UK Broker Cost Calculator
“Commission-free” is rarely the full story. Enter your scenario and compare 7 UK brokers side by side — commissions, FX conversion, custody fees, and spread drag all included. Broker fee data is pre-loaded and updated for 2026.
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What this calculator covers
- Trading commissions (with minimums) for all 7 brokers
- FX conversion markup — each broker’s actual rate
- Custody and platform fees with annual caps modelled
- Bid/ask spread drag on each purchase
- Side-by-side ranking, updated live as you type
- Annual drag in basis points for easy comparison
- ETF-level costs (TER, tracking difference)
- ISA or SIPP tax wrapper benefits
- Dividend withholding tax
- Tiered FX rates (HL and AJ Bell FX drops for larger trades)
- HL regular monthly investing deal — commission waived entirely
- Rebates, cashback, or referral bonuses
How to use this calculator
Three inputs drive most of the result: contribution size, FX situation, and spread assumption.
Enter your contribution amount, frequency, and horizon. This determines how many times each repeatable fee is charged over the period.
Most UK investors buying GBP-listed ETFs (VWRP, CSPX, IWDA on LSE) need no FX conversion. Select Yes only if buying USD-listed assets or individual US stocks.
Brokers are ranked cheapest to most expensive for your exact scenario. Change any input and the ranking updates instantly. The biggest cost driver is highlighted per broker.
Compare all-in costs for your scenario
Broker fee data is pre-loaded for 2026. Results update as you type.
Key modelling notes
A few broker-specific details that the calculator cannot fully capture — read these before drawing conclusions.
HL waives the £6.95 commission entirely when you invest via regular monthly direct debit. If that describes your approach, remove HL's commission from the calculator by setting buys to 0, or understand the cost shown is the worst case for non-debit investors.
AJ Bell's custody cap of £42/year kicks in at just £16,800 in assets — well within the range of a 2–3 year investor. Above that, AJ Bell's custody is a flat £42/year regardless of portfolio size, making it surprisingly competitive for large portfolios despite the £5 commission.
Vanguard charges a minimum of £4/month (£48/year) that transitions to 0.15% of assets as the portfolio grows, capped at £375/year. The calculator models this exactly. The fee structure means Vanguard is less competitive for very small starting portfolios but strong at mid-range sizes.
IBKR charges ~0.002% on FX conversions with a minimum of approximately £2 per conversion. For small monthly contributions needing FX, this fixed minimum can make IBKR more expensive than Trading 212's 0.15% — especially if converting every month. Quarterly batching is the fix.
InvestEngine's zero-fee advantage is real but comes with a constraint: ETFs only, no individual stocks. If your strategy involves buying shares alongside ETFs, you need a different platform. For a pure ETF portfolio — which is what most long-term UK index investors hold — InvestEngine's cost advantage is genuine.
Both HL and AJ Bell have tiered FX rates that decrease for larger individual trade sizes. The calculator uses each broker's highest published rate (HL: 0.99%, AJ Bell: 0.75%). If your per-trade FX conversion exceeds £10,000, your actual FX cost at these brokers will be lower than shown.
Go deeper
Frequently asked questions
Which is the cheapest broker for UK ETF investors?
For GBP-listed ETFs with no FX conversion, InvestEngine is typically the cheapest with zero commissions, zero custody, and no FX charge. Trading 212 is close at zero commission and 0.15% FX. For larger portfolios where custody caps apply, AJ Bell (capped at £42/year) and Hargreaves Lansdown (capped at £150/year) become very competitive. IBKR offers the best FX rate at approximately 0.002% with no custody fee, making it strong for larger portfolios or investors who regularly need currency conversion.
Does InvestEngine really have zero fees?
Yes, for the DIY account. InvestEngine charges zero commission, zero custody fee, and no platform fee. There is no FX charge because all ETFs on the platform are GBP-listed on the London Stock Exchange. The trade-off is that InvestEngine is ETF-only — you cannot buy individual stocks or access non-ETF funds. Managed and LifePlan portfolios attract a 0.25% annual fee, but the DIY account is genuinely free.
Is Hargreaves Lansdown worth the higher cost?
It depends on portfolio size and usage. HL's 0.35% custody fee is capped at £150 per year per account, which kicks in at around £42,857 in assets. Above that point HL becomes very cost-competitive on an ongoing basis. The £6.95 commission is the main drag for frequent buyers, but HL waives dealing charges entirely for regular monthly direct debit investing — which significantly changes the cost comparison. HL also offers the UK's most comprehensive platform: SIPPs, ISAs, a wide fund universe, and strong research tools.
Why does FX conversion matter for UK investors?
Most global ETFs — including VWRP, CSPX, and IWDA — are available as GBP-listed UCITS ETFs on the London Stock Exchange. UK investors buying those ETFs do not need FX conversion at all. However, if you buy USD-listed ETFs or individual US stocks directly, an FX markup applies on every conversion. Freetrade Basic charges 0.99%, HL charges up to 0.99%, Trading 212 charges 0.15%, and IBKR charges approximately 0.002%. InvestEngine and Vanguard UK have no FX charge. Toggle the FX input to see how much it shifts the ranking for your scenario.
What is the difference between a custody fee and a platform fee?
A custody fee is a percentage of your portfolio charged annually for holding your assets — it grows as your portfolio grows. A platform fee is a fixed amount charged regardless of portfolio size, making it more expensive for smaller accounts. HL and AJ Bell charge custody fees with annual caps. Vanguard charges a hybrid: a minimum of £4 per month (£48 per year) that transitions to 0.15% of portfolio as assets grow, capped at £375 per year. InvestEngine, Trading 212, and Freetrade Basic charge neither.
Is Vanguard UK only for Vanguard funds?
Yes. The Vanguard UK platform only offers Vanguard's own range of approximately 85 funds and ETFs. You cannot buy funds from BlackRock, Amundi, or other providers, nor individual stocks. This makes Vanguard UK a strong choice if your entire portfolio consists of Vanguard products — such as VWRP or the Vanguard FTSE All-World UCITS ETF — but it is restrictive if you want a broader selection or the ability to compare across fund providers.
QuantRoutine provides educational content only. Nothing on this page is an offer, solicitation, or recommendation to buy or sell any security or to open an account with any specific broker. Calculator outputs are estimates based on your inputs and simplified modelling assumptions — real costs depend on execution quality, exact fee schedules, account type, and individual broker terms. Broker fee data reflects published rates as of April 2026; always verify directly with each broker before making decisions. Hargreaves Lansdown fees reflect the March 2026 restructure. Spread assumptions can vary significantly from actual execution. You are responsible for your own financial decisions and for confirming the tax and legal rules that apply in your country.