
The trading options are limitless, but not every platform gives you the same opportunities or benefits. You always have to consider a few critical factors before you invest in trading platforms in the UK.
- Knowledge is power. Not all platforms are designed for beginners, so they won’t necessarily all have demo accounts or educational material. You might stumble across a platform for advanced traders, and therefore you will need more analytical tools and research.
- Level of support you require. If you are a person who is not too clued up on technology, you should consider the level of support that is available on a platform. Customer service functions vary from platform to platform. Some platforms only provide email support; others offer 24/7 support and others just have a phone number for you to call. Make sure you know which of trading platforms in the UK is most suitable for you.
- How much free time you have to spend trading. If you do not have time to fully immerse yourself in a platform, you’ll need to choose one which sends out alerts and can execute orders for you.
- Financial goals. Know your goals. Are you looking for short-term success or long-term investments for retirement?
- How much capital you have to invest. The size of your investment will speak directly to the returns you can expect from online trading. You won’t become a millionaire in a few weeks if you only have a small amount to invest. More capital means bigger investments as brokers advise that you only risk 1% or 2% of your capital per trade.
- Usability. Markets change fast, and you need to be able to handle that. You’ll have to order or execute at the same speed if need be. Before you decide on a platform, make sure it works for you. If you are going to struggle, you won’t succeed.
- Easy access to stock information. Some platforms share details on specific stocks. Some give you real-time updates, and others give delayed updates with more details.
- Safety and security. Looks can be deceiving. When using trading platforms in the UK, make sure that they are listed on the stock exchange. You can also check the login options and if the trading company is regulated.
The Top Eight Trading Platforms in the UK
1. CMC Markets
All traders can find a spot on CMC Markets with a platform (Next Generation) which is rich in features, highly accessible and offers a broad range of products
Features:
- Trade directly from charts.
- Tool used for price projection.
- Online trading forum so you can communicate with other traders.
- Industry-leading research tools.
- Trade with CFDs, forex, and cryptocurrency.
Pros:
- Client accounts have protection.
- FCA regulated.
- Customer service and education driven.
- Wide range of offerings.
- Industry-leading amenities.
Cons:
- Specific indices have a high CFD spread.
- US clients not accepted.
- No automated trading capabilities or back-testing
- Differences between MT4 and Next Generation platforms.
CMC Markets does not hold a banking licence but is stock exchange-listed. They also offer negative balance protection. The platform is user-friendly on mobile phones and the web, with customisations at hand. Unfortunately, the desktop platform is not up to scratch. You can get detailed interactive charts and data if you need to research your assets. The educational tools can’t get any better as they are top-notch. If you need any support, you can get great help through email, phone and live chat.
Because of their many years on the stock market, they are considered a reliable broker and safe to use. If you are looking for the best trading platform UK it is definitely an option to consider. Advanced crypto traders find this platform ideal because of its many research tools. CMC Markets because they offer high CFD fees but low forex-trading fees. When you open an account, you don’t have to pay a minimum deposit.
2. eToro
The best platform for beginners and the best for social trading, eToro is the world-leading copy trading broker. It also offers zero-commission trading.
Features:
- Social newsfeed with open trading discussions and notifications.
- Valuable trading education.
- Trader matches depending on your needs or style.
- Trading in US dollars.
- Graph trading scenarios.
Pros:
- Easy account opening.
- Free ETF and stock trading.
- Social trading.
Cons:
- Account base currency is restricted to just one.
- Non-trading fees are high.
- Improvement of customer support is needed.
eToro is regulated by the Financial Conduct Authority (FCA). Also, eToro does not have a banking license or and is not listed.
When you open an account with eToro, you can access a large number of financial markets such as:
- Metal currency forex
- FTSE
- Majors
- Penny stocks
- ETFs
- Nikkei
- Bitcoin
- Agriculture
- Energies
- Dax
- Currency forex
- Indices
3. City Index
City Index is recommended for traders who focus on forex and CFD with low forex fees.
Features:
- Four Cryptocurrencies.
- From 0.5 pips on EUR/USD spreads.
Pros:
- Wide range of research tools.
- Low fees for forex.
- Easy account opening.
Cons:
- The desktop platform is not user-friendly.
- The product portfolio is limited.
- The stock CFD fees are high.
At City Index, non-trading fees can be steep, but no minimum deposit is required when opening an account. Another great feature is the offering of low forex and stock index CFD trading. Unfortunately, it lacks fundamental data, but the news flow is of good quality, and all the research tools are diverse.
The customer support is only available 24/5 via phone and live chat. The educational tools are fantastic, including a demo account. The company is stock exchange-listed.
City Index is considered a brilliant forex broker which is regulated by the FCA and offers low fees and excellent research even though they have a limited portfolio.
4. Capital.com
Explicitly designed for experienced investors, Capital .com is recommended for forex and CFD traders who are looking for excellent customer support.
Features:
- Brilliant educational material.
- 70+ indicator accessibility.
- Access to over 3,000 markets.
- The trading platform is easy to use.
Pros:
- Easy account opening.
- Forex and stock CFD fees are low.
- Outstanding customer support.
Cons:
- The web platform has no price alerts.
- More minor account currencies are not available.
- The product portfolio is limited.
Capital.com is an online stockbroker and CFD.
As changes occur on the stock market, you can make the most of it on this site as they thrive on real-time data and their execution speeds are fast.
You can be sure to be at ease of mind here, as you will be assured to make informed decisions because of the user dashboard. The risk alerts and technical indicators on the dashboard help the trader to make the best decisions.
The buy/sell spread is the only way the company generates its money. Capital.com does not charge for its educational material or quotes. Neither do they ask a fee for opening and closing time trades. This site is trendy in the trading community as Capital.com does not charge for deposits and withdrawals.
5. IronFX
Novices up to intermediates will enjoy IronFX. They offer a range of products, a reliable MT4 trading platform, plus competitive spreads and leverage levels.
Features:
- Maximum leverage: 1,000.
- 0–1.7 pip spread on majors.
- Multi-platform software.
- Regulated by ASIC, FCA, FSCA and CYSEC.
- Minimum deposit of $100.
Pros:
- Demo account.
- Automated trading.
- Mobile trading.
- Promotions.
- Free education.
- Bonuses.
- Free trading.
- Partnership programs.
- 24-hour support and 24-hour trading.
Cons:
- The electronic wallet fees are high.
- The research options are basic.
- There is an inactivity fee.
- No stocks or EFTs.
- Limited to forex and CFDs on products.
IronFX is recognised as a leading international brokerage and investment firm. They offer multilingual support, as well as trading products and tailored services to institutional and retail clients. The latest trading platforms and a wide array of trading tools are also included.
Tight spreads, competitive trading and flexible leverage have been the focus of IronFX for the past decade. The Autotrade solution allows traders to copy the best trader’s strategies.
6. Robinhood
Millennials will love this platform as there are no commission fees to pay, and if you have a small budget, you can practice your trading skills here with ease.
Features:
- Deposited cash has instant access.
- Options for investments are comprehensive.
- Free to open an account.
- All market data is in real-time.
Pros:
- Straightforward interface.
- Crypto trading.
Cons:
- Customer support is limited.
- No retirement account.
- No mutual funds or bonds.
Free stock, options, ETF and cryptocurrency trades are offered by Robinhood. Taxable investment accounts are available. Robinhood is an excellent choice if you’re looking to limit costs or trade crypto. Unfortunately, the platform is in need of educational tools and research.
7. FXCM
If you are a forex trader looking for easy account opening, funding and withdrawal, FXCM is for you.
Features:
- Capitalise AI.
- Currency trading.
- Forex platforms include MetaTrader 4 and NinjaTrader.
- Regulated by ASIC, FCA and FCSA.
Pros:
- Great research tools.
- Easy account opening.
Cons:
- The bank withdrawal fees are high.
- The product portfolio is limited.
- On the trading platforms, there is no two-step authentication.
FXCM specialises in cryptocurrencies with low trading fees. A few negatives include high withdrawal fees, a minimum deposit to set up an account and a fee if your account is inactive for one year. Hopefully, the customer service, fantastic educational tools, superb search functions and regular news flow can make up for it. FXCM is not stock market listed.
8. Interactive Brokers
If you are an advanced trader looking for a professional trading environment, this is the platform for you.
Features:
- Extensive research offerings.
- Over 8,300 no-transaction-fee mutual funds.
Pros:
- Trading in crypto, stocks and bonds.
- Transparent, free reports
- Several account base currencies.
- Low trading fees.
- Great research tools.
Cons:
- Complicated account opening process.
- High inactivity fees.
- Desktop and mobile platforms are not ideal for beginners.
- Poor search functions.
- Complex design.
Some of the best educational tools become available only after registration. This platform is regulated and stock exchange-listed.
Conclusion
It is not the most straightforward task to find the best platform as there are many different offers. The best thing for you as a beginner to do is to utilise all the free educational material that you can get your hands on and practise with free demo accounts to make sure you know what you are doing and also to get a feel for that specific platform.
If you are a more seasoned trader, see what functions of trading platforms in the UK fall into your expertise brackets and trade with that, rather than waste your time on useless functions.