Has anyone here opened an SIPP account at Interactive Brokers?
Hey all, I have a pension with Aviva through my employer but recently realized that the 0.5% fees they're charging are a bit high. For the size of my pension portfolio (~£300k) this comes to about £1500 per year. Moreover, I've recently started to take a bit of interest in managing my investments and I find myself limited by the funds they provide. They also take too long (~upto a week) to process requests for moving investments. For these reasons, I've been looking at opening an SIPP. An SIPP would hopefully give me a bit more control and also cost less. I'm primarily interested invest in US Shares & ETFs. I compared some of the popular pension providers like HL, Interactive Investor, iWeb. My observations about the fee structure:
The annual maintenance fees doesn't seem to vary a lot, with most of them being somewhere ~£200/yr.
Share dealing fees also appear to be a bit all over the place, ranging from £3 - £10. It could end up being a lot depending on the number of trades.
For me the largest component seems to be the forex charge. Most of them appear to be charging 1% - 1.5% for foreign exchange and it also didn't look like they allow you to hold funds in USD in the SIPP. So, if I assume that I'll be moving around investments worth £50k each year, the forex charges could get to about £50k x 1.5% x 2 = £1500.
So now, I'm looking for an SIPP which ideally has the following:
Allows me to trade in US shares & ETFs
Has low (<0.5%) foreign exchange fees
Has maintenance fees in a similar range, < £300
Allows holding balance in foreign currency, mainly USD
During my search, I stumbled upon a lesser known route using which you can get an SIPP account at Interactive Brokers - https://www.interactivebrokers.co.uk/en/index.php?f=38149. IB themselves are not SIPP administrators so you need to register with an SIPP administrator who has a master account at IB and then you can get an IB Cash sub-account under that administrator. IB appears to be checking all my boxes, but I'm just not very sure about the SIPP Administrators that I might need to use. I found a few: https://www.atsipp.co.uk/, http://www.candpsipp.co.uk/, https://www.optionspensions.co.uk/personal-pensions. They all appear to be somewhat less popular names and small in size. Has anyone here done this? Do you have any recommendations on which SIPP Administrator I should use? Any gotchas? Or maybe there's another SIPP that provides the features I'm looking for?
Hi guys, I need your advice Reddit fellows! I'm 23 years old and i'm currently on my final year of my master, which is in Applied Maths in Finance ( ie Financial Mathematics), and the thing is, all that i've learned until now is STOCHASTIC and everything related. So, Itô and Black-Scholes and watever... Don't get me wrong, i knew what i was signing in when entering this master and i do like it but i want to be able to understand the market not only by looking to numbers and creating algorithms but having "sensibility to the market". I believe this kind of sensibility one can get by starting trading and eventually you will learn a few things. That is why i've created a paper trading account in Iterative Brokers (IB). The only problem is that when i'm in IB looking at the interface I don't have a single clue of what to do. Can you guys give some advice? Is there some beginners strategy just to play with it a little bit? Or some books? So basically, i know the mathematical models but i want to gain experience in analyzing the markets, as in been able to say "I believe this Stock/Forex/Future/Watever will vary up/down so i should buy/sell since this other went up/down". I hope i has able to transmit my question. Thanks in advance to y'all. Big hello from Portugal
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