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.
| Online trading | Austria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, UK, USA |
| Telephone trading | n/a |
| Typical online | £9.9 |
| Online details | Commissions 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 Exchange | 0.1% (min £10) plus £2.10 per fill for partial fills |
| Euronext Amsterdam, Brussels and Paris | Passed-on exchange fees only |
| Chi-X | 0.1% (min £10) plus £1.65 per fill for partial fills |
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| Typical telephone | n/a |
| Telephone details | n/a |
| Account fees and inactivity fees | Quarterly 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 stocks | None |
| Dividend charges | None |
| Corporate action charges | None |
| Currency conversion charges | iDealing 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 currencies | Yes |
| Currencies allowed | AUD, CAD, CHF, EUR, GBP, JPY, USD |
| Tax-advantaged accounts | ISA (administration fee of £5 per quarter), SIPP (fees vary) |
| Other products and services | Bonds, CFDs, funds (limited range at present), futures, FX, options, spreadbetting |
| Minimum account size | £1,000 (£2,000 for margin accounts) |
| Company location | UK |
| Further information | Visit the iDealing website |
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