iDealing

 

iDealing is a no-frills low-cost online stockbroker. Historically, one of its biggest selling points has been that it’s one of very few UK retail stockbrokers to offer Direct Market Access to the London Stock Exchange (the other main ones are Interactive Brokers, Saxo Capital Markets and more recently IG).

More recently, the firm has been expanding into European markets and now offers commission-free trading for Euronext Amsterdam, Brussels and Paris, passing on only the per-trade charges levied directly by the exchange. It also offers other CREST-eligible foreign stocks – ie those can clear and settle through the UK securities depository – for additional European markets and the US, traded through UK market makers. Costs are commendably low compared with many UK peers, especially once FX charges are taken into account – in particular, it appears to score very well on estimated ISA costs.

Be aware that iDealing charges a £60 fee to close or transfer out an account. This kind of closure fee is relatively standard among ISA providers, but not common for regular trading accounts.

Markets available
Online tradingAustria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, UK, USA
Telephone tradingn/a
Dealing commissions and charges
Typical online£9.9
Online detailsCommissions depend on the route you choose to execute the trade.
UK retail service providers£9.9/€14.5/US$19.5
Direct to London Stock Exchange0.1% (min £10) plus £2.10 per fill for partial fills
Euronext Amsterdam, Brussels and ParisPassed-on exchange fees only
Chi-X0.1% (min £10) plus £1.65 per fill for partial fills
Typical telephonen/a
Telephone detailsn/a
Other fees and charges
Account fees and inactivity feesQuarterly fee of £5 for the standard "Smart Wealth" tariff. An alternative "Admin Free" tariff with no account fee, but a £2 additional charge per trade is also available.
Custody charges for stocksNone
Dividend chargesNone
Corporate action chargesNone
Currencies
Currency conversion chargesiDealing charges a 1% margin for direct currency conversion within account. Alternatively, when buying foreign securities quoted in GBP by a market maker, the price will include the market maker's own margin (assume up to 0.5% depending on deal size) but no additional FX charge from iDealing.
Hold cash in foreign currenciesYes
Currencies allowedAUD, CAD, CHF, EUR, GBP, JPY, USD
Other details
Tax-advantaged accountsISA (administration fee of £5 per quarter), SIPP (fees vary)
Other products and servicesBonds, CFDs, funds (limited range at present), futures, FX, options, spreadbetting
Minimum account size£1,000 (£2,000 for margin accounts)
Company locationUK
Further informationVisit the iDealing website

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 Posted by at 11:46 pm