SIPP with stoploss/limit orders ?

[rjay]

I currently have a SIPP with Hargreaves Lansdown but as they don't have a limit order functionality I'm looking for another provider. Any recommendations for a platform where I can setup orders that include take-profit and stop-loss levels which will automatically be executed ? Trailing stops would be even better ....

 

[rt22]

Rjay - strangely I was searching this BB trying to find exactly the same information. Have you made any progress. I have so far considered the following:

Selftrade - reasonable dealing charges (£12.50 per trade UK and US) but no stop loss. Pension is held by SippDeal
TD Waterhouse - reasonable dealing charge (£12.50 per trade UK and US), have stop loss facility but admin charge for SIPP is a little hefty - 0.25% twice yearly
Barclays - OK for UK stocks (£12.95) but hefty dealing charges for US (£45 per trade) and admin charge is a whacking 1.5%
E*Trade - No US stocks via SIPP which ruled it out for me. Admin is ~£15/month

So from research so far, its a toss up between iDealing and TD Waterhouse but need more info on the adminstrators for iDealing.

Currently checking out ODL but their dealing charges are tiered - £12.50 less than £2000 trade, £25 for trade value greater £2000. Although US stocks are a flat $15.95 which is pretty good.

Other consideration is iDealing which seems to be a good bet with good dealing charges and all the necessary order types. Just need to verify their charges over the phone.

Lastly IB but not sure whether they have introduced SIPPs yet.

So its a toss up between iDealing and TD Waterhouse but I need more info on the administrators working with iDealing.

 

[Nazrudin]

Hi rt22

I am also looking into trading a SIPP account. I notice that TD Waterhouse don't allow you to place a stop loss with a limit order. You can place an alert and then place the stop loss once the trade has triggered but there is always the chance of a big move in the market before the stop loss is placed. It also looks as if you can only buy stocks with some providers and can't sell short such as Etrade and TD Waterhouse, although presumably this can be overcome by trading certain ETF's which go up as the underlying price of the instrument falls . e.g. crude oil

ETFS Short Crude Oil (SOIL) is designed to change each day by minus one times (-1x) the daily percentage change in the DJ-AIG Crude Oil Sub-IndexSM

With CFD SIPPS accounts you can trade long or short.

I like what I see of iDealing who offer CFD's, ETF's, Options and Futures within a SIPP account and access to true market prices, like GNI Touch. They were very helpful on the phone.

ODL have an annual fee of £500 + vat, but you can trade Forex in a SIPP account.

Is anybody trading with a SIPPS account and happy with the fees, instruments and platform? It would be good to hear more.

Nazrudin

 

[rt22]

just had the following back from iDealing

"Regretfully, we cannot operate stop loss orders on US shares. To place a trade in US stocks you will need to call our ‘Dealing Desk between 2.45pm and 4.30pm on 0207 422 1741"

Another broker where you can't use stop losses on US shares and you can only trade up to the UK close. This is becoming a common theme unless you go for IB but then they don't offer SIPPs or ISAs.

 

[Interactive Brokers]

We now offer a SIPP Administrator account at Interactive Brokers UK Limited. That is, your SIPP Administrator can open a master account with us (at no cost). Afterwards, their clients (sub accounts) can trade their SIPP through us.

Our fees:
- $5,000 initial deposit.
- $10 minimimum brokerage fee per month.
- IB brokerage fees applicable e.g., $0.005 per US share (all in), GBP 6.00 per bargain, all in (=< GBP 50,000 in trade value (NOTE: Stamp duty applies).
- Market data fees applicable.

Benefits:
- Trade in over 80 global exchanges.
- Trade stocks, options, futures and etc.
- We support over 40 order types.
- We offer live charts.
- Account protection up to $30 million.

If you want more information contact our London office 020 7 776 7801.