SVS Securities - shut down?

Nbs222

olderbutnowiser said:

"I received an email for my ISA account a week ago but still no sign of my second trading account. For those of you with access to more than one account"

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I received email on Friday 24-jul-20 , and  had ISA and normal account , both are now on 'boarding submitted'.

My wife received email on Saturday 25-jul-20 and had only one account , that account now has status of "boarding submitted". it looks like anyone who received email on Saturday had only one account.

Thrugelmir

johnburman said:

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. 

As an investor. If a company offers a service for free. Wouldn't you be asking yourself what's the catch? There's no such thing as a free lunch. 

My2penneth

Just logged on ..and all the shares have vanished....

Standard_Goose

Can someone who has managed to set up their account (even if it's displaying your information wrongly!) tell me if they recognise the below screen. If you look at the top you can see i've filled in a 'Personal Info' page, then an 'Additional Info' page and then I get this page which never changes (FYI it has not at any point asked me to upload anything - nor have I had the opportunity to)

sweeter_strudel

Standard_Goose said:

Can someone who has managed to set up their account (even if it's displaying your information wrongly!) tell me if they recognise the below screen. If you look at the top you can see i've filled in a 'Personal Info' page, then an 'Additional Info' page and then I get this page which never changes (FYI it has not at any point asked me to upload anything - nor have I had the opportunity to)

Standard_Goose,

Try a different web browser - looks like the chance to progress from proving who you are is otherwise never going to arise. Try from a different device laptop/Smartphone. 

They may not be verifying documents over a weekend - see if there is progress on Monday lunchtime.

Otherwise a name change to "Stranded and Goosed" may be appropriate.

My2penneth

My wife was invited to on board. I started the on boarding. 

For some reason it did not display the holdings to be accepted (ie the shares). I seem to remember that when I started the on boarding for my accounts, it presented each share holding in a company and I checked them off with my list.

The rest of the procedure of verification was an abortion. 

And yes, I've seen that screen Standard Goose. 

My2penneth

johnburman said:

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. 

The 95% dealing leaves 5% to allow for currency fluctuations when you are buying foreign shares.

My2penneth

The wife's on boarding did not load any shares to be on boarded. Her account was numbered ITI 10xxx.
So, does this mean they have started the process but only just over 10,000 clients have been invited to on board?

Standard_Goose

My2penneth said:

johnburman said:

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. 

The 95% dealing leaves 5% to allow for currency fluctuations when you are buying foreign shares.

And the hidden cost is the price you get filled at. If you are buying 1000 shares but get filled at a 1p worse price then it's cost you £10 to do the trade anyway. Hard to quantify these things, but this is how the experienced traders on youTube explain it and it seems credible to me.

To share my experience of other platforms:

I used Interactive Investor before SVS... I moved because they changed their fee structure which didn't suit me at the time. I don't need to tell you how much I regret that decision. ii was a great choice for me and i liked the platform and never had any issues with them. If they suit your investment style i recommend them.

I opened an AJ Bell account when I wanted to start investing in a SIPP. I feel safe with them and their share dealing is great for someone investing over medium/long term. Not very good information/stats for companies you're looking to invest in - unlike ii. Good solid reliable company - recommend.

I have also opened an Interactive Brokers account as I intend on doing some high frequency day-trading with some of my savings (if I ever see them again). I have found their website extremely confusing and also the 'Tradestation' platform that I intend to use to do the trading is confusing as hell to learn and seems very glitchy. This is probably due to me being very close to minimum spec on this PC (although slightly above it). Again I have selected another big name because after my SVS experience I am going nowhere near a small company (such as ITI Capital!).

Basically, i've never had any issues with the above three brokers.

masonic

My2penneth said:

johnburman said:

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. 

The 95% dealing leaves 5% to allow for currency fluctuations when you are buying foreign shares.

The 95% dealing limit has been discussed earlier in the thread and is a result of them not being able to generate a live quote when the deal is accepted. It does not only apply to foreign shares.