To find a right broker for share dealing
, we spent seven months and hundreds of hours of assessing ten different share dealing brokers based in the UK. Here, we will focus on two brokers and compare Halifax vs Saxo Capital Markets.
Our comparison begins with the fees charged for dealing shares in the UK and being a client. The two main charges to focus on include the cost to place each trade alongside the monthly, quarterly, or annual management fee charged (varies depending on the type and size of your portfolio). We researched both to provide a single star rating for cost. Halifax is a better option with a 4.00 star rating over Saxo Capital Markets's 3.50 star rating.
Account charges aside, we can now compare features and tools investors want in their share dealing accounts. Access to the investments is important, and Halifax alongside Saxo Capital Markets offer clients ISA and SIPP. Also, some investors require a high-quality charting experience, so the number of drawing tools and total technical indicators made available, as well as stock alerts, are considered. Saxo Capital Markets boasts an offering of 17 charting tools compared to Halifax's 1 available charting tools. Halifax trails Saxo Capital Markets by 5 total different indicators (for example, moving averages), with Saxo Capital Markets offering 48 and Halifax offering 43. Halifax and Saxo Capital Markets both offer basic stock alerts. Lastly, for researching mutual funds while share dealing, being able to view a research report can be helpful. Halifax nor Saxo Capital Markets offers fund research reports.
Overall, Saxo Capital Markets comes out on top with 4.50 stars over Halifax's 3.50 stars. And, when it comes to individual category awards, Saxo Capital Markets finished with awards Best in Class - Platforms & Tools and Best in Class - Mobile Trading in 2017, while Halifax came up with Best in Class - Customer Service.