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Online Trading - People's Preferred Choice

  • 07-04-2010 11:17pm
    #1
    BESman
    Closed Accounts Posts: 563 ✭✭✭


    Just curious, is there a general consensus on the best or most preferred online trading account, particularly among the board members here? (Davy's, Sharewatch, etc...)

    By best I mean value in terms of fees, user friendliness and range of options, etc.

    I've been looking at Davy's online account and they claim to be the cheapest in Ireland (but they would say that) at 0.75% on less than 20 trades a year and 0.5% for frequent traders (more than 20 trades a year) http://www.davydirect.ie/Generic?page=commissionsandchargesroi

    Do much people use this? Seems like a decent option unless someone knows of better...


Comments

  • #2
    strmin
    Registered Users, Registered Users 2 Posts: 315 ✭✭strmin


    Unless you are going to trade irish stock only, stay away from Davys. I closed my account after two trades.


  • #3
    BESman
    Closed Accounts Posts: 563 ✭✭✭BESman


    strmin wrote: »
    Unless you are going to trade irish stock only, stay away from Davys. I closed my account after two trades.

    I'd probably limit myself to Irish stock for the beginning, but your comment worries me as I would like the option to invest internationally at some stage. Why did you close your account after two trades? Did you find it too expensive? Is it too difficult to buy non-Irish shares using Davy's?


  • #4
    strmin
    Registered Users, Registered Users 2 Posts: 315 ✭✭strmin


    4 main reasons why I decided to cancel Davys account:
    1. Fees: €52/trade on US markets. Now I pay $1 and no annual fee.
    2. No direct market access.
    3. Misplaced my first dividend.
    4. Appalling platform. Lack of information, statements, tax info etc...


  • #5
    BESman
    Closed Accounts Posts: 563 ✭✭✭BESman


    Jesus, sounds terrible. Do you mind me asking who you're with now and what they're like?


  • #6
    douglashyde
    Registered Users, Registered Users 2 Posts: 694 ✭✭✭douglashyde


    optionsxpress

    15$ per trade. no commision.


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  • #7
    strmin
    Registered Users, Registered Users 2 Posts: 315 ✭✭strmin


    BESman wrote: »
    Jesus, sounds terrible. Do you mind me asking who you're with now and what they're like?

    I've been with Interactive Brokers for about 18 months. Very happy so far.
    Most trades cost $1, option contracts $1.01, forex - $2.5.

    Just no access to ISEQ, but I don't need it.


  • #8
    Manachan
    Registered Users, Registered Users 2 Posts: 13 ✭Manachan


    TD Ameritrade, you can open an account from Ireland.

    No account fees or annual charges.

    Only fees are US$9.99 per trade


  • #9
    BESman
    Closed Accounts Posts: 563 ✭✭✭BESman


    Manachan wrote: »
    TD Ameritrade, you can open an account from Ireland.

    No account fees or annual charges.

    Only fees are US$9.99 per trade

    I looked up their site though and there is an awful lot of sh1t listed on their rates/commissions page. Are these just optional extras?


  • #10
    Manachan
    Registered Users, Registered Users 2 Posts: 13 ✭Manachan


    strmin wrote: »
    I've been with Interactive Brokers for about 18 months. Very happy so far.
    Most trades cost $1, option contracts $1.01, forex - $2.5.

    Just no access to ISEQ, but I don't need it.

    I checked out Interactive brokers - minimum opening balance is US$10,000

    TD Waterhouse charge €20 per trade + quarterly fees approx €18 (if balance if is below €5,000).

    Does anyone know of a broker with low opening balance and reasonable fees?

    (gone off TD Ameritrade - rate/commissions too complex (as Besman pointed out)


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