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Review of the IWeb, Online Share Dealing:

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Foreign exchange fees way to high!

Very good platform for investing and trading. HOWEVER, as I trade mainly in foreign stocks and shares the 1.5% foreign exchange commission really hurts every time I trade - the low trading fee looks good, but the paying this amount of fees for foreign shares I find over the top - because of this, and this is the only reason, I am now looking for other trading platforms with lower foreign exchange rates. Pity. Most trading platforms have either no or very low annual fees and a trading fee of around £5-10. However, "TRADING 212" for example charges 0.15% foreign exchange fees, a tenth of what iWEB Share Dealing charges, and they still seem to make money?! I assume big bank Lloyds in the background rears its head and tries to get as much as possible of its customers' money.....simply because the foreign exchange fees are -at first sight when comparing trading platforms- not as obvious. To demonstrate with numbers: if I were to buy £10k of US shares, the foreign exchange fees charged are £150 !! ....and the same again, once I sell the shares. Any "annual fees" or slightly higher trading fees other platforms charge are miniscule compared to the 1.5% foreign exchange fees. And to finish this off: Lloyds / Halifax's other trading platform AJ Bell only charges a maximum of 0.75% foreign exchange fees, getting less if the order becomes larger. So it can be done! Reviewed on: 22nd February 2024

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