IWEB USERS

11th Nov '20 by Simon Rowan

3 comments 697 reads

FOR ALL IWEB TRADERS Wow. Finally got through to someone at iWeb after exactly 1 hour and several attempts during the day. Apparently everyones valuation information on iWeb is screwed at the moment. This is because of an outsource company that provide that information. It doesn't however explain why that information of disruption cannot be displayed on their website or why it is nearly impossible to speak to anyone in customer support to find out what is going on. They have no idea when it will be fixed. I think you can still trade sometimes, but its unlikely you will be able to trade over the phone because they only appear to have one person covering the entire site, and be extremely careful about quotes and execution. I would say it is unsafe at the moment and certainly unreliable. Its been pretty bad all week to be honest and bad at several other times this year. If you are not using IWEB I highly recommend you never do

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abtan

11th Nov '20

Hi Simon

Thanks for flagging.

I just checked my account and all seems okay.
Maybe the issue is already fixed?

Cheers

Simon Rowan

Thanks Abtan. Have just checked my account and it is still not right. Probably is yesterdays valuation. I know they differ on different sites sometimes but not this much. I have other issues with IWEB in that there is not a reasonable back up service either online or phone. I have started to withdraw funds and they haven't come through yet either. Seeing as it is the same organisation I can't see how that could go wrong or take so long either . I'd be quite happy to pay 2 or 3 times higher execution prices if I got a more reliable service, but that obviously isn't the problem. They don't want to spend more running a better site . This looks very similar to Saga share dealing from 20 years ago, which actually worked pretty well from memory, but maybe a lot less traffic.

Jeremy Rea

12th Nov '20

I have had issues with IWeb all week. Yesterday a Trade Plan on Games Workshop (LON:GAW) did not execute, when I contacted them to ask why I was told the spread was £100-£125. When I pointed out that was a 25% spread on a £3 billion company and that HL was quoting a spread of 30p I got an answer the equivalent of "computer says "no."" I complained and was told someone would call me back later that day.
Needless to say I am still waiting.

I was able to manually execute the trade, but that entirely defeats the point in offering a Trade Plan option. Quite why they had a spread approximately 100 times that of HL (AJBell and ADVFN had similar levels to HL, so IWEB were clearly the outlier) I have no idea, but they did not seem overly bothered by it.

I would echo the sentiments of the OP, if you don't currently use IWEB then DO NOT OPEN AN ACCOUNT WITH THEM!

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Simon Rowan

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