Sharewatch change to ODL Securities

[Rory Gillen]

I agree and I've decided to open an account with them. They're based in Ireland with a "physical address", hold CREST accounts and the annual charge is only €50 per annum. That's less than two month of inactivity with FXCM.

If they turn out to be another annoying debacle, then I'll just sell up and buy prize bonds!

Perhaps, but the transaction costs with traditional Irish stockbrokers are higher as you are no doubt aware. I understand Campbell O'Connor have a decent offering, but it is not as low on transactional costs as most online brokers.

As background, and as a possible explanation as to why online brokers are starting to levy an inactivity fee, I think the following is relevant;

1. It is possible that a 13-year bear market is taking its toll, and in particular the past two years where constant fear and increased volatility has seen volumes traded on stock markets drop significantly. Online brokers offer incredibly low trading costs but they need volume. Otherwise, they are out of business. The absence of volume may partially explain such moves.
2. Traditional brokers rarely have a levy but they have substantially higher transactional charges.

Every company is different and I can't say the above reason is the only reason but it might shed some light. My understanding is that Saxo charges a percentage custodian fee on your underlying assets, but I'm not sure of that. It is worth checking nonetheless.

My understand is also that TD Waterhouse has an annual admin fee but it is less than the one just introduced by FXCM. Sharewatch has no say in it, if that is where you signed up originally. Sharewatch is not an online broker but an intermediary. They switched their relationship to ODL Securities in 2010. ODL Securities was then taken over by the US-based, and Nasdaq listed online fx trader, FXCM. This American influence, in a downturn, might also shed some light on the introduction of an inactivity fee. Personally, I think the 13-year bear market is having the greater influence.

I do hope that helps, but it is just my understanding, and not fact.

Rory Gillen

 

[jcb]

I have'nt seen any comment on Danske Bank online share dealing. It appears they have an annual fee of €40 and €20 per transaction.If one is only dealing a few times a year it does'nt seem too expensive and if you have a current account in the same bank it might be easier to switch from FXCM.

 

[Redsetanta]

First post here and delighted to find this thread as I am in similar situation to many here with FXCM. I have shares that I do not intend to sell and don't intend to trade or buy in the near future. Can I nominate a stock broker and then get to keep my shares in a Crest account. I was sponsored by DSD. I have Crest membership but it will close at the end of the month unless i can nominate a stockbroker that will act on my behalf.
This all baffles me.
I also thought about getting share certs however i have some shares in Horizon and it will cost me €900 to get a cert which is almost the value of the shares.
Totally confused as to what to do.

 

[vjoc]

Looking to change broker from FXCM due to inactivity fees.

Options based on my research:

Online Broker - Minimum Fee - Annual Fee
TD Waterhouse - €20 - €60 (€15 per Qtr if inactive /< €5k)
Dankse Bank - €20 - €40 (Acct Maintenance Fee)
Campbell O'Connor - €25 - €50 (Annual Fee)

Thining of going with TD waterhouse. Anybody found a better deal?

Thanks in advance

 

[RichInSpirit]

Looking to change broker from FXCM due to inactivity fees.

Options based on my research:

Online Broker - Minimum Fee - Annual Fee
TD Waterhouse - €20 - €60 (€15 per Qtr if inactive /< €5k)
Dankse Bank - €20 - €40 (Acct Maintenance Fee)
Campbell O'Connor - €25 - €50 (Annual Fee)

Thining of going with TD waterhouse. Anybody found a better deal?

Thanks in advance

TD Warehouse were recommended to me in the past.
They're even cheaper if you live in the UK.

 

[Ravima]

SVS Securities have low fees and will take ROI clients.

 

[Dman35]

Hi Folks,

I'm currently in the process of trying to transfer my holdings from FXCM to SAXO and it's taking for ever and now I find I can't transfer my AIB holding as it's Irish.
I've transferred all the rest of my holdings...

My AIB holding is at rock bottom so don't want to sell it right now and just want them to give me back my share cert and I can just hold it and them sell (in many yrs time).

does anyone have email address for Peter Byrne at Sharewatch

Thanks

 

[shnaek]

Hi Folks,

I'm currently in the process of trying to transfer my holdings from FXCM to SAXO and it's taking for ever and now I find I can't transfer my AIB holding as it's Irish.
I've transferred all the rest of my holdings...

My AIB holding is at rock bottom so don't want to sell it right now and just want them to give me back my share cert and I can just hold it and them sell (in many yrs time).

does anyone have email address for Peter Byrne at Sharewatch

Thanks

I'm having the same issue. Also, they won't take Elan shares either.

 

[Redsetanta]

Danske bank offer as good a deal as anyone else and are advertising heavily here at the moment so I would think they intend being involved in the market for the long term.
Anyone on here with them???

 

[TomOC]

Hi Folks,

I'm currently in the process of trying to transfer my holdings from FXCM to SAXO and it's taking for ever

Me too. Mine is the in process of transferring for nearly the past two months (It took about a month to open the account before that). This was despite repeated emails. I have been repeatedly been told by email that transfer documents were received and correct and that it is in progress and taking time. Then last week I got told that they do not have the transfer document on file. Still no idea of if / how much inactivity fee will be with Saxo

 

[Draigean]

I used an online form on the FXCM website to ask them to transfer shares and cash.
No response.
Now I've emailed them.
I fear it will be a waiting game.
Will they be charging me an "inactivity fee" due to their inactivity? I fear so.

 

[Tentman]

I also have a now very small portfolio with FXCM. Emailed them last night to enquire about closing the account and sending me the share certificates. They replied this morning with a list of fees for issuing the the certs that, quite frankly, are a rip-off. The fee for getting American certs are a whopping $900..

 

[Draigean]

I fear it will be a waiting game.
Will they be charging me an "inactivity fee" due to their inactivity? I fear so.

Alas, no waiting game.
They sent me a "transfer form". It was one of the handy PDF files where you can type in the fields. Alas, if you try saving it, it will only save it blank. And it's preset to print to file, but fortunately I saw the check-box for that in the print dialog.

Filled it up, printed it off, then scanned it, sent it off to them. I've received transfer notifications and am waiting for my new broker to confirm this.

The BIG BAD news if the transfer fee, £20 per holding. Expensive but cheaper than the inactivity charge per month.

 

[OnDeBanks]

I've had my cash & holdings moved to Saxobank successfully. Now however they are taking 10% tax off my dividends (I presume UK dividend withholding tax). They will not change this even though I am not tax resident in the UK and have directed me to one of their "partners" who will get me my tax back if I pay them. I never had this problem with FXCM. I just paid income tax on my dividend in my annual return.

 

[Draigean]

I do hope that helps, but it is just my understanding, and not fact.

Yes, I would agree with you, and I think you're not far off the fact.

It's a bit like the banks. During the boom they were pushing us to "free online banking". Later this year they'll be charging us for such online banking. It's climate induced.

 

[Calico]

Does anyone know if it is possible to get trade details of a trade made with Sharewatch in 2008? The initial trade info never got sent across to ODL, FXCM or Saxo, and now I'm wondering how I will prove a loss to Revenue if trying to offset a gain later in the year. I can't remember the share price or date.

I've contacted online@sharewatch.com and have received a reply saying Direct Share Deal are in administration so I can't get the info. Any advice?

 

[TIPPSTONE]

Fxcm told me it will take about 3 weeks to process paper certs. Will have to hold my breath till then. This whole transaction has being dealt with very poorly.

Got paper certs today.

 

[Draigean]

am waiting for my new broker to confirm this.

Shares and cash all transferred. No more FXCM for me.

 

[Draigean]

Do you not even have the approximate date? If you're honest with your overall tax return the Revenue tend to be flexible. The approximate share price around the time, ie that month, should do.

 

[NDynamite]

Contacted Halifax, they don't accept ROI residents.