Free checklist
The choosing-a-broker checklist
Most broker comparisons are affiliate tables in disguise. This is the nine-question version that actually separates platforms, in the order that matters. Check current terms yourself; they move.
- 1
Is it FCA-regulated with FSCS cover?
Non-negotiable. FSCS protects investments up to £85,000 per person per firm if the platform fails. Verify on the FCA register, not the platform's own site.
- 2
What is YOUR all-in cost, in pounds?
Platform fee plus dealing charges plus fund fees, at your balance and your monthly buying pattern. Percentage platforms suit small pots; flat fees suit large ones; run both numbers at double your balance too.
- 3
What is the FX fee, exactly?
Buying US stocks converts currency every time, at anywhere from 0.15% to 1.5% per trade depending on platform. For US-heavy investors this quietly outweighs the headline fee.
- 4
Does it have the wrappers you need?
ISA and SIPP included or extra? Some platforms charge more for the SIPP than the ISA; some do not offer both. Your wrapper plan comes first, platform second.
- 5
Does it carry what you actually want to buy?
Check your specific funds and markets exist there. A cheap platform without your index fund is not cheap.
- 6
What do exit and transfer cost?
You will probably move someday. Per-line transfer fees and exit charges are the lock-in trick; platforms with free transfers respect that the relationship is voluntary.
- 7
Regular investing and dividend reinvestment?
Automatic monthly purchases (often at reduced or zero dealing fees) and automatic DRIP are the two features that quietly build wealth. Their absence is a real cost.
- 8
Is the interest on your cash theirs or yours?
Platforms increasingly keep part of the interest on uninvested cash. Check the rate paid versus the rate kept; on large cash balances this is a hidden fee.
- 9
Could you explain the platform to a friend?
Interface clarity is a safety feature. If finding your total fees or placing a simple order confuses you now, imagine doing it during a crash.
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Educational information, not financial advice. Figures current as of July 2026 where dated; allowances and rates change, so check the source before acting.