If I had to choose just one spread betting platform to trade on, it would be World Spreads. It ticks most of my boxes, and it has not one but at least four almost-unique selling points:
- Stop Orders and Limit Orders shown alongside open positions.
- Trailing Stop Orders
- Wide Range of Markets
Let’s look at each of these in turn.
Visibility of Stop Orders and Limit Orders
In the following screenshot you can see just how easy it is for me to see the Stop and Limit orders I have attached to each of my open positions. I can see at a glance that my position in PACE PLC will stop out if the price falls to 97p, and that I do not currently have a limit order in place to bank a profit if the price rises.
Trailing Stop Orders
The screenshot also shows that whereas my stop order on PACE PLC is labelled “N” (for not guaranteed) rather than “G” (for guaranteed, another option), my stop order on HELPHIRE GROUP is labelled “T(1)” so that the stop order will automatically trail upwards in units of 1 as the price rises.
My Position Trading strategy requires me to trail stop orders periodically so as to lock in an increasing amount of profit, and this trailing stop facility saves me from having to do it manually. I could revise the trailing stop order to trail in units of T(2) if I was concerned about stopping out on a minor price fluctuation.
Wide Range of Markets
I have a challenge for you. If you’re using a spread betting platform already, and it’s not World Spreads or one of its white-label brands like Ladbrokes, try looking up the following equities to trade: WYG, Noventa, Vertu, Physiomics, Wichford… okay, you get the picture.
Even the mighty Trade Fair doesn’t (currently) provide all of those those markets for trading, and most spread betting providers provide even fewer markets to trade.
Some traders like to be able to open both long and short positions on the same financial instrument simultaneously. On most spread betting platforms this is simply not possible, because a new £1-per-point short bet will cancel any existing £1-per-point long bet on the same instrument.
On the World Spreads platform you can check a box to indicate that a new position is a hedge for an existing position; therefore no existing positions in the opposite direction on the same instrument will be cancelled.
This is not a feature that I use often myself, but it is nonetheless one of the World Spreads unique features.
Best of The Best, but Don’t Forget the Rest
As I said at the outset, if I had to choose just one spread betting platform then it would be World Spreads. But I don’t have to choose, because it’s perfectly possible to have more than one spread betting account.
I might use this one as my main account, in conjunction with Capital Spreads for mobile trading and Gekko Global Markets for those foreign shares and four-digit indices that necessitate fractional bets.
About the Author
Tony Loton is a prolific financial writer and private trader, and author of the book “Position Trading” published by LOTONtech.