Share dealing

21st Mar '20 by herbie47

14 comments 430 reads

Is anyone else having issues with share dealing account with the new telephone verification code?
I use Hargreaves Lansdown at the moment, now I get logged out every 5 minutes if I don't change something, I have even been logged out in the middle of a transaction. I'm really fed with it, had to log on 10 times yesterday. I wrote to them about it but they say there is nothing they can do, it new EU legislation. I thought we had left the EU?

Is this happening with other brokers?

I thinking of getting an ISA with a different broker if they don't have this requirement.

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About the Author

Herbie47

Premium Member

14 comments

ISAallowance

21st Mar '20

AJ Bell log me out after an irritatingly short time, probably also 5 minutes. IG have never logged me out as far as I know. I've never needed a telephone verification code from either (yet!).

stehuk

21st Mar '20

X-o logs me out after a short time of total inactivity. Trading212 doesn't log me out at all. I haven't needed a telephone verification code from either.

herbie47

21st Mar '20

Thanks, HL used to be up to 1 hour, which was ok and no telephone code. This also applies to credit card transactions online apparently. I think it because I have savings account set up with HL.

I will look into Trading212 more, thanks.

doug2500

21st Mar '20

Does this mean if you get timed out you need a code sent to your phone rather than just logging in again?

I've experience of a few brokers and all Ive ever had to do is log in again.

herbie47

21st Mar '20

Yes you do, its a five number code, nuisance if in bed and the phone in doorstairs. But even if I'm using the site it logs me off sometimes, does not seem to count doing a transaction as activity. Site has been slow as well lately. This is new only started last week.

They say they are going to add another layer of security soon as well which could be linked to your computer, that may cause other issues as I use more than one computer and VPN when travelling for security reasons.

Blinking EU laws. I will be opening an ISA with a different platform probably next tax year.

Caper4

22nd Mar '20

never had a problem with DEGIRO. Love the site and charges lower than anyone

herbie47

22nd Mar '20

Thanks, do they have ISAs?

skinner66

22nd Mar '20

degiro dont do isa. i use HL for uk shares and degiro for usa shares. but they are cheaper trading costs but trying to sell is much slower and price can move from what you wanted to sell at.

Caper4

22nd Mar '20

I always put a limit on the price and have never had a problem with speed or price . It’s true though that they don’t do ISA,s

herbie47

22nd Mar '20

OK thanks but I do need an ISA account. I will probably try the Trading212 platform next tax year and see how that goes, I can then compare prices with HL if I can stay logged in long enough.

The reason seems the be the active savings account I have with HL, I'm waiting for HL to clarify that.

So warning, if you don't want this don't do their savings account, which I only did for convenience for tax returns, rates are the same as going direct. Unfortunately most of the ones I have are 2-3 years bonds so I can't cancel them. If I had known, what I know now, I would not have done them. HL may lose some clients because of this law.

stehuk

22nd Mar '20

I would point out that the range of equities available on Trading212 is quite limited and they don't seem to find the best market price quotes compared to x-o. But there isn't any brokers commission and no charge for currency exchange, so it works out better for smaller values of investment and for companies which have narrow bid/offer spreads anyway and is especially good for large cap foreign companies (at least US and French companies that I've tried). You could try the demo account first before the new tax year to see if it meets your requirements.

herbie47

22nd Mar '20

Thanks I thought that maybe the case. How are Trading212 on overseas dividend tax? HL are pretty good, I have heard problems with shares such as Somero Enterprises Inc (LON:SOM), where clients don't get the witholding tax return or have a long delay.

stehuk

22nd Mar '20

I haven't received any dividends yet from Trading212. I only recently signed up. But they automatically file a W-8BEN for you, so I expect this should work out OK for US shares. (But Somero Enterprises Inc (LON:SOM) isn't available to trade at present.)

herbie47

22nd Mar '20

Yes probably due to tax issue. So I may have to pick and choose which platform I use, saving commission is ok if the share prices are as good. HL are not bad at selling when you need to get out quickly, I hear smaller platforms do have issues. Maybe the large US companies would be better to buy on Trading212 such as Apple, Microsoft etc, as prices will not much different as no commission or Forex fees?

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Herbie47

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