While spread betting can be an exciting way to trade on the markets it is risky, and the extreme highs, lows and unpredictability have the potential to lead to addiction. We want our visitors to enjoy trading on the markets as much as we do, with minimal losses and maximum gains! For this reason, we’ve put together a guide for responsible gambling with tips on how to manage your account.
Almost every platform will offer a self-exclusion feature. If you feel that your relationship with spread betting is an unhealthy one, then consider setting a self exclusion period anywhere from 6 months to 5 years.
There are also other ways of excluding yourself from spread betting using third party systems offered by Net Nanny and GamBlock.
Controlling your Spend
For many, gambling is a harmless and very entertaining hobby. Spread betting is a form of a gambling and should be treated with the same caution:
- Gamble within your means, set limits and stick to them.
- Treat gambling as a form of entertainment, not a money making exercise.
- Spread betting is notorious for chasing losses; avoid doing this.
- Take note of how much time you spend gambling and be honest with yourself if it is negatively impacting your work or social life.
Sometimes it is difficult to accept problems that arise from gambling. Answer the following questions honestly:
- Have you avoided work, college or school to gamble?
- Do you turn to gambling as a break from a boring or unhappy life?
- If you lose money when gambling, do you feel in despair and gamble more?
- Have you ever stopped gambling before losing your entire balance?
- Have you ever lied to hide gambling losses?
- Do others comment on your gambling habits?
- Have you funded a gambling balance through theft, borrowing or lying?
- Has gambling caused you to lose touch with friends or family?
- Do negative emotions increase your likelihood of gambling?
- Has gambling ever caused you to feel depressed or even suicidal?
Daily Deposit Limit
Setting a deposit limit with a clear head is always a sensible option. Often gambling can be exacerbated by alcohol or your emotional situation; consider setting a deposit limit before anything can cloud your judgment. If you’re not sure how, contact customer services of the platform that you’re using. Alternatively, use any of the other options to limit your spend.
In the UK, it is illegal for anyone under the age of 18 to gamble, and this applies to spread betting. Most spread betting companies carry out strict verification methods to prove a client’s age, however if anyone underage might have access to your account then it is important that you use the filtering systems below to prevent access.
If anyone in your family is underage, or if you’re concerned that anyone with access to your computer might have a gambling problem, then using 3rd party filtering systems is a secure option. The following systems can block or monitor the use of your internet connection:
- Net Nanny can be used to filter inappropriate content from kids: www.netnanny.com
- Cyberpatrol will allow you to control internet access: www.cyberpatrol.com
- ICRA enables you to block inappropriate content: www.icra.org
- CYBERsitter is another program to help block inappropriate content: www.cybersitter.com
- Gamblock simply blocks all access to gambling websites with minimal effort: www.gamblock.com
Spread betting does not have to be a pure gamble, educated and well researched analysis can make the odds tip in your favour. Don’t jump into this market without understanding the risks and make sure you follow our guide above.