Share prices can sometimes be very volatile. In fact they can be so volatile that you may not always be around a computer to sell the shares before things got worse. You can use your mobile browser to sell shares online or to make a quick phone call.
How to sell shares by phone
Your share dealer will have a specific phone number for selling shares over the phone. When you ring, you will need to provide your customer account number or other ID. If you are selling your shares through a broker that did not issue the shares then you will need provide identification in order to sell your shares by phone.
Cost of selling shares by phone
Most share dealers will use a transaction model that changes the cost depending on the value of shares being sold. The cost usually ranges from £25.00 to £75.00 and sales in excess of £100,000.00 may lead to a small % commission being taken; commonly 0.1%. Selling shares by telephone or mobile is almost always more expensive that selling shares online.
Risks of selling shares by phone
Relying on your mobile or telephone to sell shares is not advisable. While share dealers will almost always have someone available to broker the transaction, it is not guaranteed. You may also find yourself without access to a phone at a crucial point in the day when selling the shares is considered a very profitable move. Making phone sales beyond the market closing time is not possible and so the times at which you can sell shares is restricted.