Please advise newby

Hi Guys,
This is all completely new to me can anyone help with a few thing ??

  1. What is the exchange rate from pound to dollar used here I thought they used the stock market to get latest price ??
  2. I seem to be being charged for some trades ?? iv not gone over £10k on the trade so it shouldn’t be taxed.
  3. I keep having my trades replaced and then the the trade that it’s replaced with is usually more expensive??
    4 when you get confirmation on a deal and you have set a stop why is some of them not filed for quite a while and it’s always more than the limit I set some of them are dollars higher which makes a big difference in the price.
    I’ll stop there I think that is more than enough for my first post lol.
  1. They use a live feed of the current FX rate to determine the exchange. as there are no fees you can expect to get what your money is worth at that exact moment.

  2. T212 doesn’t charge fees but some of the things you can access might. for example when buying UK stocks you have to pay stamp duty with every buy.

3&4 what sort of orders are you putting through? market orders will get whatever is available even if its far away from the stated price. also, stops are just a trigger that act when a price is reached, they don’t guarantee you that price. for this you should use Stop Limit which will only trigger if the requested price can be achieved.

Hi Dao
Thank you so much for your reply
Do I have to pay to get the shares changed into my name and how do I do it ?? I have bought them for the long term to be honest I’m hoping it’s something I can give my kids??.
In regards to the initial question. I was using a stop limit yet in one case ended up paying $5 over the price per share ??
In regards to tax payments your not supposed to pay tax on trades under £1000 yet I have charged ???
I really do appreciate your help
Jay

You pay stamp duty of 0.5% on UK share purchases - there is no minimum amount. Is that what you’re referring to?

Hi Fella,
I went on the FSC site and used the tool they provided. Please see link below.
James

https://www.gov.uk/tax-buy-shares/use-a-stock-transfer-form says otherwise. Don’t know where the LSE site got that from but to best of my knowledge it is wrong. Suggest you query it with them.

Agh ok mate thank you for that. :+1: I’ll look into it. I don’t suppose you can confirm if it’s ok for me to my shares in my name ?? I have no intentions to sell I bought them with my inheritance for my kids so I intend to give them away as gifts. As far as I’m aware you don’t pay but I thought I better double check especially as I intend to move my USA here.

Lol sorry I did mean to say ISA bloody predictive txt😂

You’d need someone from the platform to advise - I’m just an investor.

1 Like