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 are using. Each review has been done in an interview style.
Interactive Investor was incorporated in 2003 and is the second largest online investment provider in the UK. It has one million users and 300,000 customers.
Our thanks goes to Hamza Nazar for his review of Interactive Investor. Hamza is a Structural Engineer from London. He graduated from City University, London with a BEng in Structural Engineering in 2008. He went on to complete an MSc in Structural Engineering a year later, also at City University. When Hamza is not trading on the stock market, he is involved in developing multi-million pound commercial and residential properties in prime London locations.
1) How and why did you get into trading?
I researched trading on the stock market, and I think at some point someone recommended that I get into trading. I also saw it as another easy opportunity to make extra cash.
2) Why do you use Interactive Investor over another trading platform?
I chose it a long time ago, and at that point it was the cheapest I could find, and I liked the layout of the platform- easy to use, so I stuck with it.
3) When did you sign up for Interactive Investor?
I signed up for the platform a long time ago, about 7 years ago.
4) How did you find the sign up process?
It takes quite long to set up an account, there are a lot of steps to setting the account. You have to provide them with an ID , bank statement and passport. Then they ask you for some general information. So the sign up process could take a bit of time.
5) What are the best things about Interactive Investor?
There are a lot of research tools.
It is easy to use in general.
It's got a lot of functions. (Not that I use many of the functions but there are a lot of functions available for investors who want to make maximum use of the platform)
6) What are the worst things about Interactive Investor?
Looking at it now the platform is quite expensive, the platform has a fee that you have to pay each month, whether you have any shares or money on the account or not. I think right now the fee is £10 a month.
7) How reliable is Interactive Investor?
Very. I have been using Interactive Investor for the last 7 years and I've not had any problem in the 7 years that I have been using the platform, so I would say it's reliable.
8) What is Interactive Investor’s Customer service like?
I’ve only had to contact customer service twice, but it was fine, nothing exceptional but nothing bad either. They managed to sort my issues out within a day or two on both occasions.
9) Do you have any trading tips for fellow investors?
Do your research before buying a stock, I know that's a cliché answer but it is very important. You don't want to lose your money just because you invested in the wrong stock.
11) Does Interactive Investor in any way help you be shariah compliant?
No not that I'm aware of.
12) Would you recommend Interactive Investor to anyone else?
If you're starting off and you're new to investing and trading then probably not; it's too expensive now. But if you're investing thousands of pounds then yes I would probably recommend it, it does compete well with other companies.
Interviewer and scribe: Adil Ajmain
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