The Verdict
X-O is an execution-only share dealing platform. That means it's only suitable for those who are comfortable making their own decisions on what to invest in, and how to manage those investments as there are no ready-made portfolios and no advice team.
It offers access to a general share dealing account, an
Sometimes called an investment ISA, a stocks and shares ISA is an individual savings account that allows you to invest in shares, unit trusts, investment funds, and bonds. You will not need to pay tax on any income or capital gains earned on investments within an ISAstocks and shares ISA
, and
A junior self-invested personal pension (SIPP) is a way of investing money for your child’s future retirement, free from capital gains and dividend tax. As it is designed to be started before a child turns 18, it must be opened by a parent or guardian although anyone can contribute. Once the beneficiary turns 18, they take control of the account, however, the money within the account cannot usually be accessed until age 55 (rising to 57 in 2028 and likely to rise further)Junior ISA
. Despite the website still showing they offer a
A self-invested personal pension (SIPP) is a type of private pension that allows you to control the specific investments that make up your pension fundself-invested personal pension
, it is now closed to new applications.
There's no denying that with zero account fees on all ISAs, Junior ISAs and general investment accounts, this is a cheap place to be a buy-and-hold investor. If you plan to trade on a regular basis, however, that £5.95 per trade (which applies no matter what you're trading), could end up meaning the platform is more costly than a commission-free provider.
The main downside of using X-O is that there are no international shares and no mutual funds, only UK stocks, gilts, bonds,
Exchange traded funds (ETFs) are traded in much the same way as stocks. Instead of an individual stock, however, you own a basket of different assets which track the performance of a particular index or market. exchange-traded funds
and investment trusts. That's very limiting.
There are also a few sneaky charges to watch out for, such as the £15 + VAT fee per stock to transfer out, and £50 + VAT to close your ISA or Junior ISA.
If your plan is to buy and hold UK stocks or ETFs, however, and you're not bothered by the lack of a mobile app and a trading platform that feels very dated, then it's a reasonable option. For complete beginners, however, this platform wouldn't feature on my shortlist.
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Pros
- No annual account fees on ISA, JISA and general share dealing account
- One simple trading fee of £5.95 per trade
- Cheap platform for those who don't trade regularly
- Demo trading available ('Fantasy Portfolio')
Cons
- Only UK stocks - No stocks from US exchanges or rest of the world
- £50 fee for closing ISAs and Junior ISAs
- £15 per stock to transfer out
- No longer offering a SIPP
- Dated feel to the platform
- Inactive accounts may be closed without notice after 12 months - and a fee charged for closing
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Verdict 
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