A reader has asked: I held shares with SVS, who went into administration and now we are offered ITI Capital as an alternative broker. They don’t suit my needs so I am looking for a broker where I can hold my shares in an account that is usually inactive. I don’t want to pay a fee for transferring my shares to the new account nor to maintain an inactive account or to transfer out again. I need to know the fees for each trade, as I will sell at some stage. Please let me know who may be able to offer me such an account with the lowest fees. I need to know all fees including for closing the account.
Answer: This a pretty straightforward one to answer because we only recently reviewed a low-cost execution-only service that could well fit the bill for you. That service is shareDeal Active and you can read our review here.
The key points for you to be aware of are that they do not charge for the transfer of securities into their nominee accounts nor do they have any inactivity fees. They also have flat fee dealing charges from £9.95 per trade so if you have ten positions to close it will cost you £99.50 and you can find a full list of their complete fee schedule on their website.
It’s a low-cost no-frills operation but unlike some, there is a telephone-based dealing service so will get to speak to someone, rather than just clicking a mouse. I hope that helps, if not you can compare more stock brokers here.
With over 35 years of finance experience, Darren is a highly respected and knowledgeable industry expert. With an extensive career covering trading, sales, analytics and research, he has a vast knowledge covering every aspect of the financial markets.
During his career, Darren has acted for and advised major hedge funds and investment banks such as GLG, Thames River, Ruby Capital and CQS, Dresdner Kleinwort and HSBC.
In addition to the financial analysis and commentary he provides as an editor at GoodMoneyGuide.com, his work has been featured in publications including Fool.co.uk.
As well as extensive experience of writing financial commentary, he previously worked as a Market Research & Client Relationships Manager at Admiral Markets UK Ltd, before providing expert insights as a market analyst at Pepperstone.
Darren is an expert in areas like currency, CFDs, equities and derivatives and has authored over 260 guides on GoodMoneyGuide.com.
He has an aptitude for explaining trading concepts in a way that newcomers can understand, such as this guide to day trading Forex at Pepperstone.com
Darren has done interviews and analysis for companies like Queso, including an interview on technical trading levels.
A well known authority in the industry, he has provided interviews on Bloomberg (UK), CNBC (UK) Reuters (UK), Tiptv (UK), BNN (Canada) and Asharq Bloomberg Arabia.
