Which stock broker

sarah_id1

Hi

Any sugestion which broker is best for small time investor. This article in MSE claims to be out of date.

I am new to this any suggestion would be much appreciated.

Thanks.

mgdavid

I use The Share Centre (http://www.share.com/) - all online, seems reasonable, good enough for me, over 10 years ago there wasn't too much choice.

sarah_id1

I know my indian collegue trades in indian stock and she pay
0.3% per transaction + £7 per year.

Does that sound ridiculously cheap?
or do we have similar something like this in the UK?

cloud_dog

You could try X-O (https://www.x-o.co.uk) or iii (https://www.iii.co.uk).

I have accounts with both.

X-O - £5.95 per trade. No Annual Man fees
iii - £10.00 per trade. No Annual Man fees.

(all stock trades carry a 0.5% Stamp Duty. Can be 1% for some shares, i.e. those registered in Ireland for example).

X-O is part of Jarvis Investment Management Ltd.

dwileflunker

I use Redmayne Bentley at Leeds, although I understand they have offices all over the country, and find them very competitive price wise for execution only although I expect you can get it cheaper on the internet if these posts are correct. The thing is I like to have someone confirming that I'm doing it right, so I do it all by phone because they are very helpful and friendly people to deal with and not up themselves like some brokers are. I think you can deal on line but I've never done it, their website is www.redmayne.co.uk . Worth using as a comparison if nothing else.

Ifts

sarah_id1 wrote: »

I know my indian collegue trades in indian stock and she pay
0.3% per transaction + £7 per year.

Does that sound ridiculously cheap?
or do we have similar something like this in the UK?

I wouldn't say its ridiculously cheap. 0.3% per transaction is OK for smaller transactions but you can deal for cheaper using a fixed fee structure on larger trades.

If you did a £2000 trade at 0.3%, it would cost £6 per trade (ignoring stamp duty for purchases) but going through someone like X-O it will cost £5.95.
So I would say even if you did have the 0.3% per transaction option, for trades larger than £2000 you would be better to pay the fixed £5.95 fee through someone like X-O.

I use X-O.co.uk and also The Share Centre

There is this new one at £3.95 per trade but it is over the telephone only (no online access): http://www.ring395.co.uk/ - (have not used it myself) like X-O.co.uk this one is also part of Jarvis Investment Management Ltd.

Reaper

I use XO too, but SVS Securities are fractionally cheaper at £5.75 per trade. Also they only charge £1 per trade for the first 30 days.

These are no-frills accounts and you will be restricted as to which stock markets you can trade on. The UK stock market is well supported though if that is where you are buying.

Ifts

cloud_dog wrote: »

(all stock trades carry a 0.5% Stamp Duty. Can be 1% for some shares, i.e. those registered in Ireland for example).

Stamp duty only when you buy

0.5% payable on the purchase of UK shares.

Reaper

Ifts wrote: »

There is this new one at £3.95 per trade but it is over the telephone only (no online access): http://www.ring395.co.uk/ - (have not used it myself) like X-O.co.uk this one is also part of Jarvis Investment Management Ltd.

Interesting, I hadn't seen that before. I am surprised a telephone based service is cheaper than an on-line one. Nice, though no mention of an ISA option.

Ifts

Reaper wrote: »

Interesting, I hadn't seen that before. I am surprised a telephone based service is cheaper than an on-line one. Nice, though no mention of an ISA option.

Yeah I posted a new thread about it yesterday when I got the email from Jarvis Investment Management Ltd, but you probably missed it while you've been busy bargain hunting!

Ring395.co.uk - Low cost telephone only sharedealing @ £3.95 - https://forums.moneysavingexpert.com/discussion/3965095

Everyone says the same, how can telephone be cheaper than online, but like Sceptic001 said yesterday 'if it adds to competition it must be a good thing'

Ifts

Reaper wrote: »

I use XO too, but SVS Securities are fractionally cheaper at £5.75 per trade. Also they only charge £1 per trade for the first 30 days.

I used The Share Centre for many years then when X-O started at £5.95 I started to use them but have still got old holdings in the Share Centre account (also like the look of their website, easy to navigate around).

SVS Securities sounds ok too (if I was not with X-O I would give them a go), but for me a saving of 20p a trade is not enough compensation for having to remember yet another login username and password