Share dealing can be a lucrative venture for investors. However, anyone who is unfamiliar with the process may feel intimidated by all of the complexities that surround it. Thankfully, there are options at your disposal, such as iWeb Share Dealing. With it, you can enjoy:
- Trading across Europe and the United States
- Choose from more than 2,000 mutual funds
- Access to over 1,500 shares
- Access to over 500 ETFs
- Affordable trading fees
If this sounds like the kind of edge you’d like to have in share dealing, you’ll want to stick around for our comprehensive iWeb review.
iWeb Share Dealing: Verdict
There’s no question about it; iWeb is an appealing option thanks to its affordable pricing and simple setup. Sure, there are delayed prices and a lack of charting tools. But the basic research tool is ideal for beginners who need simplicity over substance. Plus, the trading commission is attractive and you can obtain a large number of stocks and funds.
Pros & Cons
|Major share accessibility||Not ideal for regular day traders|
|A part of Lloyds Banking||Basic platform for trading|
|Attractive commissions||Limited support|
|Easy to use|
How Does iWeb Share Dealing Work?
iWeb’s Share Dealing application is an easy-to-use and affordable execution-only service designed for share dealing. As part of Lloyds Banking Group, Halifax Share Dealing operates iWeb. Clients only need to pay an opening platform fee of £25 when signing up for either the Stocks and Shares ISA Account or the Share Dealing Account.
What’s more, you won’t find any additional inactivity or management fees, and the commission rate for each transaction is a paltry £5 a trade. This is rather advantageous compared to some of the pricier UK broker accounts.
In view of the company’s low-cost positioning, the iWeb website is incredibly simple.
There aren’t any additional functions, however, and you have fairly limited access to additional information and research. We also found the charting tool to be rather basic. No mobile apps are available, but at least the website responds well.
And you can always access the main website via your tablet or smartphone as a workaround for this minor caveat.
As far as iWeb’s functionality, there are three accounts for your consideration:
- Stocks and Shares
- Share Dealing Account
- SIPP (Self-Invested Personal Pension) Account
We will explore each account in greater detail in the sections below, so you can better understand how they function.
iWeb provides you with access to over 1,500 stocks and more than 500 ETFs. These are traded on major US and European indices. The available markets include London Stock Exchange, as well as six others, including:
- New York, USA
Not only that, but investors may also pick from the following:
- Allianz Global Investors
- Franklin Templeton
- Baillie Gifford
- Legg Mason
- BNY Mellon
- Old Mutual
These are only a sample of what you can choose from, as many others are at your disposal. If you want to see a complete listing of funding providers, you can use the Full Range Search.
As you can see, you have a considerable amount of options for share dealing at your fingertips. This in itself is a huge benefit for first-time traders. But the perks don’t stop there. On the same trading platform, you’ll find a wealth of basic but helpful tools.
Many mutual fund options are available at reduced initial fees or 0% initial fees, plus the trading commission fees. We will discuss those in further detail toward the end of the article when we detail iWeb’s pricing structure.
User Interface (9/10)
We’re big fans of the user interface here, as it is straightforward to understand and a breeze to use. After the investor logs in, the account overview is displayed first. From here, you can access a litany of features and services, including:
- Downloadable statements
- Transaction history
- Account management
- Current valuation
- Cash flow overview
- Dividend history
We appreciate that the interface is so streamlined. Again, seasoned investors and traders will likely find it to be a bit too limited. But those who are unfamiliar with the share dealing process will like what they see.
iWeb was sure to leave any convoluted on the cutting room floor. As such, you’re given a straightforward approach to share dealing, with simplified drop-down menus for quick and easy access to everything that you need.
Admittedly, the design of the interface looks rather archaic; with design reminiscent of the late 90s. But don’t let that deter from you giving iWeb a look. What it lacks in visual presentation is more than made up for in its ease-of-use. And speaking of which…
Ease of Use (10/10)
There’s no arguing that iWeb’s simplicity is quite possibly its strongest suit. Yes, it is going to be fairly basic to anyone used to using a traditional investment platform. But again, that’s not who iWeb is catering itself to.
Those who register for an iWeb Share Dealing account are likely to be those with a very limited understanding of share dealing, to begin with. With that in mind, let’s switch our focus to the features you’ll be using once inside the iWeb site.
Yes, it would have been nice to see a dedicated mobile app to give you on-the-go trading prowess. But as it stands, the mobile website is just as versatile. Plus, it only takes a few extra taps to bring it up and start using it. As such, it’s not enough to lower our Ease of Use score in our iWeb review.
As we’ve already mentioned, the features found within iWeb aren’t anything that breaks new ground. With that said, it’s iWeb’s presentation that deserves praise. It presents its features and functions in a way that is attractive to newcomers.
Once you establish an iWeb account, you can start enjoying the share dealing service and features in the online application.
Research & Information
Access to analysis tools and research is an area where iWeb’s cost-benefit strategy is clearly reflected. iWeb features a section called “Markets and Insights.” Here, investors can access the latest relevant information and other market news to make investment decisions.
This tool provides a “deterministic” overview of currency pairs, major indices, and commodities.
However, as we’ve already alluded to, the level of data presented is pretty basic. Anyone who wants to make smart research investment decisions and conduct proper analysis will need to turn to resources not found in iWeb.
Dealing & Research
When you click on the “Dealing” option, you’re taken to another simple yet effective trading interface. For information about fundamental data and price performance, investors must visit the research section on the iWeb page. This is essentially a simplified tool that can also be used by non-customers.
iWeb’s Fund Centre search function is also easy to work with and provides relatively detailed screening levels. This tool allows searching for ETFs and mutual funds of specific fund providers. Furthermore, it allows screening of iWeb’s fund products by specific indicators, such as:
- Investment method
- Morningstar rating
- Geographic area
- Industry focus
- Fund fees
- Risk level
- Fund size
The ETF or mutual fund analysis overview is similar to the structure of stocks, as it lists crucial information and data, including the ten most popular holdings and industries in which the fund invests. However, in general, the website and its user interface only provide limited additional features.
It provides the most basic functions of a brokerage account (executing orders, account data access, and valuation), as well as some analysis tools and additional information. On the plus side, the iWeb platform is incredibly simple and a breeze to use.
The screening options provided by the Share Centre are pretty basic. However, you have access to filters that only allow searching by industry and index. Ideally, of course, investors should know in advance the stocks that they want to trade.
Once you have chosen the stock you want and you click the section for analysis, the research tools start to become more useful. This tool displays essential information about stock importance, including the company’s financial status and stock price performance across the past 10 years.
This tool isn’t a good option if you are a day trader. In fact, delayed stock price data and basic charting tools can make the lives of traders (not investors) quite unpleasant. And then there’s the fact that there is a complete lack of one-click trading options that you’d typically find in the usual “trader account.”
Customer Support (9/10)
Although iWeb’s customer support is limited to specific hours, it’s still better than what’s offered by some other services. iWeb’s customer service call centre is available Monday through Friday from 8 am to 9:15 pm. If you need assistance on Saturday, you’ll have to use iWeb’s Live Chat option, which is also available Monday through Friday from 8 am to 9:15 pm, and Saturday from 9 am to 1 pm.
You can also reach out to iWeb’s email for an additional channel when you need support. Granted, iWeb doesn’t offer 24/7 customer support, but we’re thrilled that they provide genuine people, as opposed to a convoluted automated service.
We’ve been on the verge of pulling out our hair with various call centres in the past, so iWeb’s helpful team of customer service representatives is a breath of fresh air, to be sure. What’s more, we found those we spoke with to be genuinely helpful and ready to serve.
iWeb Account Options & Pricing Structure (8/10)
As we mentioned briefly in the opening, iWeb has three accounts for you to choose from. Let’s now take a closer look at each and the pricing that you can expect to pay for each service option.
Stock & Shares ISA Account
The opening platform fee for the Stock & Shares Account is £25. There are no ongoing account fees or inactivity charges that you have to worry about, either. What’s more, the UK Trade Commission fee is very attractive, especially for new traders.
Under this account, the UK Trade Commission is just a flat fee of £5. And then there is the International Trade Commission fee, which comes out to £5 per trade, plus a 1.5% FX charge. Fund Trade Commission fees are also only £5 a trade.
Share Dealing Account
The account opening fee for the Share Dealing Account is also £25. And like the Stock & Shares ISA Account, there are no ongoing admin or inactivity charges that you have to worry about. What’s more, the UK Trade Commission fee is very attractive, especially for new traders.
Under this account, the UK Trade Commission fee is just £5. And then there is the International Trade Commission fee, which comes out to £5 per trade, plus a 1.5% FX charge. Fund Trade Commission fees are also only £5 a trade.
Unlike the previous two account options, the SIPP Account has no initial account opening fee.
You will, however, have to pay an admin charge every quarter. This comes out to £22.50 for SIPPs that have a value of up to £50,000. All other SIPPs charge a fee of £45.
Once again, the UK Trade Commission fee costs you just £5 a trade, while the International Trade Commission fee comes out to £5 per trade, plus a 1.5% FX charge. And just like the Stocks and Shares ISA and Share Dealing Accounts, SIPP Account holders pay a Fund Trade Commission fee of £5 per trade.
Moreover, please note that your dealing commission fees are lowered to just £2 per trade if the shares are CREST-eligible UK shares. The shares must also be part of a Trade plan to qualify for the reduced cost.
What Other People Are Saying…
The majority of iWeb Share Dealing users are happy with the minimal startup cost. Indeed, fees are low and it’s a breeze to establish an iWeb Share Dealing account. But the biggest complaint among users is the limited options featured in iWeb.
As we’ve already mentioned, iWeb isn’t a platform focused on experienced investors. Instead, it’s meant to be an entry-level option for people who are new to the world of share dealing. With that in mind, iWeb Share Dealing is a good fit for those who want to learn the ropes of investing.
Some users are less than thrilled with iWeb’s customer service. In light of the pandemic, there are reports that customer support has taken a hit in quality. While we didn’t experience such results, it’s understandable that this might be the case considering fewer people are actually working in the office these days.
- Is IWeb covered by FSCS?
iWeb is a member of the FSCS (Financial Services Compensation Scheme). If iWeb fails to fulfill its obligations to FSCS, clients classified as retail customers can file a claim under this plan.
- Is iWeb a part of Lloyds Banking Group?
Yes, iWeb is a part of Lloyds’ financial services portfolio. This allows both iWeb and Lloyds Banking to provide more services to UK investment clients.
- Does iWeb share dealing have an app?
iWeb does not currently have a dedicated mobile app. However, those who want to invest on the go can simply log into iWeb’s mobile website from their smart devices. It’s only a couple of additional steps, and you’ll have access to all of the features and options offered by iWeb.
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