Share dealing platform

hennypenny308

I am currently with EQi for my share dealings. As you know they have been taken over by ii. I'm not happy with their fees. I only do up to 10 share transactions per year, so their fee of £9.99 per month and £7.99 per share transaction, would mean that my annual fees will be over £200.
Is there another share dealing platform that would suit my needs?
Does anyone have any experience with IG share dealing?

masonic

There are quite a few cheap options if you are just holding shares. For example Jarvis X-O (no custody charges), iWeb (after the one off account opening fee there are no custody charges), Trading212 (no custody or trading charges).

JGB1955

With ii the first  £7.99 share dealing is included within the £9.99 monthly charge.  Those free sales can be carried forward for a few months - I currently have £23.97 of share sales 'in the kittty'.

ivormonee

I don't believe Eqi have been taken over by II yet although it is in the pipeline. I am under the impression that they operate a very similar pricing model - you pay a fee but this is offset to some degree by "free" trades. Eqi and II both do this, so not sure how different they really are. The "free" credit is a bit of a gimmick that suits them, not the user, in that they still take your "platform fee" regardless of whether or not you use any "free" credit before it expires. The true cost of a trade to the platform is closer to 50p than it is to £7.99, so by taking £9.99 from you and (potentially) only giving back 50p they are quids in!

As already pointed out there are other options, notably XO and IWeb. I believe IG offer a similar pricing to Eqi and II - ie. you pay a fee but then this is potentially offset with "free" trades, so if you don't like the sound of II the same would apply to IG (and to Eqi, ironically). Beware too though that of the remaining platforms if you were to ever desire to leave XO will keep you hostage with their exit punishment charge, something which II, IWeb and IG have either dropped or never applied.

Swings and rounabouts. Perhaps just pick the website with the nicest colours.

hennypenny308

I don't think IG charges any fees.

ivormonee

hennypenny308 said:

I don't think IG charges any fees.

I see. Well that would be the obvious choice then.

Eco_Miser

Here's a price comparison for brokers: https://monevator.com/compare-uk-cheapest-online-brokers/

There are a wide range of pricing models, which is best depends on how much you have invested, and how often you trade.

eskbanker

hennypenny308 said:

I don't think IG charges any fees.

....in which case it would be better to check, at https://www.ig.com/uk/investments/share-dealing/costs-fees

hennypenny308

My mistake. IG charges almost £100 per year. They are very sneaky and in fact fraudulent in advertising their services as her commission fee.

eskbanker

hennypenny308 said:

My mistake. IG charges almost £100 per year. They are very sneaky and in fact fraudulent in advertising their services as her commission fee.

Probably best not to libel companies as fraudulent on public forums but in any case there is obviously a difference between 'commission-free' (transactions) and 'completely free' (as in no ongoing charges)....

hennypenny308

Thanks for all the advice. I've decided to go with IWeb, a one off £100 to join and then £5 per transaction. So if I don't trade, I don't pay anything.