bigfoot12
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Post by bigfoot12 on Jun 27, 2016 14:49:16 GMT
Both of my existing platforms charge me 1% when I buy shares not denominated in GBP. Worse than that if I sell a USD share and buy another USD share they charge me twice as everything has to settle via GBP.
I am UK resident, domiciled and only have UK bank accounts. Can anyone suggest an account/platform that either has much lower FX charges (I only really care about USD/GBP), or which allows me to switch from one US investment to another without paying FX charges?
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bigfoot12
Member of DD Central
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Likes: 816
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Post by bigfoot12 on Jun 28, 2016 7:48:59 GMT
I have changed the thread title from "Good Broker" to "Better broker" so that anyone making a suggestion didn't have to claim it to be good broker. I would like to hear even if you hate them, but they have low FX charges, or you can segregate different currencies. (And the FX rates are okay!)
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skippyonspeed
Some people think I'm a little bit crazy, but I know my mind's not hazy
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Post by skippyonspeed on Jun 28, 2016 8:12:34 GMT
I have changed the thread title from "Good Broker" to "Better broker" so that anyone making a suggestion didn't have to claim it to be good broker. I would like to hear even if you hate them, but they have low FX charges, or you can segregate different currencies. (And the FX rates are okay!) So what you REALLY mean is "Cheaper broker" 
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bigfoot12
Member of DD Central
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Post by bigfoot12 on Jun 28, 2016 13:51:43 GMT
So what you REALLY mean is "Cheaper broker" Yes, except that if they charged 1.1% for the FX, but allowed me to switch from one USD share to another, without charging any FX charges, that would be better, but not necessarily cheaper in general.
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skippyonspeed
Some people think I'm a little bit crazy, but I know my mind's not hazy
Posts: 787
Likes: 424
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Post by skippyonspeed on Jun 28, 2016 14:36:06 GMT
You only really want to pay FX charges when you need to deposit or withdraw cash. I found this link which you might find useful link |
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bigfoot12
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Post by bigfoot12 on Jun 28, 2016 16:27:26 GMT
You only really want FX charges when need to deposit or withdraw cash. I found this link which you might find useful link The same website has a UK specific roundup which might save me some legwork, but I am pretty sure that some of the information is not up to date.
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bigfoot12
Member of DD Central
Posts: 1,817
Likes: 816
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Post by bigfoot12 on Jun 29, 2016 10:17:36 GMT
Looks like IG might be my first stop as I already have a spread betting account with them and they charge 0.3% for FX (and I can use my shares as collateral for my spread bets).
Still investigating some others, and would love to hear any other experiences.
EDIT: It would seem that I can switch one USD investment to another without any further FX charges, though I'm not 100% convinced, and I might have to complete this on the same day.
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capucino
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Post by capucino on Jul 4, 2016 10:39:40 GMT
I think Interactive Brokers are the best overall broker for this kind of things.
FX transactions are practically free, done at spot price and cost 2$ per transaction. You can have balances in multiple currencies and their transaction fees and margin rates are rock bottom.
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