Day Trading platforms

wmb194

https://forums.moneysavingexpert.com/discussion/comment/82105410#Comment_82105410

No, you just need to use data from a reputable source. I use the ECB’s daily rates.

UKTaxHelper

Shares just go on the yearly return, the 60 day rule is only for property. You can report as you go if you want, but it lands on the return anyway.

Pathfinder000

I wouldn't use Trading212 for actual trading, because they honestly suck at it. They quite frankly are not at the same level as IBKR or any of the other professional platforms. I have had a fair amount of hassle with them just swing trading and they really aren't what I would class as a professional platform. They are definitely hobby trader or investor level, but I don't trust them as far as I could throw them for serious trading. The second you execute more than 20 trades in a day they start bombarding with emails about restricting your account. I will happily pay a company for volume just to not have to deal with a jumpy platform that pulls the trigger on account suspension if you happen to actually want to do what the name of the company implies. They aren't a trading company, not like IBKR anyway, they are a middle man at best, a frontend, but IBKR is the actual broker they use to execute trades, as far as I know.

One of the things I want is to be able to convert a chunk of money into USD and hold USD. T212 can't do that. Every transaction they convert it back into GBP so you get screwed with forex charges every time you buy or sell. I want to just have a pot of USD for USD trades and a pot of GBP for UK trades, then deal with forex charges when i decide to withdraw money, but not have to keep changing it back and forth incurring losses each time.

IBKR is a possibility and I do have an account with them, but it's not active at the minute. Up until now I've only really used them a few times for swing trades. But i've had zero hassle from them, so they are definitely looking like the front runner.

But why is TradeZero not approved? I looked through the docs for them and then researched beyond and since I would be using the International arm of TradeZero and not the US side, I didn't think there was an issue. I know a few people at my gym using them and have talked to a few people on Reddit, in the UK, using them. So there must be a massive number of illegal users in the UK.

So it will probably be IBKR.

Also thanks for the advice on the tax side of things. Knowing i only need to declare it once a year is useful info.

wmb194

https://forums.moneysavingexpert.com/discussion/comment/82105737#Comment_82105737

No, T212's GIA has the facility for a USD account and you don't need to convert to sterling each time. You can also withdraw to an external USD account in your name and not pay conversion or transfer fees. In the Isa you have to convert each time but that's due to the Isa regulations - holding foreign currency is not allowed - and not T212.

So why not use interactive brokers? This sounds like the answer (and you already have an account!). I'd really avoid going offshore and I don't think you need to.

Pathfinder000

I decided to be proactive and reactivated my account after I last posted. I will start funding it tomorrow and get this show on the road. 😀

I think for now I will go with IBKR and forego using Webull. Down the line, who knows.

But no to T212. Brilliant platform for investing and slower swing trades and occasional day trades with low volume. But if you are looking to buy in and out within minutes, it's not great for that and lacks functionality. But for my investment portfolio, I can't fault them. 😉