Share Dealing

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Buying, selling and investing in shares is never without risk. The market itself can go down as well as up, and the companies you pick can perform badly. If you are going to invest in shares it is important to research potential investments to see if they are suitable for you. Make sure you do not invest more than you can afford to lose. You can also consider investing in a number of unrelated stocks in order to spread your risk.

What it means for you

Under Financial Conduct Authority (FCA) rules you are classed as a retail customer and, because of that, you get greater protection than other 'more qualified' clients.

Before deciding whether to trade, you need to be aware of the following:

General risk warning

  • Past performance of an investment is no guide to its performance in the future.
  • Investments, or income from them, can go down as well as up.
  • Risk can be brought about by the performance of world markets, interest rates, taxes on income and capital, and foreign exchange rates.
  • You may not necessarily get back any of the amount you invested.
  • Smaller company shares can be relatively illiquid, meaning they could be harder to trade, which makes them higher risk.
  • Content and information about potential investments are designed for general use, and so cannot be considered personal to your circumstances or your financial position.
  • This site does not offer advice.
  • If you are unsure about any investment or financial decision, you should seek expert independent advice.
  • This site and its services are only directed at persons in the UK.


  • A warrant is a time-limited right to subscribe for shares, debentures, loan stock or government securities.
  • Warrants often involve a high degree of gearing - where you only pay upfront a small amount of your potential losses. This means a small price change in the stock results in a large movement up or down in the price of the warrant.
  • The prices of warrants can therefore be volatile.
  • If the investor fails to exercise the warrant within the predetermined timescale then the warrant becomes worthless.
  • You should consider carefully whether warrants are suitable for you in the light of your circumstances and financial position.
  • You should not buy a warrant unless you are prepared to sustain a total loss of the money you have invested plus any commission or other charges.
  • Some other instruments are also called warrants but are actually options such as a right to acquire securities exercisable against someone other than the original issuer of the securities (called a 'covered warrant').

Full Risk Warning

  1. The market information relating to the past performance of an investment is not necessarily a guide to its performance in the future. The value of investments or income from them may go down as well as up. As stocks and shares are valued from second to second, their bid and offer value fluctuates sometimes widely. The degree of fluctuation of fund values varies significantly and the value of higher volatility funds may change suddenly. The value of investments may rise or fall due to the volatility of world markets, interest rates and capital values or, for investments held in overseas markets, changes in the rate of exchange in the currency in which the investments are denominated. You may not necessarily get back the amount you invested.
  2. Taxes may affect the net value of your investments and income received from them. Levels and bases of, and reliefs from, taxation are subject to change as UK legislation and regulations and the UK tax regime are amended from time to time. Any content on this site referring to such legislation, regulations or tax regime should not be relied upon.
  3. All content provided through this site is only for your personal information and use, and is not intended to address your particular requirements or to be relied upon in making (or refraining from making) any specific investment or other decision. Such content shall not constitute any form of advice or recommendation by us.
  4. Where you are unsure about any specific investment or other decision, you should obtain appropriate expert independent advice.
  5. Unless otherwise stated, this site is directed only at, and the services provided through this site are only available to, persons in the United Kingdom. Persons outside the United Kingdom should not use or rely upon any content or services provided through this site.
  6. Nothing included in this site constitutes an offer or solicitation to sell investments to anyone in any jurisdiction outside the United Kingdom in which such offer, solicitation or distribution would be unlawful.

Off-Exchange Transactions

  1. Transactions in off-exchange warrants may involve greater risk than dealing in exchange-traded warrants because there is no exchange market through which to liquidate your position, or to assess the value of the warrant or the exposure to risk. Bid and offer prices need not be quoted, and even where they are, they will be established by dealers in these instruments and consequently it may be difficult to establish what a fair price is.
  2. We will make it clear to you if you are entering into an off-exchange transaction in any warrants and advise you of any risks involved.

Foreign Markets

Foreign markets will involve different risks from United Kingdom markets and in some cases the risks will be greater. On request, we will provide you with an explanation of the relevant risks and protections which will operate in any foreign markets, including the extent to which we will accept liability for any default of a foreign broker whom we use to process deals. The potential for profit or loss from transactions on foreign markets or in foreign denominated contracts will be affected by fluctuations in foreign exchange rates.

Interactive Investor Trading Limited

The Interactive Investor Share Dealing Service is operated by Interactive Investor Trading Limited, which is authorised and regulated by the Financial Conduct Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS with registration number 190551. Interactive Investor Trading Limited is a company incorporated in England with Company Number 0369918 and having its registered office as Standon House, 21 Mansell Street, London E1 8AA. A Member of the London Stock Exchange and an HM Revenue & Customs Approved ISA Manager.