X-O (Jarvis) online platform to close in the summer

Hoenir

wmb194 said:

Yaladala2 said:

Genuine questions folks. Looking into iWeb I was considering transferring over some stock from x-o some funds from a % fee platform at the end of the tax year in specie.

I was also going to advise a family member to transfer over some company shares to avoid fees elsewhere.

I am assuming as nothing is bought and sold neither of us would pay fees?

It does make me wonder, surely we would both be costing iWeb money? Bringing the money in and no fees ongoing?

Any chance they could get funny? Ought to be fine as genuine one off transfers?

Don’t worry about it. The same as banks, these brokers operate on the ‘long tail’ i.e. lots of customers occasionally spend £5 on a trade and they make a living.

Hence why monthly base level fees are now creeping in.  Move unprofitable accounts elsewhere. The merry go round will continue for some time. 

wmb194

Hoenir said:

wmb194 said:

Yaladala2 said:

Genuine questions folks. Looking into iWeb I was considering transferring over some stock from x-o some funds from a % fee platform at the end of the tax year in specie.

I was also going to advise a family member to transfer over some company shares to avoid fees elsewhere.

I am assuming as nothing is bought and sold neither of us would pay fees?

It does make me wonder, surely we would both be costing iWeb money? Bringing the money in and no fees ongoing?

Any chance they could get funny? Ought to be fine as genuine one off transfers?

Don’t worry about it. The same as banks, these brokers operate on the ‘long tail’ i.e. lots of customers occasionally spend £5 on a trade and they make a living.

Hence why monthly base level fees are now creeping in.  Move unprofitable accounts elsewhere. The merry go round will continue for some time. 

Someone in another thread pointed out that iWeb is probably a disrupter brand that picks up the customers that aren’t willing to pay Halifax’s main brand - Halifax, Lloyds and BoS - fees but keeps people from using competing brokers. iWeb’s marginal costs will be low because it’s subsidised by its stablemates.

buglawton

The Mrs has been trying Trading212 lately and it's been interesting to compare it with X-O who we've been with for a long time. X-O was fuss-free for London stock exchange stocks, then when we wanted to go for US based ones and ETFs, lots of issues that required phone calls, also failure of the X-O platform to give you anywhere near real time prices. By contrast Trading212 automatically pushes any needed forms to you. A W-8 BEN was auto-prefilled and just needed online signing off with Trading212.

Trading212 as well as (for the moment) being free to have an account and trade with, offers interest on cash holdings. It's slick and commercial, pushing unwanted services in front of you. The app is a bit counter-intuitive in places but there's an enormous Q&A database online that will solve any question. 

The silly glitch we had with Trading212 was paying in cash on a debit card that was in married name while account was in maiden name. Payment happily accepted without error, then when we wanted to invest, found the cash was locked up due to the mismatch. It took about 6 back and forth emails to get the refund done back to the card - there was no way to do it in the app or online.

It did show that emails get answered overnight, and also showed that some Trading 212 help desk  people get you to the right answer while others don't. Help desk person 1: Please send marriage certificate by email (!). Helpdesk person 2: Your cash has been refunded to your card. That's more like it.

Due to the fee free and cash interest I'm likely to go to Trading212, the only question is before or after the X-O transfer to Interactive Investor. And when will Trading212 start slipping in fees? It's sure to happen.

What will happen to the £60 minimum X-O balance? Will that arrive as cash in Interactive Investor?

miller

sjw1 said:

Just signed up to iWeb and about to start the transfer process and I get this message:

This is 'normal' yes - but I assume will delay the process a little?

In my Jarvis account it lists the shares I have - with a 'bought' price too.  I assume this is to 'help' if CGT etc. is relevant.  Is this information transferred across to iWeb too?

The form then states they'll send it to you via email if they have one on record or post if not. Then 2 options are given, print or send. I selected send and didn't get an email. Perhaps print would have been the better option.

Hoenir

buglawton said:

also failure of the X-O platform to give you anywhere near real time prices.

If that were the case they'd have gone out of business a very long time ago. 

[Deleted User]

wmb194 said:

Yaladala2 said:

Genuine questions folks. Looking into iWeb I was considering transferring over some stock from x-o some funds from a % fee platform at the end of the tax year in specie.

I was also going to advise a family member to transfer over some company shares to avoid fees elsewhere.

I am assuming as nothing is bought and sold neither of us would pay fees?

It does make me wonder, surely we would both be costing iWeb money? Bringing the money in and no fees ongoing?

Any chance they could get funny? Ought to be fine as genuine one off transfers?

Don’t worry about it. The same as banks, these brokers operate on the ‘long tail’ i.e. lots of customers occasionally spend £5 on a trade and they make a living.

If you feel really bad about not paying an ongoing fee to iWeb  you can open an account with its sister brand Halifax Share Dealing and pay one.

Definitely don't feel bad, would only be moving as it's cheaper (across both things I'm looking to move) and Halifax Sharedealing wouldn't be. More a case of not wanting to get a "you aren't commercially viable" sort of message down the line and make the effort of saving a few £ not worth it. But your logic makes sense and is of reassurance

Also noticed I can now edit a comment as I'm a Forumite!

buglawton

Hoenir said:

buglawton said:

also failure of the X-O platform to give you anywhere near real time prices.

If that were the case they'd have gone out of business a very long time ago. 

I think that's what is happening, see topic title. My context is: Failure of the X-O platform to give you anywhere near real time prices for any investments outside of the UK. We've been using other websites to get a price then buying via X-O and it's been less than ideal.

dales1

miller said:

sjw1 said:

Just signed up to iWeb and about to start the transfer process and I get this message:

This is 'normal' yes - but I assume will delay the process a little?

In my Jarvis account it lists the shares I have - with a 'bought' price too.  I assume this is to 'help' if CGT etc. is relevant.  Is this information transferred across to iWeb too?

The form then states they'll send it to you via email if they have one on record or post if not. Then 2 options are given, print or send. I selected send and didn't get an email. Perhaps print would have been the better option.

Likewise. I'm still waiting to see if it arrives in the post - and if so, I'll have to Post it back.

I suspect that, to receive an email form to email back, I should have pressed Confirm without selecting either of the Alternative options.

Hoenir

buglawton said:

Hoenir said:

buglawton said:

also failure of the X-O platform to give you anywhere near real time prices.

If that were the case they'd have gone out of business a very long time ago. 

I think that's what is happening, see topic title. My context is: Failure of the X-O platform to give you anywhere near real time prices for any investments outside of the UK. We've been using other websites to get a price then buying via X-O and it's been less than ideal.

Which websites have you been obtaining prices from ? 

Notepad_Phil

Was looking on the iweb and HL platforms on how to do a ISA transfer and on both platforms it appears that x-o does not exist if you attempt to use that as the provider/ISA Manager on their online transfer forms but Jarvis does.

As x-o is just a brand name of Jarvis I assumed Jarvis was the right thing to put, but when I rang up HL yesterday they were unsure and suggested that I put x-o, so I wondered what other people have put down.