I have been using iWeb for about 6 years and I find its ok but I have not tried other platforms. I was going to sell when COVID-19 surfaced, but I know that iWeb takes 2-3 days to carry out a deal. Are any of the other platforms faster?
iWeb is cheap as chips and extremely basic. It works, it’s functional and costs are low but it’s certainly not the prettiest! Depends what your priorities are. Neither does it have good research blended in, a nice app or a helpful interface. Depends what your priorities are.
Most trading platforms are governed by what we call ‘best execution rules’ on trading so this is not usually a point of differentiation.
Share trades are usually instantaneous unless you’re using a platform which clearly tells you that they keep costs down by executing in bulk once a day. Not many of these around though. It is probably the fund trades which you have seen to be slower.
Every fund has a ‘unit price’ worked out every day and strict cut-off times for applying this price. Let’s say I run the Holly UK Shares Fund. The fund’s price for Tuesday will be calculated on Wednesday. This price is called the NAV (net asset value). Normally, if you buy or sell a fund before 2pm on the Wednesday, you will get the NAV for the Tuesday. The fund manager then takes 3 or 4 days to sell the corresponding shares to get you your money, collate it and pay it out to you. This process is called settlement. Most funds will have a settlement time of T+3 or T+4 (T= trade).
Of course in practice a lot of buys and sells just cancel each other out so the fund manager is not literally selling 2 BP shares here and 5 Ocado shares there to get you your money back. But you get the point. There is a time lag with funs because you are part of a bigger collective structure.
Generally speaking no one platform will be quicker or slower here than any other as they’d get into trouble.
Have a look at our Best Buy tables and also our pricing calculator to see decently priced alternatives to iWeb if you are minded to shop around.
Stock Market Meltdown
In a new series, Holly provides straightforward answers to your difficult questions.
Just be aware...
We are not regulated to give personal financial advice - This isn’t full-fat regulated financial advice. Boring Money is a publisher and not regulated by the FCA.
This means we can't help with specific personal circumstances or recommend specific investment products. It also basically means that if we say something daft, you have no recourse to come back and complain.
We’re only allowed to give you a steer or share an opinion or tell you the facts - That said, we promise that our answer to you is an independent unbiased perspective with no commercial gain to make. If you need regulated financial advice, you can find a good adviser via sites such as Unbiased & Vouchedfor.