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Buying shares without broker

  • 22-07-2009 10:08am
    #1
    T Corolla
    Closed Accounts Posts: 611 ✭✭✭


    Does anyone know where you can purchases shares without the aid of a broker. I am quite interested in purchasing some shares for long term investment 5yrs plus but want to eliminate the middle man can this be done


Comments

  • #2
    pocketdooz
    Registered Users, Registered Users 2 Posts: 1,559 ✭✭✭pocketdooz


    T Corolla wrote: »
    Does anyone know where you can purchases shares without the aid of a broker. I am quite interested in purchasing some shares for long term investment 5yrs plus but want to eliminate the middle man can this be done

    So how do you intend to find the find a seller if you're not going to use a broker? The whole point of a broker is to match a buyer with a seller. Without a broker you have little hope unless the company whose shares you are looking to buy will sell you direct from the treasury department which is overwhelmingly unlikely.


  • #3
    T Corolla
    Closed Accounts Posts: 611 ✭✭✭T Corolla


    Apoligies if I sounded stupid but I mean you could buy them electronically where I would pay a lower fee for services. I have a pension plan and I am charged 7.5% by the broker. I heard from some English work collegues that Debenhams used to have a department where you could ring up and assuming you had a bank account you could buy and sell in the one day has anyone else heard of such a business in Ireland. I could do my own homework on the do's and do'nts


  • #4
    pocketdooz
    Registered Users, Registered Users 2 Posts: 1,559 ✭✭✭pocketdooz


    No apology necessary - I was just trying to explain the purpose of a broker. There are many online brokers that are much cheaper than the old traditional ones. 7.5% sounds unbelievably high so it should be avoided imo. Some of the more popular online trading platforms are E*Trade, Ameritrade, Scottrade, Internaxx, Interactive and Schwab. As far as I know most of these allow you set up an online account from Ireland (I use Schwab.com but I run it through my old New York address and SSN).

    There is a thread here http://www.boards.ie/vbulletin/showthread.php?t=2054963350 that may help you out in this respect and I know a lot of people on here trade their own accounts from Internaxx and Interactive so they may be able to help.

    These accounts charge about $5 - $10 per trade and each account has its own rules and regulations and things that differentiate it from the competition.

    With regard the buying and selling stock from a treasury dept it sounds untrue but maybe I'm wrong. To be honest the only time I've ever done anything like that was buying Disney stock for my Godson so he could have the actual stock certificate with Mickey Mouse on it :D

    Good luck with it ....



    .


  • #5
    T Corolla
    Closed Accounts Posts: 611 ✭✭✭T Corolla


    Cheers thanks for the info I will have a look at it. Thanks again


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