SVS Securities - shut down?

eskbanker

Sheris said:

eskbanker said:

johnburman said:
there are better brokers out there.  Hells Bells there are some that even do not charge a commission (e.g. Trading 212) 

While it's all very MSE to try to minimise costs, there is always the risk of jumping from frying pan to fire if going to a broker like that with a questionable business model and unsustainably thin revenue streams, although the fact that they're not currently accepting new customers makes that decision academic anyway....

Frying pan to the fire was SVS clients by the FCA to ITI Capitial 

Indeed, so why would anyone choose to do something similar of their own accord?

johnburman

Sheris too right!  But ITI were not cheap and were a different type of broker than the SVS XO offering to XO clients.  Although they were small....too small as it happens to cope with the SVS XO clients.

BUT question: why would any SVS XO client and there are 16k of them stay with ITI once the transfer of shares was completed.  What was the USP of ITI, or rather what did they think it was?  SVS clients I think were mainly retail clients - and yes there were some FX clients in China - but they wanted cheap, simple, easy efficient trades for £7.95 a go, with no extras.  In the USA there are MANY similar brokers all doing well.  Here we have too many hidden charges.  As for ITI, expensive and incompetent with no customer either concern or service, (except nice decent people doing telephone trades trying to help clients).   

Sheris

eskbanker said:

Sheris said:

eskbanker said:

johnburman said:
there are better brokers out there.  Hells Bells there are some that even do not charge a commission (e.g. Trading 212) 

While it's all very MSE to try to minimise costs, there is always the risk of jumping from frying pan to fire if going to a broker like that with a questionable business model and unsustainably thin revenue streams, although the fact that they're not currently accepting new customers makes that decision academic anyway....

Frying pan to the fire was SVS clients by the FCA to ITI Capitial 

Indeed, so why would anyone choose to do something similar of their own accord?

Totally agree, do your homework, no problems with Iweb and EQI but Im only testing them out at the moment.
Must be some others that are very good and wanting business.   

GeorgieC

I know that Exante are reasonable. They cant take SIPPs or ISA's just yet but platform is pretty good - big range of products. Regulated in Cyprus, Malta and Hong Kong with UK licence in process of being activated. I know an account manager there who is very helpful and knows ITI and who to chase as he used to work there. A few forumites have transferred.... I will tell him to ask one of them to do an independent review on here for Exante since I would be biased!! Happy to share his details...

GeorgieC

Remember with the commission free brokers.... there is no such thing as a free lunch! Do your orders get anywhere near the market? Is it a CFD? If your orders are internalised ie taken on the company book, then they have a vested interest in you losing money - see the declaration on CFD broker sites.... x% of our clients lose money....it is normally in the 70+% area.
Robinhood made this 'free; trading popular and it has been made public they send all their business to a market maker who pays them. They have already been fined by the SEC for not providing best execution. Caveat emptor!

Icyberg

I requested a transfer out to HL 6 months ago. 12 ignored 'chase up' e-mails later I'm still with ITI Capital. What the hell is going on ?

Ravima

Hi Icyberg, you are simply experiencing normal service! Welcome aboard!!

My2penneth

@Icyberg - complain to the FCA to let them know that Crapital is still as bad as ever. Complaints from clients have forced the FCA to take action such that ITI are not allowed to take on any new customers. Keep the pressure on! 

(and yes, there are still many who submitted their forms in July/August that are still waiting to have their accounts moved).

4_Pete's_Sake

It has taken me 4 months of immense effort to try and get my 2 accounts transferred to IG. Finally 12 days ago they finally managed to transfer my Standard Trading Account but have advised me that thay are having difficulty transferring my ISA Trading Account. I only started to get any joy after I stated that I wanted to make a complaint and was put through to a more competent person in their "Client Services" Department called Carenna. Before this I'd sent numerous emails to their Account Management and  Transfers Departments ignored, which had been ignored and when I called Account Management to complain about my treatment they put the phone down on me. They are the most incompetent Financial Institution that I have ever dealt with. Checkout the comments on Google Reviews of ITI Capital. If you dont trade very often you could try switching to Fineco Bank who very soon will also be launching an new ISA Trading account.

sweeter_strudel

Did anyone get an email from ITI warning about scammers impersonating them? If you get in touch the scanmers ask for a TRLAN number and then £2k. Amusingly there's a link in the email to help you spot the difference between ITI and the clone company.

I'm presuming that is an iffy link heaving with danger and this email is a triple bluff. It had good English throughout and was well presented so couldn't possibly be from ITI!