There seems to be a few direct market access platforms for those dealing CFD's and Spread betting in the UK but only Interactive Brokers and iDealing seem to cover normal equity trading
I have looked at them both and concluded:
Interactive Brokers;
1. Expensive to set up with a large deposit of $10,000.00 Not a problem if the platform is fantastic but if you don’t like it you have to mess about getting your $10k back.
2. Despite being supposedly UK based it would seem that it is difficult to trade in anything else but US $'s. I don’t want or need a margin account so have to fund and withdraw in US dollars to/ from a cash account.
3. It is fundamentally a US company hiding behind a link to it through a website .co.uk address.
4. Both depositing and more importantly withdrawal of funds is a lengthy and complex process, more form filling, posting and waiting and all in US $'s again.
5. They seem to offer only LSE Level I+ Is this the same as Level II
iDealing;
1. They charge £60 to close account, so in effect they are charging £60 to see if you like their platform, if not you loose £60 from your, (more reasonable and GP pounds), £1000 deposit needed to open account.
2. They have absolutely no contact phone number on their web site. I have never seen any modern business omit a contact number. Is their service so bad that they need to put up such a barrier between themselves and the public? I sent an email asking about this and the reply was that I would be given a traders number after I had opened the account (yes after I had spent my £60) and it was a trader not a customer service number. The email I sent took over 10 hours to be answered. Not promising.
3. If you want to withdraw your own hard earned money from their account you need to download and fill in a form, then post it back to them, then wait. On one hand they say they will not send tax certificates by post for security reasons, and then they expect you to use the same postal system for the secure delivery request of your own money and the secure delivery of your cheque from them.
Both these companies use cutting edge technology for providing up to date price info, so why is it they like to sit on your money for so long when trying to withdraw. They must have heard of internet banking, and using the "security" excuse just doesn’t wash.
So Ladies and Gentlemen of the Equities investments world, am I wrong, has my research been incorrect? Are there any other companies out there that offer Level II Direct Market access for placing my trades onto the order book of the LSE?
Pleas let me know of your experiences. And any advice you may have.
Many thanks
honestsid.
I have looked at them both and concluded:
Interactive Brokers;
1. Expensive to set up with a large deposit of $10,000.00 Not a problem if the platform is fantastic but if you don’t like it you have to mess about getting your $10k back.
2. Despite being supposedly UK based it would seem that it is difficult to trade in anything else but US $'s. I don’t want or need a margin account so have to fund and withdraw in US dollars to/ from a cash account.
3. It is fundamentally a US company hiding behind a link to it through a website .co.uk address.
4. Both depositing and more importantly withdrawal of funds is a lengthy and complex process, more form filling, posting and waiting and all in US $'s again.
5. They seem to offer only LSE Level I+ Is this the same as Level II
iDealing;
1. They charge £60 to close account, so in effect they are charging £60 to see if you like their platform, if not you loose £60 from your, (more reasonable and GP pounds), £1000 deposit needed to open account.
2. They have absolutely no contact phone number on their web site. I have never seen any modern business omit a contact number. Is their service so bad that they need to put up such a barrier between themselves and the public? I sent an email asking about this and the reply was that I would be given a traders number after I had opened the account (yes after I had spent my £60) and it was a trader not a customer service number. The email I sent took over 10 hours to be answered. Not promising.
3. If you want to withdraw your own hard earned money from their account you need to download and fill in a form, then post it back to them, then wait. On one hand they say they will not send tax certificates by post for security reasons, and then they expect you to use the same postal system for the secure delivery request of your own money and the secure delivery of your cheque from them.
Both these companies use cutting edge technology for providing up to date price info, so why is it they like to sit on your money for so long when trying to withdraw. They must have heard of internet banking, and using the "security" excuse just doesn’t wash.
So Ladies and Gentlemen of the Equities investments world, am I wrong, has my research been incorrect? Are there any other companies out there that offer Level II Direct Market access for placing my trades onto the order book of the LSE?
Pleas let me know of your experiences. And any advice you may have.
Many thanks
honestsid.
