Advantages Shares held in own name, competitive dealing commissions, reliable service, no share certificates.
Disadvantages Lack of flexibility, cannot be combined with Internet service.
I have been buying shares now for 18 years and Stocktrade is the broker I have used most often over the past two years. My principle reason for choosing Stocktrade was that they are one of the few execution only stockbrokers that offer Crest sponsored membership at a reasonable price. This guarantees that:1. I own the shares if Stocktrade went bust.
Trades are carried out over the telephone, although Stocktrade offers a separate online dealing service, which I have never used. Every call I have made has lasted no more than 90 seconds from initial quote to final confirmation of price and quantity bought or sold. The service has been very reliable and offers the advantage of being able to trade wherever you are, unlike an online service.Prices are competitive, with a maximum commission to limit the cost. Online brokers tend to be cheaper, but for me, do not offer the same flexibility. More money can be lost in time wasted finding an Internet connection than may be gained in lower dealing commissions. The annual charge for being a sponsored member of Crest is only £10, so does not greatly influence the decision.
My only complaint about the Stocktrade telephone dealing account is the lack of an integral Internet option. Although I prefer to place my trades on the telephone, it would be nice to be able to check my share holdings, send secure emails etc over the Internet. The Crest account does tie me into using Stocktrade for share sales, but I do not have a problem with this as long as they remain reliable and competitive.Overall I am very satisfied with the service, but I think that Stocktrade should re think their policy of keeping the Internet share dealing service separate.
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