The perfect replacement for iii, simplystockbroking!

adamt

I've been searching for a replacement broker to replace iii,
i refuse to pay £80 per year when i trade so infrequently

Well after trawling the forum i have found our saviour, i think:

Simply Stockbroking

£8 per trade
No annual/quarterly charges, no transfer in charge, no inactivity charge, no closing charges

i cant seem to find any flaws, the guy on the phone said there platform is very similar to iii

you can have stop losses and limit orders at no charge


I should have moved sooner!

Unless anyone can spot something i haven't?

Perelandra

This looks like shares only- no funds- which will be fine for some but not others.

There is a charge for transferring holdings out, so if you did decide to leave but wanted to hold on to your stock, you'd either have £16/line or stamp duty/bid-offer spread to consider.

premierfella

I don't have a view on simplystockbroking (SSB), which may indeed suit some (but obviously far from all) current iii customers.

Given that we are comparing with iii, it would probably additionally be relevant to point out that SSB have a (nominal) charge for dividends. SSB also seem to lack a £1.50 regular investment facility, which I suspect would rule them out as a choice for many.

adamt

yes i fotgot to say, the guy on the phone did say there is a dividend charge but it is only 25p-£1 depending on the dividend size

can anyone else spot any flaws or drawbacks that im missing>

adamt

Here's some diagog from the chat session fr anyone considering SSB:

You are now chatting with 'Kat'
Kat: Hello how may I help?
Adam: Hi, what is this settlement date that is mentioned on s&s isa's? i thought trades were instant?
Kat: Trades are instant, if you were looking to withdraw money for instance then we would need to wait 3 working days for the trade to settle.
Adam: oh i see, do you charge anything to place a stop loss on trades?
Kat: No we do not.
Adam: ok, if i decide to stop trading shares with simply stockbroking at any point in time , is there a charge to close my account?
Kat: There is no charge to close your account.
Adam: can i trade in all FTSE listed companies? and AIM listed ones?
Kat: Yes you can
Adam: is there s charge to bring shares from my current broker to you
Kat: We do not charge for transfers in.
Adam: do you charge to receive dividends
Kat: Yes, a minimum of 25p and a Maximum of £1

Jegersmart

SVS Securities £5.95 per trade and no charges. Can also put your ISA in there.

pqrdef

Perelandra wrote: »

This looks like shares only- no funds

Well at least that means they can't blame the RDR for anything.

adamt

SVS dont offer stop losses, which is important for me as i'm not always monitoring the markets

Jegersmart

adamt wrote: »

SVS dont offer stop losses, which is important for me as i'm not always monitoring the markets

I just added one to my latest RBS position....^^

When did they not offer stop losses?

J

adamt

Jegersmart wrote: »

I just added one to my latest RBS position....^^

When did they not offer stop losses?

J

when i called yesterday the guy said they didnt offer stops, but i just called again now and he said they do offer stops and limit orders


how do you find the platform compared to iii?

Jegersmart

adamt wrote: »

when i called yesterday the guy said they didnt offer stops, but i just called again now and he said they do offer stops and limit orders


how do you find the platform compared to iii?

The iii platform shows your purchase price with all costs included, the SVS doesn't.....but that is no problem for me as I can take care of that in another system. Seemed to be fine - when you deal you get a quote with 15 seconds to respond to the price quoted - as far as I can see they only execute to 2 figures. In the case of III they execute to 3 decimal places which may or may not be important depending on size. First deal cost £1 as per their promotion. I am keeping III platform in tandem for now, the 20 quid per quarter is not an issue for me but saving £5 per trade in the long term could be..:)

J