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john smith

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Hello everyone,

Please help if you can-

I have just been told by my online broker Hoodless Brennan that they are stopping online execution-only service and are switching all customers to TD Waterhouse.

I have been very unhappy with their service so can't say I am unhappy. However, I don't want to jump out of the frying pan and into the fire...

 

IS THERE SUCH A THING AS A GOOD ONLINE EXECUTION ONLY BROKER? CAN YOU RECOMMEND ANY PARTICULAR FIRM?

 

I want a low-cost service (was benefitting from HB's 'frequent trader' £6-a-trade), but it is also important that the IT works properly (with HB it just didn't half the time).

 

In particular, HB suffered from the following:

 

Pricing information hours out of date.

 

Stop loss and other limit trades randomly executed or not executed seemingly on a whim (they say no online broker can guarantee execution - surely this is not true?)

 

Cash amounts and shares randomly appearing/disappearing in porfolio for periods lasting several days to a week.

 

Smaller cos and ETFs not available except by phone trade.

 

Most of the time I am just buying/selling FTSE ord shares but may wish to buy foreign shares or other instruments later on.

 

Please let me have the benefit of your experience and help improve service levels by giving honest opinions!

 

Thanks in advance.

 

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Interactive Brokers

 

If you are looking for low costs and very good market access and a great platform they are an excellent choice.

 

You won't find any ISA wrappers or anything like that, but they are top quality imo

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Thanks, I'll check out that one.

 

Are HB right that limit trades sometimes fail with any online broker? Or are they covering up for their inadequate systems and poor service?

 

Should add that am UK-based, but may go and live abroad at some point.

Additional question: does anyone know if there's any reason why a Uk resident and citizen shouldn't carry on using their broker account (opened during UK residency) when they move abroad? Or would it acutally be beneficial to move to some kind of international account. Any tax benefits? I think tax on divis are not reclaimable in any case? Anyone know?

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TDW have been good for me. Benefit is access to Canadian markets and being able to add any Canadian stock to my ISA which othere brokers have told me is not possible?.

 

But now I'm looking for the next step up in terms of market access. With TDW you cannot see depth of market,time of sales etc and the charting is appalling.

 

I was getting excited about thinkorswim but it seems they dont allow UK residents to open an account?? I thought some on here (from the UK) used it? Does anyone?

 

So it looks like Interactive Brokers will be my (forced) choice for my more active trades, whilst leaving my ISA/longer term investments with TDW.

 

TDW are also more expensive than IB or TOS.

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TDW have been good for me. Benefit is access to Canadian markets and being able to add any Canadian stock to my ISA which othere brokers have told me is not possible?.

 

But now I'm looking for the next step up in terms of market access. With TDW you cannot see depth of market,time of sales etc and the charting is appalling.

 

I was getting excited about thinkorswim but it seems they dont allow UK residents to open an account?? I thought some on here (from the UK) used it? Does anyone?

 

So it looks like Interactive Brokers will be my (forced) choice for my more active trades, whilst leaving my ISA/longer term investments with TDW.

 

TDW are also more expensive than IB or TOS.

 

I opened a TOS account as a backup to IB and am UK resident. Haven't used it yet, however the platform is very impressive, a bit too much perhaps like IB

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Can anyone else offer any advice on good online brokers please?

One-word answers accepted!

Has anyone got a good/bad word for TDW?

 

In my TDW ISA account I can't seem to buy ETFs that are quoted in dollars.

For example I can buy £ PHAG silver ETF but not the $ quoted platinium nor paladium ETFs.

 

I can buy the $ ETFs in my selftrade account. this isn't a recommendation for selftrade as they have technical problems too, not being able to log on, sometimes slow site, etf pricing not available etc etc etc.

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In my TDW ISA account I can't seem to buy ETFs that are quoted in dollars.

For example I can buy £ PHAG silver ETF but not the $ quoted platinium nor paladium ETFs.

 

I can buy the $ ETFs in my selftrade account. this isn't a recommendation for selftrade as they have technical problems too, not being able to log on, sometimes slow site, etf pricing not available etc etc etc.

 

Iirc this is a(n) (unacceptable) quirk of their system, I recall they said it is possible to buy the above mentioned ETF's but it would be need to be done over the phone and that they'd honour the online execution pricing?

 

I opened a TOS account as a backup to IB and am UK resident. Haven't used it yet, however the platform is very impressive, a bit too much perhaps like IB

 

This is what's confusing me, numerous UK residents seem to have accounts but I emailed them only a few weeks ago and they said it is not possible (I checked with two different customer services reps). I'm wondering if it has anything to do with the recent takeover by TD Ameritrade?

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Iirc this is a(n) (unacceptable) quirk of their system, I recall they said it is possible to buy the above mentioned ETF's but it would be need to be done over the phone and that they'd honour the online execution pricing?

 

 

 

This is what's confusing me, numerous UK residents seem to have accounts but I emailed them only a few weeks ago and they said it is not possible (I checked with two different customer services reps). I'm wondering if it has anything to do with the recent takeover by TD Ameritrade?

 

You could just try filling in the online application form and see what happens. The worst is they refuse to open you an account.

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My experiences:

o TDW very, very crap service (also for thier CAPITA based SIPP) , charts, etc but good range of international markets

o E*Trade UK OKish for UK only (can trade USD ETFS ETFs but have to be converted automatically from/to GBP at each trade)

o E*Trade US very good for US markets (great charts, trailing stops, etc)

o Internaxx good access to international markets and offshore, somewhat limited functionality, relatively expensive

I'm going to try IB next!

 

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I sent off for an application from from

http://www.internaxx.lu/English/index.asp

I'm also looking at

http://www.keytrade.lu/

 

which seems to be cheaper but I have yet to read all their details.

 

If anybody has any experience with either of these I'd be interested to hear.

 

I'm in the Eurozone.

Wren, please keep us informed on your experience with them as I want to spread my STR fund across more banks with multiple FX accounts and this could be a possible for me.

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I sent off for an application from from

http://www.internaxx.lu/English/index.asp

I've received the application form from internaxx. They also included a fairly thorough brochure which explains, among other things, futures with examples. I still have to read it all carefully.

 

The application form (which wants name etc. and proof of ID) says that on receipt they will telephone to ask some more questions which the law requires them to do (they are in Luxemburg).

 

Any idea what questions they ask on the phone?

 

Also you have to authorize a bank transfer to fund the account as part of the application (minimum €1000 for a standard (stock) account and €5000 for a derivative (margin) account).

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