what is best UK broker for penny stocks?

[yadayada]

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.

[oddballstocks]

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.

[yadayada]

yeah i supose i meant the kinda stocks that are pretty illiquid, with a 15 million market cap or something. Where you can only slowly build a position

[SpecOps]

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.

[writser]

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

[SpecOps]

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.

[writser]

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.

 

 

[yadayada]

how does this work with international brokers? If you call and ask about AIM stocks you should be able to buy them over the phone right? Im not jumping to sign up with saxobank now and get raped with huge fees :) .