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.
Hargreaves Lansdown (HL) is one of the most established trading platforms in the UK. HL was founded in 1981 and its 1.3 million clients trust them to manage £96 billion of their savings and investments. Based in Bristol, HL employs 1,580 people and is a full-service trading platform.
Our thanks goes to Mohammad Samee for his review on Hargreaves Lansdown. Samee is a Geography teacher with management responsibilities in a large inner-city London school. He holds a BSc in Geography from Queen Mary, University of London and a PGCE from the Institute of Education, London. When Samee isn’t trading on the stock markets, he can be found in the gym, staying fit and healthy.
1) How and why did you get into trading?
During the first lockdown, I realised that I had more time on my hands and started to get into trading and investing into stock to make extra cash while stuck in lockdown.
2) Why do you use Hargreaves Lansdown over another trading platform?
I chose Hargreaves Lansdown because it was one of the only platforms that I have seen that has a lot of things all in one platform. For example, on the platform you can see analysis of stocks. The platform provides news about a certain stock and gives you financial breakdown of stocks and the annual reports. I don't really need to do my own research on a stock, because Hargreaves Lansdown has the information of the stocks already on their platform which I can look at.
3) When did you sign up for Hargreaves Lansdown?
I signed up for Hargreaves Lansdown in the first week of the first lockdown (around March 16th 2020).
4) How did you find the signup process?
The signup process was very simple and straightforward all you must do is fill out an online application.
5) What are the best things about Hargreaves Lansdown?
I would say the pros of Hargreaves Lansdown is that the platform has a breakdown of all the stocks. The platform shows the breakdown of financial reports and details of historic information on stocks. Also, the platform keeps you updated with news about the stock you bought.
6) What are the worst things about Hargreaves Lansdown?
The cons of the platform are the cost. Buying each share costs you quite a bit compared to other platforms.
7) How reliable is Hargreaves Lansdown?
Hargreaves Lansdown has some teething problems, such as the buying price is lower than the selling price which is not supposed to be. But I guess all platforms have some small teething problem issues. In general, it's reliable but as I have said you will find some teething problem with a lot of other trading platforms.
8) What is the Hargreaves Lansdown customer service like?
I have only contacted Hargreaves Lansdown customer service once. I would say the customer service is good, if you email them, they do tend to respond back quickly with the right help.
9) Do you have any trading tips for fellow investors?
Research into the shares, look at annual reports and news about the stock. Furthermore, you need to understand how you are buying it, are you buying for a short-term process or is it a long-term investment. Based on that you need to analyse if the share fluctuates a lot, if it does then buy shares for short term investment. If it is something that is building [momentum] very slowly maybe buy for long term investment.
10) Does Hargreaves Lansdown in any way help you be shariah compliant?
No.
11) Would you recommend Hargreaves Lansdown to anyone else?
I would recommend it to those who are OK with buying shares which cost quite a bit. For those who are not willing to pay as much there are other platforms out there which is a lot cheaper.
Interviewer and scribe: Adil Ajmain
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