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Online share dealing triples
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Online share dealing has tripled in the past three months, a report has found.
And more and more people are expected to use the internet to buy and sell shares, the report from the Association of Private Client Investment Managers and Brokers (APCIMS) found.
Online dealing is expected to triple again in the next six months.
The growth is being driven by aggressive promotions, featuring free or reduced prices for internet-sourced trades.
Regular trades
The number of online share transactions was 155,000 in the third quarter of the year, compared with 51,000 in the previous quarter.
There are now about 38,300 online share-dealing accounts, each of which makes about 12 trades per year.
"The internet is really starting to take hold for the investor who is looking for a simple execution-only deal. The online investor at this stage appears to be somebody who trades in little amounts, but trades often," Angela Knight, chief executive of APCIMS said.
The average online trade is for £4,549 worth of shares, compared with £6,031 through conventional brokers.
E-trade boom
Many companies have sought to take advantage of the growing willingness of investors to trade online.
French bank Paribas is planning to launch a pan-European internet broker, allowing users in Europe to buy and sell shares in all major world markets at cheap rates.
Charles Schwab Europe, which began in the UK in 1995, has more than 130,000 active customers, 21,000 of whom are trading over the internet.
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