Just realised from another poster they get you both ways! I changed to 'manual' when I realised the above. But now I see that incurs me a $15 charge on every transaction. Putting the two together, you should consider any purchase of shares up to about £4000 to incur an effective 1% transaction charge, realisable on sale of your shares. This means there is about a 1% bias against any transaction you do (you are starting 1% down), so there is an advantage in looking for medium to longer term investments rather than attempting to make small gains of one percent here or there. I am going to change back to automatic, as I tend to invest small amounts, and reconsider my whole approach.