Banking Without Borders
Banking Without Borders is a podcast about modern money — from digital banks and cashback cards to savings, credit cards, FX, global accounts, and the financial products reshaping how people manage money in the UK and beyond.
We focus less on hype and more on what actually matters: who a product is for, how it makes money, where the trade-offs are, and whether it’s genuinely worth using.
If you want clear thinking, real-world context, and fewer buzzwords and less BS when it comes to banking, cards, and personal finance, this is the podcast.
Banking Without Borders
Best Trading Platforms in 2025 (The Ones We Use & Which To Avoid!)
Use Left/Right to seek, Home/End to jump to start or end. Hold shift to jump forward or backward.
Thinking of getting into investing, or switching trading platforms in 2025? In this episode, Jonny and Jan break down some of the most popular brokers, Revolut, Trading 212, Trade Republic, and Interactive Brokers, and share what it’s really like to use them day-to-day.
Jonny reveals the huge mistake he made starting out (and how it’s now cost him thousands), and together they discuss fees, ease of use, tax benefits like ISAs, and which platforms are worth avoiding completely. Whether you're a complete beginner or already dabbling in stocks and ETFs, this episode is packed with first-hand insight and practical takeaways.
Connect with us (via LinkedIn)
Jan: https://www.linkedin.com/in/jan-watermann/
Jonny: http://www.linkedin.com/in/jonny-pease
Got a question or topic you want us to cover? Drop us a message at jonny@technicallymoney.com
00:00:00:00 - 00:00:07:01
Unknown
Okay. So the buzz around trading stocks ETFs, commodities and crypto has never been louder. And you've probably thought about giving it a go yourself.
00:00:07:00 - 00:00:10:17
Unknown
I started back in 2018 and I made a pretty big mistake.
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Unknown
I chose the wrong platform.
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Unknown
And now I'm stuck with around 100,000 pounds in assets
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Unknown
on a platform that's basically useless, and I can't even transfer them out without paying a huge fee.
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Unknown
So we don't want you to make the same mistake.
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Unknown
And in this episode, we're going to break down four popular trading platforms.
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Unknown
Revolut trading two on two, Trade Republic and Interactive Brokers. Now these all promise low fees and easy access, but they're definitely not build the same.
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Unknown
depending on where you live and how seriously you want to be taking your investing,
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Unknown
picking the wrong platform like me can be expensive and just a huge waste of time.
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Unknown
But before we begin, we're not financial advisors. Jan and I, just two guys who love finance, banking, tech and we really just want to share that with you today.
00:00:50:16 - 00:00:51:19
Unknown
shall we begin with
00:00:51:18 - 00:00:55:03
Unknown
why we picked these accounts and a quick overview of each one.
00:00:55:03 - 00:01:13:00
Unknown
Yeah. Johnny, thanks for the intro. Let's. Let's do that. Let's jump right in. So we're looking at four trading platforms today, which have one single thing in common. And that's a fact that they're available across multiple countries. But I think the difference is those are, those are more unique and their individual strengths and disadvantages.
00:01:13:00 - 00:01:21:18
Unknown
let's start with revolute, which we think is perfect for for beginners, casual investors, ideally people that are already within the Revolut ecosystem
00:01:21:18 - 00:01:28:21
Unknown
that use Revolut for for the daily banking, potentially, and are just looking for an easy way to, to invest some spare cash.
00:01:28:21 - 00:01:31:04
Unknown
Then that's trading two, one, two, which is,
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Unknown
great all rounder, also pretty approachable for beginners.
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Unknown
Especially attractive in the UK due to its ISIS support and, the fact that there's zero commissions on, on investments.
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Unknown
Then there's trade with public, which is great for EU based investors,
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Unknown
looking for, for long term and also low cost investing options.
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Unknown
then there's Interactive Brokers, which we think is the most comprehensive
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Unknown
It's yeah, it's a very complex interface. Very steep learning curve as well. So it's something we would probably recommend. Mainly for professionals looking to. Yeah. Get the most, most information possible out of that, out of the trading app.
00:02:08:08 - 00:02:10:14
Unknown
there's not necessarily an order of ease here,
00:02:10:14 - 00:02:15:13
Unknown
but Revolut Trading two and two Trade Republic are definitely on the easier, more simplistic side.
00:02:15:13 - 00:02:22:13
Unknown
Whereas Interactive Brokers, you go on there and it feels overwhelming. There's a lot of numbers, there's a lot of data available. Not that that's a bad thing.
00:02:22:13 - 00:02:26:08
Unknown
That's a really good thing because it helps you make a better informed choice when it comes to trading.
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Unknown
it's arguably a platform that's better suited for professional trader or a day trader,
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Unknown
but you shouldn't be put off as an amateur or someone who's new to this,
00:02:34:22 - 00:02:49:12
Unknown
if you're willing to commit to Interactive Brokers, if you're willing to dive deep into researching how to be, you know, good at this, or how to make informed, well-researched decisions when it comes to trading, I think Interactive Brokers is a great place to go.
00:02:49:12 - 00:02:54:12
Unknown
are they all equal in terms of which one's going to be costly or less costly
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Unknown
or, you know, is Interactive Brokers more expensive because it's more advanced?
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Unknown
Yeah.
00:03:04:17 - 00:03:05:17
Unknown
We got revolute,
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Unknown
which,
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Unknown
Yeah, depending on which plan you subscribe to has a few, a few free trades included per month.
00:03:10:17 - 00:03:18:15
Unknown
And afterwards, it's 0.25% portrayed. And then there's also a 0.45% if it's fee whenever you do conversion.
00:03:18:23 - 00:03:24:08
Unknown
They call it the revolut, the revenue trade, which we've discussed extensively in the past on this channel,
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Unknown
desk trading two and two with zero commissions, as I mentioned before.
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Unknown
a .15 percent is X fee. So that applies if, for example,
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Unknown
you're based in the UK, you hold your cash in British pounds and you're looking to invest in,
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Unknown
in the, in the United States, for example, purchase, stocks there.
00:03:42:11 - 00:03:51:18
Unknown
There's Trade Republic which has a €1 flat fee, no fixed markup. And there's one thing that Trade Republic is really good for, and that's, the fact that you can
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Unknown
yeah, you can save or you can set up saving plans for free.
00:03:55:20 - 00:04:11:18
Unknown
So there's no, no fee involved at all. It's great if you just, looking for to save a regular amount of money every month. So let's say, you're having AA2 thousand 500 pound salary every month, and you know exactly that. At the end of the month, you have 200 pounds available to
00:04:17:09 - 00:04:23:08
Unknown
Just one thing to mention here. Just mentioned British pounds. Trade Republic is not available in the UK. Would need to be in
00:04:24:17 - 00:04:27:21
Unknown
available in 17 European or EU countries.
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Unknown
Interactive brokers has a
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Unknown
$1 fixed fee or tiered pricing, but it also depends on which, which stock exchange you, you purchasing stocks in.
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Unknown
But it's generally very low. And there's also tiered pricing if you have larger, larger orders. What Interactive Brokers is excellent for is their if it's markup, which is, yeah, insanely
00:04:53:15 - 00:05:07:10
Unknown
Which is, yeah, barely anything. Obviously it matters if you're having like huge, yeah, a huge order volume or a huge amount of cash you want to convert into a foreign currency, then that could matter.
00:05:07:19 - 00:05:13:14
Unknown
But for most people, for for regular sums, let's say like that, it's. Yeah, it's it's basically nothing.
00:05:13:14 - 00:05:15:12
Unknown
Also something something good to mention here.
00:05:15:12 - 00:05:23:19
Unknown
Most of these providers offer, interest on idle cash. So in case, like, the money that you don't invest, that you hold, within the brokerage
00:05:28:00 - 00:05:37:02
Unknown
Yeah, and they're all pretty competitive, aren't they?
00:05:37:02 - 00:05:42:12
Unknown
Which is yeah, quite, quite good, especially if you compare that to other, easy access savings accounts. It's,
00:05:42:23 - 00:05:49:02
Unknown
Okay. Just quickly hanging on the fees for a moment. So probably none of these platforms.
00:05:49:02 - 00:05:56:16
Unknown
Worse necessarily for someone trading a small amount of volume. Right. Revolut. It's fantastic if you're trading just 1 or 2 shares a month.
00:05:56:16 - 00:06:02:11
Unknown
Trading two on two is great because it's commission free. Obviously there's a fee if you're trading a, stock in a foreign currency,
00:06:02:11 - 00:06:03:12
Unknown
but generally speaking, yeah.
00:06:03:12 - 00:06:06:01
Unknown
And it sounds like they're all pretty competitive for low volume.
00:06:06:01 - 00:06:09:12
Unknown
is a bit of a red flag with Revolut, isn't there? Because you're talking once you get past
00:06:09:12 - 00:06:10:10
Unknown
you fee free trades,
00:06:10:10 - 00:06:11:06
Unknown
there's a
00:06:11:06 - 00:06:14:04
Unknown
0.25% fee per trade.
00:06:14:04 - 00:06:16:16
Unknown
if you did a $10,000 trade yarn
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Unknown
$25 fee.
00:06:26:09 - 00:06:38:12
Unknown
feels like Revolut. We're going to be offering you something that that is good. But it's no better than trading 212. And if you're going to scale on Revolut it's probably going to cost you more money in the long term than it would using trading two and two,
00:06:38:12 - 00:06:42:18
Unknown
I believe ultra customers Revolut Ultra customers are paying say, 4,550 pounds a month.
00:06:42:18 - 00:06:45:07
Unknown
I believe they get ten commission free trades a month,
00:06:45:07 - 00:06:45:17
Unknown
which is
00:06:45:17 - 00:06:56:07
Unknown
probably a reasonable amount to suspect someone who's even doing this a bit more actively would probably hit, and after that, you've got that 0.25% fee
00:06:56:07 - 00:07:01:14
Unknown
and you're already paying 45, 50 pounds a month for ultra. I just don't think that this is a compelling option
00:07:01:14 - 00:07:04:12
Unknown
for someone who wants to scale their trading.
00:07:04:12 - 00:07:06:00
Unknown
trade. Us? Not at all,
00:07:06:00 - 00:07:16:06
Unknown
no.
00:07:16:08 - 00:07:22:23
Unknown
Yeah, yeah. But then again. Yeah. What if you come into a windfall? What if, you know, you're great,
00:07:22:23 - 00:07:28:03
Unknown
non-lethal passes away and you can make a couple of big trades with some inheritance money,
00:07:28:03 - 00:07:29:20
Unknown
as long as you. If you do it. If you do
00:07:29:20 - 00:07:33:04
Unknown
Yeah,
00:07:33:04 - 00:07:35:07
Unknown
yeah. No it's true, it's true.
00:07:35:07 - 00:07:37:17
Unknown
You
00:07:37:17 - 00:07:49:13
Unknown
I think if you're doing like a dollar cost average strategy, like a lot of people where you're just investing, say two 300 pounds every month, regardless of the price, into the same stock every single month.
00:07:49:15 - 00:08:07:09
Unknown
Yeah, like a DCA strategy with Revolut could make sense because of that commission free trade. But I'm sorry, I find it difficult to see how Revolut is better here than trading two, one, two. I mean, let's talk about which one's actually easier to use for a moment. Yeah, because I think that's an important topic, and I don't think it is.
00:08:07:09 - 00:08:11:05
Unknown
Is it like I personally am using trading two and two. I've used Revolut as well. And
00:08:11:05 - 00:08:25:02
Unknown
trading two and two is really built for someone who's trading, whereas Revolut feel like they've built something on the side of that giant ecosystem of finance, finance, goodies and products. So.
00:08:25:02 - 00:08:26:03
Unknown
integrated within the app.
00:08:26:03 - 00:08:29:04
Unknown
in the UK, does Revolut offer a desktop version?
00:08:29:04 - 00:08:34:05
Unknown
just like a standalone desktop product, I don't think Revolut offer that in the UK for trading
00:08:34:05 - 00:08:36:12
Unknown
If we do look at which one's actually easier to use.
00:08:36:12 - 00:08:37:21
Unknown
I think we could both agree
00:08:37:21 - 00:08:41:00
Unknown
the Interactive Brokers is probably at the bottom of ease of use.
00:08:41:00 - 00:08:46:16
Unknown
you know, we can put up some visuals for you if you're watching this on YouTube and you can see what we're talking about, we'll do some comparison visuals.
00:08:46:16 - 00:08:49:20
Unknown
It's pretty busy on Interactive Brokers.
00:08:49:20 - 00:08:57:22
Unknown
You know, that's not necessarily a bad thing. I said this at the beginning, like this is for someone who wants to really invest their time into this and learn about how to use it. And there's a reason
00:08:57:22 - 00:09:00:15
Unknown
why it's busy, because it's providing tons of data
00:09:00:15 - 00:09:04:07
Unknown
to a very active user base. Are plenty of people that are using Interactive Brokers.
00:09:04:07 - 00:09:08:16
Unknown
Lots of them are very successful in there, so there's no reason why that's a bad thing.
00:09:08:16 - 00:09:10:12
Unknown
But it doesn't make it easy to use for a beginner.
00:09:10:12 - 00:09:15:06
Unknown
Whereas trading two and two Trade Republic and Revolut are a lot easier
00:09:15:06 - 00:09:21:00
Unknown
Revolut still feels like a bit of a banking app though. Yeah, with a trading app on the side.
00:09:28:12 - 00:09:29:01
Unknown
Yeah,
00:09:29:01 - 00:09:39:01
Unknown
I think, I think I think you've got to be cautious, though. I think you've got to be cautious, buddy, because a lot of people, particularly the Gen Z, don't own desktops. They don't even own iPads.
00:09:39:01 - 00:09:39:19
Unknown
point. Yeah.
00:09:39:19 - 00:10:12:22
Unknown
If you were to recommend one of these apps in terms of usability to a beginner, and let's do we'll have to do EU and non EU because trade republics obviously EU which one of the three. Let's already discount Interactive Brokers.
00:10:29:22 - 00:10:32:00
Unknown
Yeah I really like trading too. On to
00:10:32:00 - 00:10:39:05
Unknown
yet. And I decided already before this conversation to not get into like CFDs and like, like shorting stocks, but
00:10:39:05 - 00:10:45:06
Unknown
the reason I bring it up is because trading 2.2 offers something that is paper trading off or trading with like fake money, essentially.
00:10:45:06 - 00:10:50:16
Unknown
And I, I really liked that because it allowed me to play around with CFDs and just have a look at how they work.
00:10:50:16 - 00:10:54:21
Unknown
One of the biggest things though. Yeah, I'm using trading two, one, two four is ISIS.
00:10:55:16 - 00:10:57:04
Unknown
that allows me to
00:10:57:04 - 00:11:01:05
Unknown
invest up to 20,000 pounds and any if it's a stocks and shares isa,
00:11:01:05 - 00:11:01:23
Unknown
any gain
00:11:01:23 - 00:11:02:17
Unknown
is tax free
00:11:02:17 - 00:11:07:00
Unknown
And they have a really nice selection of different ISIS. It's fee free.
00:11:07:00 - 00:11:09:19
Unknown
Interactive Brokers also support ISIS.
00:11:09:21 - 00:11:11:01
Unknown
So to Revolut,
00:11:11:01 - 00:11:14:08
Unknown
Interactive Brokers do have junior ISIS.
00:11:14:08 - 00:11:17:23
Unknown
I have a junior Isa for my daughter Yan. We actually use Vanguard,
00:11:17:23 - 00:11:23:21
Unknown
where we've just invested money in a S&P 500 ETF, but you could do that with Interactive Brokers as well.
00:11:23:21 - 00:11:28:04
Unknown
For anyone out there with kids you want to set up a junior Isa works just the same, except
00:11:28:04 - 00:11:28:14
Unknown
the limit
00:11:28:14 - 00:11:30:05
Unknown
is 9,000 pounds,
00:11:30:05 - 00:11:33:18
Unknown
Yann, are you actively investing anything at the moment? You
00:11:33:18 - 00:11:54:05
Unknown
do, and I use Interactive Brokers for currently. But I've, I've made some. Yeah, some, some small experiences with some of the, some of the other providers, essentially all excluding trading to one, two. That's new for me personally. Why do I use Interactive Brokers currently? I just love to the level of detail that's provided there.
00:11:54:15 - 00:11:57:04
Unknown
To me, that's always, always fascinating.
00:11:57:04 - 00:12:16:17
Unknown
They have an app that's quite. Yeah, it looks quite complex at first, but, they have a lot of, information, provided in there, especially daily news, which I like, related typically related to the, to the stocks you hold within your portfolio. So let's say you hold meta meta stocks then they do share some, some information about meta news about meta.
00:12:17:04 - 00:12:20:21
Unknown
It's very interesting. And, I just I just love that I find it fascinating
00:12:20:21 - 00:12:30:03
Unknown
and also, as an international investor and as someone who's based in, yeah, in a foreign country, I love the fact that ethics fees are basically non-existent.
00:12:30:03 - 00:12:30:23
Unknown
Quick tip here,
00:12:30:23 - 00:12:45:20
Unknown
as an alternative to traditional international money transfers, it's a it's a really clever workaround where you deposit essentially euro or whatever you currency is to Interactive Brokers. Then you convert it out for free or for a very, very small cost,
00:12:45:20 - 00:12:47:02
Unknown
and then you pay out your,
00:12:47:02 - 00:12:50:20
Unknown
your other, currency, to a local bank account there.
00:12:50:20 - 00:13:01:03
Unknown
So for example, I could I deposited euro converted it for I believe it was a euro or €2 in fees. And then I paid out U.S. dollar to my
00:13:04:11 - 00:13:08:00
Unknown
Nice.
00:13:08:00 - 00:13:08:18
Unknown
That's a good tip.
00:13:08:18 - 00:13:14:00
Unknown
So just deposit the money on Interactive Brokers, make the currency exchange, and then withdraw, essentially. And you're going to get really good rate.
00:13:14:00 - 00:13:16:20
Unknown
I know I've talked about trading two and two and why I like it.
00:13:16:20 - 00:13:18:23
Unknown
I just want to reiterate that, you know,
00:13:18:23 - 00:13:21:05
Unknown
it is a fantastic place to start trading. You know,
00:13:21:05 - 00:13:23:03
Unknown
some really diverse and interesting products.
00:13:23:03 - 00:13:24:13
Unknown
Yeah. And like they've got PiS.
00:13:24:13 - 00:13:32:14
Unknown
you can get like asset managed PiS where like Blackrock for example, will have like a pie of stocks and commodities. And
00:13:32:14 - 00:13:53:07
Unknown
But what's really interesting is they have like user made user generated PiS where people on like trading to and to have made their own. And there's some really interesting ones and you get regular updates when they make changes. You can see the success of the Pi, and there's a real community aspect behind it where people can comment and discuss the Pi.
00:13:53:07 - 00:13:57:15
Unknown
just to summarize, like who each platform would be perfect for,
00:13:57:15 - 00:13:59:04
Unknown
I think if I start with revolution
00:13:59:04 - 00:14:00:22
Unknown
think it sounds to me like it's
00:14:00:22 - 00:14:07:04
Unknown
for someone that's already within the Revolut ecosystem and you want the convenience, the simplicity of having all all of your banking
00:14:07:04 - 00:14:07:21
Unknown
on one app,
00:14:08:07 - 00:14:10:03
Unknown
One thing to keep in mind here, Johnny.
00:14:10:22 - 00:14:11:14
Unknown
Yep.
00:14:11:14 - 00:14:20:23
Unknown
that? Just imagine you've been using revolute for quite some time. You've built up a portfolio of, let's say, 30 or so different assets, and then you come into a position where you have to liquidated
00:14:22:15 - 00:14:24:18
Unknown
going to be paying to troubleshoot
00:14:24:18 - 00:14:34:11
Unknown
it could really sum up to something incredibly bad, like, just imagine a $100,000 there, above your free allowance.
00:14:34:11 - 00:14:46:07
Unknown
Yeah, it's a good point. And I mean, that's what we said earlier about scale. Like, if you are going to scale this up and, and turn it into a monster trading portfolio, then you're probably not going to want to do that on Revolut.
00:14:46:07 - 00:14:49:11
Unknown
I don't think any of the other platforms are, bad though, for that either.
00:14:49:11 - 00:14:49:23
Unknown
Yeah.
00:14:50:01 - 00:14:59:05
Unknown
Yeah, absolutely. Those are those are, specialized brokerage platforms. And I assume they're they're great. I think, especially with skate,
00:14:59:05 - 00:15:06:11
Unknown
trading to one, two, it's great if you UK or you based one zero fees or using these, these tax advantages
00:15:08:02 - 00:15:17:04
Unknown
Trade Republic. I like a lot if you're in the you want to build a long term ETF for a portfolio that's probably the best option out there.
00:15:17:06 - 00:15:19:17
Unknown
And they also have a great bank account, as I mentioned earlier.
00:15:19:17 - 00:15:21:13
Unknown
And Interactive Brokers, as we've mentioned,
00:15:24:15 - 00:15:32:19
Unknown
Yeah.
00:15:32:19 - 00:15:33:03
Unknown
provided.
00:15:33:03 - 00:15:34:20
Unknown
And, and then it's great.
00:15:35:01 - 00:15:40:08
Unknown
Now, what about the platforms that people should avoid, like the platform that I'm using?
00:15:40:08 - 00:15:53:03
Unknown
Halifax. Share dealing. Yeah. This is the current platform I'm using at the moment. And I kind of wait to show you. I'll show people who are watching this on video. This is basically, I started investing with Halifax in 2018,
00:15:53:03 - 00:15:58:23
Unknown
And at the time they didn't really look like they had much of a platform. But I thought, well, this is going to definitely improve. It has to improve.
00:15:58:23 - 00:16:01:12
Unknown
I mean, eventually we're going to have charts. Surely
00:16:01:12 - 00:16:12:14
Unknown
and that never that never happened. Yeah. And I still to this day just have this list of the stocks and shares I've traded and a button that I can press to trade or sell. And that's pretty much it.
00:16:12:16 - 00:16:40:23
Unknown
The problem, and it's probably quite similar to what Yann was just saying about Revolut. If you build up a big portfolio and you want to sell is I now have about 110,000 pounds of equities on there, and if I want to move them out, which I can should mention the trading to and to Revolut, Trade Republic Interactive Brokers do make it quite easy to move assets in and out of their platforms so you can move these around, but it would cost me thousands in fees to do so.
00:16:40:23 - 00:16:50:13
Unknown
I definitely recommend you really do make it make the decision based on what you foresee your activities being like. If this is something you want to make a real go,
00:16:50:13 - 00:16:52:18
Unknown
then make your choice of platform based on that,
00:16:55:22 - 00:17:10:04
Unknown
Yeah. Yeah, yeah. You probably going to see high fees. I mean, you're probably guaranteed to get high fees if you use your high street bank. The fees with Halifax have reduced over the years, but there's still a custodial fee of 35 pounds a year.
00:17:10:04 - 00:17:14:07
Unknown
it per portfolio or, per position?
00:17:14:07 - 00:17:18:14
Unknown
But for portfolio, if it was position, I'd be even more pissed. Its portfolio.
00:17:18:14 - 00:17:19:23
Unknown
Yeah. So I just pay 35
00:17:19:23 - 00:17:31:05
Unknown
here. Actually, did some some investing with a high street bank in the past as well. And they had one, like, one feature that I really, really enjoyed. And that was the fact that I could, I could call them if I wanted to make a
00:17:34:02 - 00:17:42:01
Unknown
Yeah.
00:17:42:03 - 00:17:50:07
Unknown
Nice. Yeah. Nice. Yeah. And to be fair, you can't do that. You can't do that with Halifax.
00:17:50:07 - 00:17:51:03
Unknown
Okay.
00:17:51:03 - 00:18:05:09
Unknown
there is a phone fee. So, so there's always a fee. So you have to pay a phone fee if you want to buy and sell on the phone with Halifax, which is really sad.
00:18:14:10 - 00:18:30:08
Unknown
Yeah. It's not something, it's, it's not something we brought up in today's episode. We apologize if anyone was listening specifically once a broker to call, but I don't think you're going to have I don't think you have to call trading two or to or Revolut.
00:18:30:08 - 00:18:42:04
Unknown
And look, if you have any questions possibly around whether or not you can phone these people any questions at all, just drop them in the comments below or send us an email if you're listening on podcast. We'll be happy to try and help you as much as possible.
00:18:42:04 - 00:18:47:15
Unknown
And of course, if you enjoyed today's episode, please do give it a like. And if you're watching on YouTube, don't forget to subscribe to the channel
00:18:51:14 - 00:18:52:18
Unknown
you at the next episode.