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

wmb194

sjw1 said:

Thanks - Trading212 doesn't charge a monthly fee either does it?

And to make sure I understand your last point, I should check with the 'new' broker to ensure they accept/deal the shares as otherwise they'll be sold and transferred as cash without notification or agreement from me, yes?

Don’t know, does it charge a fee?

Yes… T212 doesn’t offer OEICs/unit trusts for instance.

RacingDriver

DRS1 said:

sjw1 said:

Thanks - Trading212 doesn't charge a monthly fee either does it?

And to make sure I understand your last point, I should check with the 'new' broker to ensure they accept/deal the shares as otherwise they'll be sold and transferred as cash without notification or agreement from me, yes?

I don't think Trading212 charges anything - how they make money is a mystery to me.

All I was saying on the last point was that as far as I know you don't need a DD for Iweb.  You can contribute new money to their ISA or GIA using a debit card.

For transfers it would be wise to see if they offer the things you are already invested in.  When I transferred from HL to Iweb years ago everything went over without being sold.  Some funds I transferred from L&G did get switched from an old version to some new version but that was all done after the transfer.

Trading 212 make money mainly by FX fees and share lending

https://helpcentre.trading212.com/hc/en-us/articles/360008682638-How-does-Trading-212-make-money

jimjames

sjw1 said:

Is there any specific reason to go to iWeb instead of Trading212?

iWeb offer a wider range of products than T212

mark1222

What to consider:-

(1) Do not dismiss Interactive broker I find them great no charge on fund holding and a monthly free trade, just that monthly fee to consider.

(2) Iweb, again very pleased and if you trade little this is probably your best bet.

(3) Interactive Brokers not to be confused with Interactive Investor, now this is at first glance is complex looking but it does have many benefits (after hours trading is one) downside no funds BUT as well as UK shares it offers thousands of oversea shares and the currency exchange rate is the spot rate no dubious currency fees (unlike all the rest). They have also just started Isa's.

(4) Avoid trading 212 they may seem cheap but they lend out your shares and make the money on your buy and selling prices by giving you a poorer rate, I pulled this from the web but it confirms my suspicions:-

"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".

(5) Avoid AJ and Hargreaves I dislike their fee structure of charging more "the more" you own.

(6) Degiro also used to also lend your shares out.

GeoffTF

mark1222 said:

Avoid AJ and Hargreaves I dislike their fee structure of charging more "the more" you own.

AJB and HL both do not have any uncapped percentage charges for ETFs and direct investments. HL's Fund & Share account is also free of any platform charge for these investments. HL sometimes pays generous cashback for transferring accounts to them.

fifeken

boingy said:

Imagine how annoyed you'd be if you left an empty account that ended up at ii being charged 4 or 5 quid per month...

That's my concern but I can't see how to close my account on-line.  Can anyone tell me how to do it or must it be done via email?

Also, how has the closure been communicated to people?  I haven't received anything but that's maybe down to having an empty account.

Hattie627

fifeken said:

boingy said:

Imagine how annoyed you'd be if you left an empty account that ended up at ii being charged 4 or 5 quid per month...

That's my concern but I can't see how to close my account on-line.  Can anyone tell me how to do it or must it be done via email?

Also, how has the closure been communicated to people?  I haven't received anything but that's maybe down to having an empty account.

I had an empty GIA and emailed Jarvis (using the enquiry email) on Wednesday asking them to close it. They replied within an hour to confirm that the account was now closed. Very quick. You could send the email today but you might not get a reply until Tuesday due to the bank holidays.

miller

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.

fifeken

Hattie627 said:

fifeken said:

boingy said:

Imagine how annoyed you'd be if you left an empty account that ended up at ii being charged 4 or 5 quid per month...

That's my concern but I can't see how to close my account on-line.  Can anyone tell me how to do it or must it be done via email?

Also, how has the closure been communicated to people?  I haven't received anything but that's maybe down to having an empty account.

I had an empty GIA and emailed Jarvis (using the enquiry email) on Wednesday asking them to close it. They replied within an hour to confirm that the account was now closed. Very quick. You could send the email today but you might not get a reply until Tuesday due to the bank holidays.

I saw your post upthread but didn't know what a GIA account was! (I do now).  Hopefully similar for me.

Any comment on the second part of my post ref how the platform closure was communicated?

GeoffTF

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.

Degiro does stock lending unless you opt out, but then it is no longer cheap:

https://www.degiro.com/uk

Fund managers often do stock lending too. You need to read the fund prospectus to learn the details.