Summary
Recommended for long-term investors in the UK
EQi is a UK-based stockbroker regulated by the Financial Conduct Authority (FCA). It was founded as Selftrade in 2007, and was later acquired by the Equiniti Group, where it was rebranded as EQi.
EQi only accepts UK residents as clients, but for them it offers a wide range of assets and access to international stock exchanges.
EQi is considered safe because it is regulated by a top-tier financial authority, its parent company is listed on a stock exchange, and it discloses its financials transparently.
EQi pros and cons
EQI has a quick and easy account opening process, with the option to create UK tax-exempt ISA or SIPP accounts. In a further advantage to long-term investors, EQi has low fund fees. Among other benefits, it offers free deposit and withdrawal from your account.
On the other hand, EQi charges high trading fees on some other asset classes, most notably non-UK stocks and ETFs; a situation aggravated by the absence of base currencies other than GBP. In a further drawback, the web trading platform suffers from a lack of high-quality research and educational tools.
Pros | Cons |
---|---|
• Quick and easy account opening | • High non-UK stock trading fees |
• Free deposit and withdrawal | • No quality educational tools |
• Low fund fees | • Only GBP as base currency |
🗺️ Country of regulation | UK |
💰 Trading fees class | High |
💰 Inactivity fee charged | Yes |
💰 Withdrawal fee amount | $0 |
💰 Minimum deposit | $0 |
🕖 Time to open an account | 1 day |
💳 Deposit with bank card | Available |
👛 Depositing with electronic wallet | Not available |
💱 Number of base currencies supported | 1 |
🎮 Demo account provided | No |
🛍️ Products offered | Stock, ETF, Fund, Bond |
EQi review
Fees
or
EQi charges no withdrawal fees and has relatively low fund fees. Its other trading fees are relatively high though, especially for non-UK stocks and ETFs; there's also a custody fee.
Pros | Cons |
---|---|
• No withdrawal fee | • High trading fees |
• High non-UK stock fees | |
• Custody fee |
Assets | Fee level | Fee terms |
---|---|---|
US stock | High | £10.99 per trade plus 0.95% of the trade value |
EURUSD | - | Not available |
Mutual fund | Low | £10.99 per trade plus 0.3% annual fee for investments less than £50,000 |
Inactivity fee | Average | Quarterly custody fee of £17.49. Your custody fee is offset by your trading fees. If you have another account with EQi (ISA, Lifetime ISA or SIPP), the custody fee on your Dealing Account will be waived. |
How we ranked fees
We ranked EQi's fee levels as low, average or high based on how they compare to those of all reviewed brokers.
First, let's go over some basic terms related to broker fees. What you need to keep an eye on are trading fees and non-trading fees.
- Trading fees occur when you trade. These can be commissions, spreads, financing rates and conversion fees.
- Non-trading fees include charges not directly related to trading, like withdrawal fees or inactivity fees.
In the sections below, you will find the most relevant fees of EQi for each asset class. For example, in the case of stock investing the most important fees are commissions.
We also compared EQi's fees with those of two similar brokers we selected, AJ Bell Youinvest and Hargreaves Lansdown. This selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of EQi alternatives.
To have a clear overview of EQi, let's start with the trading fees.
EQi trading fees
EQi has mostly high trading fees.
Broken down by product category, stock and ETF fees are high, but fund and bond fees are lower. Therefore, EQi is not recommended for traders interested in short-term trading of stocks or ETFs.
On the other hand, for long-term investors who don't want to buy and sell assets frequently, EQi could be a good choice. (This is also because of EQi's low non-trading fees, which we will discuss further below.)
Stock fees and ETF fees
EQi has generally high stock and ETF commissions compared with its closest competitors, except on the UK market, its home market.
EQi | AJ Bell Youinvest | Hargreaves Lansdown | |
---|---|---|---|
US stock | $33.3 | $12.9 | $15.5 |
UK stock | $14.3 | $12.9 | $15.5 |
German stock | $33.3 | $12.9 | $15.5 |
EQi charges a flat fee of £10.99 per trade, regardless of the volume of the transaction. This also means, however, that executing more trades per year will raise the total amount you pay in fees. For trading international shares, EQi charges you an additional fee. This fee depends on the share trade value, as detailed in the table below. It's also important to highlight that share prices in foreign currencies are converted at the current market exchange rate.
International share trade value | Additional fee |
---|---|
Up to £25,000 | 0.95% |
£25,000.01 - £50,000 | 0.75% |
£50,000.01 - £100,000 | 0.50% |
£100,000.01 and above | 0.30% |
Fund fees
EQi fund fees are low and they are charged pro-rata. If you hold any funds, EQi charges a percentage of their total value per quarter; but there is no fee to buy funds. However, the sale of mutual funds costs you £10.99 per trade.
Fund value | Fee |
---|---|
Up to £50,000 | 0.30% per annum |
£50,000.01 - £250,000 | 0.25% per annum |
£250,000 and above | 0.15% per annum (max. £250 per quarter) |
Compared with its closest competitors, EQi's fund fees can be considered high.
EQi | AJ Bell Youinvest | Hargreaves Lansdown | |
---|---|---|---|
Mutual fund | $7.1 | $2.0 | $0.0 |
Bond fees
EQi has generally low bond fees, on par with competitors such as Hargreaves Lansdown.
EQi | AJ Bell Youinvest | Hargreaves Lansdown | |
---|---|---|---|
US Treasury bond | - | - | - |
EU government bond | $14.3 | $12.9 | $15.5 |
Non-trading fees
EQi has generally low non-trading fees. Deposits and withdrawals are free of charge, and there is no account fee for the default Dealing Account.
While there is no outright inactivity fee, EQi does charge a quarterly custody fee of £17.49. Any trading fees you paid during the quarter can be deducted from this custody fee; meaning that if you haven't carried out any (fee-bearing) trades in the past quarter, it will function as a kind of inactivity fee. The custody fee is waived if you have another account with EQi such as an ISA or SIPP account, or if you have no funds in your account.
EQi | AJ Bell Youinvest | Hargreaves Lansdown | |
---|---|---|---|
Account fee | No | No | No |
Inactivity fee | Yes | No | No |
Deposit fee | $0 | $0 | $0 |
Withdrawal fee | $0 | $0 | $0 |
EQi review
Account opening
or
Opening an account at EQi is fast and fully online. The process is simple and easy to follow. However, it is only available to UK residents.
Pros | Cons |
---|---|
• Fast | • Only for UK residents |
• Fully digital | |
• No minimum deposit |
Can you open an account?
Only UK residents can open an account at EQi.
What is the minimum deposit at EQi?
The required EQi minimum deposit is $0 for all account types. This is great if you want to trade or invest with lower amounts only.
Account types
EQi offers several account types: Dealing Account, SIPP, ISA and Lifetime ISA. However, corporate accounts are not available. For this review, we tested the Dealing Account.
How to open your account
The account opening at EQi is simple, fast and fully online. It takes no more than 5 minutes to open your account.
To open an account, you will need the following: a UK address, a UK bank account and your National Insurance Number. (If you are a non-UK national or have multiple nationalities, you will need some additional information.)
The steps of registration are the following:
- Make sure you have all of the above.
- Fill out the form with your personal details.
- Provide information and details about your bank account. At this point, EQi will ask for a direct debit to be approved from your bank account.
- Verify your nationality by entering your UK National Insurance Number and details about your country and place of birth.
- Create your 8-digit PIN.
The whole process was straightforward and we did not experience any bugs or errors.
EQi review
Deposit and withdrawal
or
EQi offers simple and free deposit and withdrawal via bank transfer or credit/debit card. On the negative side, only GBP accounts are available, and withdrawal is slow.
Pros | Cons |
---|---|
• Credit/Debit card available | • Only one account base currency |
• Free withdrawal | • Slow withdrawal - over 3 days |
• Electronic wallets not accepted |
Account base currencies
At EQi, the only available base currency is GBP. This means that buying non-UK products may incur a currency exchange fee.
EQi | AJ Bell Youinvest | Hargreaves Lansdown | |
---|---|---|---|
Number of base currencies | 1 | 1 | 1 |
Why does this matter? If you fund your trading account in the same currency as your bank account or you trade assets in the same currency as your trading account base currency, you don't have to pay a conversion fee. So if you have a personal bank account in a currency other than GBP, then you will be charged a conversion fee.
A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bank. These usually offer bank accounts in several currencies with great currency exchange rates, as well as free or cheap international bank transfers. Opening an account only takes a few minutes on your phone.
Deposit fees and options
EQi charges no deposit fees. You can use bank transfer or credit/debit cards to fund your accounts; however, electronic wallets are not accepted.
EQi | AJ Bell Youinvest | Hargreaves Lansdown | |
---|---|---|---|
Bank transfer | Yes | Yes | Yes |
Credit/debit card | Yes | Yes | Yes |
Electronic wallets | No | No | No |
A bank transfer can take several business days, while payment with a credit/debit card is instant.
You can only deposit money from accounts that are in your name.
EQi withdrawal fees and options
EQi charges no withdrawal fees. All withdrawals are made from the Dealing Account to your Nominated Bank Account, so credit/debit card withdrawal is not possible.
EQi | AJ Bell Youinvest | Hargreaves Lansdown | |
---|---|---|---|
Bank transfer | Yes | Yes | Yes |
Credit/debit card | No | No | No |
Electronic wallets | No | No | No |
Withdrawal fee | $0 | $0 | $0 |
How long does it take to withdraw money from EQi? We tested the bank transfer withdrawal and found that it can take at least 3 business days. Alternatively, you can request immediate withdrawal via CHAPS payment, but it comes with a £35.00 fee.
You can only withdraw money to accounts that are in your name.
How do you withdraw money from EQi?
- Sign in to your EQi Dealing Account.
- Go to your dashboard, where you can select 'View' or 'Deal'.
- On either of these pages, click the 'Manage' button.
- In the dropdown menu, click 'Move your Money' then select 'Withdraw Money'.
- Enter the amount you wish to withdraw, then submit your request.
- After checking all the information, press 'Confirm' to initiate the withdrawal.
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EQi review
Web trading platform
or
EQi's web trading platform has a simple design and offers good fee reports. However, it lacks customizability and is not really user-friendly at first sight.
Pros | Cons |
---|---|
• Clear fee report | • No two-step (safer) login |
• Order confirmation | • Limited customizability (for charts, workspace) |
• No price alerts |
Trading platform | Score | Available |
---|---|---|
Web | 2.7 stars | Yes |
Mobile | 2.6 stars | Yes |
Desktop | - | No |
EQi offers a web and a mobile trading platform. Both are available only in English.
Look and feel
The EQi web trading platform has a nice, simple design, but it sometimes feels outdated, and some features are hard to find, making the platform difficult to navigate at first.
The platform is not customizable. You can view some charts and dropdowns, but these aren't helpful enough.
Among other negatives, we experienced some bugs during testing, such as an error message when we tried to log in.
Overall, EQi offers a decent trading platform, but it could use some improvements.
Login and security
EQi provides only a one-step login. Two-step authentication would be more secure.
Search functions
The search functions are fine. You can search for either the ticker or the name to find the asset you need. Stocks, funds and ETFs can be searched separately, and you can also search by industry, attributes or price levels.
Placing orders
You can use the following order types:
- Market
- Limit
- Stop
- Trailing stop
To get a better understanding of these terms, read our overview of order types.
There are also order time limits you can use: Good 'til 30/60/90 Days or until a custom date.
Alerts and notifications
You can't set up price alerts and notifications. However, you will get an order confirmation for processed limit orders.
Portfolio and fee reports
EQi has clear and transparent portfolio and fee reports. Go to your Dashboard and click 'View' to view all your holdings and open orders.
EQi review
Mobile trading platform
or
EQi's mobile platform has a simple, clear design, and offers safe login. However, we wished there was a wider selection of order types, price alerts and chart functions.
Pros | Cons |
---|---|
• Two-step (safer) login | • No price alerts |
• Order confirmation | • No Touch/Face ID login |
• Limited functionality |
The EQi mobile trading platform offers only a few functions: you can place orders and check your account. It is available only in English, and only for iOS.
Look and feel
The EQi mobile trading platform is quite user-friendly. The design is really simple and straightforward. It has just a few functions, but these are easy to find. We had the feeling that this platform is meant primarily as a quick backup solution for cases when you don't have access to the web trading platform.
Login and security
EQi provides a safe login for its mobile platform, with two-step authentication. However, you can't log in using biometric authentication. Adding this feature would provide extra convenience and security.
Search functions
The search functions are OK. You can search by entering a ticker or an asset name, and it shows you possible results as you type. However, the results themselves do not provide a lot of information. There are no charts or any other tools to help your research.
Placing orders
The range of order types is very narrow, as you can only choose among Market, Limit and Rising Buy orders. This is fewer than the order types available on the web trading platform.
There are also only a few order time limits you can use: Day and Good 'til 30/60/90 Days.
Alerts and notifications
You can't set alerts and notifications on the EQi mobile platform.
EQi review
Desktop trading platform
EQi does not offer a desktop trading platform.
EQi review
Markets and products
or
EQi offers an impressive range of stocks, funds, ETFs and bonds, but many other product categories such as forex, CFDs, futures or options are missing entirely.
EQi | AJ Bell Youinvest | Hargreaves Lansdown | |
---|---|---|---|
Stock | Yes | Yes | Yes |
ETF | Yes | Yes | Yes |
Forex | No | No | No |
Fund | Yes | Yes | Yes |
Bond | Yes | No | Yes |
Options | No | No | No |
Futures | No | No | No |
CFD | No | No | No |
Crypto | No | No | No |
EQi has a decent product portfolio. You can invest in and trade stocks, ETFs, funds and bonds.
Stocks and ETFs
EQi offers a wide range of international stocks and ETFs. It gives you access to European and North American stock exchanges, such as London, New York, Toronto or Paris.
EQi's stock and ETF offer is much bigger than that of its closest competitors.
EQi | AJ Bell Youinvest | Hargreaves Lansdown | |
---|---|---|---|
Stock markets (#) | 30 | 17 | 21 |
ETFs (#) | 4,500 | 2,250 | 2,500 |
Funds
EQi offers an extensive range of funds, and the number of available mutual fund providers roughly matches that of its competitors.
EQi | AJ Bell Youinvest | Hargreaves Lansdown | |
---|---|---|---|
Fund providers (#) | 140 | 270 | 160 |
A wide selection of more than 6,000 funds is available from about 140 providers. You will find funds from the biggest fund providers, like BlackRock and Vanguard, and also from smaller ones.
Bonds
EQi offers quite a large number of bonds to trade. These are mostly corporate bonds. However, it is important to note that most of these bonds are not tradeable online; you have to contact costumer service on the phone if you want to trade bonds.
EQi | AJ Bell Youinvest | Hargreaves Lansdown | |
---|---|---|---|
Bonds (#) | 3,600 | - | 190 |
EQi review
Research
or
EQi's research section offers some trading ideas and fundamental data, but there are no analytic tools and only a low-quality news feed.
Pros | Cons |
---|---|
• Data on asset fundamentals | • Limited interactive charting |
• No/poor quality news flow | |
• No/limited set of analytic tools |
Trading ideas
EQi provides some trading ideas, in the form of its Risers and Fallers list, based on daily price changes; and its lists of "Top five most traded" assets. However, actual recommendations are quite limited. You can view third-party recommendations via the Stockomedation tool, but this is not free of charge.
Fundamental data
EQi offers some fundamental data. For example, for stocks, you can view income statements, balance sheets and cash flow statements. You can select which year you want to see data for.
Charting
EQi has poor charting tools. There are only 9 technical indicators and just a few chart types. There is no possibility to draw trendlines, and the data provided is also scarce. You can acces charting tools by clicking 'Go to interactive chart'; however, you can't save your charts on the platform.
News feed
EQi offers only a quite simple news feed. It involves a weekly roundup of recent events and their impact on the market.
EQi review
Customer service
or
EQi's customer service is OK. Responses are useful and relevant, but can be slow over both email and the phone. In addition, there is no live chat or 24/7 availability.
Pros | Cons |
---|---|
• Phone support | • No live chat |
• Relevant answers | • No 24/7 support |
• Slow support |
You can contact EQi via:
- phone
We had mixed experiences with EQi's phone support. Its response speed was average at best, but we nonetheless got relevant answers.
It was mostly the same with email support: we received relevant answers but they took a while to arrive. We recieved the anwers after 3 working days, though they were long and detailed.
On the negative side, we missed 24/7 availability and the live chat function.
EQi review
Education
or
EQi offers little more than a handful of articles when it comes to education. It has no demo account or platform tutorial videos.
Pros | Cons |
---|---|
• Educational articles | • No demo account |
• No trading platform tutorial videos | |
• No educational videos |
At EQi, you can find articles about how to protect your investments or where to invest; focusing on the basics of ISAs, SIPPs and other long-term investment forms. Besides articles, you can also find podcast episodes about financial topics.
EQi review
Safety
or
EQi is regulated by the top-tier UK FCA. It's safety is further boosted by its membership of the Equiniti Group, which is listed on the London Stock Exchange.
Pros | Cons |
---|---|
• Majority of clients belong to a top-tier financial authority | • Does not hold a banking license |
• High level of investor protection | |
• Listed on stock exchange |
Is EQi regulated?
Yes, it is regulated by the UK Financial Conduct Authority (FCA).
EQi is based in the UK and was founded in 2007; it is now part of the Equiniti Group.
Is EQi safe?
To be certain whether a brokerage is safe, we highly advise that you check two facts:
- how you are protected if something goes wrong
- what the background of the broker is
How you are protected
Should EQi become insolvent, you are eligible to be covered by the FCA up to £85,000 per account.
Country of clients | Protection amount | Regulator | Legal entity |
---|---|---|---|
UK | £85,000 | Financial Conduct Authority (FCA) | Equiniti Financial Services Limited |
EQi does not provide negative balance protection. If the balance on your account goes into negative, you will not be protected.
Background
EQi was established in 2007, and was later acquired by the Equiniti Group. The longer track record a broker has, the more proof we have that it has successfully survived previous financial crises.
The Equiniti Group is listed on the London Stock Exchange, which is a big plus for safety as EQi releases financial statements regularly and transparently.
Overall, being listed on a stock exchange, publishing financial statements, and being regulated by a top-tier authority are all great signs for EQi's safety.
EQi review
Bottom line
or
EQi is a UK-based stockbroker, regulated by a top-tier authority and focusing on UK clients.
EQi provides low fund trading fees and access to international markets. It has a quick account opening process and offers pretty good deposit and withdrawal options.
On the negative side, EQi has high trading fees for non-UK stocks and ETFs. The design and functionality of the web trading platform compares poorly to EQi's competitors. The lack of research capabilities and quality educational tools is not making the broker beginner-friendly at all. The mobile platform is rudimentary; while EQi has only one base currency (GBP).
With no minimum deposit and low fund fees, EQi may be a good choice for UK residents who are focusing on long-term investments.