EQ Finance Reviews: A Closer Look at Their Services

EQ Finance, formerly known as Selftrade, is a UK-based investment platform offering a range of services including stocks and shares ISAs, SIPPs (Self-Invested Personal Pensions), trading accounts, and general investment accounts. Understanding what real users are saying about their experiences is crucial before entrusting your investments to any platform. This review aims to synthesize common themes found across various sources to provide a balanced perspective on EQ Finance. One of the frequently cited positives of EQ Finance is its relatively low and transparent fee structure, particularly for frequent traders. Compared to some competitors, their dealing charges can be quite competitive, especially when considering volume-based discounts. This makes the platform attractive to active investors who regularly buy and sell shares. Many reviewers also praise the platform's wide range of investment options, encompassing UK and international equities, investment trusts, ETFs (Exchange Traded Funds), and bonds. This breadth of choice allows investors to build diversified portfolios tailored to their specific risk tolerance and investment goals. The usability of the platform itself is a mixed bag. While some users find the website and mobile app intuitive and easy to navigate, others report experiencing glitches, particularly during periods of high market volatility. Order execution speed and reliability also appear to be inconsistent, with some traders reporting delays or difficulties in placing orders, especially during peak trading hours. This can be frustrating for active traders who require quick and efficient execution. Customer service is another area where reviews are polarized. Some users report positive experiences with helpful and responsive customer service representatives who are able to resolve issues promptly. However, others have encountered long wait times, unhelpful responses, or difficulty reaching customer support. The inconsistency in customer service experiences is a recurring theme in online reviews. Security and regulation are paramount when choosing an investment platform. EQ Finance is regulated by the Financial Conduct Authority (FCA), meaning it is subject to stringent regulatory requirements designed to protect investors. They are also a member of the Financial Services Compensation Scheme (FSCS), which provides protection up to £85,000 per person, per firm, in the event of the company's failure. This provides a degree of reassurance for investors concerned about the safety of their assets. In conclusion, EQ Finance presents a mixed picture. Its competitive fees and wide range of investment options are attractive features, particularly for active traders. However, potential drawbacks include inconsistent platform usability, occasional issues with order execution, and variable customer service experiences. Before committing to EQ Finance, potential users should carefully weigh these pros and cons in light of their individual investment needs and preferences. Reading multiple reviews from different sources is recommended to gain a more comprehensive understanding of the platform's strengths and weaknesses. It is also essential to consider whether their platform meets your trading frequency and technical proficiency requirements. Finally, comparing EQ Finance against other similar platforms is crucial to ensure you are choosing the option that best aligns with your investment strategy and desired level of service.