I’m looking at transferring my ISA to 212. Like many I trade US stocks and the FX fees within an ISA are annoying, I’ve probably given IG £10 to £20k just in FX premiums this yr given its a 1% round trip and I turn over my folio quite a lot.
I would like to find out more information on the client breakdown and how many use this platform for larger accounts. By all accounts the vast majority here have sub £20k accounts which is fine but would allay my concerns over this platform if we had rough number/ % of users with over £100k or £500k accounts?
Does anyone have such information or link to annual reports/ presentations etc?
Many thanks
I understand this is along the same vein as another post:
But more interested in the overall numbers vs anecdotal replies.
As far as stats I haven’t seen anything mentioned. I think someone did some napkin maths to work out about £1200 as the average across 700,000? based on the amount they need in cash to hold to cover customers.
Yeah its easier than you think to get there in fees, of course it should still be only a minor % of your profit but still…
Say you had a £100k account. Going from cash to fully invested and back will cost you £1k before anything happens, ignoring spread, means you have to gain 1% just to breakeven, those of us with tight stops at say 3-8% this has a large effect on position sizing, ( think William O’neil CANSLIM type trading)
Say you stagger that as a trader and you go 50% invested, then 90%, back to 50%, down to 25% then 50% then up to 100% and then sell everything. Which you may well do over a say a 3 month period as a swing/ position trader. Well, I cant be bothered with the math but you can see regular turn over of your account ( to maximise short term compounding) also leads to lots of FX costs as although the account may only be £100k you’ve bought and sold maybe £200ks worth!
Ultimately you obviously have to think in % terms with costs, fees profit etc but still!!..
