How we review

So, how do we come to our verdicts?

It’s a lengthy process! Which is just how it should be. We don’t bash out reviews without taking the time to really get to know these platforms, or rehash what we’ve seen written elsewhere. That’s why you’ll find that, although lots of other platform reviews seem to present the same information, ours often read very differently.

Our process runs something like this:

• If we aren’t an existing customer of the provider we’re reviewing, we open an account with them. We become customers of every single provider we review. If we like them, we often stay customers, otherwise we close our account when we’ve finished the review. (Yes, the number of apps on our phones are out of control.)
• Crucially, we then invest real money with the provider, either by depositing lump sums, setting up Direct Debit mandates, or transferring accounts across from one provider to another. Practicalities mean we can’t always do all three with each provider (each of us is subject to the same rules you are on ISA allowances, for example), but we try and personally experience as many account opening actions as possible.
• We take note of every journey and transaction and report back on what we discover. We buy assets to experiment with research tools, and test trade execution tools and different order types. We monitor our investments/trades and note how clear and easy-to-use the interfaces are. We use the educational materials and Help Centres to figure out how to make the most of the platforms. This bit can take some time.
• We ask questions and put requests to customer services using the different available channels, to test whether our experiences match those reported by other users. We drop into community forums and see what other users are saying about their experiences. Our own experience gives us insider insights but we know we can’t test everything by ourselves. Other users’ insights can be very valuable.
• We deliberately invest in stocks that are due to payout dividends in the near future so we can check how quickly dividend payments are made, and how helpful platforms are when it comes to participating in corporate actions.
• In most cases, we then close accounts down, or transfer out to see how that process works too. We report on lengthy processes and unnecessary delays and, again, how helpful customer services are in sorting things out when all doesn’t go to plan.