I’ve been getting spammed with Lightyear ads and thought I might as well look at their website, I then came across this, not sure how accurate it is but that’s quite a discrepancy. The chart is interactive golightyear.com. Has anyone tried Lightyear, what are your thoughts?
I’m more curious how accurate this is - Do Lightyear have any FX Fees
It looks like no fee on the first £3000 converted every month and there is an option for multi currency accounts.
Erm… More curious how they make there money as doesn’t seem like they gain alot doing that
1 Like
On paper it does look very cheap. no FX fees under £3000 a month.
For those that invest in foreign stocks it is a good proposition.
The downside is no ISA. I wonder what they will charge for their ISA when it’s released
I mostly invest in ETFs and UK Investment companies so their platform wouldn’t be of much benefit to me
I have seen some people complain of slow orders. I haven’t checked their terms but worth reading. Also they’re Estonia based which would make me hesitate moving any large sums of money there.
2 Likes
I agree and it was my first thought as well.
It may just be a loss leader to draw people in, once they have enough people they start putting stuff behind pay walls. It’s a competitive market to enter and really hard to persuade people to move away from a platform they have become accustomed to.
Interesting to see where it goes but I’ll not be moving to them !
1 Like
Fees are imo notoriously hard to compare as it very much depends on how you invest and what you invest in.
The issue as well is focusing just on fees is completely the wrong way to look at it.
Fees are a component of your review of a platform. But what about the safety of your assets? Not all of those in that image ensure your assets are held in a nominee. What about the access to markets? Reliability of the platform? What about getting good reporting and tax information? What about support for your accounts?
These should not be ignored. And some platforms do some things better than others
3 Likes
They have started charging for trades now.