Complete ripoff for international investments 27 August 2014 Reviewer: Wayne from UK
80 of 159 people found this review helpful
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I have a trading ISA with TD Direct and have to say, although it is easy to use, the trading platform is terrible. Non of the stock monitoring works and their prices/changes are delayed by around an hour so you have to use other services like google finance just to keep up to the minute on your shares. Their phone app only lets you monitor your account and won't let you transfer in or trade at all and it constantly crashes. At £12.50 a trade for the UK its pretty average in comparison to other investment companies (I'm sure there are cheaper ones). The only reason I moved to them was because they offered £70 reward for a £10,000 investment. What really annoys me is their approach to overseas trading. They charge a massive £17.50 to buy and £17.50 to sell and on top of this they charge 2% above and below the exchange (FX) rate. So you end up buying 2% below the exchange rate so your sterling does not give you many dollars and when you sell they charge you 2% above the exchange rate so that the conversion to sterling gives you less. This is absolutely rubbish and was never told of this when opening my account. In fact it took me 2 hours to find all this nonsense in the "fine print". The customer service is appauling and the staff have no clue what they're doing or talking about. They're clearly just in it to rip people off. Keep this in mind - if you want to invest abroad DO NOT USE THIS SERVICE. Your shares will have to increase by 4% AND return your £35 total buy/sell fee before you even break even!
In summary, I would not recommend TD Direct Investing to a friend.