We’ve put together a series of reviews on stock market trading platforms. We’ve asked professional Muslims to review the stock trading platform they use. Each review has been done in an interview style.
Lloyds is one of the largest financial institutions in the world. This British financial institution, founded in 1765, gives you access to a wide range of financial products, including individual shares, funds, exchange-traded funds (ETFs), and Investment Trusts. In addition to offering banking and insurance services, Lloyds also offers retail brokerage accounts for everyday trading and investing. With Lloyds, you get access to the entire UK stock market along with markets in the US and across Europe. Unlike fellow large share dealers, such as Hargreaves Lansdown, Lloyds has opted not to offer a mobile app.
Our thanks goes to Razna Miah for her review of the Lloyds share dealing service. Razna is a property investor, with a property portfolio spanning the south, midlands, and the north of England. When Razna isn’t trading on the stock market, she is assessing the next investment opportunity.
1) How and why did you get into trading?
I was introduced to trading by a family friend over 10 years ago, and I still trade now because it's always good to have another source of income as a back up [in case your primary income source dries up].
2) Why do you use Lloyds over another trading platform?
I just needed a broker that is easy to use and user friendly. That's why I chose Lloyds. Lloyds fitted the bill.
3) When did you sign up for Lloyds Bank?
Early 2020.
4) How did you find the signup process?
The sign-up process was easy, I had to just complete an online form which asked the usual questions such as my name, contact details, bank details and proof of identity.
5) What are the three best things about Lloyds?
Has Informative educational material for beginners
Offers a wide selection of account types
Relatively low fees and commission
6) What are the worst things about Lloyds Bank?
Lloyds does not offer a mobile trading app
Limited trading tools and features
7) How reliable is Lloyds Bank?
It is a reliable platform to use. I researched into the platform and I saw that many people use the platform for trading which suggests that the platform is reliable. The reviews are also good too so i would say overall the platform is reliable.
8) What is the Lloyds Bank customer service like?
I have contacted customer service before, but I wasn't too happy with their service. You must wait 45 minutes to speak to someone. So, I think that Lloyds could improve their customer service because I don't think it is acceptable to keep your customers waiting on the line for 45 minutes.
9) Do you have any trading tips for fellow investors?
Trading is not for everyone; you need to do as much research as possible and really understand how trading works. Always be aware of when the market is up or down and do your own research on shares you are thinking of buying.
10) Does Lloyds Bank in any way help you be shariah compliant?
No.
11) Would you recommend Lloyds Bank to anyone else?
I would recommend the Lloyds investment platform to anyone who is looking for a broker because it is pretty easy to use. I have used it for some time now and I have not found any fault with the platform.
[If you'd like to compare this review with others, there's a whole section on trading platform reviews - check it out]
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