They are the cheapest broker in terms of dealing commission, but after researching for myself, I found that the (not so well publicised) ISA closure fee of £50 means that anyone wanting to make an investment into an ISA at any point in the future would have to pay £50 at the end of it.
Dave
Why would you need to close the ISA? Withdraw all the money and leave it.
Charges are very competitive with x-o. I currently pay £12.50 flat fee per trade with Seltrade and they have proved reliable but not particularly cheap. Does anyone deal with X-O on a regular basis and can provide any positive feedback on them?
I've been using X-O for a couple of months and have had no problems. There's a £5.95 fee for both buying and selling (so it will cost £11.90 to buy and then sell later), plus 0.5% stamp duty on the purchase if the company is a UK one (this applies regardless of what company you use)
I chose them because they were the cheapest. The facilities are very basic, but that's not a problem for me.
I noticed that their stop-loss orders are only valid for day, which means you will need to re-input daily. Can be slightly problematic for some who like to have a 'safety stop' in their investments.
I just opened a new account and made my first trade with x-o. Opening an account was surprisingly painfree, with a confirmation received the very next working day. I made a payment with my debit card and made my first trade after the funds showed up within the hour. So far so good!
After having registered with an online share dealing website -namely x-o.co.uk - to open a stocks and shares ISA, and having received a confirmation email from them, when trying to log into the website, it keeps saying 'Invalid access to website'.
Sent a question to the enquiries email of the website to obtain clarification but no answer so far...
Since no money has been invested there, is it lawful to apply for opening a Shares ISA with another provider without waiting a new tax year?
I've had a problem with them. Here is the email I've sent to rectify:
Hi x-o,
I’ve talked to Will today about a payment that was made on 19/7/2010 against the above account. Will tells me the transaction was voided by yourselves at 07.30 this morning because postcodes did not match but the funds have left my current account.
Having talked to my bank the monies will now be held (effectively in escrow?) until the 31st July 2010 unless you send Barclays debit a fax to 02476532984 stating the card number, amount and your intention not to claim it. I can then send you the money back using a BACS payment.
I appreciate you are a low cost execution only service and this is my first transaction with you, but I would very much appreciate you taking 5 minutes to send the fax so I can recover my money from limbo and re-transfer it to you.
If you have any questions please do not hesitate to contact 0xxxxxxxxx.
A test for their customer service if nothing else I suppose!
sent back confirmation letter to sender with large crossing over and 'CANCELLED' across the letter with date of sending, and letter sent with certificate of posting.
Replies
Why would you need to close the ISA? Withdraw all the money and leave it.
Sometimes.... I am like a dog with a bone
I chose them because they were the cheapest. The facilities are very basic, but that's not a problem for me.
When are you going to get the message that we really don't want you here??????
Sent a question to the enquiries email of the website to obtain clarification but no answer so far...
Since no money has been invested there, is it lawful to apply for opening a Shares ISA with another provider without waiting a new tax year?
Thank you
Hi x-o,
I’ve talked to Will today about a payment that was made on 19/7/2010 against the above account. Will tells me the transaction was voided by yourselves at 07.30 this morning because postcodes did not match but the funds have left my current account.
Having talked to my bank the monies will now be held (effectively in escrow?) until the 31st July 2010 unless you send Barclays debit a fax to 02476532984 stating the card number, amount and your intention not to claim it. I can then send you the money back using a BACS payment.
I appreciate you are a low cost execution only service and this is my first transaction with you, but I would very much appreciate you taking 5 minutes to send the fax so I can recover my money from limbo and re-transfer it to you.
If you have any questions please do not hesitate to contact 0xxxxxxxxx.
A test for their customer service if nothing else I suppose!