FxBrokerReviews.org – If you are someone who wants to start trading then the first step that you need to take is to open a trading account. We can all agree that choosing the best trading platform is not an easy task, especially for the traders in the UK.
You will want a platform that suits your needs and understand your trading requirements, but the sheer volume of trading platforms can leave traders struggling to find the best trading platform in the UK.
A trading platform is a medium that allows traders to buy and sell stocks, funds assets and more through a broker. All the trading apps have their own share of fees, commissions, features and tools to assist traders. Therefore, choosing the right trading platform is very important for any kind of trader.
Our team at forex broker reviews have curated a list of the best UK trading platforms, through extensive research and analysis. Read on to find out all you need to know!
What are the Best trading platforms in the UK?
We have analysed the best trading platforms (UK) for you to help you find the one that suits your trade requirements. We have summarized the best trading apps based on their features, pros as well as cons to help you make the best choice. Have a look!
E-toro is the favourite trading app for all beginners as it provides low costs and is commission free. The platform offers a wide range of financial products, including currencies, exchange-traded funds (ETFs) and bonds to trade.
The trading platform supports features like copy trading, social strategy and a demo account that helps traders identify trading strategies.
Though the platform charges additional fees like withdrawal and foreign exchange fees it is considered to be one of the most cost-effective platforms with plenty of incentives.
- eToro provides real-time access to thousands of stocks, ETFs and cryptocurrencies from top exchanges.
- The platform allows new as well as experienced traders low-cost trading with various incentives.
- It allows beginners to open a demo account.
- It supports features like copy trading.
- The trades are commission-free and low-cost.
- The platform charges withdrawal and forex fees.
- Does not allows you to invest in SIPP or ISA.
- The registration process is quite lengthy
Degiro is considered to be the best trading platform in the UK for international trade. The trading platforms allow you to trade in bonds, ETFs, futures, warrants, options, certificates, stocks and more across 50 stock exchanges worldwide.
It is a suitable choice for experienced traders as the platforms can be a little confusing for first-time users. Degiro is free of dealing charges when you invest in EFTs and charges a low fee for other dealings as well.
Degiro’s improved charting allows traders to utilize nine drawing tools, 13 different indicators, and multiple chart types. The trading platform can be accessed on any device using either the web portal or mobile app.
- It allows users to trade various financial instruments across international markets.
- The platform charges low trading fees.
- Trade on EFTs for the first time is commission free.
- The mobile app is very user-friendly.
- Gives access to improved tools that help to make good trade decisions.
- It does not allow users to trade SIPP and ISA.
- The platform may seem to be complicated for first-time users.
- Lacks educational tools to help traders learn about the market.
NAGA comes under the list of the best UK trading platforms. The platform provides social networking as well as financial inclusion under the same platform.
It offers multiple instruments such as Forex, Stocks, Indices, Stock CFDs, Cryptocurrencies, Commodities, Futures, and even Exchange Traded Funds. Also, it provides more than 500 instruments on the Forex platform where stock traders can invest without commissions.
It is registered under European legislation and is recognised by the Cyprus laws. NAGA allows its traders the feature of copy trading and provides The Meta Trader4 and 5 platforms.
- The platform has huge product offerings.
- NAGA is strictly regulated under the Cyprus laws.
- Provides support in multiple languages.
- It does not charge any deposit fee.
- Provides personal trading assistant to all its traders.
- Charges account withdrawal fees.
- Not the best forex broker trading platform for beginners.
- Does not provide copy trading for demo accounts.
IG is one of the best trading platforms (UK) if you want to learn about investment and trading. It has powerful educational tools that help traders educate about the various styles of trading. The IG Academy tool has various videos, guides and quizzes that help you learn about the market.
It gives traders the choice to trade in forex, indices, commodities, cryptocurrencies, ETFs, industry sectors, interest rates, shares and more. The trading rates are relatively low as compared to other platforms.
IG has ready-made portfolios for investment for beginners as well as some additional investment types for experienced investors. Overall it is the best trading platform in the UK for both trading and education about the same.
- Provides a free demo account to all traders.
- Strong emphasis on customer service and education about the market.
- The platform offers competitive commission rates.
- Has a very user-friendly mobile platform.
- Allows investing in ISA, pension and a general investment account.
- Charges an account inactivity fees.
- Takes a lot of time to register and open an account.
5. Fineco Bank
Fineco Bank offers multiple trading options for investors including shares, CFDs, forex, EFTs, Funds, Bonds, futures and options and more. It is a great platform for frequent traders as the platform provides competitive price dealings and excellent tools for trading.
The platform has no minimum deposit charge, however, it charges £2.95 per trade as a share dealing price. The platform stands out in the list of best UK trading platforms in 2022, with a wide range of advanced tools and detailed technical analysis. It also allows the traders to customize their trading space, hence optimizing performance.
- The app is considered to be very safe as it is very transparent with its traders.
- It charges low trading fees.
- Fineco Bank offers ISA trading to all its traders.
- Gives access to 26 international markets and allows trade of over 20,000 financial instruments.
- The mobile app is easy to use and understand.
- It doesnt offer SIPP accounts.
- The account verification takes times.
- Lacks educational and research material.
6. SAXO Markets
SAXO Markets have been rated as the best trading platform in the UK in terms of the number of funds available to invest. The platform allows trading in more than 60,000 financial products from stock markets across the world.
The platform provides a rich trading experience with a wide range of tools and premium features. It is a highly safe and low-risk broker for trading as it operates three regulated banks.
The web-based platform of Saxo Bank, SaxoTraderGO is by far the best trading platform. The intelligent design of the trading platform allows trades to view News, market analysis, trading signals and a lot more.
- It allows traders to invest in an ISA and a pension.
- The pricing offered by the platform for premium and platinum users is highly competitive.
- SAXO has different transaction fees grouped into trading tiers depending on the trade frequency and lot.
- The platform provides interactive charts and research content to analyse the market.
- It charges high inactivity fees.
- The trading tiers can be complicated for beginners.
- The minimum investment amount is quite high (£500).
7. Hargreaves Lansdown
Hargreaves Lansdown is a favourite amongst customers. It is rated to be the best trading platform (U.K) when it comes to customer satisfaction. The platform offers a wide range of financial instruments and investments including SIPP, ISA, junior accounts, overseas shares, funds, ETFs and more.
The platform is slightly expensive as compared to other trading platforms. It charges a high trading fee and you may end up paying more fees than earning profits. However, it does not charge any platform fee.
- Its mobile app allows you to trade at your convenience.
- Offers a wide range of products for all kinds of trade.
- Even though it is expensive, it has reported 100% customer satisfaction.
- Has good educational and research content.
- Good investment plans for kids and juniors
- If you are trading small amounts then it is an expensive option.
- Does not offer the facility of demo accounts.
- Charges high trading fees.
How to choose the best UK trading platform?
There are various important factors that you need to consider before you choose a trading platform for your investment. Take a look at the factors we have carefully researched for you.
- Demo Account – Demo account is a good way to find out whether or not the platform matches your trading requirements. A demo account allows you to trade without putting actual money.
- Tools and features – Tools that educate you about the market can make a big difference in your trade, therefore always look for platforms that have plenty of research tools and charts.
- Fees – There are various fees that a platform can charge you like, commission fees, inactivity fees, withdrawal fee and more so research thoroughly before you spend your money.
- Ease of use – If you are a beginner then it is very important to choose a platform that isn’t complicated to understand and use.
What do I require to open a trading account in the UK?
The steps given below will help you open a trading account without any hassle.
- Choose a broker – Research your options and choose a broker that suits your need. For detailed reviews about the best trading platforms in the UK, you can visit forex broker reviews.
- Choose the type of membership – based on your trading requirement choose the type of membership and features that you want to avail yourself of.
NOTE: different memberships charge different fees.
- Provide your details – You’ll need to provide the following information:
a. Your full name
b. A valid form of photo ID,
c. Email address and phone number and
d. National insurance number.
- Link your bank account – Next, you need to give details of the bank account which will be used to pay for your trades and deposit a minimum amount.
- Submit your application – The application to open a share trading account usually takes 1-2 business days.
After submitting your application and required documents you can start trading!
What should I invest in as a beginner?
Choosing where and more importantly what to invest in is a lengthy and crucial decision. The type of trade you make makes a lot of difference in whether or not you are going to earn profits. As a beginner, it might seem intimidating to choose the right kind of investment but certain metrics can help you make the right decision.
However, if you are looking for a quick and easy way to start trading then, funds are the best option for you. They are managed by professionals and often come with the promise of high returns. However, there are always risks involved in the market so you can’t get a claim of 100% profits or returns.
Which is the best trading platform in the UK?
According to customer feedback and reviews, the platforms that emerged as the best are IG and SAXO Markets. They charge low trading fees, provide various tools and features for simply trading and are highly secure and reliable.
Which is the cheapest trading platform in the UK?
If you are looking for a trading platform that has low costs, is commission free and requires no minimum deposit then the answer is e-toro. It is indeed the cheapest and most cost-effective trading platform in the UK. Not only this, but the platform is also well equipped with advanced features and tools for all kinds of trades.
What is SIPP?
SIPP or Self-Invested Personal Pension is a way of saving funds for retirement in the U.K. these are government-approved funds and also tax-efficient. SIPPs allow investors to choose and manage their investments with a wider range of investment options.
What is ISA?
An individual savings account is a tax-free saving or investment account available for people in the UK. it allows the individual to buy, sell or invest in mutual funds. It allows complete control of the trades over the buying and selling of the funds.
List of the best UK trading platforms in 2022
- Fineco Bank
- SAXO Markets
- Hargreaves Lansdown
Traders in the UK market might not have a plethora of trading platforms to choose from. Therefore it becomes all the more important to carefully choose a trading platform. Go through the tools, fees, customer feedback and reviews and then make your decision.
While IG and SAXO market is overall considered to be the best UK trading platforms, e-toro stands as the most cost-effective one. If you are looking for a platform with huge offerings then you can consider NAGA and Degiro.