Thankyou for sharing that information J_Weslock.
My understanding is creditors have no access to client moneys but administrators can pay themselves from it if no money elsewhere. ( HL say in there case it would be taken from corporate clients first ? )
Have you looked at Degiro ( comparison websites claim they have an annual charge but this is not actually the case )
Are there anyways of telling if any brokers are safer then others comparisons ?
Thankyou for sharing that information J_Weslock.
Yes I think you’re right there @Ripley94.
I have looked at Degiro actually. IMHO… they are very cheap which is great… but when I used their site/app to start looking for instruments I wanted to trade… I found that I had a success rate of less than 1 in 3 and I don’t think I was looking for bizarre products… they just seem to have well-traded stuff on certain main markets to me which might be all that most want.
The other matter with them was they are only ‘EEA Authorised’ ie. they can offer certain products/services in the UK and so I don’t believe if it came to it the FSCS compensation scheme would pay anything… you are in the hands of the regulator of Degiro and I don’t know what they offer.
Further… bringing Brexit into the equation(!)… I think a lot of punters don’t realise (yet) how they might get caught out with such companies (of which there are several) come next March when (if) the UK leaves EU (and EEA).
So I’d say use them if you are aware of all above as they are very cheap with trading/other costs which is to be welcomed.
Oh and I’m unaware of any real way of knowing if a Broker does truly segregate business as they say/should… because they can make mistakes, obscure things or simply lie.
The only way to check their status with the FCA is via https://register.fca.org.uk/
@J_Westlock @Ripley94, I have an account with AJBell and have an email from someone in the Products Team to confirm that each customer is ensured for at least £1M - how legally binding that is I am not sure.
@J_Westlock, do you really restrict yourself to £50K with Saxo even though you have so many sub-currency accounts?
Unfortunately not @mememe… but I aim to do just that… doesn’t quite work for me though… I only use Saxo for ‘international’ trading (non-UK markets) so that’s my personal limitation. Each of my ISA’s I pretty much keep to around £50k but my SIPP is well over. Never said I was perfect…
@J_Westlock, you must have more accounts than stocks.
I don’t know anyone who sticks to the FSCS limits - its bad enough as it is dealing with the few brokers I use. A friend who works in the City warned me that things will only get worse with all the new rules and regulations and the cost cutting/calibre of staff employed. I’ve been asking Saxo for over a week if I can transfer an ISA - phone calls not answered for 20 mins+ and no reply as yet. HL messed up big time when doing transfers I closed the accounts after the Complaints Manager was rude - perhaps I’m just unlucky.
I’ve transferred ISA’s and sharedealing accounts several times with different brokers.
Each time a) the process is long-winded and deliberately designed to be slow, b) the brokers don’t want to talk with each other but will blame each other, c) it takes weeks sometimes months to sort out properly and d) unless you call/harass both brokers to follow up where they are in the process then it will take even longer.
The process needn’t take long at all and could be achieved in days let alone weeks with improved automation… they just don’t want you to move accounts.
Yep… well it’s a nice problem to have… as long as you are aware of it, you’re more prepared than most should things go tits up.
I was on a contract at MF Global some 6-7 years back when they ran into rather a major issue… the mess left behind after that one was frightening. Anyone who 100% trusts these places to give you all your money or shares back if they have a messy crash (and who knows what they are like behind the scenes) may be very disappointed… fortunately, it’s a rare occurrence.
@J_Westlock, you named the brokers you use (hopefully I’ve bookmarked it) but do you have others too. The fact that you’ve spread your ISAs has got me worried - I should think about it too.
I must say the transfer to AJBell went pretty smoothly and so far pleased with the service. Selftrade is OK but advisers have to refer everything. IG good for US stocks but rarely get a reply - also don’t like that they send statements by email when all information is available online. Asked them not to but adviser says not possible. Next will be my ISP gets hacked.
Yep @mememe, you may remember that “…alternatives to iii…” thread where different brokers were discussed… I vaguely remember at the time you were looking for a joint account though(?)
Of the ones I use… and note I have zero interest in their ‘Research facilities’ or virtual portfolios (as a service from a Broker at least)… I think AJ Bell have a good balance in that their app is OK (offers limit orders a few months into future), service is good (respond to questions quickly) and not expensive ongoing.
HL similar to AJ Bell but last I looked a little more expensive.
Charles Stanley Direct I use for historic reasons (when I knew less basically…) and now it’s too expensive to move from… their app not allowing you to anything other than day orders is really annoying other than that it’s OK… not the cheapest depending on how/what you trade.
iWeb - Easily the best for me… good service (same staff as Halifax and systems behind the scenes)… cheap… the Trade Plans are annoying for Orders but can accept that for a cheap platform that does the basics.
Saxo… already discussed… good trading app, multicurrency, GTC orders (many don’t have that), great market coverage, not the cheapest, annoying automated customer services interaction so to get much done you phone direct.
I used to use firstdirect sharedealing ( I think they closed down now)… they were awful.
Re: IG Index… I haven’t seen anyone with a bad word to say about them yet… have used them only for s/betting thus far (and had a large issue with them few years back on that)… but sounds a good plan to use IG.
@J_Westlock, many thanks for all your help. iWeb, can you not just place a Market Order? I’ll take a look. I want to buy some funds too which I can’t do with IG/Saxo.
Saxo charges overall much higher than IG so trying to understand why you don’t use IG for trading. The IG site is good but in my experience if you have a problem don’t expect to get it sorted out. Luckily its only happened a couple of times.
Did you invest in any of the cannabis stocks like CGC or Tilray?
Hi again J-Westlock.
I would like to read that " alternatives to iii " thread as i might learn something .
It can only be a good i think if we share information on experiences with different brokers and views on how safe they are to be dealing with.
Can you direct me to that thread as it does not come up maybe a date you made a post on it would help me find it ? ( or indeed the avatar of someone else with a date they posted.
I think it was this one I referred to:
Next time I open an ISA I probably will use IG… will see closer to next April.
Personally, I haven’t invested in any of the pot stocks… wish I had but wasn’t following what law changes were happening and when. On a quick check just now I note that some of the valuations seem very high compared to their predicted revenues… but that don’t mean there aren’t punters who will continue to buy them…
You buy any? Shares I mean…
Thanks J_ Westlock.
Your posts seem the best there i have responded to one , and i hope us discussing this matter has not upset posters on this board.
@J_Westlock, yes bought Tilray and then sold out in about 4 days with a good profit which I was confident would not last - it didn’t, plummeted a couple of hours after I sold. I bought back and so far am about 6% in profit. Extremely volatile so only a small investment. I also have CGC (Nasdaq) which is a steadier riser and I hope/think safer (I believe Constellation have taken it over).
I’ve taken a brief look at the Saxo charges don’t understand Net Free Equity and Margin Requirements and whether it would apply to an ISA/Sharedealing account but haven’t got time to read further today. Do you know?
You did well in Tilray, good spot.
Based on what you’ve said, I think you’re only interested only in stock trading so your ‘margin available’ will be the same as any cash you hold. Margin (and Collateral) only applies for trading CFDs, FX and Futures & Options. Similarly, Net Free Equity will just be your cash balance just for stock trading… if you were trading any of CFDs, FX and Futures & Options then it takes into account unrealised p&l and margin requirement.
@J_Westlock, It’s very kind of you to take the time to explain things, many thanks. Only stocks not a professional like you. I will read what you say in conjunction with the document.
Do you hold Okta and Square?
9 days and no DR M are you still in this world DR - please prove you are still around
Yes I’m still here. A bit bored.
Shares go up and down , no sustained new risers.
I’ve been selling mostly.
And buying global funds as I’m not sure which stock markets will be winners.
I’ll continue to be quiet in here, mostly.