SVS Securities - shut down?

My2penneth

leonde said:

I'm finding IG Share Dealing rather impressive on further exploration:
They have a 0.5% currency conversion fee.
£8 commission fee for UK stocks, reduced to £3 if 3 or more trades made in the previous calendar month.
£10 commission fee for American stocks - free if 3 or more trades made in the previous calendar month.
For Irish, German, Dutch, Belgian, Austria, and Australian stocks (odd selection!), 0.1% commission per trade or a minimum of 10 Euros commission fee (so more than 10 Euros for orders of more than 10,000 Euros).

I've not invested in foreign stocks before, but those fees make it seem appealing. I just have to see if I find their software acceptable and see if there's any catches.

edit: they charged £24 per quarter if you've executed less than three trades.

Watch out for withholding taxes if you are a dividend investor. They can be quite onerous. You will also need to fill in a W8-BEN form for US shares (not very difficult - plenty of examples on t'internet of completed forms to reference). 

 I've not come across anyone investing in Irish shares before (other than by the blanket Vanguard/Blackrock root which are registered there).  Good Luck!   And of course, there is the question of currency risk...

Thrugelmir

leonde said:

I'm finding IG Share Dealing rather impressive on further exploration:
They have a 0.5% currency conversion fee.
£8 commission fee for UK stocks, reduced to £3 if 3 or more trades made in the previous calendar month.
£10 commission fee for American stocks - free if 3 or more trades made in the previous calendar month.
For Irish, German, Dutch, Belgian, Austria, and Australian stocks (odd selection!), 0.1% commission per trade or a minimum of 10 Euros commission fee (so more than 10 Euros for orders of more than 10,000 Euros).

I've not invested in foreign stocks before, but those fees make it seem appealing. I just have to see if I find their software acceptable and see if there's any catches.

edit: they charge £24 per quarter if you've executed less than three trades.

IG has overseas operations. 

Minimum phone dealing charge is £40.  No ringing the dealing desk!

sweeter_strudel

Possible progress.....
The cash that used to be listed in my trading account on ITI now shows zero - I emailed a form asking for it to be sent to me (BACS) on Friday - so this may be an indication they are processing that request, although it has not arrived in my bank account yet.

I've got the same issues as everyone else where individual prices of shares are often zero, holding values are also incorrect, and the overall total on the summary page is shown but incorrect - under reporting I reckon.....

meuok

Possibly of interest:
https://www.financemagnates.com/forex/brokers/iti-capital-reports-losses-5-million-2017/

My2penneth

meuok said:

Possibly of interest:
https://www.financemagnates.com/forex/brokers/iti-capital-reports-losses-5-million-2017/

Ahhh, but they ONLY lost £2.9 m in 2018 according to the financial report freely available at Companies House.  

The accounts for 2019 are not yet available;
"Next accounts made up to 31 December 2019 due by 31 December 2020"

I'd like to say I won't care by Dec 2020 as ALL my accounts will have been transferred elsewhere but what odds could I get on that happening?  

My2penneth

ITI need volume of customers to be profitable. They had a chance to increase the number of accounts but they have blown it and also damaged their reputation with this fiasco. 

rugby7170

Got in again this morning. Portfolio balance is completely wrong.

masonic

It's worth noting that Interactive Investor was in a similar position a few years ago - perennially loss making, absorbing large numbers of customers from acquisitions, and having the most terrible customer feedback. It seems to have worked for them as they are now profitable and customer complaints subsided.

rugby7170

Can we get any compensation for warrants that expired during the admin process ?

johnburman

As a new client of Trading 212 if your portfolio is under 85k GBP the 0 commission offering must be a winner. Keep below the FSCS limit of 85k just in case things go wrong.... in a SVS or worse way... and what's there not to like? A limited stock selection sure and no 15 second period in which to decide to deal and the pain of only dealing 95 percent of the monies in your account (a weird rule this one) but for simple zero commission XO deals with no holding or inactivity fees it's a worthwhile option.