X-O.com any good as share dealing platform?

ivormonee

X-O is one platform I've always decided not to use, the issue being that if I were to want to move elsewhere at some stage, they would hit me with what I consider hefty charges to do so.

There is indeed the ISA/ JISA closure fee, that in itself is £60, and then there is an additional £18 for each IT, ETF, stock etc. that you transfer out, in specie. So, a portfolio of, say, twenty stocks and ETFs would cost £420!

A lot of money for someone in an office to do a few mouse clicks as really there's not much more required than that.

adindas

jjdc said:

I can highly recommend freetrade.io

App based, modern platform. Lots up updates over last 12 months which have greatly improved it.  

It's free to use, hence the name. The more interesting shares require their premium account at £9.99 a month. Doesn't have the in-depth research documents you'd find on other platforms

ISA is very good value at £3 a month too. 

I'm hoping to switch my sipp away from interactive invested which is clunky and has poor customer service, just waiting for them to allower employer contributions first

https://freetrade.io/sipp

Looking into the comparison table, it seems FreeTrade is the best value for money for SIPP if you do a lot of US stocks, Foreign stock trading in a month as they provide a flat fee. Am I right ? Do you have anything that you do not like about FreeTrade that you could share ? Thank you for sharing.

Thrugelmir

msallen said:

Only just seen your question sorry Thrugelmir...
I have transferred in two other old DC pensions. The first a couple of years ago when the amount that appeared in my Gaudi/Jarvis SIPP was £1K less than was transferred. When I queried this I was told it was an error and the missing £1K was quickly "found", but without so much as a basic apology.
The second transfer was initiated last September but only completed in January. Gaudi kept claiming not to have received the requisite information from my old scheme, who I kept having to ask to resend it. On the third occasion I asked the old old scheme to start copying me in to prove the emails were being sent (they were), but it still took two more attempts before Gaudi said they were receiving them OK. 

I was with Liberty prior to Gaudi. Liberty were a real mixed bag. All depended on who you dealt with. Switched to Gaudi when Jarvis offered a fee free for life offer some years ago.  Though the transfer took nearly five months to complete in the end. Something I place at Liberty's door. In the past 6 years always fund Gaudi extremely good. Like many companies no doubt suffered from staffing issues due to Covid. Currently organising a drawdown for next month and found the service levels to be acceptable.

maxsteam

I've used x-o.co.uk without any problems. It's not as easy to use as some other platforms so I use it more for long-term investments. If you are not bothered about professional standards, there are a lot of "free" trading accounts.

Thrugelmir

maxsteam said:

It's not as easy to use as some other platforms so I use it more for long-term investments. 

Don't use a full blown trading platform then as you'll be struggling if x-o is to complex for you. Apps are intentionally dumbed down to suck punters in.  In the same manner online bookies operate. 

msallen

Thrugelmir said:

msallen said:

Only just seen your question sorry Thrugelmir...
I have transferred in two other old DC pensions. The first a couple of years ago when the amount that appeared in my Gaudi/Jarvis SIPP was £1K less than was transferred. When I queried this I was told it was an error and the missing £1K was quickly "found", but without so much as a basic apology.
The second transfer was initiated last September but only completed in January. Gaudi kept claiming not to have received the requisite information from my old scheme, who I kept having to ask to resend it. On the third occasion I asked the old old scheme to start copying me in to prove the emails were being sent (they were), but it still took two more attempts before Gaudi said they were receiving them OK. 

I was with Liberty prior to Gaudi. Liberty were a real mixed bag. All depended on who you dealt with. Switched to Gaudi when Jarvis offered a fee free for life offer some years ago.  Though the transfer took nearly five months to complete in the end. Something I place at Liberty's door. In the past 6 years always fund Gaudi extremely good. Like many companies no doubt suffered from staffing issues due to Covid. Currently organising a drawdown for next month and found the service levels to be acceptable.

I also opened mine when the Gaudi free for life offer was on but I didn't have the prior Jarvis badged offering. I stuck with them over the missing £1K because there were also other issues with the ceding scheme that Gaudi had struggled against equally alongside me, and I was also conscious of the fact I was getting it for free!
Following the issues with the latest transfer I had been contemplating switching sometime before I commence drawdown in 2022 or 2023 - possibly HL with it's capped charges on shares etc, but you've just made me wonder, does the free for life deal cover drawdown charges too? (otherwise £150 plus VAT pa I believe)

Thrugelmir

msallen said:

Thrugelmir said:

msallen said:

Only just seen your question sorry Thrugelmir...
I have transferred in two other old DC pensions. The first a couple of years ago when the amount that appeared in my Gaudi/Jarvis SIPP was £1K less than was transferred. When I queried this I was told it was an error and the missing £1K was quickly "found", but without so much as a basic apology.
The second transfer was initiated last September but only completed in January. Gaudi kept claiming not to have received the requisite information from my old scheme, who I kept having to ask to resend it. On the third occasion I asked the old old scheme to start copying me in to prove the emails were being sent (they were), but it still took two more attempts before Gaudi said they were receiving them OK. 

I was with Liberty prior to Gaudi. Liberty were a real mixed bag. All depended on who you dealt with. Switched to Gaudi when Jarvis offered a fee free for life offer some years ago.  Though the transfer took nearly five months to complete in the end. Something I place at Liberty's door. In the past 6 years always fund Gaudi extremely good. Like many companies no doubt suffered from staffing issues due to Covid. Currently organising a drawdown for next month and found the service levels to be acceptable.

 does the free for life deal cover drawdown charges too? (otherwise £150 plus VAT pa I believe)

Not that I'm aware. Gaudi simply reimburse Jarvis for their annual account management fee.  My intention is withdraw a lump sum once a year. Which makes the entire package worthwhile. Not least that the desk traders and support staff at Jarvis are worth any net overall cost. Small team but highly efficient and responsive. 

adindas

philng said:

I use IWEB and happy with it but notice new accounts now have £100 set up fee v the £25 I paid when opening. Looking for a cheap platform for son & on first look X-O.com looks one of the cheapest but is it any good?

Beside the cost you mention they also charge you for share dealing fee.See the fee above and make up your mind.

I understand your son want to do a share dealing thus will be looking for a share dealing platform.

Say he will be doing 100+ share dealing per month how much will it cost him?? How much profit will he need to make just to breakeven.

To me IWEB or the like is good if you just buy a mutual fund, index fund, etc.. Once you buy them you forget it and you will only have a look of it when you need the sell your position because you need the money. But for share dealing it does not make sense at all.

The suitable platform for frequent share dealing is no fee platforms such as eToro, Tarding212, FreeTrade.

HansOndabush

Your iWeb information is out of date; it's £100 sign up now:

https://www.iweb-sharedealing.co.uk/our-accounts.html

Also the statement "The suitable platform for frequent share dealing is no fee platforms such as eToro, Tarding212, FreeTrade." does not tell the full story; you get what you pay for and the 'free' dealing apps don't give you an actionable live price but rather bundle your orders together with other user's orders and send them off to a broker who can front-run them if they choose. One way or another you pay for the trades.

wmb194

HansOndabush said:

Your iWeb information is out of date; it's £100 sign up now:

https://www.iweb-sharedealing.co.uk/our-accounts.html

Also the statement "The suitable platform for frequent share dealing is no fee platforms such as eToro, Tarding212, FreeTrade." does not tell the full story; you get what you pay for and the 'free' dealing apps don't give you an actionable live price but rather bundle your orders together with other user's orders and send them off to a broker who can front-run them if they choose. One way or another you pay for the trades.

Freetrade doesn't 'bundle' and I've always received the prevailing market price which is double-checked with a quote from another broker, usually iWeb.