UK Broker Cost Calculator
“Commission-free” is rarely the full story. Enter your scenario and compare 11 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.
Some of the links on this site are affiliate links, meaning we may earn a commission at no extra cost to you if you sign up through them. This does not affect our reviews or recommendations — we only feature products we genuinely believe are useful for investors. This site provides educational content only, not personalized investment advice. Investments can lose value and past performance does not guarantee future results. You are responsible for your own financial decisions and for confirming the tax and legal rules that apply in your country.
What this calculator covers
- Trading commissions (with minimums) for all 11 brokers
- FX conversion markup — each broker’s actual rate
- Custody and platform fees with annual caps modelled
- Flat monthly subscriptions (Interactive Investor)
- 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
- SIPP administration fees (vary widely by platform)
- Dividend withholding tax
- Tiered FX rates (HL, AJ Bell, Barclays FX drops for larger trades)
- HL regular monthly investing — commission waived entirely
- Exit and transfer-out fees
- 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 non-GBP 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.
When does FX conversion actually apply?
Most long-term UK index investors never trigger FX at the broker level — but it depends entirely on what you are buying. This is the single most misunderstood cost in the comparison.
| Asset you buy | FX at broker level? | Notes |
|---|---|---|
| GBP-listed UCITS ETF on LSE e.g. VWRP, CSPX, IWDA, EQQQ |
No | The ETF trades in GBP. The fund holds foreign assets internally but your broker purchase needs no conversion. This applies to InvestEngine, Vanguard UK, and most ETF-focused portfolios. |
| US stock or USD-listed ETF e.g. AAPL, SPY, VTI on NYSE/NASDAQ |
Yes | Your broker converts GBP to USD. Markup ranges from 0.002% (IBKR) to 1.0%+ (Barclays, Freetrade Basic). Applies to every trade unless you hold a USD account. |
| European shares (EUR, SEK, etc.) | Yes | FX markup applies at the broker’s published rate. Most neobrokers charge 0.15–0.99% per conversion. |
| UK OEIC / mutual fund | Usually no | Priced and settled in GBP. No broker FX charge. The fund may hold foreign assets internally but the investor sees only a GBP price. |
| Foreign currency dividend on a foreign share you hold |
Sometimes | Depends on the broker. Some auto-convert at an FX rate; others credit the original currency. Check your broker’s dividend handling before assuming. |
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 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, the commission cost shown for HL is the worst case. For regular investors, HL's cost advantage over the calculator result is significant.
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. Regular investing drops to £1.50/trade.
ii's Core plan (£5.99/month) is modelled here. The flat subscription means costs per pound invested fall as the portfolio grows — making ii increasingly competitive versus percentage-fee platforms. At very small portfolio sizes, the fixed subscription is a heavier relative burden than the calculator's absolute number suggests.
Fidelity's service fee is 0.35% capped at £90/year for exchange-traded instruments (ETFs, shares, ITs). For most ETF-only investors this is effectively a flat £90/year regardless of portfolio size — modelled that way here. Investors on a regular savings plan may benefit from the £1.50 dealing rate versus the standard £7.50.
Vanguard charges a minimum of £4/month (£48/year) transitioning to 0.15% of assets as the portfolio grows, capped at £375/year. The model reflects this correctly. 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 with a minimum of approximately £2 per conversion. For small monthly contributions, this fixed minimum makes IBKR more expensive than Trading 212's 0.15% on each conversion. The fix: select quarterly or yearly FX batching in the calculator to see the real IBKR advantage.
Barclays custody drops to 0.05% above £200,000 in assets — not modelled here (0.25% flat used throughout). FX is tiered down from 1.0% for larger individual trades. Both mean the calculator is conservative for Barclays at larger portfolio and trade sizes. SIPP has a separate £125+VAT annual admin fee via AJ Bell.
HL and AJ Bell both offer tiered FX rates that decrease for larger individual conversion amounts. 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 cost will be lower than shown for these two platforms.
Does this calculator apply to ISA, GIA and SIPP accounts?
The calculator models broker-level trading costs and applies cleanly to Stocks and Shares ISAs and general investment accounts. SIPP (pension) accounts are different — read this before using the ranking for pension decisions.
The calculator is strongest for this scenario. Commission, FX, custody, and spread apply directly. Use the ISA annual allowance — it can matter more than small fee differences between brokers.
Calculator applies directly. Note that capital gains and dividend income are taxable — this is not modelled. A tax-advantaged ISA wrapper typically outweighs any broker cost difference for most investors.
SIPP pricing can differ significantly. IG adds £205/year via Options Pensions. Barclays SIPP adds £125+VAT via AJ Bell. Interactive Investor includes the SIPP in its subscription at no extra cost. Freetrade and Trading 212 do not offer a SIPP. Verify SIPP fees separately before choosing a platform for pension investing.
Cheapest is not always best
The calculator tells you what each broker costs for your scenario. It does not tell you whether that broker is right for you. Run through this checklist before opening an account.
- Does the broker offer what you actually need? InvestEngine is genuinely cheapest for ETF-only portfolios — but if you also want individual shares, funds, or bonds, it cannot help you.
- Does it support your account type? Not all platforms offer a SIPP. Freetrade and Trading 212 currently do not. Factor in pension wrapper needs before choosing on cost alone.
- Can you transfer in and out cleanly? Exit fees and in-specie transfer limitations can make switching painful or expensive. Check whether the broker charges per stock line to transfer out.
- Is the platform FCA-authorised? Check the FCA register before depositing. FSCS protection covers up to £85,000 of eligible assets if a regulated firm fails — but does not protect against investment losses. Brokers in the same group may share a single protection limit.
- Is the product range broad enough as your portfolio grows? A beginner ETF portfolio can outgrow a restricted platform. If you might want bonds, investment trusts, or foreign shares later, verify access now.
- Is customer service adequate for what you are doing? For straightforward monthly ETF investing, app quality matters more than phone support. For larger transfers, ISA migrations, or SIPP drawdown, responsive support is not optional.
Ready to open your UK broker account?
For most UK ETF investors buying GBP-listed funds, InvestEngine is genuinely zero cost. Need FX or a full product range? IBKR has the best FX rate. Want the broadest UK platform? Hargreaves Lansdown is the clear answer above £42,000 in assets.
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 Interactive Investor good value compared to Hargreaves Lansdown?
It depends on portfolio size and trading frequency. Interactive Investor's flat Core subscription (£5.99/month = £71.88/year) plus £3.99/trade means the total cost per pound invested falls as the portfolio grows — making ii increasingly competitive against percentage-fee platforms. HL's 0.35% custody is capped at £150/year, which kicks in at around £42,857. For smaller portfolios, HL can be cheaper than ii's fixed subscription. For larger portfolios with infrequent trading, ii's flat fee often wins.
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%, Barclays up to 1.0% for smaller trades, Trading 212 charges 0.15%, and IBKR charges approximately 0.002%. Toggle the FX input to see how much this 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 relatively cheaper as assets increase. Interactive Investor charges a flat monthly subscription (Core: £5.99/month) with no percentage-based custody. HL and AJ Bell charge custody fees with annual caps. Vanguard charges a hybrid: a minimum of £4/month transitioning to 0.15% of assets, capped at £375/year. InvestEngine, Trading 212, and Freetrade Basic charge neither.
Is Hargreaves Lansdown worth the higher cost?
It depends on portfolio size and usage. HL's 0.35% custody fee is capped at £150/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. HL also offers the UK's most comprehensive platform: SIPPs, ISAs, a wide fund universe, and strong research tools — factors the calculator does not price in.
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 FTSE All-World, but it is restrictive if you want a broader selection or plan to hold shares alongside index funds.
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. Interactive Investor fees reflect the February 2026 restructure. Spread assumptions can vary significantly from actual execution. Fidelity International and Interactive Investor are included for comparison only — QuantRoutine does not have affiliate relationships with these brokers. You are responsible for your own financial decisions and for confirming the tax and legal rules that apply in your country.