Online stock trading in ireland and elsewhere

glimmerman

I'm looking to get into the stock market. Can anyone point out some of the cheaper more reputable online stock traders (who should be pretty flexible about minimum buy orders )

Also, are there any issues in using say US based online traders? I really am looking for much lower costs than the Goodbody's of this world.

Victor

glimmerman wrote:

I'm looking to get into the stock market. Can anyone point out some of the cheaper more reputable online stock traders (who should be pretty flexible about minimum buy orders )

Be careful with any minimum orders, where the fees eat up your profit. Also, what is the charge for the actual cash transaction if dealing with an American broker.

RainyDay

I assume we're all just going to ignore the SPAM above from Djasha.

You'll find the costs for the cheapest Irish online brokers in the Askaboutmoney Best Buys list. US discount brokers like eTrade may well be cheaper per transaction, but then you have to worry about currency exchanges as well.

Just a word of caution - do you really reckon you can beat the market with your stock-picking? Remember Woody Allen's definition of a stock-broker - someone who looks after your money until it is all gone. The only person who gets rich from regular stock trading (IMHO) is the broker. He gets his commission, whether you win or lose on the trade.

glimmerman

Hi RainyDay

Cheers will deffo have a look. The thing about managed portfolios is that they're bloody expensive to get into. And buying into long term savings schemes ties the cash up. I reckon I could make one or two punts at the market, maybe even do OK. I used to trade when I was living in South Africa, made some and lost some as you do. Its still a long upward trend overall.

Besides I have a feeling about Novell...

logonmar

Try http://www.internax.com/English/index.asp
Much lower fees than you would get in ireland but you do have to go through some initial form filling by snail mail.
On the plus side if you pick the right stocks more of the profits end up coming your way

glimmerman

Have you used internaxx much?

Looks like a good deal.

logonmar

I have made just 2 purchases through them so far and charges were only a fraction of what I'd be paying here. consequently share value need only move marginally before you are in profit whereas with usual sources they take such a big slice of any potential profit you really must see substantial appreciation before it is economic to cash in.
Have also found them very efficient in terms of service etc. Bit cumbersome getting account setup but once everything is done it all runs smoothly.
Personally i'm dead happy with them as is the person who pointed me in their direction initially

RainyDay

glimmerman wrote:

Hi RainyDay
The thing about managed portfolios is that they're bloody expensive to get into.

Yes & No - some of the newer entrants in the unit-linked fund markets are offering very competitive pricing (no bid/offer spreads, no transaction charges). Check out Quinn Life's Index Tracker funds at 1% p.a. admin charges or EBS funds at 1.5% p.a. charges.

Best of luck with it.

glimmerman

Thanks all

Think I'll start by giving the brokers in luxembourg a go. Will also have a look for longer term at the index funds. Thanks again!

djasha68

Some people are just unbelievable , I get no benefit from typing bull. If you are serious about making money , then at least look at the company, make your own mind up.Rainy Day what if it was true, shouldnt you at least find out, it costs you nothing to find out, i have told you the truth , it doesnt matter to me personally whether you invest or not. The company are World Games inc.
Never met a rich skeptic yet, says it all.

glimmerman

Its not just a spam, its a scam. Sadly, you've been taken. If it seems to good to be true, in the stock market, thats often a good indicator to steer well clear.

http://www.casinomeister.com/forums/archive/index.php/t-4465
My favourite quote:
[q] In fact, the company aim, ideally, "to donate 50% of the company's profits to charitable organizations of which 75% would go to children's charities." -as stated by World Games Inc. chairman, Greg Kennedy, in a weekly newsflash to members. [q]
Oh God, think of the children...
or
http://www.goldhaven.com/scam_page/SG.htm
or
http://moneycentral.msn.com/articles/smartbuy/scam/4835.asp
or
http://www.gamblingmagazine.com/articles/29/29-382.htm
or
http://www.detailshere.com/artops.htm

RainyDay

Hi DJAsha - Spam or scam - take your pick. Your first post (which the moderators have now removed) has all the hallmarks of a scam, including;

- first post of a registered user
- No company details given on first post - just an email address - usual tactic to avoid scrutiny
- Confused post with no clarity around whether we are talking about a company, or a membership scheme, or a business or what

For the record, World Games is just another pyramid scam. The word of the Royal Canadian Mounted Police is good enough for me - isn't it good enough for you? And your motivation for posting is clear to all of us. Like all these pyramid/MLM scams, the financial success of those already in the scheme is dependant on a steady supply of fresh new investors/suckers willing to throw their money into the scheme. Like all these get-rich-quick schemes, it is just a matter of time until the scheme collapses.

I think you'll need to find a board with very dumb users if you really think you can take suckers into your little scam.

ionapaul

Avoid Sharewatch like the plague. Really awful service, website does not update UNLESS YOU CALL AND REQUEST IT, so your account totals, etc, have no reflection in reality. I am about to close my account and sell my shares early (taking a loss of at least €150 in fees, annual maintanence, etc) just to get my money out of there.
Since these experiences with Sharewatch I have opened an online account with Davy, much better and not that much more expensive.
I buy to hold medium-to-long term so a difference of €5 or €10 euro per trade is no big deal. Even during the dotcom madness almost all day-traders lost money hand over fist due to trading too much and losing any gains in commission and fees.

Ernest

I have used FEXCO for transaction only stockbroking ( i.e. no advice etc) over recent years. They are cheap but lately have introduced a €20 annual fee. Of course, they are not strictly "on-line" in the sense of operating through the internet you have to go "on-line" by phone line. Offices are in Ely Place Dublin 2.

shoegirl

I've used eTrade, but the account was originally opened by an ex-employer, so I'm not sure what the regular prices are. The US services are vastly superior in terms of online usage, etc. I've also got a Mellon account through my current employer - slightly better service but more expensive.

Dinarius

Fexco fees can be read here........

http://www.fexcostockbroking.com/costs.php

Along with everyone else in the business in Ireland, Fexco are screwing their customers royally. The only difference is that they are a bit cheaper. But, compared with the competition in the UK, 1.25% for a trade is obscene in a market where fix priced trades are the norm.

The UK's failure to join the Euro was the worst thing that ever happened to the retail punter in this country.

If you are willing to take the risk on the currency moves, the best way to trade is to logde money with a UK broker and hope that your currency exchange costs don't eat into your losses/gains. If you take this route, consider trading Contracts For Difference.

D.

Dinarius

by the way..............

An excellent resource for stock market info is http://www.advfn.com/

Their lively Free Bulletin Board is worth signing up to.

Their subscription buletin board is even better.

D

antoinolachtnai

If you want to do very small amounts, and you don't care about voting your shares, then you might consider using companies that offer 'contract for difference' services. This is a perfectly ok way to speculate on shares and currency, but make sure you fully understand what you're getting into. It is a little tricky, if you don't have any financial background.

I'm talking about companies like Delta Index and City Index. They sometimes do seminars in Dublin, and it's worth going along to get an idea of what it's all about.