Yup, its possible to move stocks between brokers, takes about 3-5 days but at least they keep their value and you don’t need to sell/buy them again.
Does Freetrade support this though? When I tried to move from a basic account to ISA with them I was told I’d need to sell up.
I think they were working on Bed and ISA to help with that. Don’t know if it ever got finished.
What does that mean? (Sorry, slow on the uptake today).
Bed and ISA is where an investment is sold in a general investing account and then bought in the ISA. The two transactions are done together to reduce exposure to market movement. Although it still means you have to pay any transaction costs and any stamp duty where if applicable.
Exactly that, the “bed” is the selling your investments, the money is then transferred to your ISA, and then your investments are bought back.
The £20k annual allowance still applies, so if it exceeds that the remainder should go to your general investing account again.
It’s basically a way to save you manually selling, transferring the cash and rebuying which at legacy would be costing you £10+ a pop on each of the sells and buys, whilst this is a one transaction cost and minimises the impact in changes in the market.
Edit: I should add its not a get out of jail card for paying CGT. So may be worth manually selling some if you are going to be making more than £12k gain. And then waiting a week and sell some more in the new 2020-2021 year (£12,300).
Have you looked at IG trading? they are also very good
Hey all, just a reminder this isn’t the place for referral codes. It’d be really helpful if you could delete them from here and not add any more to the thread. Thanks!
So, assuming Freetrade and Trading 212 both have the shares you want to buy, is there any difference (price or anything else) or reason to switch from one to the other?
I use both platforms. I prefer Freetrade app in terms of design. I also prefer their customer service and the fact they are a British startup.
T212 have more functionality - A web platform, fractional shares (coming to FT soon), a free ISA account. They also have a range or order types including a limit order which routes Direct to Market which means that you can buy on the bid and sell on the ask. I’ve made some decent gains using limit orders in this way especially with shares with a large spread.
T212 are also about to launch Autoinvest which automate trading.
Thanks. I’ve got an account with both but have everything in T212.
I’ll probably wait a while until Freetrade has developed a bit more and then make a decision on which to keep…
No coincidence they’re broadcasting this ahead of Freetrade’s incoming Crowdcube fundraise, but nonetheless these numbers are impressive/unsurprising:
Serious update incoming
It looks very good indeed and blows Freetrade out of the water.
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Shame they aren’t bringin shorts in though
That is completely untrue and to do so would be illegal. In fact using a limit order with T212 means you quite often buy on the bid. The only “larger spread” is applied on CFDs not equities.
Shouldn’t this be in the referrals topic?
From what I have read in most places the spread is larger so it can’t be illegal.
Just a quick search will show you this as below. First stock I looked for and as you can see the price on T212 is higher.
I’m not saying it’s bad though as it’s still massively cheaper than paying commissions on a trade unless you are gonna drop thousands of £ a day on trades.