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deadeyedjacks

Ha, I don't know where you're seeing eToro suggested in this sub ! Reasons not to use eToro below: \>> Agent for a broker in Cyprus and an Israeli Fintech start-up. Cypriot compensation scheme is EUR 20K Max, if you're lucky. Makes money from users gambling on Crypto, CFDs and FX fees. All client monies converted to US Dollars incurring FX. Client monies not ringfenced and can be invested by the company. Investments not held with an independent custodian nor in a nominee account. No ISA or SIPP accounts as not a UK broker. Not a UK broker so no FSCS protection. << Etoro is definitely not a platform for passive, conservative, buy and hold investors. If you're a novice investor, pick a low cost fund platform like Dodl or InvestEngine and invest in a Global index tracker.


jryptojurrency

It also has seriously scummy advertising that tries to portray investing in a similar light to 'winning big' at the bookies or on the lottery. Lord knows how it's allowed.


RikS71

!thanks, that’s pretty much what I am - a conservative, novice, looking for mid-longer term investments. However, I read this on the net: “As a UK stockbroker registered with the FCA, eToro falls under the Financial Services Compensation Scheme. At the date of writing, this scheme provides up to £85,000 of protection to UK investors from any losses suffered due to a failure of the stockbroker.”?


deadeyedjacks

FSCS only applies to money held in UK bank accounts or invested via UK brokers. As soon as your money is sent overseas you're not covered. Do you own research and due diligence, then let us know where in eToro's terms and conditions it says you're covered by the UK's compensation scheme.


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swordfist1

Freetrade is a cheap (no commission) broker that has a good (but not all) selection of stocks. UK based so you get the full protections as well


[deleted]

I quite like trading212 I have etoro for crypto but it’s not as slick


IIIlIlIllI

I'll second trading212. Great app.


J_Artiz

I third this! Probably one of the best out there for low fees and a wide array of options l!


ktundu

Trading212 has a massive waiting list to sign up...


0pixels1

It’s been around a year or so for trading212 to sort their shi out, I lost all hope of joining trading212 they’ve lost a ton of potential customers lmao


JGC2022

For buying US stock “Interactive Brokers” are another good option. One of the most comprehensive with the market and data they provide. Not free but trading fees are low, also there are advantages to the way their FX fees are charged, especially on larger amounts, because you pay FX when you convert your money and trade in the given currency and only pay FX again when you covert your money back to pounds, instead of paying FX fees per trade like Freetrade or Trading 212. Downside; it’s not the easiest platform for beginners to navigate, as it’s quite full on, but once you get a hang of it, it’s good. Note the fees/charges are in dollars not pound, which is good


Nimmo11

Second this. Currently based in HK but also using Interactive Brokers and didn't think it was too complicated to use. Very favourable FX mechanism and low fees. Surprised not more people recommending it.


slickshoes_

Second interactive brokers, fees are actually pretty low. Also you can trade options, like covered calls and cash secured puts as well, just like our American friends, you can't do that on most other platforms.


RossoDino

Don’t you need a minimum amount to be able to access options with IBKR?


slickshoes_

Doesn't say the amount explicitly but you need to fill out a form to access options.


RikS71

!thanks. As I said though, I’m really mainly looking at buying stocks in the safest and best protected way, with the lowest cost and and probably holding them for Quarters at least, and that’s about it. So, I don’t realistically see any situation where I start dabbling with FX or options. I


JGC2022

Just to clarify, the only way you won’t have to pay FX fees is if you’re buying UK stock. If your intentions are to buy overseas stock, FX fees will apply regardless who you use, that process is not free, it’s the fee for converting your money from pounds to say dollars to execute your purchase. And Interactive Brokers are as safe as you’re going to get, they’re listed on the US stock market. They tick all boxes.


RikS71

Thank you - when I said “dabbling with FX” I meant trading currencies. I do understand there will be a £ > $ conversion for purchases in dollars on NYSE etc.


nata79

Freetrade is nice.


remarkablemayonaise

Have a feel around the [0% brokers](https://monevator.com/compare-uk-cheapest-online-brokers/). While built in research is nice, you can generally cross research using other free data sources.


Soft-Difference6057

I use Interactive investor for ISA and sipp