Long suffering readers of the Amateur Investor will know that The Share Centre was chosen to provide our brokering services after comparing a few different dealers.
Since selling off most of the A.I. portfolio when moving to Funds, my Share Centre account has remained dormant. So when I received a letter notifying me of a change to their account charges I decided it was time to close the account…
As I wrote last week in “Cleaning up the Amateur Investor Portfolio“, I’ve decided to tidy up the Amateur Investor portfolio.
While I said that this was because the A.I. portfolio of over 200 holdings was proving to be too difficult to keep a close eye on, another consideration is that the 12 month anniversary of subscribing to The Share Centre’s unlimited share dealing option is approaching (The deed is done. I’m now a “Premium Trader”!)
This trading option costs £3000 per annum (£2500 + VAT) and allows frequent traders to trade as often as they like without additional trading fees. So anyone trading at least once a day will probably be better off on the Premium Trading option.
At the end of my first week as the Amateur Investor, I decided to tot up just how many trades I’d made in the last 5 days.
In a previous post I described how I need to make at least 8 trades a week to make my Premium Dealing option with The Share Centre pay for itself.
Well, on Monday I made 48 trades, so I don’t think 8 trades a week is going to be a problem
At the end of my first week as the Amateur Investor, I’ve made the grand total of 122 trades. Had I been on The Share Centre’s Frequent Trader option rather then the Premium option, these 122 trades would have cost me £915 in commission.
I’m looking forward to next week…
So, just to test that this Premium Trading thing was working properly I decided to make a small trade….
As mentioned on a previous post, I decided to open a dealing account with The Share Centre and add their Premium Dealing option.
So first thing this morning I phoned customer services (having already opened a standard dealing account online) and asked for the Premium Dealing Option to be added. Continue reading
So the quest for a new online broker is complete.
As I embark on my new venture as the Amateur Investor, I want to be able to concentrate on investing and not be worrying about dealing commissions and other fees. I envisage I will be a regular trader, and regular trading usually means regular dealing commissions!
And I’ve now made my decision. Continue reading
To re-cap, I’ve decided that I want a new online broker so that I can benefit from cheap share dealing.
I think I’ve narrowed it down to a shortlist of two .
- The Share Centre
In my quest to find a new online broker to use as I take on my new role as the “amateur investor” I have come across an interesting offer from The Share Centre.