iDealing's?

riqs001 · 12 January 2017 at 4:10PM

Does anyone use them. What are your thoughts?

Their fees do look attractive, but their £60 closure fee and BACS fees seem a little off putting. It does not say if this includes the transferring of all stock. Plus i cant find any information on their Foreign exchange rates...

There doesn't appear to be a any telephone number and communication is seems to be only via email, which is fine, if they were on point with their responses, however I emailed them 4 days ago and and not heard back. They have a twitter account which was last updated in Aug 2016.

So yeah, i am looking to open a account with someone and iDealing ticks alot of boxes but their communication is worrying

riqs001 · 30 January 2017 at 4:32PM

249 views, not one reply...

grey_gym_sock · 31 January 2017 at 5:52AM

well, i've not used them, but ...

from https://www.idealing.com/en/help/services_and_prices - it appears to be £17.50 to transfer each security to another broker ("SECURITY TRANSFER OUT (EUROCLEAR UK)"), or £15 to get a share certificate ("REMATERIALISATION (EUROCLEAR UK)").

for forex rates, see https://the-international-investor.com/brokers/idealing - which looks quite good (it's often easier to find this info on the international investor site than on brokers' own sites).

Vortigern · 31 January 2017 at 10:03AM

riqs001 wrote: »

249 views, not one reply...

That probably tells you all you need to know.

Nobody on here has a good word for them.

Nobody has a bad word.

Many have never heard of idealing?

riqs001 · 2 February 2017 at 12:50PM

Vortigern wrote: »

That probably tells you all you need to know.

Nobody on here has a good word for them.

Nobody has a bad word.

Many have never heard of idealing?

Fair enough, I did see them mentioned in one those comparison tables (not in all) as mentioned in the previous post, which is what brought them to my attention but wanted peoples first hand experience.

They did finally get back to me but they so vague in their answers you almost feel like you are bothering them, which leads to more questions, and the questions you asked are not answered completely and satisfactory

Their international share dealing does seem really cheap from what i gather, £5000 worth of shares in Microsoft, for example apparently is only £9.90, where as on iweb it will be £80, each way..

Not being in control of your own money is a real turn off however, as you cant withdraw as you please. You either have to email them, which judging by their response times can take more then 6 days, or send a request by post. They also charge £2 for BACS! I have never come across a company charging for a U.K transfer unless it is CHAPS. And that closing of your at £60 is ridiculous and that's x3 if you have a trading, ISA and Sipp account. The Sipp cost does seem really cheap however at a flat rate of £20 per year.

Anyway i have pretty much decided against going with them, although their international dealing cost seems super low, but they have too many negative in other parts

jimjames · 2 February 2017 at 1:46PM

Is the fee really £9.90 or is there a foreign currency fee too? iWeb and HL both levy that on top of the fees

riqs001 · 3 February 2017 at 3:06AM

jimjames wrote: »

Is the fee really £9.90 or is there a foreign currency fee too? iWeb and HL both levy that on top of the fees

They told me that, whatever the price is in their commission schedule (search feature), is the only price you pay with them, how and why i dont know, they so vague about things.

From research i did myself it seem like its something to do with CREST Depository Interests, which is foreign stock held in a UK security. I am sure someone with much more knowledge will be able to explain it better..

sorcerer · 4 February 2017 at 10:45PM

I thought I knew about almost all major platforms in the UK, and I have never heard of them. I will pass.

sorcerer · 4 February 2017 at 10:51PM

turnover last year was 1.9million pounds, a tiny player in a very big pond. Come back when they are about 10 billion. Profit was £132,000.

73milliion in the bank with 1.7million in investments. Why are they holding some much cash?

15 employees took home 663,000 pounds in salaries in 2016.

grey_gym_sock · 5 February 2017 at 12:41AM

10 billion turnover?! hargreaves landown has only a few 100 million turnover. or do you mean 10 billion assets under management?

anyway, idealing is a stockbroker, not a full platform - i.e. they handle exchange-traded investments, but not open-ended funds. they do seem to have a few features (e.g. cheap forex, and DMA) that might make them attractive to some investors; but those are quite specialized features, which most people won't care about. and less experienced investors should usually be starting out with open-ended funds. so most people can certainly ignore idealing.

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