Ireland finally gets a cheap broker!!!

shamblertine

tdwaterhouse.ie goes live this Saturday offering a rate of 15 euro per trade regardless of what stock exchange your trading. I think I speak for everyone when I say ABOUT FCUKING TIME! The days of paying 50 euro per trade plus extortionate fees to the likes of goodbody and davy will soon be a thing of the past, thank god. I can't believe this day has taken so long to come but we got there at last. They are going to make so much money from this.

http://www.fxcentre.com/news.asp?2473717

Cynical Dragon

http://www.tdwaterhousecfds.ie/charges/

- Their CFD charges are very high.

- 20 quid flat rate for stock trades is only good value to those trading pretty big orders. My trades cost me 15 quid ( with my Irish broker) up to a trade size of £15000. But then again if ur Dermot Desmond..im sure u'll welcome them with open arms..but for the rest of us.. i dont see them shaking up the market especially if their CFD charges are anything to go by.

shamblertine

What Irish broker are you with? What are their annual fees and other hidden fees that Irish brokers usually have? Whats their trading platform like?

The TD CFD site is completely seperate to the new site. I can't believe you pay 15 quid yet you think anyone who pays 5 quid more needs to be as rich as Dermot Desmond, the mind boggles.......anyway, its 15 quid with TD for frequent traders.

Raskolnikov

Great news, the more competition the better.

MrMatisse

Looks like there going to offer trading on 18 markets too.

Thats much better than the Irish brokers as far as i know.

Lexus1976

Really-Stressed wrote: »

Looks like there going to offer trading on 18 markets too.

Thats much better than the Irish brokers as far as i know.

Dont think they trade on the AIM index. Open for correction?

pirelli

5 euro cheaper than the majority. 20 euro flat rate isnt that much better than 25 euro flat rate available elsewhere, but it is little better and include the now defunct 1% stamp duty and trading is getting cheaper but we should have better than this.

Buffy the bitch

Thought sharewatch were cheapest for 50Euro?

Who's cheaper just to sell shares I have?

lucky-colm

iam with fexco and its a €50 minimum trade or 1.25% whichever is bigger
am i being ripped of or what:mad:


i found this paragraph in tdwaterhouses website does this mean that they are charging both the €15 and the €20 fee on each trade making it €35 per trade?

"The cost to trade will include a frequent trader rate of E15, and a standard trading rate of E20 per trade; both rates apply on any trade up to a value of E100,000 regardless of international market."

from what i see they are only offering spread betting and cfd's and there dosn't seem to be any share trading available which is a pity

lucky-colm

Cynical Dragon wrote: »

http://www.tdwaterhousecfds.ie/charges/

- Their CFD charges are very high.

- 20 quid flat rate for stock trades is only good value to those trading pretty big orders. My trades cost me 15 quid ( with my Irish broker) up to a trade size of £15000. But then again if ur Dermot Desmond..im sure u'll welcome them with open arms..but for the rest of us.. i dont see them shaking up the market especially if their CFD charges are anything to go by.

who are yuou trading with and is there other hidden charges how much do they charge above €15000

Cynical Dragon

Apologies Shamblertine..I wasn't very clear and I think you have misunderstood me. Let me explain..
CFDs are a very important element of any trading platform for me and probably any other active trader ( spreadbetting would work too). Two reasons. First, they give you a hassle free way to 'short' stuff. That is to bet the market/ index or a stock will fall in price. You don't have to go to a broker looking to borrow the stock. So, if a market is trending higher, I want to buy dips right..If it is falling I want to sell rallies..Another good reason for having CFDs is that they allow you to hedge a position..If I am long on something, I can short an index as a form of protection.

The platform TD waterhouse provides has stock trading and CFD trading integrated. TD use Cityindex's platform I believe ( I have traded with CITYINDEX in the past). Please correct me someone if I am wrong here. It works on a level one quote system. You can't see the level 2 order book. You are basically a price taker. They quote you a bid offer on a stock/ market or commodity etc and you accept or decline. You are kind of trading blind without the ability to see the order book. Assuming TD are using Cityindex's platform, you wont have direct market access (DMA)..DMA is important to a day trader..let me give u an example..Bank of ireland is bid 210 - offered 217..With DMA u can better the bid with ur own order...say put an order on the book at 210.5..if u get filled..you have saved urself the difference between 217 ( what u would have paid on a level 1 quote system) - 210.5 = .06c ..Imagine ur order was for 10000 shares *.065c ( 6 and a 1/2 c)..that is 650 quid u have saved..This is why I moved away from CITYINDEX

I trade with Renaissance Financial Markets now (www.rfm.ie). The platform they provide is the same as Etrades. You have over 11500 stocks to choose from on 22 exchanges (US, Asian, Europe etc). The platform is rock solid. You have the option to get level 2 and DMA. Commission on CFD stock trades is .1%. There is no commission charged on CFD trades on indexs or commodities. TD waterhouse charge .20% for CFD stock trades and £20 for index trades..I pay .10% for stock trades with a minimum commission of £15..TD charge 20 quid flat ( which isnt bad)..I just meant that this flat rate will suit people doing bigger orders..but if ur average trade size is small like 2000 shares, I think there is better deals to be had online..
So bottom line is this..if you are serious about trading or investing.. or are trading frequently , I would suggest you get a decent platform with access to level 2 and DMA..A level one quote system doesnt cut it anymore .And it sounds like u notice the 'hidden' costs..Well the biggest hidden cost is the spread on the bid and offer.think about it..Just my opinion but RFM platform is in a different league and rates are cheaper...

shamblertine wrote: »

What Irish broker are you with? What are their annual fees and other hidden fees that Irish brokers usually have? Whats their trading platform like?

The TD CFD site is completely seperate to the new site. I can't believe you pay 15 quid yet you think anyone who pays 5 quid more needs to be as rich as Dermot Desmond, the mind boggles.......anyway, its 15 quid with TD for frequent traders.

shamblertine

Cynical Dragon wrote: »

Apologies Shamblertine..I wasn't very clear and I think you have misunderstood me. Let me explain..
CFDs are a very important element of any trading platform for me and probably any other active trader ( spreadbetting would work too). Two reasons. First, they give you a hassle free way to 'short' stuff. That is to bet the market/ index or a stock will fall in price. You don't have to go to a broker looking to borrow the stock. So, if a market is trending higher, I want to buy dips right..If it is falling I want to sell rallies..Another good reason for having CFDs is that they allow you to hedge a position..If I am long on something, I can short an index as a form of protection.

The platform TD waterhouse provides has stock trading and CFD trading integrated. TD use Cityindex's platform I believe ( I have traded with CITYINDEX in the past). Please correct me someone if I am wrong here. It works on a level one quote system. You can't see the level 2 order book. You are basically a price taker. They quote you a bid offer on a stock/ market or commodity etc and you accept or decline. You are kind of trading blind without the ability to see the order book. Assuming TD are using Cityindex's platform, you wont have direct market access (DMA)..DMA is important to a day trader..let me give u an example..Bank of ireland is bid 210 - offered 217..With DMA u can better the bid with ur own order...say put an order on the book at 210.5..if u get filled..you have saved urself the difference between 217 ( what u would have paid on a level 1 quote system) - 210.5 = .06c ..Imagine ur order was for 10000 shares *.065c ( 6 and a 1/2 c)..that is 650 quid u have saved..This is why I moved away from CITYINDEX

I trade with Renaissance Financial Markets now (www.rfm.ie). The platform they provide is the same as Etrades. You have over 11500 stocks to choose from on 22 exchanges (US, Asian, Europe etc). The platform is rock solid. You have the option to get level 2 and DMA. Commission on CFD stock trades is .1%. There is no commission charged on CFD trades on indexs or commodities. TD waterhouse charge .20% for CFD stock trades and £20 for index trades..I pay .10% for stock trades with a minimum commission of £15..TD charge 20 quid flat ( which isnt bad)..I just meant that this flat rate will suit people doing bigger orders..but if ur average trade size is small like 2000 shares, I think there is better deals to be had online..
So bottom line is this..if you are serious about trading or investing.. or are trading frequently , I would suggest you get a decent platform with access to level 2 and DMA..A level one quote system doesnt cut it anymore .And it sounds like u notice the 'hidden' costs..Well the biggest hidden cost is the spread on the bid and offer.think about it..Just my opinion but RFM platform is in a different league and rates are cheaper...

Ok thanks for the info, might look into getting a platform with DMA. That rfm site is down at the minute.

Cynical Dragon

Yep they are getting a new site built at the min...You can trade 3 different ways with them on one account..you can download the platform..which is the best option..it is the most comprehensive for charting and other functionality like news and personally i prefer this platform the most to work with..download takes 2 mins..
If you are on the move, you can either log on to ur account through the web ( which i was doing today) or you can trade with your iPhone..

luckystrike23

why use tdwaterhouse? they are basically a cityindex whitelabel, not the best spreads/commissions, no direct market access, not the best platform

check out these three: http://www.contracts-for-difference.com/compare-brokers.html

note i also use internaxx which i don't recommend to anyone (expensive to trade although they give you access to all global exchanges) and saxobank which are ok but tend to play tricks (won't put you on DMA at the start!)

Tiesto

luckystrike23 wrote: »

why use tdwaterhouse? they are basically a cityindex whitelabel, not the best spreads/commissions, no direct market access, not the best platform

check out these three: http://www.contracts-for-difference.com/compare-brokers.html

note i also use internaxx which i don't recommend to anyone (expensive to trade although they give you access to all global exchanges) and saxobank which are ok but tend to play tricks (won't put you on DMA at the start!)

Hi Luckystrike
May I ask why you wouldnt recommend Internaxx apart from them being expensive? I was going to join them but then seen the TD Waterhouse offer and im thinking of joining them instead..

luckystrike23

two reasons basically:

1. they are expensive to trade shares or cfds.

2. they don't offer dma access - only market maker.

apart from that they'll fine - great exchanges coverage.

lucky-colm

i filled out there online application form and sent off the relevant paperwork 2 weeks ago and still havn't got an account set up yet

they sent me an e-mail yesterday saying that due to postal strikes in endgland they havn't recieved any paperwork yet and apologised for the delays so anyone else wondering whats takink so long this could be the reason:)