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The Masked Tulip

Alternatives To Selftrade

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Hi,

Can anyone recommend any UK based share dealing accounts. I am with selftrade currently but am looking around for options just to make sure that I have, well, options.

If you have a firm that you use can you post and briefly explain why it is good - charges, speed, global market coverage, etc?

Thanks,

TMT.

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Hi,

Can anyone recommend any UK based share dealing accounts. I am with selftrade currently but am looking around for options just to make sure that I have, well, options.

If you have a firm that you use can you post and briefly explain why it is good - charges, speed, global market coverage, etc?

Thanks,

TMT.

i've just join svstrading 1st 30 days trading at £1 then it is £5.95 a trade, iam buying barclays @157.85 couple of hundred pounds hoping that it'll go up to 300 by mid sep then iam selling. no quarterly holding fees no commission..

Edited by crash2006

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I'm with Halifax Share Dealing. £11.95 flat rate on share purchases and sales. Can do everything online and it's pretty fast. Access to FTSE, AIM, US and European markets; not sure about far east. A slight drawback is that there's no facility to hold cash in foreign currencies i.e you have to accept the exchange rate at the point of purchase/sale.

One thing I'm not sure about though is what happens to my portfolio if Lloyds goes bust! :blink:

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Hi,

Can anyone recommend any UK based share dealing accounts. I am with selftrade currently but am looking around for options just to make sure that I have, well, options.

If you have a firm that you use can you post and briefly explain why it is good - charges, speed, global market coverage, etc?

Thanks,

TMT.

Is it for ISA based shares?

I cannot remember where I read it now but someone was saying that because a company had changed it's name his shares in an ISA at Selftrade had dropped out of the crest system so were removed from his ISA. It wouldn't have happened at TD Waterhouse who would have given time to sell them then re-invest within the ISA. That looks like a big NO to Selftrade for ISA based shares if that still applies.

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Is it for ISA based shares?

I cannot remember where I read it now but someone was saying that because a company had changed it's name his shares in an ISA at Selftrade had dropped out of the crest system so were removed from his ISA. It wouldn't have happened at TD Waterhouse who would have given time to sell them then re-invest within the ISA. That looks like a big NO to Selftrade for ISA based shares if that still applies.

Haven't heard of this one, but I had an insane conversation with Selftrade a few weeks ago regarding stop losses. It is not possible to place a stop within three days of a pending corporate action by the underlying. So for example, Sainsbury's are due to release a trading statement, and you can't place a stop less than three days before. And if you placed one 5 days before? They cancel it.

I spent some time explaining to people at Selftrade that this was the very reason I would want to place a stop; everyone I spoke to seemed to completely understand, but not one of them could give me an answer as to why it is that they do this. There may be some legal reason, but if it is, their staff don't know it.

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Haven't heard of this one, but I had an insane conversation with Selftrade a few weeks ago regarding stop losses. It is not possible to place a stop within three days of a pending corporate action by the underlying. So for example, Sainsbury's are due to release a trading statement, and you can't place a stop less than three days before. And if you placed one 5 days before? They cancel it.

I spent some time explaining to people at Selftrade that this was the very reason I would want to place a stop; everyone I spoke to seemed to completely understand, but not one of them could give me an answer as to why it is that they do this. There may be some legal reason, but if it is, their staff don't know it.

Just guessing here ...

Maybe selftrade are fearful of bad publicity, even a "misselling" scandal or legal action, if poor innocent mugs make an unexpected loss. So the misleadingly-named "stop loss" is withdrawn at the times it's most likely to fail you.

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I'm with Halifax Share Dealing. £11.95 flat rate on share purchases and sales. Can do everything online and it's pretty fast. Access to FTSE, AIM, US and European markets; not sure about far east. A slight drawback is that there's no facility to hold cash in foreign currencies i.e you have to accept the exchange rate at the point of purchase/sale.

One thing I'm not sure about though is what happens to my portfolio if Lloyds goes bust! :blink:

There should be some type of government backed insurance of funds you have with them in case they go belly up, just as there is for banks. It should be clearly stated in their brochures.

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Just guessing here ...

Maybe selftrade are fearful of bad publicity, even a "misselling" scandal or legal action, if poor innocent mugs make an unexpected loss. So the misleadingly-named "stop loss" is withdrawn at the times it's most likely to fail you.

Where i work i've heard of 'normal' stop losses and 'guaranteed' stop losses.

A normal stop loss is basically you saying "sell this stock if it hits this price, for the next available price on the market". Which means you're boned if it gaps.. likely to happen for corporate actions.

In a liquid market, it's more likely that prices will change gradually.

So if you bought at £100, have a SL on at £90, and some event drops the price to £50, they'd exit your position at £50.

A guaranteed stop loss is saying "we will sell your stock for the price you set" - but it costs money, as you'd guess, as it risks costing the counterparty money.

So i'd guess the 2 reasons posted are pretty accurate - if you put in a SL at £90 but got filled at £50, you'd be pissed - bad publicity. Maybe if it gapped that bad you'd hang on and hope it was a short term movement.. apologies if i'm stating the obvious :)

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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