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Post by elephantrosie on Jul 29, 2020 7:03:39 GMT
Anyone using this? Any feedback on it?
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aj
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Post by aj on Jul 29, 2020 9:45:49 GMT
Wouldn't touch CFDs with a bargepole.
If you're on about their 'commission free' trading side it sounds an interesting proposition but I don't understand how they are planning to make it viable, especially with the amount they are spending on ads.
Stick with a broker that are upfront about how they make their money IMHO. (iweb/interactive brokers)
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IFISAcava
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Post by IFISAcava on Jul 29, 2020 12:51:40 GMT
Anyone using this? Any feedback on it? I am using it. More features than rivals such as Freetrade - eg can put limits on trades which I find useful. Can also trade in foreign currency so I use and keep dollars here for the main account and sterling for the ISA. Hence no forex fees (has been converted elsewhere eg Revolut). There is a spread buying etfs (usually 0.1-0.2%) but unless you are doing big trades then I think it works out cheaper than paying commission (and there are spreads on commission based sites too). In these troubled times I am trying to have more than one broker to take advantage of the £85K protection - though I know there are limits to that and not all investments would be covered as only UK based are covered as I understand it. In short, I find the cheapest for what I need to do in terms of funds and etf investments, both ISA and non-ISA, and for my level of investment including multiple regular investments under direct debit, is a combination of Freetrade, Trading 212, iWeb, Vanguard, and Cavendish online (using Fidelity). It mixes % charge brokers (who don't charge for trades or regular investments) and flat rate commission sites for larger holdings, as well as the two zero commision sites. At some stage depending on the overall size of my investment funds, I will also consider opening accounts with Interactive Investor, x-o.com and/or IG for further diversification. I suspect larger traders or people who need more features would find other sites better, but for me they would be more expensive. I can also see the advantage of having everything in one place (as I used to, via Cavendish), but I would then fear the nightmare scenario of the broker going bust.
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IFISAcava
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Post by IFISAcava on Jul 29, 2020 12:53:33 GMT
Wouldn't touch CFDs with a bargepole. If you're on about their 'commission free' trading side it sounds an interesting proposition but I don't understand how they are planning to make it viable, especially with the amount they are spending on ads. Stick with a broker that are upfront about how they make their money IMHO. (iweb/interactive brokers) you don't have to use CFDs to hold accounts with them. I suspect may be a loss leader to try and get you into CFDs, and at some point fees may be introduced.
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cwah
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Post by cwah on Jul 29, 2020 16:28:33 GMT
I use it for my ISA. It's not had but have limited choice of stock and not as reliable as IB for trades.
But for long time investment its good enough. Better than freetrade
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Post by elephantrosie on Jul 30, 2020 0:43:56 GMT
I use it for my ISA. It's not had but have limited choice of stock and not as reliable as IB for trades. But for long time investment its good enough. Better than freetrade Thanks cwah for the reply. May I ask why do you think it is not as reliable as IB?
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Post by elephantrosie on Jul 30, 2020 0:45:50 GMT
Thanks all for the reply. Am I right that we pay 0.5% stamp duty on stock purchases (but not selling) and trading 212 will automatically deduct the stamp duty from our accounts? PS: I also have iweb but as I am not a big investor and am still learning, I will like to try with something that is commission free. all advises given here are noted and appreciated.
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elliotn
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Post by elliotn on Jul 30, 2020 2:23:46 GMT
I use T212.
Contrary to what wallstreet has said elsewhere about commission free platforms, trades are instant (as are card deposits) ie there is no delayed batch sale of order flow to benefit others‘ front running.
I have discussed at length their prices, trades are at Exchange rates as is their regulatory requirement (I have an on Exchange screenshot as confirmation) and there is no fx commission (other than calculated by the stock issuer if the base currency is not in Sterling).
T212 has been profitable since inception because of its cfd trades (and you are eligible for fscs compensation in the event of platform failure).
Great customer service with a forum available for investors to chew the cud. Full reporting history lets me reconcile divs and un/realised gains to cash.
I only use etfs but I would expect stamp duty to be shown as a line item in the total cost of purchase from a couple of trusts I bought on Freetrade.
I incur zero costs for my ISA (including swift withdrawals to my debit card) except for any market spread on etfs.
For completeness, I use Freetrade taxable account for etfs not available on T212 and Vanguard for my SIPP.
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Post by elephantrosie on Jul 30, 2020 3:02:20 GMT
I use T212. Contrary to what wallstreet has said elsewhere about commission free platforms, trades are instant (as are card deposits) ie there is no delayed batch sale of order flow to benefit others‘ front running. I have discussed at length their prices, trades are at Exchange rates as is their regulatory requirement (I have an on Exchange screenshot as confirmation) and there is no fx commission (other than calculated by the stock issuer if the base currency is not in Sterling). T212 has been profitable since inception because of its cfd trades (and you are eligible for fscs compensation in the event of platform failure). Great customer service with a forum available for investors to chew the cud. Full reporting history lets me reconcile divs and un/realised gains to cash. I only use etfs but I would expect stamp duty to be shown as a line item in the total cost of purchase from a couple of trusts I bought on Freetrade. I incur zero costs for my ISA (including swift withdrawals to my debit card) except for any market spread on etfs. For completeness, I use Freetrade taxable account for etfs not available on T212 and Vanguard for my SIPP. thanks. is there no stamp duty imposed on ISA purchases?
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cwah
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Post by cwah on Jul 30, 2020 5:37:45 GMT
I use it for my ISA. It's not had but have limited choice of stock and not as reliable as IB for trades. But for long time investment its good enough. Better than freetrade Thanks cwah for the reply. May I ask why do you think it is not as reliable as IB? I noticed the stop loss are less likely to trigger than with IB. But that might be due to stock liquidity. Same for limit order, i tend to miss them when narket is moving fast. Its harder to make multiple order (eg. Create a limit order with associated stop loss) Also, you can't trade pre-market, which us annoying if you know the stock is gonna drop dur to bad earning. No margin loan available either. But all of these are for trading. If you want yo invest long term then trading212 is good, although it still has limited choice of stock
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IFISAcava
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Post by IFISAcava on Jul 30, 2020 6:41:01 GMT
Thanks cwah for the reply. May I ask why do you think it is not as reliable as IB? I noticed the stop loss are less likely to trigger than with IB. But that might be due to stock liquidity. Same for limit order, i tend to miss them when narket is moving fast. Its harder to make multiple order (eg. Create a limit order with associated stop loss) Also, you can't trade pre-market, which us annoying if you know the stock is gonna drop dur to bad earning. No margin loan available either. But all of these are for trading. If you want yo invest long term then trading212 is good, although it still has limited choice of stockIn terms of etfs, T212 doesn't hold everything but there is quite a range available - several hundred - so most things you'd want especially in terms of trackers are covered. Freetrade is much more limited in the range offered. Having said that, there are some things on Freetrade that aren't available on T212, including a few more niche market offerings. As I said, I see T212 as part of a range of brokers to use for small to medium sized investors (i.e. sub 7 figures) - one broker wont cover all needs and diversifying provides some FSCS protection. As I now do all virtually all my investing via etfs or funds, I can really comment on individual stocks.
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IFISAcava
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Post by IFISAcava on Jul 30, 2020 7:37:58 GMT
I should also say that a major advantage of T212 over Freetrade is that T212 displays live prices. Freetrade doesn't (current price may be higher or lower than that shown due to delay) so you need to use another service to know what the current price is (or order blind and risk a rejected trade if price has risen).
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james100
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Post by james100 on Jul 30, 2020 13:20:48 GMT
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Post by elephantrosie on Jul 30, 2020 19:27:41 GMT
just to clarify- am i right that stamp duty is only exercised on stock purchases and not selling? also all platforms will automatically deduct the stamp duty from our account, am i right?
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Post by trentenders on Jul 30, 2020 19:28:28 GMT
They may take a little off the spread, but no dealing or forex fees and the ability to purchase fractional shares means they’re great for me to access US stocks with my fun money.
Deposits are instant, the mobile app is good. The only downside is that they don’t always list some of the smaller companies that I’d like to take a punt on (maybe not a bad thing though - I’m drawn to punts!).
Overall, I’m a fan (but I’ll stick with AJ Bell for my ISA/LISA holdings).
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