Barclays Stockbrokers

I chose to open a MarketMaster account as I had a pre-existing bank account with Barclays and assumed it would be easier.

POSITIVES
Barclays online trading platform is good for beginners and those that trade infrequently as it is very simple to use and provides the necessary functionality to execute your trades easily. There are some nice features which allow you to buy or sell shares(s) at a prefixed price so when the price gets to that level it will automatically execute the trade for you. This is particularly useful if you do not want to sit in front of the screen all day watching a graph.

I do not have anything to compare it against but the online platform in my opinion was simple and effective enough for my needs (perhaps trade once a week/ fortnight). A feature which seemed to be useful is that they give you a 10 second window in which to accept or decline a price meaning you have a few seconds to change your mind. They state that when the trade is executed they work to make sure you get the best price which can be marginally better than what you were initially quoted.

After each trade, you will receive a confirmation electronically and in the post for your records. This is useful, should you need to declare your earnings from investments for whatever purpose you may have.

Transfering money between bank and share accounts seem to work effectively and I have not had a problem to date.

NEGATIVES
Trading online through Barclays stockbrokers is not the cheapest option and is more expensive than other mainstream banks. However, the costs does go down if you trade frequently. This makes it more competitive with the others but still a premium per trade compared to the other online platforms available.

You do not have the ability to trade shares in other markets via the online platform such as NASDAQ or DOW. You are limited to the UK. This is a limiting feature as HSBC which charge less per trade also from the start let you trade on a number of different markets.

Should you need to make trades via the telephone, then it gets even less competitive and the prices you pay seem very much bloated compared to III.

There is also an inactivity charge should you not trade in the quarter. This seem particularly harsh seeing as Barclays charge more per trae than others and said others do not have an inactivity fee.

VERDICT
If you bank with Barclays, it may be worth paying slightly more just for the ease and simplicity. However, other cheaper platforms offer more competitive packages and do not charge an excess of fees for inactivity, telephone trades and other markets that Barclays deem appropriate.