Advantages Simple, informative, reliable...
Disadvantages UK trading only, tips but no tips analysis...
Nowadays it seems that everybody is trading shares and I strongly suspect this is largely due to the ease with which it is now possible to track information on the internet. When I took a look through my late fathers portfolio a couple of years ago I was amazed to find that he was simply making sell decisions based on how much the share had increased in value since he bought it.It was a case of checking The Times each day to see what was up and what was down – that may sound OK but anybody who has taken even a mild interest in trading will tell you that it is simply not the way to go. What matters is what is GOING to happen to the share, not what already has happened.
No such problems for Kirsty1. Oh no. You may know me as the sad specimen who has severally but not exclusively been addicted to Ciao, The Sims, Fame Academy, Benefit cosmetics and nicotine up until now. But there is more. I am also addicted to the Stock Exchange.Enough already. What is SelfTrade?
Well it is quite simply an online stock broker. SelfTrade is part of the DAB group and allows you to buy any quantity of a share for £12.50, sell any quantity of a share for £12.50 and to trade through ISAs. The website is an easy-on-the-eye pale green and seems thoroughly logical in lay-out – the three main groupings are:Accounts – covering opening and maintaining your account
REGISTRATION and CASHRegistration seems reasonably well-organised to me, but somewhat time consuming, but hey, there is money involved here so I am more than happy to make sure things are safe and secure before committing my hard-earned dosh. Click on “open an account” and you will see all the rules for successful application - the highlights of which are that you need to be over 18, have a bank account, send them your National Insurance number and spend what they tell you is 10 minutes filling in all sorts of details. I seem to remember it took me at least 20 minutes but hey-ho.
Oh, and then you’ll need to send them your money. This isn’t one of those systems clever enough to pull directly from your bank account – it is a bank account in its own right except you won’t receive any interest on your balance under £5,000. From there upwards there is an increasing % interest rate starting at the heady sum of 0.25% gross for a balance of £5,000 - £10,000 and reaching 2.5% gross for balances over £20,000. So there is little point in keeping any considerable money NOT invested in shares. Wobetide anybody who accidentally gets their maths wrong and invests more in shares than they have in cash – you will be charged at a whopping 5% over the Bank of Scotland base rate on any overdrawn balance.
So your first million in cleared and ready for you to play with. You need to start making some buy decisions (actually you need to read a book on strategy really, but that’s another op!
|Competitiveness of charges|
|Coverage of national/international markets|
|Quality of advice||Not Applicable|
|Online - Content/organization of site||Good|
|Online - Reliability/speed of site||Excellent|
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