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
Trading Platform
X-O has no mobile app which is very unusual and a potential major inconvenience. However, if you're a buy-and-hold investor (and this is the investor who does best from X-O's pricing), then you probably won't be needing to check in on your investments on-the-go and can manage with just a web platform.
The website is very basic and feels dated in its design. The platform itself also feels as though it hasn't been updated in a decade or two, with a very basic design. It certainly isn't as sophisticated in its functionality or design as many of the newer, low-cost trading platforms such are Trading 212, Freetrade, and eToro. X-O suits those who just want a cheap platform which gets the job done and doesn't pretend to be anything else.
Pros
- Web platform
- Designed to get the job done and is effective
- Limit Orders and Stop Losses available within trade execution tools
Cons
- No mobile app
- Functional, unsophisticated design
- Dated feel
Account Opening
X-O is a bit old school in some of its account management operations. For example, to transfer assets in from another provider, you need to download a transfer form and then complete, sign and return it by post.
Account opening is done via a web form that looks like a bit dated, but it serves the purpose. You'll be asked for you National Insurance number, bank account details, information on how much previous experience you have an with investing, how much you're likely to trade and what your initial investment will be.
Although you can apply through a web form (you can also apply by post), you won't get instant access to trade as it needs verification from a member of the team. You'll then be emailed your login details if you applied online (or in the post if that's how you applied). Once you are in possession of your account number you will be ready to trade.
Research
Research functionality is rudimentary. It's limited to price information, company profile, charts showing previous price performance over different periods of time, and market news.
This may be enough for some buy-and-hold investors, but will definitely not be enough for active traders or those who like to take a deep dive.
Pros
- Stock screener
- View past performance charts
- Ability to change chart types (inc candlestick, line, area, logarithmic, and OHLC
- Market news
Cons
- No analyst ratings, projections, or stock price expectations
- No live pricing (15 mins delay)
- Basic by comparison to competitors
Safety
X-O is actually a trading name of Jarvis Investment Management Ltd, which is authorised and regulated by the Financial Conduct Authority (FCA). It is also a member of the London Stock Exchange, giving customers added confidence in the safety of this provider.
The FSCS provides clients of Jarvis compensation of up to £85,000 per investor for investments. In addition, in line with the FCA's client money rules, all client money is segregated from the firm's own funds.
Account security questions feel dated too - there is no 2-factor authentication to provide an added layer of reassurance, or digital identity verification at onboarding.
Pros
- FCA regulated
- Jarvis Investment Management is a member of the LSE
- FSCS protection up to £85,000
- Client assets are segregated from X-O's own ensuring they are protected from creditors should the firm go bust
- Established for 30+ years
- Option to use Individual Client Segregation service can be added to a Share Dealing Account/ISA (for a fee)
Cons
- Account security measures aren't as sophisticated as other platforms
Education
Other than a glossary of terms, X-O does not offer any educational materials at all. X-O is a place to hold assets cheaply: it is not somewhere to grow your knowledge as an investor/trader.
Customer Service
Jarvis Investment Management - the company behind ShareDeal Active - provide easy telephone access Monday - Friday, 8am - 5pm, with one dedicated line for customer service and one for the dealing desk in Tunbridge Wells. You can also email them. In keeping with the rather dated feel of the website and online trading platform, they don't use anything like a chatbot, although there are some FAQs on the website, and it's still possible to fax Jarvis.
If you like old-fashioned, in-person service, you'll like this customer service.
Pros
- Old-fashioned, attentive, human-to-human customer service values
- Telephone support is excellent
- Email enquiries answered quickly
- Some FAQs on the website
Cons
- No weekend support
- No modern customer service additions such as a chatbot or extensive online 'Help' section with search facility
Social Trading
X-O has no social trading features.
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Cons
- No community forum
- No copy-trading or other social trading features
Corporate Actions
X-O notifies clients in writing of any corporate actions. However, it charges a fee of £20.00 + VAT for proxy voting or for a letter of representation for attendance at shareholder meetings.
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Disclosure 
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Verdict 
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Social Trading 
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