Cheap stockbroker?

Footsie_2

I have worked in the financial industry for sometime and did all my trading through my own firm at an extremely good rate. However I've been abroad for a couple of years and have now changed industry so I'm completely out of the loop! I know Hoodless Brennan used to be the cheapest exection-only online stockbroker - has this changed? Does anyone know of any better deals? Or does anyone use them and have a problem with them?
Any advice would be much appreciated as I'm anxious to get back into the market and capitalise on the turbulance at the moment!!

Aegis

Footsie wrote: »

I have worked in the financial industry for sometime and did all my trading through my own firm at an extremely good rate. However I've been abroad for a couple of years and have now changed industry so I'm completely out of the loop! I know Hoodless Brennan used to be the cheapest exection-only online stockbroker - has this changed? Does anyone know of any better deals? Or does anyone use them and have a problem with them?
Any advice would be much appreciated as I'm anxious to get back into the market and capitalise on the turbulance at the moment!!

I think HB are still cheapest for regular traders, but Selftrade are close behind them, and Selftrade run a referral scheme where you can get up to £80 cashback for opening an account with £500 or more in shares or cash.

Note that I don't have any vested interest in Selftrade or anything, I'm still trying to find the time to complete the ID checks and all!

Footsie_2

Yes the money laundering checks these days are insane, it's amazing the whole inductry hasn't come to a standstill!!

Aegis

Footsie wrote: »

Yes the money laundering checks these days are insane, it's amazing the whole inductry hasn't come to a standstill!!

It's more of a problem of not being able to remember where trivial documents like my passport and drivers license are

I'll probably get round to finding them sooner or later, undoubtedly just before I need to go on holiday!

gt94sss2

As Aegis mentions, Selftrade are a very popular broker and its possible to get £80 for joining them (there is a Selftrade referral thread - my own details are in post 282).

They charge a flat fee of £12.50/trade regardless of whether you trade online or via the telephone. They also have no annual or inactivity fees on their standard dealing accounts and accounts can normally be opened immediately online.

However, how frequently do you want to trade?

HB are cheaper but introduced an 'inactivity charge'on their dealing accounts if you do not trade at least once per quarter..

If you are a HSBC customer, it may also be worth you looking at their HSBC InvestDirect service..

Regards
Sunil

Footsie_2

Hi Sunil,
I'm actually interested in trading very frequently, potentially some deals on a daily basis. So unactivity fees won't really be an issue for me but the price per deal is...

Aegis

Even if that's the case, you might find you're better off signing up and conducting a £12.50 trade for the £80 you can get. After that you can either transfer out, sell at a profit later on or just hold on to them and make a decision in a few years.

The cashbask offer is pretty damn good even if you never want to use them again!

Footsie_2

It is a good deal but I don't hold any current shares, looking to get started again. Basically went abroad for a couple of years and wouldn't have been able to access the markets for 50% of the time so sold the whole portfolio. Now looking to take babysteps back in!

Aegis

Footsie wrote: »

It is a good deal but I don't hold any current shares, looking to get started again. Basically went abroad for a couple of years and wouldn't have been able to access the markets for 50% of the time so sold the whole portfolio. Now looking to take babysteps back in!

Sounds like fun

Footsie_2

Being abroad for two years or getting back into the market?

Aegis

Footsie wrote: »

Being abroad for two years or getting back into the market?

Both! I think it might be a few years before I can afford enough time off for a couple of years abroad, but when I do I'm going to make the most of it...

Assuming I can find my passport before then of course!