FXCM - stock trading

AntiRip

Just got a mail from Saxo saying they're not taking any transfers from people who have under £10,000!

This is getting ridiculous! Might have to ring FXCM to send out my stock cert.

Is Jdwaterhouse the only way to go now?


**Just opened a Jdwaterhouse account. Seems to be only option left for me. Rang them to make sure of fees. They are open today.

Also from they're site

Account Management Fee
€15.00 (+VAT) per quarter will be charged on all inactive accounts.
This fee will be calculated on inactive TD Trading Accounts, in arrears, on the last full weekend of March, June, September and December ("Quarter Dates"). An inactive TD Trading Account is defined as an account that, at the close of business on the relevant Quarter Date, has had no trades executed on it since the previous Quarter Date, and has a cash and / or Portfolio balance of €5,000 or less. Portfolio valuation will be based on the closing mid price on the Quarter Date.

Lord TSC

Just got a mail from Saxo saying they're not taking any transfers from people who have under £10,000!

Really? **** sake.

AntiRip

Teamshadowclan wrote: »

Really? **** sake.

I know, getting ridiculous now. Email below.

Dear Sir/Madam,

Thank you for your recent email regarding moving your portfolio from FXCM to Saxo.

Further to your query, please note that Saxo London are not accepting stock portfolio transfers under £10,000 in (total).

If your portfolio exceeds this size and you plan to trade with Saxo on a new account, please feel free to reply to this email confirming the list of stocks you wish to transfer to Saxo and we’ll be happy to assist by confirming that we can accept all stocks you currently hold and we can then advise on the process you need to take to open a new Saxo account and move your portfolio.

Thank you.

ravima

got similar and have emailed FXCM asking what they propose to do for clients with under £10K of stock.

I was also wondering if one could complain to Regulator, but the question is , what one, the Irish Central Bank, as Sharewatch is based in Cork, or the UK one as FXCM are based there?

AntiRip

ravima wrote: »

got similar and have emailed FXCM asking what they propose to do for clients with under £10K of stock.

I was also wondering if one could complain to Regulator, but the question is , what one, the Irish Central Bank, as Sharewatch is based in Cork, or the UK one as FXCM are based there?

Was thinking the same myself. Seems the small guys here being shafted big time

Also FXCM are ignoring my emails. No response at all, even emails sent over a week ago.

mrshopkeeper

I have emailed FXCM through their website today to express dissatisfaction and to seek explanations. Will go as far as - necessary to get fair resolution. Disappointed if they are stonewalling though - it will just take longer to get there.

AntiRip

Just got a phone call from a nice guy from Saxo. When I told him about the £10,000 limit he said not to worry about that and send him the proof of residence etc and he set the account up for me. He said there was absolutely no quarterly fees or anything like that.

ravima

another email from SAXO saying that the £10K limit does NOT apply to SW clients.

I've made alternative arrangements now and am sending letters to Sharewatch and FXCM tomorrow with copies to Irish Central Bank and UK FSA. I've asked for NO fee to be applied and for stock to be transferred to new broker FREE OF CHARGE.

I'll post upates as they unfold

Lord TSC

AntiRip wrote: »

Don't think so. The way I see it, if you still have your shares in sharewatch/FXCM from next Thursday you will either be hit with the £25 or maybe £25 divided by the number of days in the month. Either way the fees will be mounting up from next Thursday onwards

Got this email...


Thank you for contacting FXCM Securities.

In response to your recent inquiry, Saxo bank will accept accounts that have less than 10K. We have been able to confirm this with them again today.

Additionally, you are correct in that the inactivity will not be assessed until December 1, 2012. The fee will be assessed based on the trading activity for the month of November 2012. You have until the end of November before the fee is assessed.

So it does seem to be that once you've traded out by Dec 1st, you shouldn't be hit by a fee (since, in theory, you should have cleared out your account with them at that stage).

With Saxo, I'm looking for trading fees, and I can see this...

For Forex trades below the 'Ticket Fee Threshold' listed above, a small ticket fee of USD 10 is added to the trade to cover administration costs.

Anyone able to tell me what the main costs would be though? Inactivity fees, yearly fees, etc? Anyone able to link me to them?

risers

got FXCM email last friday eve too and was fuming!! They don't make enough money off the small stock holders so they just force us out. Saxo seem an obvious option to transfer shares over to, however I have some Irish stocks like Providence Resouces (very small number unfortunately) which are not duel listed and not sure what to do with them! Does anyone know of alternative online brokers who include the ISEQ in their list of exchanges?

AntiRip

risers wrote: »

got FXCM email last friday eve too and was fuming!! They don't make enough money off the small stock holders so they just force us out. Saxo seem an obvious option to transfer shares over to, however I have some Irish stocks like Providence Resouces (very small number unfortunately) which are not duel listed and not sure what to do with them! Does anyone know of alternative online brokers who include the ISEQ in their list of exchanges?

Have a look at tddirectinvesting. They also don't have quarterly fees but you have to have over e5000 in cash or holdings.

colinm5040

AntiRip wrote: »

I have 15000 shares worth e9000. Won't be trading at all, just selling my 15000 next year when the company is bought out hopefully.

can u tell us which commpany?

AntiRip

Can anyone get through to Sharewatch at all??

Been trying to ring them all morning and the number is engaged. The free phone number isn't working and 0044 207 903650 is engaged.

I'm actually fuming as they are ignoring my emails and my request for transfer.

They've debited my account again this month for £13 and last month. Does anyone have any idea what the debiting is for?

colinm5040

I got through this morning. They said they have a back log of transfer forms to get through and transfers should be complete in 2 to 3 days.

AP_MAN wrote: »

does any one has account with these guys?
what is your experience?
do you suggest these guys?

thanks in advance

colinm5040

I got through this morning. They said they have a back log of transfer forms to get through and transfers should be complete in 2 to 3 days.

AP_MAN wrote: »

does any one has account with these guys?
what is your experience?
do you suggest these guys?

thanks in advance

mervuedude

I got the email on Monday. I have about two grands worth of shares and I planned to leave them there longterm. I got hunted out of NIB for the same thing, they were going to charge me for inactivity so I moved to FCXM. Now they're at it. I've no doubt the next company will do the same. Seems they don't want any small time investors playing in their game, drive them out and keep it all for the rich folk.

Well they've succeeded with me, I'm out. Going to cash in my chips and blow it all all drink and hookers. Sounds good actually.;)

mrshopkeeper

mervuedude wrote: »

Well they've succeeded with me, I'm out. Going to cash in my chips and blow it all all drink and hookers. Sounds good actually.;)

Sounds like more fun than sending emails to uninterested recipients that won't bother their arses to reply. Maybe I'll join you (for drinks that is, not hookers).

stocktrader

so I presume jdwaterhouse is actually tdwaterhouse?? so are they the best to move to. hassle

AP_MAN

I think so, they offer most of the markets, and as far as I know if you have 5k worth stock or balance in your account there will be no inactivy fees, I filled in the application online and sent the required forms, waiting for their response.

stocktrader wrote: »

so I presume jdwaterhouse is actually tdwaterhouse?? so are they the best to move to. hassle

Finelli

Did anyone get an email today from saxo@sharewatch.com about opening an account with Saxo?

stocktrader

AP_MAN wrote: »

I think so, they offer most of the markets, and as far as I know if you have 5k worth stock or balance in your account there will be no inactivy fees, I filled in the application online and sent the required forms, waiting for their response.

Cheers I did the same

risers

thanks for the earlier recommendation AntiRIP

A Primal Nut

So is it confirmed that TD Direct Investing is not an option for under £5,000 worth of shares? My Saxo application was denied. Do you think its possible to transfer to a non-online broker?

skydome

Hi, new poster here. Just to clarify a couple things as I have recently moved from FXCM to Saxo.

The 5k limit is only on certain shares, from what I gather its certain AIM type shares, very small cap etc. You can download thier trading platform for a demo and you will see exactly what you can and can't trade as standard. For these types of shares, they will execute a trade for you but it must be a 5k minimum transaction and done over the phone. If you are buying stocks on the main international markets its not an issue. I do have one stock they have said its unlikey they will offer, so the decision to move to them might not be appropriate depending on the types of equity you trade.

When applying, you may get the advice you are not suitable. You can just skip past this. Its probably because you didnt tick boxes saying you trade on margin, options, forex etc...... Their platform has many more options than the old ODL stock trading platform, but if you are like me and trade only in equities, its not an issue, you just dont use all the features.

The minimum opening requirements dont really seem to be an issue. I wanted to open an account with sub accounts in euro, dollar and sterling, classed as a platinum account on their site. On the website it says this requires a minimum opening amount of 60k. I said I dont have this and they said it was fine. I have my account opened and divided into the three sub accounts.

In terms of costs per trade, I have only looked at equities, but its £8 for UK and $15 for US. Here is a link to their equity trading commissions:

http://uk.saxomarkets.com/rates-conditions/shares-rates

I went with this lot over tddirectinvesting because there is absolutely no inactivtiy fee, trading in the UK and US was cheaper, and currency conversions are cheaper. The fact some minor AIM shares can't be traded is ok by me, after my experience with them I actually think its better to stay away!

Also, I have found them very helpful over the phone. You get a single point of contact who walks you through every step. They reply to mails very quickly. This was not my experience with FXCM, and by the sounds of it a few of you have shared that experience.

Ultimately its your own decision based on your trading style, but I hope this helps.

AP_MAN

yes, as far as I know, there will be quarterly inactive fees if it is under £5000, to be sure, better ring them once.

A Primal Nut wrote: »

So is it confirmed that TD Direct Investing is not an option for under £5,000 worth of shares?

it is possible, when I check with FXCM, they confirmed, even you can get certificates as well if you like, but FXCM will charge for that.

A Primal Nut wrote: »

My Saxo application was denied. Do you think its possible to transfer to a non-online broker?

AntiRip

Still stuck with Sharewatch :rolleyes: Anyone successfully transfer yet?

mikelovenotwar

Hi, so i have a small amount of shares with fxcm that are worth about a quarter of what i paid. seeing as its not worth my while selling them i want to hold onto them in the hope that they'll appreciate. i'm a novice at this game and not interested in doing any more trading for the time being or paying fees etc. is it a possibility to close my fxcm account and have them send me a share certificate that i can hold onto for the next few years? or is it necessary to move to another company, saxo etc? thanks

AP_MAN

That was quick, sent forms by post last Thursday and got an email just now that my TDwaterdouse trading account is open and active ready to go..

AntiRip

AP_MAN wrote: »

That was quick, sent forms by post last Thursday and got an email just now that my TDwaterdouse trading account is open and active ready to go..

Rang sharewatch this morning and they told me I had to get SAXO to initiate the transfer. After signing forms for sharewatch I now have to sign forms for SAXO.

Found out the reason I was been charged monthly also. As I had bought shares in sterling and I had euros in my account I was being charged interest. I really shouldn't be in this game at all. Costly learning curve

Kristopherus

Anyone get an email today from FXCM asking for update details and saying that they were re-hashing their trading platform?

AP_MAN

yes I did get an email today to update my details, but I do not care because I am moving my portfolio to TD waterhouse, my TD account is just opened today.

Kristopherus wrote: »

Anyone get an email today from FXCM asking for update details and saying that they were re-hashing their trading platform?

vicwatson

Kristopherus wrote: »

Anyone get an email today from FXCM asking for update details and saying that they were re-hashing their trading platform?

Yes I did too, is it Kosher? It's not even a secure webpage which I find bizzare?

Is it safe ya think?

AP_MAN

better ring them, to be safer, do not update your details on that unsecured page.

vicwatson wrote: »

Yes I did too, is it Kosher? It's not even a secure webpage which I find bizzare?

Is it safe ya think?

AntiRip

My shares finally transferred over to Saxo today. It's been so much bloody hassle!

One thing though, my shares in Saxo state I bought them at a higher price than I actually bought the stock in sharewatch which is strange.

vicwatson

Am fed up with trying to get fixed up with an account with Sharewatch/FXCM.

Anyone tell me how to offload shares I have, the easiest and cheapest way? They are with computershare, would it be best to let them sell them?

Anyone any idea on their charges?

Thanks

stocktrader

got email from tdwaterhouse saying transfer will take 6 weeks. seems very long...

vicwatson

Anyone tell me how to offload shares I have, the easiest and cheapest way? They are with computershare, would it be best to let them sell them?

Anyone any idea on their charges?

Thanks

Lord TSC

So Saxo have declined my application for an account. I'm sending them an e-mail now asking why, and will be sending a stinker to both them and FXCM tomorrow.

I knew I'd be declined when I started filling out the form and it was asking me about income and all that ****. I'm fuming; I don't see the point of FXCM offering an alternative for those people who don't trade regularly and in large quantities if the alternative aren't all that interested either.

Has anyone any suggestions as to what I can do as an investor with 500€ worth of stock? I don't want to get mauled by inactivity fees or cashing out fees and the likes, but it seems there's little choice (if any) where I can go without having to risk fees eating into profit margins. I'm really panicking now and could really do with some advice

Ideo

Teamshadowclan wrote: »

So Saxo have declined my application for an account. I'm sending them an e-mail now asking why, and will be sending a stinker to both them and FXCM tomorrow.

I knew I'd be declined when I started filling out the form and it was asking me about income and all that ****. I'm fuming; I don't see the point of FXCM offering an alternative for those people who don't trade regularly and in large quantities if the alternative aren't all that interested either.

Has anyone any suggestions as to what I can do as an investor with 500€ worth of stock? I don't want to get mauled by inactivity fees or cashing out fees and the likes, but it seems there's little choice (if any) where I can go without having to risk fees eating into profit margins. I'm really panicking now and could really do with some advice

Its €25 to order a paper share cert from FXCM. Currently trying to transfer my small holdings €1k to paper and then I'll close the account

Lord TSC

What do you do then with the paper share cert? Just keep them at home? Is there a risk to that?

And say I want to cash them out then? How do I do that? Go and sign up with a crowd, post them off and then immediately sell them?

ravima

If you have paper certs, they you can only keep them at home, or in bank. Bank will charge for this service.

Assuming you keep at home, you might lose/destroy them or they might be stolen. Mind you if cert is stolen, its probably worthless to thief. It will then cost you money to replace the cert.

When you need to sell, you will need to get a broker to do so and be aware that they will NOT sell until they are in receipt of the certs, at which time the price could be different to that on the day you decided to sell. You also run the risk that if you post them to broker and they get lost, its your problem.

Nominee or Crest is far better for dealing

Lord TSC

Saxo replied back to my email asking why they turned me down. They said I don't have the relevant experience to open an account with them.

Both they and FXCM will be getting a snotty letter tomorrow, asking why an alternative is suggested to customers one day, only for the alternative to tell you they aren't interested in you the next. It's a joke, really....

mijas

Its ridiculous...I am having the same problem. I only got an e-mail from FXCM about 2 weeks ago informing me of the changes & the inactivity fees. They have already charged me for inactivity for October.

My application for SAXO has been declined today. When I rang them they said I don't have enough experience, meaning I don't trade CFD's or options & I don't trade enough. My portfolio with FXCM is worth only a fraction of what I paid for it a few years ago, and now I am being charged to hold onto what is worth only a few hundred euro.

I contacted TD Waterhouse but they will also charge an inactivity fee of €15 per quarter unless your account balance is over €5000.

I don't know where else to go.....it all seems geared up for those who have big accounts and trade frequently. My only option may be to ask FXCM for paper certs & pay the fee for each cert (quite a few) which are almost worthless, except for one (but i was hoping they might pick up in a few years). This is just so unfair and frustrating for those of us who want to hold long term trades :mad:

Has anyone come up with any other ideas?

AntiRip

I have no experience at all either and have only shares in one company and the online form declined me. Also got an email saying I was declined. Then I got a phone call from them asking me to send on a copy of ID and household bill. I just took a photo of them on my phone and the account was opened an hour later.

So the excuse about having no experience doesn't wash!

ravima

To update: I wrote to compliance dept of both sharewatch and FXCM and sent copies to both Central Bank and UK Financial Seriices Authority. Central bank replied to say its not really their problem and to take complaint to Financial Ombudsman. Sharewatch have not replied. FXCM replied and I am in further correspondence with them.

I have transferred to SVS securities, hassle free.

The only item to be resolved is the transfer free of charge from FXCM to SVS.

Update to follow in 2 weeks

mijas

Thanks to both posters below for that info. AntiRip that is great you got an account so quickly, I will try again on the phone and see if they will let me set up an account, without mentioning that I was declined by e-mail.

If not, Ravima, I will look at SVS securities, I see they don't charge an inactivity fee, but I'm not sure if they charge annual maintenance fee. Will be interested in your update. I have already tried TD Waterhouse but as they charge €15 per quarter inactivity fees (I wont be trading every quarter) I didn't open an account with them.

AntiRip

I'm still having big issues with FXCM. They're taking the mick now. They've transferred my remaining cash into my account supposedly at the start of the month but I still have no sign of it. No response to emails at all. I really don't have time to be ringing UK at the moment as I'm swamped in study.

andodenis.

I keep my shares with FXCM. It was Sharewatch, then ODL & now FXCM. I am not a very active trader, a couple of times a year at most. There will now be a 25 Euro charge per month. I don't want to pay it. What is the cheapest (& also reliable) online stockbroker to use. I've had emails recommending SAXO.
Has anybody had any dealings with SAXO?
Would you recommend them?
Are there other cheaper places that you can recommend?
On their FAQS I didn't see the Dublin stock exchange listed. Can I still deal in Irish shares if I move to SAXO?
Thank you in advance for any replies, advice, recommendations or warnings.

Seifer

andodenis. wrote: »

I keep my shares with FXCM. It was Sharewatch, then ODL & now FXCM. I am not a very active trader, a couple of times a year at most. There will now be a 25 Euro charge per month. I don't want to pay it. What is the cheapest (& also reliable) online stockbroker to use. I've had emails recommending SAXO.
Has anybody had any dealings with SAXO?
Would you recommend them?
Are there other cheaper places that you can recommend?
On their FAQS I didn't see the Dublin stock exchange listed. Can I still deal in Irish shares if I move to SAXO?
Thank you in advance for any replies, advice, recommendations or warnings.

I recommend you read all the replies before your post since I don't think you have asked a question that hasn't already been answered.

stocktrader

tdwaterhouse seem to be on the ball. I'm setup now and it will take 6 weeks to transfer from FXCM stocks. If you want to trade US Stocks you need to fill out the w8ben form so still waiting until I can trade US.