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

GeoffTF

wmb194 said:

Some people cannot sing the praises of AJ Bell and Hargreaves Lansdown loudly enough but personally I can't stand either of them. So far, for me, T212's been fine.

I have used countless brokers over the last 40 years. People's opinions depend mostly on their personal experience. My experience of AJ Bell was good. HL's website makes simple tasks complicated, but otherwise HL seems to be fine. I have not had any serious problems with iWeb in over 15 years. Vanguard has not been great.

filbert1884

boingy said:

filbert1884 said:

miller said:

mark1222 said:

"Trading 212 primarily generates revenue through currency conversion fees and the spreads charged on its Contracts for Difference (CFDs) and shares. They also earn revenue from share lending and overnight interest on cash balances".

Presumably this is in their T&Cs (lending out your shares)? Do any other platforms do that? Creates risk that whoever they are lending them to then runs into difficulties.

I thought by keeping any uninvested cash below the FSCS limit, that the investments themselves would be as near to 100% safe in the nominee account, but this changes my view of that.

It shouldn't.

A CFD account is something you will not have, so you can forget about that.

As for share lending, that is something you have to explictly opt-in to (with you GIA account only, not in an ISA), and only shares in demand will be lent, and you get paid, and there is 0 risk of you losing out as a result.

As for FSCS protection, it's there. See their site for verification, and don't trust what others say 100% without checking out the facts.

www.trading212.com/money-protection

It shows the details for 
Invest (GIA)
CFD (ignore, you won't use it)
Stocks ISA
Cash ISA

filbert, do you work for T212 by any chance?
2 posts, both talking them up big time.

Their app is a triumph of style over substance and their customer service is right down there with the worst I've ever experienced, and I've experienced quite a few over the years.

No, i don't, I am however a customer, and have been for 2 years, and am more than happy with the platform.

I started with Jarvis / X-O in 2016, and have transferred most of my holdings to Teading212 already, however I still have some left, and when I received the email related the move to ii I found this thread. I felt I had to clear up the factual errors posted by others.

If you feel either of my posts have any factual errors (only 1 sentence was my personal opinion), then please feel free to point them out.

sjw1

I've had no issues with Trading 212 either (only have a cash ISA).

I mailed Jarvis early this week to ask not to migrate me to ii and that I would be transferring elsewhere (iWeb) and if they could confirm they don't support digital and a wet signature is required - still heard nothing.. 🙁

Shedman

Niv said:

I have a few (mainly rubbish but one or two I would like to keep) shares held in a x-o account. Not in an ISA, SIPP etc. 

Am I right in thinking that I can open an iweb account and transfer into that at no cost? Is it possible to transfer the shares from the x-o share dealing account into an iweb ISA?

I have a line in my x-o account for some 'defunct' shares (Laura Ashley if anyone is interested), does that just disappear when I transfer? (Not really sure why they still show tbh).

You might need to contact Jarvis before you transfer to iWeb and say that you want to forfeit the shares (or at least ask them how to get them removed). 

I have a similar issue where the company has delisted from AIM (so can't be dealt via X-O) and is in liquidation but hasn't been dissolved yet, although, as the liquidator has stated there will be zero to come to creditors/shareholders, I want to look into the Capital Gains loss situation before forfeiting them as I understand you have to still own the shares at the time you submit a loss relief claim to HMRC. 

notbritishgas

Just a quick query.
When asking iweb to transfer the X-O account, I presume the broker name is Jarvis.

wmb194

notbritishgas said:

Just a quick query.
When asking iweb to transfer the X-O account, I presume the broker name is Jarvis.

Correct.

"X-O.co.uk is a trading name of Jarvis Investment Management Ltd..."

filbert1884

sjw1 said:

I've had no issues with Trading 212 either (only have a cash ISA).

I mailed Jarvis early this week to ask not to migrate me to ii and that I would be transferring elsewhere (iWeb) and if they could confirm they don't support digital and a wet signature is required - still heard nothing.. 🙁

When I transferred my holdings out of X-O in the last year, everything was done electronically, the process was initiated from Trading212 using their process, and I signed electronically.

X-O then sent me an email to confirm the request was genuine, and once I replied to say it was, all went through smoothly. I went through the same process several times, transferring both shares from my ISA, and cash from my GIA. So I can't imagine the process to transfer to iWeb would be any different.

wmb194

sjw1 said:

I've had no issues with Trading 212 either (only have a cash ISA).

I mailed Jarvis early this week to ask not to migrate me to ii and that I would be transferring elsewhere (iWeb) and if they could confirm they don't support digital and a wet signature is required - still heard nothing.. 🙁

This is the message iWeb gives me if I tell it to initiate a transfer from Jarvis:

"Please note this broker is not signed up to the electronic transfer scheme which means your transfer form will require a wet signature. You will be given the option to either print or post your completed application form or we can send you a copy for you to sign and return. Your transfer cannot be started until we have received the signed transfer form."

sjw1

wmb194 said:

sjw1 said:

I've had no issues with Trading 212 either (only have a cash ISA).

I mailed Jarvis early this week to ask not to migrate me to ii and that I would be transferring elsewhere (iWeb) and if they could confirm they don't support digital and a wet signature is required - still heard nothing.. 🙁

This is the message iWeb gives me if I tell it to initiate a transfer from Jarvis:

"Please note this broker is not signed up to the electronic transfer scheme which means your transfer form will require a wet signature. You will be given the option to either print or post your completed application form or we can send you a copy for you to sign and return. Your transfer cannot be started until we have received the signed transfer form."

Yes,  I emailed Jarvis just to make sure that was the case. No reply though..

wmb194

sjw1 said:

wmb194 said:

sjw1 said:

I've had no issues with Trading 212 either (only have a cash ISA).

I mailed Jarvis early this week to ask not to migrate me to ii and that I would be transferring elsewhere (iWeb) and if they could confirm they don't support digital and a wet signature is required - still heard nothing.. 🙁

This is the message iWeb gives me if I tell it to initiate a transfer from Jarvis:

"Please note this broker is not signed up to the electronic transfer scheme which means your transfer form will require a wet signature. You will be given the option to either print or post your completed application form or we can send you a copy for you to sign and return. Your transfer cannot be started until we have received the signed transfer form."

Yes,  I emailed Jarvis just to make sure that was the case. No reply though..

What's your plan? To argue with iWeb about it? Just fill in the form and post it. Over the years I've needed to do it a few times and it's no real problem.