Broker choice for UK non resident

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Snurps
Posts: 1
Joined: Thu Jan 18, 2018 5:56 am

Broker choice for UK non resident

Post by Snurps » Thu Jan 18, 2018 6:28 am

Hello

Long time lurker, first time poster here. First I'd just like to thank all the long term posters here. I've learnt a lot reading these forums.

I'm from the UK but currently a non resident. This limits my options to buy funds.

I currently have an account with Internaxx (formerly TD Direct International) in Luxembourg. I'm considering moving my holdings to Interactive Brokers. My main concerns are fees and long term security of the account (as all my retirement savings are in it).

Internaxx have higher fees (25/45 euros per quarter depending on whether a trade is made and 15 euros per trade +0.1% of the value of the trade). Over 100,000 USD Interactive Brokers have no ongoing fees and much lower per trade fees.

Internaxx also have weaker account security with just a username and password as opposed to proper third party authentication that is available with Interactive Brokers.

The positive of Internaxx is they are in Luxembourg which I believe has excellent investor protection. I would be under the Hong Kong branch of Interactive Brokers and I am not sure how that is linked to the US branch. I assume this last part is only relevant if one of the brokers goes bust? While unlikely I prefer to be cautious on this one.

Is the likely hood of either going bust so low that I can ignore that risk? Therefore just move to Interactive Brokers for the lower fees?

Thanks in advance for any suggestions.

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