Iweb Share Dealing Account

By Veer Rajput Last updated Feb 3, 2022

The bottom line for us-The iWeb share dealing account should not be overlooked by novice and intermediate investors. This account, which is run by Halifax Share Dealing, provides a wide selection of investing options at a lesser cost. However, more ambitious investors may be frustrated by its limited access to overseas markets.

While there is no mobile app, the website is simple to use and provides access to shares, gilts, stocks, and ETFs from a variety of global markets. It’s a good choice for investors who know what they’re searching for and wish to invest through a lower-cost share dealing account.

Always get independent financial counsel if you’re unsure about the suitability of an investment for your specific circumstances.

The iWeb Share Dealing Account’s best feature

Affordability is one of the standout elements of iWeb’s offering. Although opening an account costs £100, there are no annual administration fees and only a £5 commission on every UK share trade.

You don’t have to pay any more platform fees regardless of how active you are or how large your portfolio gets. In addition, if you’re a rare trader, you won’t have to pay any inactivity costs.

It may not be the best value share dealing account for high-volume traders who make numerous deals each day, but it’s worth considering if you trade less frequently (but frequently enough over time to offset the £100 opening charge).

Commission rates for iWeb Share Dealing Accounts

For shares, there is a straightforward pricing system. Every deal you make costs you £5 in commission. If you sell or purchase international shares, iWeb will convert the price into GBP, add 1.5 % to the exchange rate, and keep the difference as commission. (In addition to the regular £5 trading cost, this is levied.)

You will be charged 2% of the dividend amount, up to a maximum of £5 per stock, if you make any dividend reinvestment transactions.

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Fees you should be aware of

The costs are extremely low when compared to other traditional brokers. On top of your trading expenses, you must pay a £100 one-time joining charge and a 0.5 % UK Government stamp duty on any UK shares you purchase.

There are no platform fees or inactivity penalties. For buy-and-hold or infrequent traders, this can be favorable. If you have a set and forget’ attitude to trading or trade seldom, you won’t have to worry about platform or inactivity fees eroding your account balance once it’s established.

You will be charged the regular £5 trading commission for each fund trade you make if you opt to invest in funds. Every year, you will pay recurring charges and transaction costs to the fund manager for each fund you own. The fund manager deducts both of these costs immediately from the value of your fund investment. Ongoing fees typically range from 0.25 % to 1.5 % of the value of your investment, plus another 0.5 % to cover transaction costs. (The actual sums are published on the iWeb page in the documentation for each fund.)

Setting up a TradePlan with your Share Dealing account to enable you to stop losses or place limit orders is completely free.

With an iWeb Share Dealing Account, you can buy stocks, ETFs, and mutual funds.
Stocks, shares, trusts, and ETFs are offered in seven different marketplaces across Europe, the United Kingdom, and the United States.

To be clear, you cannot reach emerging markets in Asia, for example.

The iWeb stock trading platform

It’s simple to open a stock trading account. All you have to do is fill out an online application. The platform is straightforward to navigate once you’ve enrolled, and you can use it on your phone, albeit there isn’t a mobile app.

Overall, the platform is simple, yet it accomplishes the task at hand.

The research services provided by iWeb

You can search for investments and current share prices in the Shares and Funds Centre. There’s also a Markets and Insights section, as well as online help and some rather thorough graphing.

The platform emphasizes that no investment is without risk, which is important to keep in mind. Remember that any investment information or expert opinion supplied on the iWeb website is not personal advice and is intended for investors who are comfortable making their own investment decisions. If you have any doubts about an investment’s suitability for your circumstances, you should get independent financial counsel.

Things to be aware of

On the platform, there are no models or pre-made portfolios. So, before you start, you need to know what you’re pursuing and what your approach is.

If you’re trading internationally, keep in mind that exchange rates fluctuate, which can alter the commission you pay iWeb.

Finally, if you’re a frequent trader, £5 each transaction can quickly add up, making it ineffective.

Service and assistance

Some guides are available online, and iWeb’s UK-based telephone and live chat hotline is open Monday through Friday from 8 a.m. to 9 p.m.

There’s also a textphone service for people who have trouble speaking or hearing (open 8 am-5 pm, 5 days a week).

Is it a smart idea to open an iWeb Share Dealing Account?

Maybe if you’re willing to ignore the lack of pre-made portfolios. In the core markets, there is a wide selection of diversified investment choices accessible, many of which offer good value for money.

However, it isn’t the most advanced platform available, and the lack of a mobile app may be bothersome if you’re on the go. Because there isn’t much guidance or assistance for new investors, they may find it all a little intimidating.

All in all, the one-time account fee and low trading costs make it a strong competitor for those searching for a low-fuss, low-cost investment option.

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