Sharewatch change to ODL Securities

Anyone get the latest news from FXCM? Form Nov 1st they require 3 trades per month, or face a £25 per month fee. Thought I'd better highlight it here as those charges are pretty huge and I am sure there are lots of former sharewatch clients who now have accounts with FXCM.
 
Yes, I got it - I was going to call them to find out more. I am not a regular trader, as I am sure many people are not. This doesnt suit my needs, despite finding them very good and very responsive, I guess I just close my account and find another stockbroker that is reasonable for one-off purchases .. Any recommendations?
 
What shocked me is that it comes into effect in 5 days (2 of which are a weekend). Possibly notice of it is hidden in a 48 page document emailed on the 27th June, ([broken link removed]) but I can't see it. They mention on todays email, transferring to Saxo Capital markets and the FXCM transfer fee being waived. However after searching that site, trading on the ISEQ may not be possible with Saxo. . Very unsure what to do. Where I am is, I have >5000 & <10000 Eur in Irish shares through FXCM. I do not trade regularly. The cost of this change is 300 stirling per year. Any suggestions of where I should transfer too would be great
 
I read a bit more on it. Some people seem to have received a similar notification around the 15th September. This was posted on boards.ie. http://www.boards.ie/vbulletin/showthread.php?t=2056689643
Lots of others didn't get the notification until now.
There are a few differences between the two notifications. It seems the charging has been pushed forward by a month and initially they offered to waive the transfer fee to any new account. Now they are only waiving the fee to saxo capital markets.
I know in the past I didn't receive notification of the BOI rights issue from FXCM by email which I queried with them. They said it was sent and they didn't know why i didn't recieve. That was with a gmail account.
 
Things get worse! SAXO will NOT accept transfers of portfolios worth less than £10K, per Hayley Hillard, Head of Private Sales (SAXO) London. I had correspondence from her earlier today.

Anyone got any ideas??
 
Hi Ravima,

I also got an email from Hayley today, however she told me that £2,000 was the limit (see below)

"Please note that Saxo London are currently not accepting stock transfers in for a portfolio value under GBP2000 so please proceed only if you are confident that your stock holdings exceed this value."

I still don't know what their account maintenance fees are or if they charge inactivity fees.
 
From Hayley at Saxo:

"There are no such fees with Saxo – no fees for inactivity, annual admin fees, no penalties or charges besides the commissions for the trades you do."
 
Calico said:
From Hayley at Saxo:

"There are no such fees with Saxo – no fees for inactivity, annual admin fees, no penalties or charges besides the commissions for the trades you do."
Click to expand...

Cheers Calico...that is good news. There was no information about this on their web site.

It would be nice if Peter Byrne md Sharewatch would have emailed/written to us in a clear manner as to what the heck is happening?
 
I just viewed my account and I was charged an inactivity fee June-Aug (€15.74). Does anyone know when we received info about this?
I just rang FXCM and they told me to contact Sharewatch regarding the email sent 26th October. They couldn't answer any of my questions. I can't believe that I have less then a week to organise my share holdings. I've not received any mail before regarding this. I'm not a happy customer and I'll get on to SAXO now.
 
I got this email outlining the exciting news. I am not very happy with it. Its an appaling way to treat customers.
I replied to them that it was not that exciting from my point of view. I also questioned the short notice given that such a massive change of policy would have been made ages ago. I asked for more info on Saxo ( trading the ISEQ) and asked why they would not waive all transfer fees as a gesture of goodwill to former sharewatch customers.
 
Hi everyone, its been a while, great to see so many familiar names. Just a quick note to help explain a few things.

FXCM 'unexpectedly' sent the email on Friday evening after close of business which was not very helpful in terms of having information on our website. We had expected it to be sent this week.

Yes, FXCM are introducing a new platform and with it comes inactivity fees of £25 per month if clients do not trade at least three times. We did not support this and is very much against our business model so instead we negotiated a much better deal with Saxo.

In reference to posts above I can confirm there is NO ANNUAL FEE and NO INACTIVITY FEE. The Multi Asset Trading Platform also provides low cost trading fees and multi markets. Example for Share Trading is UK Market: 0.1% (Min £8), Austria, Belgium, France, Germany 0.1% (min €12), US 0.02% per share min $15. Those wishing to move from FXCM to Saxo should visit the following link (just told I am not allowed add link). Go to sharewatch dot com, share trading, open individual account. An automated email will be sent explaining the next steps.

I hope this helps in clearing a few of the queries. Please do not hesitate to email me directly with any more questions. Address is peter.byrne (you know the rest). Best Regards.
 
Regrettably, the customer service provided in this case is abysmal. We had to actively seek information and answers to queries. From reading posts on this board and another, it is obvious that misleading and oft times contradictory information was given by SAXO, whilst no information at all was coming form FXCM or Sharewatch until later this evening.

Some, including myself have opened accounts with new brokers, non SAXO and expect that Sharewatch/FXCM will transfer holdings and cash free of charge.

I am posting letters tomorrow to Sharewatch and FXCM expressing dissapointment.
 
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i got this email 18.01 on friday of a bank holiday weekend. a deliberate tactic i assume. VERY upset at the shoddy behaviour.

having looked at saxo, they don't seem to offer share dealing on the irish stock exchange so for example I'd have to sell my aryzta shares on the swiss exchange and then convert back to euros - somehow I suspect I'd lose on that little fx deal. I have about 9K in shares - anyone got any suggestions about where else to go to for services other than saxo? thanks
 

Snowdrop...i dont think fxcm ever allowed you to trade on the Irish stock exchange?

Anytime i sold Irish companies it was through their listing on the London stock exchange....this is with fxcm/odl...you could do it with direct sharedeal if i recall correctly.

At first look Saxo looks ok....its just a pain in the rear end having to move 'again'.
 

I went through the links mentioned and it opens to an FXCM application form, not Saxo. Maybe I have gone to an incorrect link on the page.

Can I trade / hold shares on the ISEQ index on Saxo? The ISEQ index is not mentioned on this link.

Please excuse my lack of share understanding but in this case is it possible for me to get share certificates for my shares on ISEQ index and just close my account, hold the shares but not have a share trading account. If so, what would the cost be. Thanks in advance
 
I just viewed my account and I was charged an inactivity fee June-Aug (€15.74). Does anyone know when we received info about this?
Click to expand...

I too was charged £12.50 for June-Aug but was only informed of the charge by email on 26.10.12. I've emailed them demanding a refund and await a reply.

Who regulates this crowd?
 
Hi All,

Just posting to let you know that I've sent all the transfer docs to Saxo. Since there are no account maintenance fees or inactivity charges I can't see any reason not to switch. If at a later date a more suitable platform comes along then we can always switch again.

Hayley at Saxo is very efficient and will get back you quickly. I had to fill in the online application form and also physically complete the transfer form sent by Hayley. This had to be scanned and then emailed. I also had to email scans of my passport, and a recent utility bill (not a mobile phone bill).

I only trade a small amount of shares for fun - just less than £2,000 worth which is the minimum size portfolio that Saxo will accept. I had to make a lodgement with FXCM to get it over this. This probably won't be a problem for most though.

My transfer is being processed at the moment so it may not go through for some reason. I will post an update if there turns out to be problems.
 
Irish holding.

Hi

I rang SAXO up and they said their have no minimum for someone switching over from FXCM / Sharewatch, however they can't take any Irish holidings..

I'm not sure what I can now do with my Irish holdings as they are quite small (irish banks) so certainly don't want to sell them now as I feel they are at rock bottom.

Anybody else with similair issues? What are you doing with your Irish holdings??
 

Was this a 'Classic' Account which you are setting up and has no fees applicable?
 
Just to update, that my account with Saxo is now open and they are processing the stock transfers. However, I have been told that they won't move cash, so it may be an idea for anyone who is moving and has a cash position to either close/trade out of it.
 
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