Best Online Share Dealing Platforms

In this article, we help you to find the cheapest online share dealing platforms for buying and holding shares / ETF investments in a general investment account. If you would like to invest in funds, you will need to read our separate comparison of fund platforms as fees do vary by type of investment.

Total platform fees often vary depending on how frequently you trade and the overall size of your investment portfolio. As such, we will look to provide a cost comparison across all platforms for regular investors and frequent traders, and for investments totalling £10,000, £20,000, £50,000, £75,000, £100,000, £150,000, £200,000, £0.5 million and £1.0 million.

Remember, cheapest doesn’t always mean best. Whilst all of the platforms listed are execution-only meaning they do not provide advice in terms of where you should invest your funds, the platforms do vary in terms of customer service quality, provision of useful tools and research, investment choice and ease of access. For example, platforms such as Hargreaves Lansdown and Fidelity are highly regarded in terms of customer service quality and access to tools/research (and therefore commonly recommended for new investors), but are not the cheapest in terms of fees.

Do online share dealing platform fees matter?

Yes, the level of fees charged by the online share dealing platforms definitely matters as it can have a big impact on your investment performance over time. It is particularly important to consider the type of investor you intend to be as certain investment platforms offer attractive fees to certain investor types and not others.

For example, our research shows that IG offers the best rates for frequent traders making 20 trades per month irrespective of investment holdings. However, if you only made 2 trades per month, you would pay an additional £71 per year in fees to invest with IG compared with investing via Interactive Investor. If you intend to hold your investment for a number of years, the impact of these additional annual fees has a much larger compound effect.

Cheapest online share dealing platforms – summary

Read the detailed results of our study in the next section or just scan our top picks summary below.

Best all-round platforms

These three platforms are the best (in our view) when taking into account pricing, customer service, ease of use, availability of different types of investment and access to useful tools and research.

• AJ Bell
• Hargreaves Lansdown
• Interactive Investor

Cheapest for infrequent traders

1. iWeb Share Dealing (not currently accepting new investors)
2. X-O
3. The Share Centre
4. Interactive Investor

Cheapest for frequent traders

1. IG Share Dealing
2. Interactive Investor
3. iWeb Share Dealing (not currently accepting new investors)
4. AJ Bell

Cheapest for regular investors

1. The Share Centre (if regular investment value exceeds £200 per share, may slip below Hargreaves Lansdown / EQI as the cheapest option).
2. Hargreaves Lansdown
3. EQI
4. AJ Bell

Cheapest online share dealing platforms – detailed results

Non-frequent traders

This analysis assumes 2 trades per month, not taking advantage of any regular investment or frequent trader discounts. Values stated are annual costs.

* We have assumed that an ‘Investor’ account with II will be used by this type of investor.

** Opening an iWeb general investment account typically costs £25. However, iWeb is not currently accepting new sign-ups due to COVID-19.

*** Dealing costs for Strawberry Invest and The Share Centre have been calculated using the minimum cost of £7.50. These costs can increase if the trade is worth >£750.

**** You cannot purchase shares via Vanguard Investor – you can only invest in Vanguard ETFs and funds. The price to trade ETFs live is £7.50, though you can purchase using the bulk dealing service free of charge. The £7.50 charge has been included in the table to provide direct comparison with other platforms.

Frequent traders

This analysis assumes 20 trades per month, taking advantage of frequent trader discounts, where available. Values stated are annual costs.

Note that this analysis indirectly shows that when investing smaller amounts of money, fees have the potential to seriously eat into your returns if you are frequently trading. When investing in individual shares with a relatively small investment, a buy and hold strategy is likely to be more appealing. Alternatively, smaller investors should consider investing their money in passive or managed funds (read our fund platform comparison guide).

* We have assumed that a ‘Super Investor’ account with II will be used by this type of investor.

** Opening an iWeb general investment account typically costs £25. However, iWeb is not currently accepting new sign-ups due to COVID-19.

*** Dealing costs for Strawberry Invest and The Share Centre have been calculated using the minimum cost of £7.50. These costs can increase if the trade is worth >£750.

Regular investors

This analysis assumes 10 regular investments each month in the same companies shares, taking advantage of regular investment discounts where available. Values stated are annual costs.

Remember, this analysis does not take into account the fact that the special ‘regular investor’ rates will not apply when you come to sell your investment. Cross refer to the master list of fees at the top of the page to factor these costs into your decision making.

* We have assumed that a ‘Super Investor’ account with II will be used by this type of investor.

** Opening an iWeb general investment account typically costs £25. However, iWeb is not currently accepting new sign-ups due to COVID-19.

*** Dealing costs for Strawberry Invest have been calculated using the minimum cost of £7.50. These costs can increase if the trade is worth >£750.

**** Regular investment costs of £1 have been used for The Share Centre. This is the minimum charge. The value can be higher where individual regular share purchases exceed £200 (0.05% of value will be charged).

***** You cannot purchase shares via Vanguard Investor, you can only invest in Vanguard ETFs and funds. The price to trade ETFs live is £7.50, though you can purchase using the bulk dealing service free of charge. The £7.50 charge has been included in the table to provide direct comparison with other platforms.

Online share dealing platform charging structures

Whilst some platforms do feature slightly more complicated charging mechanisms, the two main charges you typically need to look out for when comparing online share dealing platforms are dealing fees and asset management fees/account fees. Some platforms have dividend reinvestment and regular savings options with lower fees, so these have also been included for reference.