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what is best UK broker for penny stocks?


yadayada
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What broker is the best for this? Is there some kind of review website for this? Problem is, let's say you want to buy a large amount ,sometimes you have to do it in 5 or 10 blocks, and end up paying alot with fixed fee brokers. And IB doesn't have the smaller ones in the UK.

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Aren't all UK stocks penny stocks?  Everything I've seen over there is quoted in pence.  You might have shares trading for £.04 or 4p, which is a normal price without any stigma attached. 

 

Are there stocks that trade sub-penny?  I've never heard of any although I'm sure they might exist.

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Aren't all UK stocks penny stocks?  Everything I've seen over there is quoted in pence.  You might have shares trading for £.04 or 4p, which is a normal price without any stigma attached. 

 

Are there stocks that trade sub-penny?  I've never heard of any although I'm sure they might exist.

 

Not at all, I mean you hardly ever see shares above £10 (and over £100 is just unheard of I think), but penny stocks have the same negative connotations here in the UK as in the US.

 

yada I use a bank called Halifax but Im based in the UK so don't know if they allow international accounts. I also use Saxobank which has a much bigger international footprint (in Europe anyway) but they don't allow electronic dealing (telephone only - with higher fees) in AIM listed shares, only main market LSE.

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I have terrible experiences with Saxobank, closed my account there and I know more people have. I would not recommend them to anyone.

 

What happened? I've had an account for just over a year and never really had problems, though I only do basic things with them like buy/sell shares a few times a month at most.

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I used my account to hold a few Nordic stocks but twice in a short timespan I bought US shares and participated in a corporate action. A few weeks afterwards a significant sum of money disappeared from my account as a 'cash adjustment'. I had to contact support to figure out what happened. They told me Saxobank Denmark didn't have a tax treaty with the US set up (which sounded highly unlikely to me) so they had to charge 20% withholding tax over the nominal value of one of these transactions. Buy $10,000 worth of stock, participate in a tender offer, pay $2,000 to Saxobank. Even though I shouldn't have to pay these taxes (form W-8BEN) the money just disappeared from my account. They referred me to a Saxo-affiliated tax advisor whom I could hire to claim the taxes back partially. Say what?

 

Half a year later I already scaled down my operations at Saxobank and only used my account to hold two Nordic stocks. I hadn't logged in for a couple of weeks. I open my account and see that another 'cash adjustment' was substracted. Because I was fully invested I suddenly had a debit cash position over which they had charged 9% interest for weeks without notifying me. I immediately closed my account after this. Fucking boiler room scam (to be fair this was for the Dutch entity).

 

As of now, with IB providing access to more & more Nordic markets I don't think there's a single reason to have a Saxobank account anymore.

 

 

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