage.

The point of this really is to ask how the hell somebody found out this stuff? Do we have nothing we can call our own (including private information) anymore?

[Street cry]

Hi Counterfeit, oanda is the best platform by a very long way and i suggest that when you get in to trading with real money you use the oanda game account charts and then adjust the tradefair orders in accordance , this makes things really easy.

I never had to confirm such things with tradefair and i would never send them bank statements you shouldn't have to.

I have never felt compelled to clear my mortgage either when funds can be used better elsewhere there is little point good luck with the fx cheers sc