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

filbert1884

Section62 said:

filbert1884 said:

Why are so many opening an account with a provider (iWeb) that charges £5 per trade and pays no interest on cash balances in a S&S ISA? What am I missing?

I have no plans to buy or sell anything, and if I did it would be one 'sell' order which at £5 would currently be cheaper than X-O's £5.95.

I don't keep enough cash in a S&S ISA for long enough to worry about the interest on it, and with no ongoing monthly fees there's no need to keep a cash float for the fees to be taken from.

The question I ask myself is why didn't I transfer to iWeb sooner... the only thing I can think of is the now scrapped £100 joining fee which would have made it a bad move.  Then maybe I got a bit lazy and was happy to stay with X-O, because there was no monthly cost in doing so.

Ok, make sense, but why not choose a platform that charges £0 per trade?

filbert1884

Each to their own, and everyone needs to do what they feel is right for them.

I have made what I now see as "mistakes" in the past, which I have learned from.

I only invest in shares and ETFs, so a platform that offers other types of investments isn't important to me, and I like that any cash I am holding (which is there only for a short while until I invest it), earns daily interest. I also like that I can buy & sell with £0 commission, and dividends are paid out on the day they're meant to be. 

I have been moving my portfolio steaduly out of X-O and Freetrade over the last 2 years, and this move has pushed me to move the remaining shares I have in my ISA and GIA with X-O, without fees.

Good luck all, and I hope you all end up on a platform that you are happy with.

boingy

filbert1884 said:

sjw1 said:

filbert1884 said:

Why are so many opening an account with a provider (iWeb) that charges £5 per trade and pays no interest on cash balances in a S&S ISA? What am I missing?

Because many people have shares in <insert company name here>, have no wish to pay a monthly fee and just want to be able to sell them at a reasonable rate when they want to?

Open to suggestions though....

My point is there are platforms that charge £0 per trade, and £0 platform fees, so why are people signing up to a platform that charges £5 per trade?

Because I trade once per year and because I trust them.

Section62

filbert1884 said:

sjw1 said:

My point is there are platforms that charge £0 per trade, and £0 platform fees, so why are people signing up to a platform that charges £5 per trade?

filbert1884 said:

Section62 said:

Ok, make sense, but why not choose a platform that charges £0 per trade?

filbert1884 said:

Each to their own, and everyone needs to do what they feel is right for them.
...

Right 3rd time.

filbert1884

Section62 said:

filbert1884 said:

sjw1 said:

My point is there are platforms that charge £0 per trade, and £0 platform fees, so why are people signing up to a platform that charges £5 per trade?

filbert1884 said:

Section62 said:

Ok, make sense, but why not choose a platform that charges £0 per trade?

filbert1884 said:

Each to their own, and everyone needs to do what they feel is right for them.
...

Right 3rd time.

"Right"? I think the questions I asked were valid, and each person should already have the answers to those questions themselves.

buglawton

I bit the bullet and began moving my ISA stocks from X-O to Trading212. Several things to note already.

- In X-O's FAQ it says to email them if you to not want to transfer to ii - I did this.

- The Trading212 ISA transfer-in process starts innocently enough. It finds X-O then finds your stocks one by one and asks for the 'average price' as a way you can track gain since purchase within X-O.

- For each ISA stock you transfer in, you have to digitally sign. It's fiddly but doable.

- It does not mention 'in specie' or ask for the year of your ISA contributions. I am assuming Trading212 will automagically know to record which year you put the stocks into the ISA. This matters due to the £20k/year ISA limit.

- Biggie. On the 3rd stock out of a total of just 4 (simple me), it blocked me with a message like 'you can only have two active transfers at one time'. No prior warning at all!

This YouTube video is an excellent guide to 'what really happens' when you transfer into Trading212:

https://www.youtube.com/watch?v=9POvTYrTiNY

From it I learned that it could take many weeks for each teeny transfer to go through. So the entire process is going to take longer than expected.

I also learned that your current ISA holder may want you to pay significant charges for transferring in USD denominated ETFs and the like. Let's wait and see about that regarding X-O.

GeoffTF

filbert1884 said:

Section62 said:

filbert1884 said:

Why are so many opening an account with a provider (iWeb) that charges £5 per trade and pays no interest on cash balances in a S&S ISA? What am I missing?

I have no plans to buy or sell anything, and if I did it would be one 'sell' order which at £5 would currently be cheaper than X-O's £5.95.

I don't keep enough cash in a S&S ISA for long enough to worry about the interest on it, and with no ongoing monthly fees there's no need to keep a cash float for the fees to be taken from.

The question I ask myself is why didn't I transfer to iWeb sooner... the only thing I can think of is the now scrapped £100 joining fee which would have made it a bad move.  Then maybe I got a bit lazy and was happy to stay with X-O, because there was no monthly cost in doing so.

Ok, make sense, but why not choose a platform that charges £0 per trade?

Perceived risk. The FSCS covers losses up to only £85K per client. Halifax Share Dealing dates back to 1997. The iWeb brand dates back to 2003. Halifax Share Dealing Limited (HSDL) is a wholly owned subsidiary of Lloyds Banking Group. It would be a public relations disaster for Lloyds if HSDL became insolvent and its iWeb, Halifax, Lloyds and BOS customers lost out. Another UK broker, Selftrade hit serious problems and was bailed out at great cost by the large French bank that owned it.

gt94sss2

buglawton said:

I bit the bullet and began moving my ISA stocks from X-O to Trading212. Several things to note already.

- In X-O's FAQ it says to email them if you to not want to transfer to ii - I did this.

- The Trading212 ISA transfer-in process starts innocently enough. It finds X-O then finds your stocks one by one and asks for the 'average price' as a way you can track gain since purchase within X-O.

- For each ISA stock you transfer in, you have to digitally sign. It's fiddly but doable.

- It does not mention 'in specie' or ask for the year of your ISA contributions. I am assuming Trading212 will automagically know to record which year you put the stocks into the ISA. This matters due to the £20k/year ISA limit.

- Biggie. On the 3rd stock out of a total of just 4 (simple me), it blocked me with a message like 'you can only have two active transfers at one time'. No prior warning at all!

It sounds as if you transferred each share via a separate transfer request.

You are supposed to do one request listing all the shares you want to transfer from a specific broker - so one signed form per transfer not per share holding.

Hoenir

filbert1884 said:

Section62 said:

filbert1884 said:

Why are so many opening an account with a provider (iWeb) that charges £5 per trade and pays no interest on cash balances in a S&S ISA? What am I missing?

I have no plans to buy or sell anything, and if I did it would be one 'sell' order which at £5 would currently be cheaper than X-O's £5.95.

I don't keep enough cash in a S&S ISA for long enough to worry about the interest on it, and with no ongoing monthly fees there's no need to keep a cash float for the fees to be taken from.

The question I ask myself is why didn't I transfer to iWeb sooner... the only thing I can think of is the now scrapped £100 joining fee which would have made it a bad move.  Then maybe I got a bit lazy and was happy to stay with X-O, because there was no monthly cost in doing so.

Ok, make sense, but why not choose a platform that charges £0 per trade?

Like Amazon did. Once they've gained market share and crushed the market oppositon. They increase their prices. 

Tarian

filbert1884 said:

sjw1 said:

filbert1884 said:

Why are so many opening an account with a provider (iWeb) that charges £5 per trade and pays no interest on cash balances in a S&S ISA? What am I missing?

Because many people have shares in <insert company name here>, have no wish to pay a monthly fee and just want to be able to sell them at a reasonable rate when they want to?

Open to suggestions though....

My point is there are platforms that charge £0 per trade, and £0 platform fees, so why are people signing up to a platform that charges £5 per trade?

iWeb's "£5 per trade" does NOT include Limit Orders.
iWeb charge £2 for each - including amending the price.
(They list them under Trade Plans)

Given that I never Buy/Sell "at best", £7 per trade is bad enough - but an extra £2 just to change a Limit Order makes iWeb a NO for me.
AFAIK, no other broker does that.