share dealing with www.x-o.co.uk

edited 30 November -1 at 1:00AM in Savings & Investments
44 replies 68K views
135

Replies

  • kwakmankwakman Forumite
    12 Posts
    Should I be worried?

    I have tried to transfer 5k to x-o. They say they have declined it, but Barclays say it has been transferred to a "holding account" waiting for x-o to accept it. I have asked x-o to produce a fax declaring they have rejected the transaction as per Barclays instructions, but they have refused to do so.

    So 5k has gone from my current account, and my balance at x-o reads zero.

    Thoughts???
  • aristote33aristote33 Forumite
    125 Posts
    does not sound good.
    Any information from x-o why they declined the money in the first place?

    Do keep a precise course of what goes on, phone calls, information given, etc, to create a stack of data to be able to fuel a proper complaint to them and to the FSA.
  • kwakmankwakman Forumite
    12 Posts
    X-o claim there was a postcode mismatch on the transaction, although I don't think I was asked for a postcode at any time.

    It is frustrating, x-o say they have declined, Barclays say x-o haven't declined but haven't accepted either, and x-o is unwilling to talk to Barclays directly.

    At best it would seem to be poor customer service, at worst ???

    As other people on the thread have traded successfully with them I guess they are legit, but leaving me stranded for the want of sending a fax suggests that their level of customer service is not contingent with the industry or the amounts of money being handled.
  • kwakmankwakman Forumite
    12 Posts
    After a bit of persuasion, x-o have helped me out although it isn't in their usual sphere of operations. Barclays have yet to act though, so I'm not out of the woods yet.

    Good work from x-o, probably better than I was expecting IMHO for an execution only service.
  • kwakmankwakman Forumite
    12 Posts
    Money back in my account, what a PITA! X-o seem genuine though.
  • sameaglesameagle Forumite
    2 Posts
    Good Morning,

    I've dabbled a bit with shares over the last six or seven years; won a bit, lost a bit.

    As I'm now 65, working part time, and I receive my first dose of "Old Age Pension" next week, I've decided to have a go at making money "properly".

    Having been with Abbey sharedealing, which I found expensive, I opened an X-O account last week, and transferred my shares and cash across.

    Just did a couple of sells this week, and I've not yet bought anything.

    I've a question about buying, and I'd appreciate an answer, if somebody can sort it out for me, please.

    X-O have a "limit" option, which I've never had before, as far as I know, but what I want to know is; if I set a limit, when buying, of say, 50p a share, and when the market opens, that share is, say, 48p, will it attempt to buy them at the lower price, or will it wait until they rise to 50?

    Thanks in advance.
  • chris_mchris_m Forumite
    8.3K Posts
    Part of the Furniture 1,000 Posts Name Dropper
    ✭✭✭✭
    When I enquired about these options, the reply on this I got was;

    A buy limit order would be set below the current market price and would be the maximum you are willing to pay for the shares and will be dealt automatically if the price falls below your chosen level during the time period.

    I haven't tried it myself as yet, though.
  • edited 31 July 2010 at 5:58PM
    sameaglesameagle Forumite
    2 Posts
    edited 31 July 2010 at 5:58PM
    Thanks for that info..I'll let you know the result!
  • Hi,

    With regards to money being lost in cyber space, it's caused by the crappy verified by visa system.

    Because the transaction is intercepted by verified by visa the bank has no way of knowing the outcome of the transaction, therefore they will "earmark" the funds even though they haven't left your account, what this means is your balance will show that they have left, and the telephone monkeys at the bank will think it's approved and not help you until you mention the magic word "earmarked funds".

    Sounds crazy but it took me a whole day of being passed from departments until the word earmarking came up, and then I was transfered to the relevent department. If they refuse ask to speak to the supervisor who will most definitely know what earmarking is.

    Basically once through you need to explain what has happened, the bank will then cancel the earmark and the funds will be back in your account.

    Do not use the verified by visa system in future as the incorrect details you entered will now be stored for future use, i tried to get mine changed they said they had changed it and I had the same prob!
  • edited 8 August 2010 at 1:36PM
    lee_reeslee_rees Forumite
    16 Posts
    edited 8 August 2010 at 1:36PM
    I recently took a look at the Jarvis CFD trading platform made by the same company that run X-O. The platform offers CFD trading, to be honest if you're serious about trading then CFD's is a better route to take as you have leverage when investing so you can build up capital much more quickly than trading shares directly. Once you have a big enough pot you could always use the £5.95 x-o service to place long term positions.

    I currently trade CFD and shares using halifax share dealing and halifax CFDS.

    Whilst the system I currently use is pretty straight forward it offers absolutely no where near the functionality I've experienced by downloading the (Jarvis) CFD trading platform software.

    At present I get my stock alerts from shareprice.co.uk, 2 different websites for the trades, not to mention my technical charting from 4 different resources. All of this is costing me extra. On top of this I'm on other sites for the RNS, to be honest, it's all a bit of a headache and I've missed out on some pretty big trades due to websites being down, I nearlly missed the BP rush due to halifax CFD dealing going down on the day of the event!

    When I downloaded the Jarvis software I was totally amazed, it offers all of this in one software application. I didn't even think this kind of functionality was available in the UK, but then my only experience is with Halifax share dealing, which is what was recommended to me when I first started trading. I've seen one other platform ninjatrader but I think that's only available to americans on the NASDAQ / DOW etc.

    Another great thing about Jarvis is they offer technical alerts, this is a good tool for newbies who are still learning how to chart themselfs.

    I can't wait to call Jarvis on Monday to make my demo account live! ;-) This software makes day trading fun!
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