Trading without an account

joeypesci

So I used to have an account with Stocktrade.co.uk but as I hardly trade, the charges for having an account killed my profits so I closed it.

Is there anyone who still allows you to just call up and make a trade? They then send you the certificate which you have to keep safe? I used to do this with Nationwide's service until they forced everyone to have an account.

I think when I closed my Stocktrade account they said I could do this but not sure. Tried to call them to make a trade today but all their agents were busy.

msallen

Try x-o.co.uk. No membership fee and cheap to trade (£6.95 from memory). You won't get a paper certificate, but then who does nowadays.

joeypesci

msallen wrote: »

Try x-o.co.uk. No membership fee and cheap to trade (£6.95 from memory). You won't get a paper certificate, but then who does nowadays.

So is that a call up and trade service? If so surely you'd get sent paper certificates otherwises who holds the certificates for you? That was the problem with stocktrade. Because they held everything they asked for their "admin fee".

I still have paper certificates for BP and Barclays. And that was from only a few years ago when Nationwide allowed the call up and trade without an account service.

JohnRo

Why not just open an online nominee account with a broker that doesn't charge any ongoing administration or inactivity fees?

http://monevator.com/compare-uk-cheapest-online-brokers/

Glen_Clark

msallen wrote: »

Try x-o.co.uk. No membership fee and cheap to trade (£6.95 from memory). You won't get a paper certificate, but then who does nowadays.

x-o will send you a paper certificate for £15
You can pay the money in by debit card immediately to trade.

[Deleted User]

Hi,

joeypesci wrote: »

I still have paper certificates for BP and Barclays. And that was from only a few years ago when Nationwide allowed the call up and trade without an account service.

are you sure they are share certificates and not just contract notes?

Glen_Clark

Have you seen the comparison page on this website: http://www.moneysavingexpert.com/savings/cheap-online-sharedealing

grey_gym_sock

there are still are few certificated dealing services available, e.g. sharedeal active have 1.

however, online trading in a nominee account is cheaper, and there are quite a few providers with no account charges for a taxable account (i.e. it can be different for ISA or SIPP) when you don't trade, e.g.:

- bank of scotland share dealing
- equiniti (shareview) investment account
- halifax share dealing
- hargreaves lansdown
- idealing (no fee if you opt for the "admin free" tariff, which has slightly higher dealing fees)
- iweb (except that there is now a fee of £25 to open your first non-SIPP account with iweb)
- saga share direct (only available to over 50s)
- shareprice.co.uk
- svs xo
- x-o.co.uk

(however, some of the above do have account closure fees.)

IanSt

If I may ask, what is the reason you want to have paper certificates?

If it's because you don't want to have the ongoing charges that stocktrade charges, rather than a need to have them in paper, then I'd definitely recommend going for one of the many zero annual-charge outfits. I use x-o myself ànd would have no hesitation in recommending them.

joeypesci

[Deleted User] wrote:

Hi,



are you sure they are share certificates and not just contract notes?

It says they are certificates on the front of them.

joeypesci

IanSt wrote: »

If I may ask, what is the reason you want to have paper certificates?

If it's because you don't want to have the ongoing charges that stocktrade charges, rather than a need to have them in paper, then I'd definitely recommend going for one of the many zero annual-charge outfits. I use x-o myself ànd would have no hesitation in recommending them.

The only reason I wanted paper certificates is I don't know how the process works. I don't trade much and when I originally started a few years back I could call Nationwides offering and make a trade. A few days later they send the certificate. When I'd want to sell I'd have to send that off to whoever I sell with. This just allowed me to not have any monthly fees.

Then eventually they forced you to have an account to make any trades. They then sold to another outfit who started charging a fee every 3 months I think it was. Their "admin" fee. I then realised all the trades I'd made that year (of which there were hardly any), all the small profits I'd made were eaten up by the "admin" fee. So I closed the account.

I just assumed if you wanted an account with no fees, then you had to be the one that held the ceriticates. If not, whoever you create an account with would then charge you a fee for holding those certificates for you. But I guess I'm wrong about that then?

I've heard of XO before so might go with them. So you actually have an online trading account with them so can trade online without having to call? And there are no admin fees for having the account?