Summary

Bestinvest is a trading brand of Evelyn Partners Investment Management Services Limited based in London, UK. Though Bestinvest itself was founded in 1986, the parent company was founded in 1836 in Liverpool. This is one great edge that the platform has over many other trading platforms – it benefits from over a century and a half of experience in investment management. It’s also regulated locally by the Financial Conduct Authority of the UK.

The broker offers an array of 3,000+ trading instruments you can speculate on. These include a host of shares from top-performing sectors and corporations, ETFs, and various types of trusts, including investment and venture capital trusts. Which of these you get to trade depends, in part, on the type of account you are operating, and the platform offers several of those to choose from.

In this BestInvest review, we will examine the platform’s available assets, stock trading conditions, regulatory oversight, and fee structure. We will also look at the account types, trading software options, and funding options. And after overviewing the customer support and extra services of the platform, we will take some users’ opinions and address the issue of platform safety.

Available Assets

Though quite limited in the scope of trading instruments it offers, the Bestinvest trading platform has a substantial portfolio of 3,000+ assets, mostly shares and ETFs. The broker offers up to 1,450+ shares, 380+ ETFs, 1500+ funds, and 280+ Trusts. In this review section, we will overview each of these asset classes and how they are traded on the platform.

Shares

Share trading is pretty robust on the Bestinvest trading platform, with its portfolio of 1,450+ shares. These include high-performing shares from the UK, EU, and some parts of Asia, and they are traded at great pricing and spreads. The platform has also recently added US shares, allowing clients to trade in shares from US companies like Amazon and Google.

ETFs

For clients interested in trading exchange-traded funds,  Bestinvest also has some of those. There are about 380+ ETFs in the portfolio, and they include the Vanguard FTSE All-World UCITS ETF GBP Dis, iShares Core FTSE 100 UCITS ETF (Dist), and Invesco Physical Gold ETC GBX. While they all vary in pricing, performance, and yield, they all have the same charge per trade of 4.95%.

Funds

Available through virtually all the account types, funds are the platform’s biggest class of trading instruments. There are up to 1,500+ funds here, sourced from the best markets, and they come at no initial charge. The best-performing ones you will find include Fundsmith Sustainable Equity I, GuardCap Global Equity I GBP, and Dodge & Cox Worldwide US Stock GBP.

Trusts

You can also deal in trusts on the Bestinvest platform, with those in its portfolio numbering up to 280+. These include trusts from major European, Asian, and US markets. Some of the major names you will see include Legal & General US Index Trust I, Fidelity European Trust, Allianz Technology Trust.

Stock Trading at Bestinvest

The stock portfolio is Bestinvest’s second biggest portfolio, and it contains up to 1,450+ stocks from various markets around the globe. Unlike most other platforms we review, Bestinvest does not offer share CFDs, so all its shares are real ones. This means that when you trade shares on Bestinvest, you are dealing with the actual share and not just the underlying price fluctuations.

In any case, let us now look at the relevant aspects of stock trading on Bestinvest: its stock exchanges, leverages, and fees.

Available Stock Exchanges at Bestinvest

The shares available to you on Bestinvest come from a variety of markets across the globe, each with its own pricing and market conditions. These are some of the major exchanges you can trade shares from on the platform.

Stock Trading Fees & Commission at Bestinvest

Though designed to help keep costs to a minimum, the Bestinvest fee system is a tad complex. The first fee that’s relevant to share/stock trading is the tiered annual fee, which depends on how much you are investing. This fee is for ready-made portfolios, and it’s 0.2% for investments under £500,000 and 0.1% for investments between £500,000 and £1,000,000. The charge does not apply for investments above £1,000,000. Then, there is the dealing fee, which is about 4.95% per trade. US shares are the exception to this, as there is no dealing fee for trading those.

Stock Trading Leverage at Bestinvest

None of the trading instruments on the platform are leveraged currently, and this includes its shares.

Regulations

Bestinvest offers its investment services to traders in the UK, where it is currently based. In this review section, we will overview all the offices the broker currently has, including their addresses and regulators.

Evelyn Partners Investment Management Services Ltd: Bestinvest is the trading name of this Evelyn Partners entity and it is located at 45 Gresham Street, London EC2V 7BG, UK. It operates as an investment service manager under regulation and licensing from the UK’s Financial Conduct Authority (FCA).

• Company Number: 02830297
• FRN: 165169

Fees and Commissions

Bestinvest fees and commissions are structured to minimize how much of your funds are lost in charges and whatnot. Furthermore, each individual charge is generally a very small percentage, though there are one or two exceptions. In this part of our Bestinvest review, we will examine the platform’s fee structure in terms of two main types of fees: trading and non-trading fees.

Trading Fees

These are fees that a broker charges you for your trading activities, and they are typically charged per trade. These include all the costs related to your trading activities, including spreads and commissions.

Spread

The spread is a decimal value measured in pips, and it is the difference between the specified bid and ask prices of a trading instrument. The spreads for assets on Bestinvest are not stated on the site; apparently, they can only be accessed in-trade by the client.

Dealing Fees

These are fees you pay per transaction in shares, and they are the highest fees on the platform. The dealing fee is 4.95% per trade for online orders and $30 for telephone orders, though it’s worth noting that this fee does not apply to US shares, which have no dealing fees. However, they do come with a 0.95% foreign exchange fee.

Service Fee

The tiered service fee is an annual fee you pay for your investments. How much you pay in service fees depends on the size of your investments for the whole year. For example, if you have invested under £500,000, your service fee is 0.2%. If you use an SIPP account, your fee is a minimum of £120 per year.

There are also service fees for managed portfolios, and those depend on the size of your investment. For instance, investments up to £500,000 are charged an annual service fee of 0.2%. Investments between that figure and £1,000,000 are charged 0.1%, and investments above that are free of service fees. A similar structure applies to other investments, with annual service fees of 0.4% for investments under £250,000, 0.2% for those under £500,000, 0.1% for those between £500,000 and £1,000,000,  and no service fees for investments above £1,000,000.

Non-Trading Fees

Non-trading fees, as the name implies, are fees that a broker charges for non-trading activities. These include charges for deposits and withdrawals, dormancy, currency conversion, etc. Here are the Bestinvest fees that fall under this category.

Interest Rates

Your cash balance on any account is subject to an interest charge that will be set by your account custodian. However, the minimum for balances higher than £0 is 4.1%.

Deposit and Withdrawal Fees

There are no charges for deposits, and for the most part, withdrawals are also free of charge. However, this is only if you transfer to your bank account; for faster methods like the CHAPS payment service, you will have to pay a charge of up to £35.

Account Types

We will now review the Bestinvest accounts and see what the platform has to offer.

Altogether, there are about three account types on the broker, and each is optimized to handle one type of trading or the other. These are the SIPP, ISA, and Investment accounts. The platform does not appear to have a demo account option, which is a drawback for traders who would like to practice trading in a risk-free environment.

Investment Account

The investment account is the most basic account type on the platform. It allows you to invest in any of the available trading instruments at low charges and without having to touch your annual ISA and pension allowances. You can operate this and other account types by building up your own portfolio or choosing a ready-made one.

SIPP Account

The Self-invested Personal Pension accounts are invested pension accounts designed to give you more control over your pension investments and monitor their progress. Unlike traditional pensions, it gives you access to a wider range of investments. Any UK trader under 75 can open one of these, and there are two types: one for children and one for adults.

ISA Account

The ISA account type is an efficient way suited to invest in shares and stocks, though it can also allow you to invest in other types of assets on the platform as well. There are two types of ISA on Bestinvest: the stocks and shares ISA and Junior ISA. The former allows you to invest up to £20,000, while the latter only allows up to £9,000. One of the main benefits of this account type is the fact that your profits are not subject to taxation.

Trading Platforms

Trading apps are where the trading action happens, and the more of them a platform has, the richer the trading experience of its clients. So, we will review the Bestinvest trading apps for both desktop and mobile platforms in this section, laying out their platform features and how to open a trading account.

Desktop Trading Platform

Currently, there are no Bestinvest trading apps for PC. The platform is entirely a mobile trading one for now, and it is not clear whether that is to change anytime soon.

Mobile Apps

The mobile app is the sole digital platform that Bestinvest operates on for now. The app is proprietary, being developed and run by Evelyn Partners. The app is designed to be very user-friendly and aesthetically pleasing, with its suite of great features designed to help you trade seamlessly. These are some of the best Bestinvest app features.

Fast Execution On-the-Go

With the mobile app, you will be able to enjoy fast and responsive trading anywhere, anytime. Seamless functionality means you can execute any transaction, including transferring your account to the platform, hitch-free.

Smart Planning

The Bestinvest app has advanced planning features that will allow you to track and plan toward the achievement of your investment goals. And pursuant to said goals, you will also be able to book a free investment coaching session with an expert who will provide you with all the guidance you might need.

General Accessibility

On the Bestinvest mobile app, you will be able to see all your accounts in a single user-friendly hud, and you can group them together for easier navigation. You can also access the vital market insights section that will give you vital information and data and new and emerging trends in the markets.

How to Open an Account and Trade on the Bestinvest Mobile App

In order to trade on the platform, you have to open a relevant account that works best for the type of trading you intend to do. The process is fairly straightforward, as you will see, though you will have to wait a bit for the verification to go through. In any case, here are the procedures you must follow to open a Bestinvest account.

1. Download the app from your app store, install it, and launch it.
2. Tap ‘Open an account’ at the top right corner of the first page to access the account opening section. Take note of the information on the preliminary page, including the requirement for your national insurance number, then tap ‘Let’s start’ to proceed.
3. The next page will contain two options: an account for you or an account for your child (a junior ISA account). Choose the one you want and tap ‘Continue.’
4. Now, you are in the main stages of account opening. This first stage will require you to set your username and password, as well as confirm your email and set a PIN. You must also provide your personal details like your name, birth date, telephone, and National Insurance Number.
5. In the next stage, you must provide details about your financial means. You will supply such details as your source of income, income range, and how much you plan to invest.
6. Next, you have to give information about your previous trading experience. This is instrumental in enabling the platform to decide if you have enough experience to be allowed near these risky assets.
7. Now you have completed these, you can now verify your account. There will be two spaces for image attachments on the relevant page, one for your chosen ID and another for your proof of residence. Once you have submitted the necessary screenshots, you can sit back and wait for your ID to be verified. Once that is done, you can now fund your account and trade.

Payment Methods

You can make deposits and withdrawals at Bestinvest through only three methods that are allowed for now. However, more methods may be added in the near future, as the lack of multiple options makes payment less versatile for users. In any case, we will now review all that’s relevant to payments on the broker.

Deposit

Currently, you can deposit money into your Bestinvest account by either doing a bank wire transfer or using the CHAPS payment service, which the platform can help you with on request. The latter option is usually preferable for saving time, but the fees are high, and there is a minimum deposit requirement of £50. Here are the methods and their processing times.

Withdrawals

You can use any of the available methods for withdrawals, and it is generally free of charge. That is unless you request to use the CHAPS payment service, which will imply a withdrawal charge of about $35. Moreover, all withdrawals must be above $50, and the waiting time can be up to 5 working days.

Account Base Currency

Your account base currency is the main currency of your account, in which the broker will render all your financial data. As it is the main currency of your account, any transactions denominated in another currency will generally attract conversion costs. However, Bestinvest does not charge any of those at the moment. In any case, the platform appears to only allow GBP as the base currency for its clients at the moment.

Research and Education

Of course, nobody knows everything about trading, even most expert traders must still study to see themselves improve – and also not make tear-dropping mistakes when trading. This is why, when we review platforms, one of our most vital metrics to look at is their research and education section. So, how does Bestinvest perform here?

Though not very diverse in the types of research and education materials it offers, Bestinvest still fields a pretty robust library of resources. The mainstay of its education offering is the extensive library of guides and blog posts explaining many aspects of trading on the platform. These cover everything from the account and pension types to the various types of investing. Additionally, there is a comprehensive list of all the best funds on the platform, in addition to a glossary of investor jargon and an ISA calculator. Aside from these, however, there are podcasts, as well as a robust news system that includes investment outlook, market news, and financial planning updates.

One other very useful feature is Spot the Dog, which allows you to avoid underperforming funds. The platform’s experts assess a host of funds from different sectors with the aid of statistical performance data, and the broker provides a comprehensive list of all the underperforming ones. Of course, one must also not forget the investment coaching program, which provides dedicated expert financial planners to coach you in all things investing. Joined with their spread-out FAQs, the platform pretty much has you covered on all the education you w  ill need to trade effectively.

Customer Services

This is another vital aspect to review, as customer support is a major predictor of whether clients of a broker stay or storm off and take their business elsewhere. What does Bestinvest have in place to help you when you have queries or need help with your account?

Bestinvest’s customer support covers a wide range of channels, making it easier and more convenient for clients to get the help they need. For starters, you can reach the customer support team through email or phone calls. The website also has a live chat feature through which you can interact with a live support agent. However, these channels are only active from 7:45 AM to 6:00 PM on weekdays (closing at 8:00 PM on Thursdays) and 9:30 AM to 1:30 PM on Saturdays. You won’t be able to reach them on Sundays, which is probably also true for all their other channels.

And speaking of other channels, the platform is also active on social media, with accounts on Facebook, Twitter, LinkedIn, Instagram and Youtube. All in all, the customer on Bestinvest looks good. We will soon see whether users of the platform think so as well.

Online Reviews

Having covered so many relevant aspects in our Bestinvest review thus far, let us now see what the online community of the platform’s users, past and present, think about it. We will be checking out views from four main popular sites: Reddit, Quora, TrustPilot, and ForexPeaceArmy.

What Reddit Users Say About Bestinvest

There are quite a few opinions about the platform on Reddit, and most of them are not very good. However, it is worth noting that none of the comments are the context of a general impression of the site after use. Most of the entries we found on it have to do specifically with the cashback offers, although there are some users who still put in a thing or two about other things. For example, this user also comments on the account opening procedure.

But most other users are complaining about the cashback offering of the platform. The most common of these complaints seem to be about Bestinvest changing the terms and conditions for the cashback offer in a dubious manner.

Some also complain about their applications for cashback being declined.

What Quora Users Say About Bestinvest

There are currently no comments about Bestinvest on Quora.

TrustPilot Users’ Review About Bestinvest

In sharp contrast to the state of affairs on Reddit, Bestinvest finds overwhelmingly positive comments in the TrustPilot space. It has an excellent rating of 4.4 stars from over 700 user reviews. Most users are pleased with the Investor advice and the customer support. For instance, this user finds the support team prompt, patient, and helpful.

This other user finds their investment guidance and returns to be absolutely awesome. He also finds the recent changes to the website very pleasing.

But there are also some very bad comments, such as this one from a user who thinks their customer service sucks and wonders how they even won an award for customer support.

This other user has a problem with both the customer service and the buy and sell functionality, and he also wonders how they got that award.

ForexPeaceArmy Users’ Review About Bestinvest

There are no users’ opinions about Bestinvest on ForexPeaceArny.

Other Products and Services

So, aside from these features and products we have examined in the course of our Bestinvest review so far, what other products and services can you access on the platform? You will find that services like VPS hosting, multiterminal trading, and autotrade are unavailable. However, you will find these instead.

Offers

Special offers are among the many ways many trading platforms enable clients to earn extra income aside from trading activities. There are two offers on Bestinvest that you can take advantage of and potentially gain cool rewards: referrals and account transfers. If you refer a friend of yours to Bestinvest, you and that referee can get up to £100 each, both as a welcome and reward. However, this only obtains if your referee deposits up to £1,000

There is also a monthly saver’s prize draw you can enter. By making monthly savings of up to £50, you may get to win up to £50.

Ready-made Portfolios

If you want an investment portfolio that has already been put together by experts and is optimized for your investment strategies and goals, Bestinvest also offers ready-made portfolios. These come with carefully selected investments, with each collection being suited to a type of trading strategy so you only have to pick one that suits you. It saves you the stress (and losses potentially made) that goes into assembling your own portfolios.

Bare Trusts

These are simple legal arrangements that you can make with Bestinvest to help you allocate fixed amounts to your children or other loved ones in a tax-efficient way. In this type of arrangement, you decide everything from who the beneficiaries are, how much gets allocated, who the trustees will be, and when the funds or assets will be given to the beneficiary.

Bestinvest Affiliate Programme

If you are a blogger, content creator, or publisher of any kind, the platform offers an affiliate program that will enable you to earn a commission by promoting the BestInvest brand. You can join the program by opening an Optimize Media account and applying to become a brand promoter for BestInvest.

Is Bestinvest Safe?

Our final thing to review is Bestinvest safety. As a broker that will see you provide personal and financial details of yourself, it had better be safe and reliable. So, is it? Let’s find out by examining the key security metrics.

For starters, there is regulation and licensing, which is a relatively great predictor of how reliable as well as legally and ethically compliant a platform is. In this regard, Bestinvest is a bit of a mixed bag – though it’s more like there is only a single mixed element in the bag. On the one hand, the fact that Bestinvest only has one regulator is a bit of a drawback. However, that regulator is the FCA, and it’s a high-trust one. This means the platform operates in accordance with some very high standards for running investment service platforms.

Next,  there is account security, which is vital because you don’t want a hacker finding his way into your account and helping himself to your funds. To prevent stuff like this, the platform has SSL encryption to secure your data and protect your internet connection. Additionally, the app is password security enabled, and it also has a multifactor security system with the option to set a fingerprint lock on your app.

Finally, there is the matter of protecting your funds in case the platform runs into financial troubles. Here, you can benefit from two types of financial protection. First, there is the segregated funds system, in which Bestinvest walls off all client funds from its own assets and liabilities by placing them in a segregated account. But then, should you still suffer losses due to the broker’s activities, you are entitled to adequate compensation under the FCA Compensation Scheme.

So, can we say Bestinvest is a trustworthy and safe platform to trade in? Based on what we have considered, the answer is a slightly nuanced Yes. The broker generally has great safety and security.

Bottom Line

All in all, what’s the word from our BestInvest review so far?

Despite the limited range of assets, the available ones do have great pricing. Opening an account on the platform is very simple and straightforward, and verification does not seem to take too long. Moreover, the account options are great,  and they cost little in such things as service fees. Customer support is also responsive and relatively fast, especially with several channels to work with, including phone service, live chats, and social media. And as far as security is concerned, Bestinvest has it mostly covered, with its multiple measures to secure your data and funds. And then there is research and education, which is quite commendable, even though there are not very many different types of resources to choose from.

On the negative side, however, it’s a massive downside that Bestinvest does not have any desktop trading platform or a third-party app. As such, there is not much variety of trading experience to be had. Also, the platform’s global scope is still very limited, though there might be an expansion in the future. Overall, we find the platform to be great for share, ETF, and investment trust trading, albeit with a few major snags.