Which Stock Market Site?

edgedogg1984

Hi,

I've seen older posts relating to this but no current ones.
Basically I was wondering what website most people are using to trade stocks online? (DavySelect,Goodbody,TD,etc)

I wouldn't be trading big by any means and would be more interested in trying penny stocks, I'd also want to have access to the international (US) markets.

I have a few questions that hopefully some people wouldn't mind answering.
I'd be new to the scene to excuse me if I come across a little green.

Do any of these websites allow you to openly buy/sell stocks and only charge commission without a minimum value having to be bought?

Do the commission rates only occur every time a stock is bought and sold with these sites?

The rates/charges I've seen on other none Irish Trading sites (UK for example) seem a lot cheaper. Are there any legalities around trading with one of these websites out of your own country of resident?

Thanks.

RobertKK

For my investment account, I use Saxo Bank, easy to use, good customer service, good platform.

For my pension plan I trade on Davy Select - straightforward, can settle money from trades in foreign currency if you want US dollar of British pound if you don't want Euro. I have mine in US dollars as the US dollars strengthens.
Costs are ok. Good customer service.
One problem is they don't have every stock available for online trading, you have to ring up for certain stocks, but most are online.
Positive is my returns are much higher than my previous pension which was managed by a bank.

As for your questions:
Do any of these websites allow you to openly buy/sell stocks and only charge commission without a minimum value having to be bought?: Yes, you could buy 1 share if you wanted...

Do the commission rates only occur every time a stock is bought and sold with these sites?
Yes, commission is only on the buying or selling.

The rates/charges I've seen on other none Irish Trading sites (UK for example) seem a lot cheaper. Are there any legalities around trading with one of these websites out of your own country of resident?
No problem with trading with a foreign stock broker, same rules apply in that if you sell a stock you must declare it to the Revenue whether you make a profit or loss.

Mort5000

RobertKK wrote: »

For my investment account, I use Saxo Bank, easy to use, good customer service, good platform.

+1

ulinbac

edgedogg1984 wrote: »

Hi,

I've seen older posts relating to this but no current ones.
Basically I was wondering what website most people are using to trade stocks online? (DavySelect,Goodbody,TD,etc)

I wouldn't be trading big by any means and would be more interested in trying penny stocks, I'd also want to have access to the international (US) markets.

I have a few questions that hopefully some people wouldn't mind answering.
I'd be new to the scene to excuse me if I come across a little green.

Do any of these websites allow you to openly buy/sell stocks and only charge commission without a minimum value having to be bought?

Do the commission rates only occur every time a stock is bought and sold with these sites?

The rates/charges I've seen on other none Irish Trading sites (UK for example) seem a lot cheaper. Are there any legalities around trading with one of these websites out of your own country of resident?

Thanks.

Hey edgeddog,

Why penny stocks? Penny stocks are more likely to lose you money then make.

To buy and sell any stock will cost you €25 approx. In total. 12.5 to buy and 12.5 to sell.

You will have to pay stamp duty when buying only, which is 1%.

Also remember to look up the the spread cost. A share might be able to be bought for 10 cent but if the sell is 2 cent, your share would have to make 500% to fill the spread cost.

There will be quarterly charges for keeping the account open also.

Honestly, if you have a min of €3k to invest then demo trade instead. That 3k would be made up of a max of 3 trades, not all in one trade!!

dynamited

RobertKK wrote: »

For my investment account, I use Saxo Bank, easy to use, good customer service, good platform.

For my pension plan I trade on Davy Select - straightforward, can settle money from trades in foreign currency if you want US dollar of British pound if you don't want Euro. I have mine in US dollars as the US dollars strengthens.
Costs are ok. Good customer service.
One problem is they don't have every stock available for online trading, you have to ring up for certain stocks, but most are online.
Positive is my returns are much higher than my previous pension which was managed by a bank.

As for your questions:
Do any of these websites allow you to openly buy/sell stocks and only charge commission without a minimum value having to be bought?: Yes, you could buy 1 share if you wanted...

Do the commission rates only occur every time a stock is bought and sold with these sites?
Yes, commission is only on the buying or selling.

The rates/charges I've seen on other none Irish Trading sites (UK for example) seem a lot cheaper. Are there any legalities around trading with one of these websites out of your own country of resident?
No problem with trading with a foreign stock broker, same rules apply in that if you sell a stock you must declare it to the Revenue whether you make a profit or loss.

Is Saxo free to set up?

Mort5000

dynamited wrote: »

Is Saxo free to set up?

-> Saxo Bank

Investor2014

Does Saxobank offer ETFs quoted on most European exchanges eg. Germany/Amsterdam? As far as Im aware TDdirect only offer ETFs quoted on the LSE.

Cheers.

Mort5000

Investor2014 wrote: »

Does Saxobank offer ETFs quoted on most European exchanges eg. Germany/Amsterdam? As far as Im aware TDdirect only offer ETFs quoted on the LSE.

Cheers.

Yes, most.
You can setup a free demo account and see exactly what the platform looks like and which etfs are available.

arrowloopboy

IG Index ,you can also spreadbet and trade ETFs ,CFDs all from the one platform .They have a very good offer open to new accounts at the minute.
They also have a feature called Collateral ,which allows you to use 95% of the value of your shareholdings as Margin in a CFD/Spreadbetting account ,So,if you have 10ks worth of stock ,they'll allow you to trade an additional 9.5k via spreadbetting/CFDs .

edgedogg1984

Thanks guys, given me a bit more information to think about.

Does anyone know what the minimum account deposit is to trade online with? Saxo seems to be from £6,000+, unless I'm reading it wrong.

The cheapest I've found is Goodbody who have it capped at €500.

Blacktie.

edgedogg1984 wrote: »

Thanks guys, given me a bit more information to think about.

Does anyone know what the minimum account deposit is to trade online with? Saxo seems to be from £6,000+, unless I'm reading it wrong.

The cheapest I've found is Goodbody who have it capped at €500.

I don't know why they say that £6,000 is there minimum. I set up an account with them with a good bit less. Found them very good and helpful.

Mort5000

Blacktie. wrote: »

I don't know why they say that £6,000 is there minimum. I set up an account with them with a good bit less. Found them very good and helpful.

I suppose that is their current minimum.

I also setup with far less in cash, but the stock transfer exceeded the limit, so I had no issue.

Mort5000

Just arrived from Saxo:

"On 1st January 2015, Saxo Capital Markets will be introducing a new custody fee on stock and ETF/ETC positions. A fee of 0.12% p.a. will be charged on your account, with a minimum monthly fee of EUR 5 (or your account currency equivalent).

Please note that with respect to bonds, the existing custody fee will change to 0.12%, which is an increase for most currency denominations, and the method of calculation will change to fall in line with stocks and ETFs/ETCs.

The fees will be calculated daily, but debited from your cash balance on a monthly"

Seifer

Came here after getting the same. Such a kick in the teeth.
Is there anywhere you can just leave some ETF's sit without getting raped on charges and fees?

Mort5000

Seifer wrote: »

Came here after getting the same. Such a kick in the teeth.
Is there anywhere you can just leave some ETF's sit without getting raped on charges and fees?

Not as far as I know.

However, will now have to do a fees comparison again and see if Saxo are still the cheapest overall.
There was no one anywhere close as far as platform and support in my experience. And that would be worth the fees for me.