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Former Premier League footballer Chris Sutton, who was famously part of the Blackburn Rovers team that won the league in 1994, invested £50,000 into a spread betting foreign currency scheme which prosecutors have branded a ‘scam’.
The news that Sutton had invested into the ‘scam’ was revealed this week during the trial of Simon Grinter, an accountant who is accused of lying to clients that he was making substantial profits – when he was in fact making losses of around £3 million.
While this story has been brought to the attention of the media and the wider public because of the involvement of Sutton and other high profile footballers, for the spread betting community it is a timely reminder of the importance of using a trusted and respected company.
Spread betting has risen hugely in popularity over the last few years, in part due to the lower interest rates available on traditional savings methods and the uncertainty of the stock markets . Spread betting can be a very lucrative method of investing, due to the potential tax free profits, the flexibility it allows and the fact it is a leveraged product – meaning only a small deposit is needed to gain a much larger market exposure.
However, before getting involved in spread betting, it is important to know the risks involved and to have a strong understanding of what it is you’re betting on. Any reputable spread betting company, such as Stuart Wheeler’s IG, will have clear guidance on what the risks involved in spread betting are, allowing customers to gain a full understanding of what’s involved and make a fully informed decision on whether it’s suitable to their individual needs.
As a result of the rise in popularity of spread betting, there has of course been an increase in the amount of firms offering spread betting. For the end user, this makes it all the more important to have an understanding of the company’s reputation. Had Chris Sutton, his wife, and the numerous other people who invested in what is now thought to be a ‘scam’ considered the reputation of the spread betting company, they may not be in the position they’re in now.